Life Insurance Corporation or LIC offers a host of insurance plans to customers. These plans are segregated based on their most prominent feature. For example, LIC of India offers health insurance plans, retirement plans, life insurance plans, child plans etc. The basic idea behind giving customers the flexibility to choose their policy period is to help them make decisions based on their financial goals and capacity.
5 year insurance policies can be chosen by customers for a variety of reasons like easy to understand terms, shorter premium paying period, an open option to convert the scheme to a longer one in future etc. LIC is one of the most popular insurance providers of the country and has substantial experience in the field of insurance. Let us look into some of the most popular 5 year insurance plans that the company offers in India.
Retirement plans are a great financial tool to take care of your future financial needs especially once you retire from work. These plans help you save and invest so that you have a certain disposable income or funds in hand. Retirement plans offered by LIC are -
Jeevan Akshaya VI:
This plan is suitable for customers who wish to avail retirement solutions by paying upfront a lump-sum amount. Annuity payment interval can then be chosen by policyholder and it can be chosen from monthly, quarterly, half-yearly and yearly options
LIC’s New Jeevan Nidhi:
A conventional insurance plan that offers profit to policyholders. It can be purchased in one lump-sum go and it offer death benefit in the form of annuity to the nominee and also offers maturity benefit in the form of annuity after vesting of the amount.
Micro insurance plans are a perfect mix of insurance, investment and savings. The microinsurance plan from LIC for up to 5 years of policy term is listed as under.
New Jeevan Mangal Plan:
A micro-insurance term insurance plan that offers returns of premiums on maturity of policy and also covers the insured person for accident benefit. The policy period of 5 years is applicable only for the 5 year premium paying term.
Group Insurance Plans:
Group Insurance plans are best suited for companies who wish to provide insurance to their employees as an added perk.
Following are the group insurance plans with a 5 year policy term that are being offered by LIC currently.
LIC’s Group Credit Life Insurance:
This is a group insurance scheme that offers insurance amount on death of a group member while the policy is in force.
LIC’s Single Premium Group Insurance:
A single premium group insurance plan which offers a flat lump-sum amount as death benefit to any member of the group. The plan can be availed by an employer for its employees or by a homogeneous group.
How to purchase an insurance policy from LIC?
LIC policies can be bought by customers either online or by visiting any of the LIC offices. An online application form can be filled up on the LIC website which will enable LIC representatives to contact you with regards to the insurance that you wish to avail. Also, LIC has offices in almost all cities and towns of the country; these can directly be contacted to obtain information and buy LIC insurance schemes.
Alternatively, LIC customer care representatives can be contacted via phone for details regarding insurance policies offered by the company.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017