LIC Plans with Monthly Payment Options

Life Insurance
  • Claim up to Rs. 1,50,000 deduction under section 80C*
  • Insurers provide online renewal of policy
  • Choose between annual and monthly premium payment options

When it comes to investing in life insurance there can be instances where investors may shy away because the premiums are prohibitively expensive. While they can be so, especially when you talk about plans where payments are made annually or when the premiums are to be paid in a single lump sum. Since life insurance can be a very good investment which can ensure the financial future of the investor and their family, insurance companies have now made it possible for the premiums towards life insurance policies to be paid in monthly instalments that makes affording life insurance much easier. Even LIC offers a host of plans that can be paid for in monthly instalments.

Plans with monthly payment option

The plans offered by LIC that also offer the option to pay the premiums in monthly instalments include a mix of endowment, money back, micro insurance, group and pension plans.

  1. Endowment Plans:

    These are plans that allow investors to invest in life insurance and also build up savings that can be used to meet financial needs in the future.

    • New Endowment Plan:

      The new endowment plan can be taken for tenures ranging from 12 years to 35 years and comes with no limits on the maximum sum assured.

    • New Jeevan Anand:

      This an endowment plan that offers no limits on the cover chosen and can be taken for 15 years to 35 years.

    • Jeevan Rakshak:

      The Jeevan Rakshak plan offers a maximum protection of Rs. 2 lakhs per life insured and can be taken for tenures ranging from 10 years to 20 years.

    • Limited Premium Endowment Plan:

      With this insurance plan policyholder need not pay premiums throughout the policy tenure but only for 8 years or 9 years. There is also no limit on the maximum sum assured under this plan.

    • New Endowment Plus:

      The New Endowment Plus plan offer the opportunity of building wealth through investments in debt and equity mutual funds. It also provides a variety of risk profiles to suit the appetite of all investors.

    • Jeevan Lakshya:

      This is a participating non-linked plan that offers a minimum protection of Rs. 1 lakhs with no limits on the maximum sum assured. It can be taken for tenures of 13 years to 25 years.

  2. Money Back Plans:

    Money back plans offer the advantage of investments in life insurance policies with the possibility of watching the investments grow into substantial savings.

    • New Money Back Plan-20 Years:

      This is an insurance policy that comes with a fixed tenure of 20 years, a minimum sum assured of Rs. 1 lakh and no limits on the maximum sum assured. It also has a limited premium paying term of 15 years.

    • New Money Back Plan-25 Years:

      This plan is almost the same as the 20 years plan in that it too offers no limits on the maximum sum assured. It does differ in two key areas though and they are that it has a fixed tenure of 25 years and a premium paying term of 20 years.

    • Jeevan Tarun:

      This is a participating life insurance plan and is targeted at providing for the future needs of children. The minimum sum assured under this policy is Rs. 75,000 and the maximum has no limits.

  3. Pension Plans:

    Pension plans are the best way to ensure that once you retire, there is a source of income that will take care of your financial needs.

    • New Jeevan Nidhi:

      This is a pension plan that offers no limits on the maximum sum assured and comes with a maximum entry age of 65 years. Even though this plan allows for premiums to be paid monthly, it does offer discounts of 2% on premiums paid annually.

  4. Micro Insurance Plans:

    Micro insurance plans are insurance plans that are meant to be affordable and offer a relatively lower sum assured.

    • New Jeevan Mangal Plan:

      This is a protection plan that offers a return of all premiums paid as its maturity benefit. The maximum sum assured under this plan is Rs. 50,000.

    • Bhagya Lakshmi:

      This is an insurance plan available to anyone between the ages of 18 years and 55 years and offers a maximum sum assured of Rs. 50,000.

All these insurance plans offered by LIC make it possible for almost everyone to afford the protection and participate in the savings that life insurance policies can offer.

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

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