Best LIC Plans in India – An Overview

Overview

Life is a precious gift which needs to be cherished and protected. In this world of mortals, death is inevitable, but there are ways to soften this blow, ensuring that the life of our loved ones is not affected if something happens to us. Life insurance is perhaps the best way to protect not only yourself, but also your near and dear, and life insurance in India is often synonymous with LIC. The largest insurance provider in the country, LIC offers a range of schemes to meet your requirement, with each plan catering to different needs. Choosing the right policy can be hard, but it is crucial that one spends some time to figure out what is needed, ensuring that he/she can lead a peaceful life.

Comparison of Top 5 LIC Plans in India

LIC Policies

LIC Tech Term Plan

LIC Jeevan Umang

LIC Jeevan Amar

LIC Money Back 25 years

LIC New Jeevan Anand

Plan Type

Term Assurance Plan

Whole Life Insurance

Term Assurance Plan

Money Back Policy

Participating non-linked savings plus protectionEndowment Plan

Entry Age

18 years-65 years

90days(completed)-55 years

18 years- 65 years

13 years-45 years

18 years- 50 years

Maximum Maturity Age

80 years

100 years

80 years

70 years

75 years

Policy Term

10-40 years

100 years minus (-) the age at entry

10 years-40 years

25 years

15 years-35 years

Sum Assured

Min-Rs.50,00,000 Max- No upper Limit

Min- Rs. 2,00,000 Max- No upper Limit

Min-Rs.25,00,000 Maximum- No upper limit

Min-Rs.1,00,000 Max- No upper limit

Min- Rs.1,00,000 Max- No upper limit

Status

Active

Active

Active

Active

Active

LIC has life insurance plans under multiple headings, ranging from endowment plans to money back and term assurance plans. Each plan is unique and caters to different individuals, making it a hard task to choose the perfect plan for you. Listed below are 5 of the top LIC plans for investment in the country.

  1. LIC Tech term Plan:
  2. LIC Tech Term Plan is a pure protection plan aimed at providing security to families in times of need. This plan has no intermediaries and can only be applied online. Moreover, this plan gives multiple death benefit options like increasing assured sum and level assured sum.

  3. LIC Jeevan Umang:
  4. LIC Jeevan Umang is a whole life insurance plan aimed at providing combined benefits to family as well as income. Moreover, the plan offers annual survival benefits until the policy matures. Tax benefits are also available with this policy under Section 80 C of the Income Tax Act.

  5. LIC Jeevan Amar:
  6. LIC Jeevan Amar provides comprehensive insurance coverage and attractive rebates on the assured sum. This plan also gives flexibility to choose out of multiple payment options i.e., limited premium payment term, single payment or regular payment. Moreover, the female policyholders get special discounts on premium amount.

  7. LIC Money Back 25:
  8. LIC Tech Term Plan is a pure protection plan aimed at providing security to families in times of need. This plan has no intermediaries and can only be applied online. Moreover, this plan gives multiple death benefit options like increasing assured sum and level assured sum.

  9. LIC Jeevan Anand:
  10. LIC Tech Term Plan is a pure protection plan aimed at providing security to families in times of need. This plan has no intermediaries and can only be applied online. Moreover, this plan gives multiple death benefit options like increasing assured sum and level assured sum.

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