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  • Best 5 LIC Plans to invest in 2018

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    When it comes to life insurance, LIC is the most preferred name among all other options available in the insurance market. The state-owned investment company is also the largest insurer in the world in terms of the number of policies sold. Life insurance corporation of india has its presence in every city of the country to ensure that the benefits of the product offerings reach every hand. If you are planning to buy life insurance in 2018, you can consider the following plans listed below.

    LIC Jeevan Pragati Plan:

    LIC Jeevan Pragati is a non-linked plan, which, apart from financial protection, comes with extended benefits and savings. The chief highlight of Jeevan Pragati Plan is that it increases the risk cover after every 5 years. The plan also takes care of your immediate needs by providing loan facility.

    Benefits of Jeevan Pragati Plan:

    • The death benefits offered under Jeevan Pragati shall not be less than 105% of all the premium amounts
    • If the policy is in force, death benefits will include sum assured on death plus vested simple reversionary bonuses and final additional bonuses
    • The premiums are exempt from taxes and no extra amount is chargeable under the policy for rider premium, if any
    • The sum assured on maturity equals to the basic sum assured together with vested simple reversionary bonuses and final additional bonuses
    • The policy will participate in the profits of the corporation and shall bonuses as declared by the LIC from time to time
    • The policyholder is also entitled to Accidental Death and Disability Benefit Rider

    Features of Jeevan Pragati Plan:

    Minimum Basic Sum Assured Rs.1,50,000
    Maximum Basic Sum Assured No limit
    Policy term 12 to 20 years
    Minimum age at entry 12 years
    Maximum age at entry 45 years
    Maximum age at maturity 65 years
    Premium payment mode Yearly, half-yearly, quarterly, and monthly
    Policy revival The policy will lapse If premiums are not paid within the grace period

    LIC Jeevan Labh:

    Jeevan Labh, a low premium endowment plan is a perfect combination of financial protection and savings. Under this plan, policyholders are eligible for a lump sum on maturity. But in case of their unfortunate death before maturity, family members will be paid death benefits along with bonuses and additions as mentioned in the plan.

    Benefits of Jeevan Labh:

    • Similar to Jeevan Pragati, death benefits offered under Jeevan Labh shall also be not less than 105% of all the total premium
    • Death benefit will include sum assured on death plus vested simple reversionary bonuses and final additional bonuses
    • The premiums are exempted from taxes and no additional charges are levied for benefit riders
    • The sum assured on maturity equals to the basic sum assured together with vested simple reversionary bonuses and final additional bonuses
    • The policy will participate in the profits of the corporation and shall receive bonuses as declared by the LIC from time to time
    • The policyholder is also entitled to Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider

    Features of Jeevan Labh:

    Minimum Basic Sum Assured Rs.2,00,000
    Maximum Basic Sum Assured No limit
    Policy term 61 years, 21 years, and 25 years
    Minimum age at entry 8 years
    Maximum age at entry 59 years
    Maximum age at maturity 75 years
    Premium payment mode Yearly, half-yearly, quarterly, and monthly (only through ECS)
    Policy revival The policy will lapse If premiums are not paid within the grace period

    LIC New Jeevan Anand:

    New Jeevan Anand is a participating endowment plan which comes with a plethora of benefits and offers. This savings plus protection plan provides a lump sum payout at the time of maturity. However, the plan is designed primarily to protect the family of the insured in case of his death. It also comes with loan facility to support the liquidity needs of the individual.

    Benefits of New Jeevan Anand:

    • When an individual dies during the term, death benefit received will include sum assured on death, vested simple reversionary bonuses, and final additional bonus
    • Sum assured on death is more than 125% of the basic sum or ten times the annualized premium amount
    • On survival of the policyholder, Basic Sum Assured along with vested simple reversionary bonuses and final additional bonus is paid as a lump sum
    • The policy shall participate in the profits of LIC and shall receive additional benefits from time to time
    • LIC’s accidental death benefit rider is available as an optional rider which can be availed by payment of a small additional amount along with the policy premium.

    Features of Jeevan Anand:

    Minimum Basic Sum Assured Rs.1,00,000
    Maximum Basic Sum Assured No limit (the basic sum assured will be in multiples of Rs.5000)
    Minimum policy term 15 years
    Maximum policy term 35 years
    Minimum age at entry 18 years
    Maximum age at entry 50 years
    Maximum age at maturity 75 years
    Premium payment mode Yearly, half-yearly, quarterly, and monthly (only through ECS)
    Policy revival The policy will lapse If premiums are not paid within the grace period. For all other terms except monthly premiums, the grace period is 30 days. For monthly premium it’s 15 days.

    LIC Jeevan Rakshak:

    It’s a participating endowment plan with provides an enhanced protection and savings at the same time. Policyholders are eligible for loyalty additions after completion of 5 term years. The addition of Accidental Death Benefit Rider makes Jeevan Rakshak a comprehensive life insurance solution.

    Benefits of Jeevan Rakshak:

    • During the term period, the policy will be eligible for Sum Assured at Death which is:
      • Higher than the basic sum assured, or
      • Is equal to 10 times the annualized premium, or
      • Is 105% of all premiums paid till death
    • On survival of the policyholder, Basic Sum Assured along with vested simple reversionary bonuses and final additional bonus is paid as a lump sum, provided all premiums have been paid by the policyholder
    • The policy will participate in the profits of LIC and shall receive additional benefits from time to time
    • LIC’s death and benefit rider is available as an optional rider which can be availed by payment of a small additional amount along with the policy premium. In case of accidental death of the individual, the Accident Benefit Sum Assured will be paid as lump sum amount along with the sum assured on death

    Features of Jeevan Rakshak:

    Minimum Basic Sum Assured Rs.75,000
    Maximum Basic Sum Assured Rs.2,00,000
    Minimum policy term 10 years
    Maximum policy term 20 years
    Minimum age at entry 8 years
    Maximum age at entry 55 years
    Maximum age at maturity 70 years
    Premium payment mode Yearly, half-yearly, quarterly, and monthly (only through ECS)
    Policy revival The policy will lapse If premiums are not paid within the grace period. However, the lapsed policy can be revived within 2 years

    LIC Jeevan Lakshya:

    It’s a traditional savings cum protection plan which provides annualized payments post death of the insured to take care of this family’s expenses. Additionally the beneficiaries of the deceased will also receive 110% of the cover amount at the end of the initial term period of the policy. The plan also allows one to choose two additional benefit riders namely Accidental Death & Disability Rider and New Term Assurance Rider.

    Benefits of Jeevan Lakshya:

    • In case of the individual’s death, the death benefit received will include sum assured on death, vested simple reversionary bonuses, and final additional bonus
    • Death benefits shall include
      • Annual income benefit which is equal to 10% of the basic sum assured
      • Assured absolute amount which equals 110% of the basic sum assured
    • On survival of the policyholder, Basic Sum Assured along with vested simple reversionary bonuses and final additional bonus will be paid as a lump sum
    • The policy shall participate in the profits of LIC and shall receive additional benefits from time to time
    • LIC’s accidental and benefit rider is available as an optional rider which can be availed by payment of a small additional amount along with the policy premium.
    • Death benefits shall not be less than 105% of the total premiums paid till death

    Features of Jeevan Lakshya:

    Minimum Basic Sum Assured Rs.1,00,000
    Maximum Basic Sum Assured No limit ( Basic sum assured will be paid in multiples of Rs.10,000)
    Policy term 13 years to 25 years
    Minimum age at entry 18 years
    Maximum age at entry 50 years
    Maximum age at maturity 65 years
    Premium payment mode Yearly, half-yearly, monthly, or quarterly
    Policy revival On nonpayment of premiums within the grace period the policy will lapse. However, it can be revived within a period of 2 consecutive years

    Best 5 LIC Plans to invest in 2018 Reviews

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    • LIC Life Insurance
      "oldest and the best"
      0.5 4.0/5 "Great!"
      It is one of the oldest and the best. LIC provides good customer service, they communicate effectively. They have various plans like money back, endowment and pension plan its been 4 years now since I using it and I have no issues with them so far.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 02, 2014
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