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 Jeevan Anand

LIC E-term Plan

Jeevan Ankur

New Endowment Plan

New Bima Bachat

Type of plan

Endowment + Whole life

Online term assurance

Conventional with added profits

Participating non-linked plan

Participating non-linked savings plus protection

Maturity benefit

Yes

No

Yes

Yes

Yes

IT Benefits

Yes

Yes

Yes

Yes

Yes

Death benefit

Sum assured + bonuses

Sum assured

Sum assured + income benefit

Sum assured + bonuses

Sum assured + loyalty addition

Entry Age

Min – 18 years

Max – 65 years

Min – 18 years

Max – 60 years

For life assured: Min -18 years

Max -50 years

For child:

Min – 0 years

Max – 17 years

Min – 8 years

Max – 55 years

Min – 15 years

Max -66 years for 9 year term,

63 years for 12 year term and 60 years for 15 year term

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 Jeevan Anand:

    A combination of whole life plans and endowment assurance, LIC’s Jeevan Anand offers financial protection against death. Multiple premium options and bonuses make it ideal for those looking to get the best out of their money, both in life and after death.

    Features and benefits

    This plan offers a range of benefits to policyholders, a few of which are highlighted below.

    • Flexibility – Flexible premium payment options and ability to increase cover.
    • Maturity benefit – An individual is entitled to assured returns under this plan.
    • IT benefits – IT benefits are applicable under the IT law.
    • Surrender value – There is a guaranteed surrender value under this plan.
  2. LIC E-term Plan:

    This is an online term assurance plan designed to provide financial security to the family of an insured individual in the event of his/her demise. Keeping modern advances in mind, this plan can be availed only online, eliminating all intermediaries.

    Features and benefits

    Some of the main features and benefits of this plan are highlighted below.

    • Special premiums – Individuals maintaining a healthy lifestyle (non-smokers) are eligible for better premium rates.
    • Term – Individuals can opt for policy terms which best suit their needs, with terms ranging from 10 years to 35 years available.
    • Sum assured – The minimum sum assured ranges between Rs 25 lakh and 50 lakh, depending on multiple criteria.
    • Online purchase – This feature makes it fast and easy to purchase this policy.
  3. Jeevan Ankur:

    The life of a parent often goes towards providing for his/her children and Jeevan Ankur is a plan designed to offer financial resources to meet any expense associated with your kids. A conventional plan with added profits, this is ideal for parents of children up to the age of 17 years.

    Features and benefits

    Some of the major features and benefits of this plan are mentioned below.

    • Maturity benefit – An assured maturity benefit is provided on completion of this policy.
    • Additional cover – Individuals can choose to enhance the protection by adding riders.
    • Death benefit – A death benefit equivalent to the sum assured plus an income benefit will be paid.
    • Premium payment – Premiums can be paid either annually, half-yearly, quarterly or monthly.
  4. New Endowment Plan:

    Finding a plan which serves dual purposes is hard, which makes LIC’s New Endowment Plan unique. This participating non-linked plan does the job of a savings and protection plan, making it ideal for the hard working individual.

    Features and benefits

    Some of the major features and benefits of this plan are mentioned below.

    • Maturity benefit – A maturity benefit comprising the basic sum assured and bonuses (if any) will be paid on maturity.
    • Profit sharing – Policyholders are entitled to share the profits earned by LIC.
    • Death benefit – A death benefit equivalent to the sum assured and bonuses will be paid.
    • Loan – Policyholders can avail a loan against this policy.
  5. New Bima Bachat:

    This participating non-linked plan offers dual benefits of savings and protection, with a unique money back option which ensures that finances don’t wreak havoc in the life of your loved ones.

    Features and benefits

    Some of the major features and benefits of this plan are mentioned below.

    • Maturity benefit – A maturity benefit which includes the premium and loyalty addition will be paid.
    • Single premium – Only one premium should be paid under this plan.
    • Loan – A loan can be availed against this policy, allowing room for liquidity.
    • Death benefit – A death benefit equivalent to the sum assured and the loyalty addition will be paid.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Best LIC Policy Reviews

Page 1 of 34 1 2 3 4 5
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    LIC has offered a good life insurance policy. So I have taken this policy since7 years and the total duration is 15 years. I am paying premium on half yearly They are not providing bonus points on annual basis. This is a best policy so i have chosen it.
    Was this review helpful? 0
    , guntur
    Reviewed on Jan 09, 2020
  • LIC
    LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I am holding life insurance with LIC for past 24 years. At that time LIC was the best and I have gone for it, still its reliable. This policy will be matured by 2025 and the maturity amount i am not sure need to check that. Still am paying the premium via cheque. I pay the annual premium of Rs.24000. I am getting notification regarding payment.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 19, 2019
  • LIC Life Insurance
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I am holding life insurance with LIC for past 19 years. At that time LIC was the best and I have gone for it, still its reliable. This policy will be matured by 2020 and the maturity amount is approximately 5L.. Still am paying the premium via cheque. I pay the annual premium of Rs.6000. I am getting notification regarding payment only from last 3years.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 18, 2019
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I hold a life insurance with LIC because, It is one of the best in India. I have taken it through agent only before 6 months. The maturity period is 21 years. I am paying the monthly premium of Rs.4000 which will be auto debited. The coverage value is 1 crore.
    Was this review helpful? 0
    , kochi
    Reviewed on Dec 15, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Its term 10 year period policy. I got the Jeevan Anand policy from LIC. After policy holder's death, they will provide Rs. 1 lakh to their family. 15 years after, we can get the sum assured amount with some rate of interest. This is the best policy in Life Insurance Corporation of India.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 06, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I take a LIFE INSURANCE POLICY with LIC before 4 years through the agent. The monthly premium is Rs.1100 which will be auto- debited. The maturity period is 18 years but it covers 100 years which is the best benefit. The sum of total premium amount would be Rs.4,00,000.
    Was this review helpful? 0
    , goa
    Reviewed on Oct 26, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Till now i have 3 money back policy from LIC. This i a very good policy. This is one of the best policy in LIC so i purchased the policy in the year of 2015. I pay the premium amount of Rs. 1500 per month. I am paying the premium through online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Oct 20, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I am holding the money back policy from Life Insurance Corporation of India. For the best company, hence i have chosen the same. Its a Government based company and they will send so much reminder hence the policy won't get lapsed. I have been paying the premium amount of Rs. 3200 on a quarterly basis.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Okay Policy"
    0.5 3.0/5 "Satisfactory"
    Purchased the money back policy from LIC. I bought the policy in the year of 2011 because that time it was a best policy. My agent has compelled me to taken the policy. I have been paying the premium amount of Rs. 610 every month. Total term period of the policy 20 years since its a moneyback policy, i get the money of Rs. 20000 every 5 years,
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 22, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    LIC is best for life insurance policy when I compared with other insurance company benefits. I have taken a Child plan for my daughter and son. The sum assured is nearly about 10L. I need to pay the premium of 18K yearly through online. The customer service is good.
    Was this review helpful? 1
    , visakhapatnam
    Reviewed on Sep 17, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy from LIC 3 years ago. My relatives are recommended by saying LIC is a best company for life insurance policies. I pay the premium amount of Rs. 12000 every year. This is a 10 years term policy. They have provided me a sum assured amount of Rs. 5 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 13, 2019
  • LIC Life Insurance
    "Best Plan"
    0.5 4.0/5 "Great!"
    For my Jeevan Anand plan I used to pay the premium around Rs. 25,000 on yearly basis it has term of 30 years. At the age of 60 I need to pay the premium than it get carry forward, life cover till the death. Its a best policy, I get one sum assured after the maturity, certain demise life cover nominees will be received.
    Was this review helpful? 0
    , lucknow
    Reviewed on Aug 01, 2019
  • LIC Life Insurance
    "Best policy in LIC"
    0.5 5.0/5 "Blown Away!"
    Taken my life insurance policy from LIC and the plan name is Jeevan Anand. In the year of 2003, i have bought this policy. The plan term is 20 years. Its best of savings scheme and the end of policy, i get the insurance and maturity. I'm satisfied with the maturity value of Rs. 1 lakh.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 31, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.5/5 "Excellent!"
    Since starting itself, its best company policy for my life insurance policy. I have chosen the plan of money back policy. I pay the premium amount of Rs. 1000 every 3 months once. They are providing a sum assured amount of Rs. 4 lakhs. I make the premium through online.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jul 26, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    At the time of my invest, LIC was a best company. I have chosen the policy 10 years back. I am paying the premium amount of Rs. 10,718 for the term period of 20 years. I select the annual payment mode. I will get a sum assured amount of Rs. 2 lakhs.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Better Policy"
    0.5 4.0/5 "Great!"
    I have bought my first Life insurance policy in the year of 1999. I pay the premium amount of Rs. 2400 yearly once. I had given the cash to agent and he will give the receipt by next day. This is a 20 years term period policy. LIC is the best company hence i have chosen them.
    Was this review helpful? 0
    , tuni
    Reviewed on Jul 11, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding life insurance policy with Life insurance corporation of India , my friend is the agent itself he had suggested me the best policy for me, the premium amount i use to pay on monthly basis, so far i did not face any issue, i use to pay premium through on line mode only.
    Was this review helpful? 0
    , surat
    Reviewed on Jul 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My brother is working as a LIC agent and the company is a best one hence i have taken the Jeevan Anand policy from Life Insurance Corporation of India. Per year, I'm paying the premium amount of Rs. 7600. The term i have chosen was 18 years. I make the premium through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 06, 2019
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life insurance corporation of India, i myself is the financial adviser so i have choose the best bank to apply for credit card, the premium amount i use to pay on yearly basis, i use to pay premium by going to their branch office.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 29, 2019
  • LIC Life Insurance
    "LIC policy is always super"
    0.5 5.0/5 "Blown Away!"
    Since its a traditional company, i have chosen the LIC. The claim experience would be best. I have taken a money back policy three times. I am paying the premium amount of Rs. 400. I have got the policy 10 years back. Two times, the money has credited to my account and I'm satisfied with the returns.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 24, 2019
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