Best LIC Policies for Investment in 2023 for NRI/ OCI/ PIO

About LIC Policies for Investment in 2023 for an NRI/ OCI/ PIO

LIC Policies for Investment in 2023 offer excellent options for NRIs (Non-Resident Indians), OCIs (Overseas Citizens of India), and PIOs (Persons of Indian Origin). These policies combine life coverage with attractive investment opportunities, ensuring financial security and growth. 

Read About: NRI vs OCI

Let us discover the top LIC policies to consider for your investment needs in 2023 from the table mentioned below:

List of Best LIC Policies for an NRI/ OCI/ PIO in 2023

Details of the Best LIC Plans for Investment in 2023 for NRI/ OCI/ PIO

1. LIC SIIP Plan

   LIC SIIP (Systematic Investment Insurance Plan) is aUnit-Linked Insurance Plan (ULIP) that offers an NRI/ OCI/ PIO the opportunity to invest in India's capital markets while also getting life insurance coverage. It is a flexible plan that allows you to choose your investment mix and switch between funds as needed.

   Key Features of LIC SIIP Plan: 

   • Multiples Investment Funds: LIC SIIP offers four investment options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund. You can choose one or more funds based on your risk appetite and investment goals.

   • Fund Switching for Free: You are allowed to make four free switches between funds each year. After that, each switch will incur a charge of Rs. 100.

   • Partial Withdrawals: You can make partial withdrawals from your policy after the 5th year, subject to certain conditions.

   • Death Benefit: In case of your unfortunate demise during the policy term, your nominee will receive the higher of the sum assured or the fund value.

   • Maturity Benefit: If you survive the whole policy term, you will receive the fund value along with the refund of mortality charges.

   • Tax Benefits: You can avail of tax benefits under Section 80C and Section 10(10D) of the IT Act, 1961.

   Check out: Best SIP Plans for NRI 

2. LIC Jeevan Umang

   Jeevan Umang is a non-participating, non-linked LIC life insurance plan that offers a combination of protection and investment for NRI/ OCIs/ PIOs.

   Key features of Jeevan Umang LIC Policy:

   • Regular Income: This LIC policy provides guaranteed annual survival benefits from the end of the premium-paying term till maturity.

   • Lump Sum Payment: This LIC plan pays a lump sum amount at the time of maturity or in the case of your death during the policy term.

   • Loan Facility: The plan provides a loan facility against the policy after two years of commencement of the LIC policy.

   • Tax Benefits: Premiums paid towards this LICinvestment plan are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. The plan also provides tax benefits under Section 10(10D) of the Income Tax Act 1961.

3. LIC New Jeevan Anand

   LIC New Jeevan Anand is a participating endowment plan that offers a combination of protection and savings for NRI/ OCI/ PIOs.

   Key features of Jeevan Anand LIC Policy:

   • Death Benefit: This LIC policy provides a death benefit to the nominee in case of the policyholder's death during the policy term. The death benefit is equal to the sum assured plus vested bonuses.

   • Maturity Benefit: The plan pays a lump sum amount to the policyholder at the time of maturity, provided all the premiums have been paid. The maturity benefit is equal to the sum assured plus vested bonuses plus the final additional bonus, if any.

   • Loan Facility: Provides loan facility against the policy after two years of policy commencement.

   • Tax Benefits: The policy provides tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

   

   Check Out: FD Interest Rates

4. LIC New Jeevan Shanti

   LIC New Jeevan Shanti is a single premiumannuity plan offered by Life Insurance Corporation of India (LIC) to NRI/ OCI/ PIOs. It provides a guaranteed lifetime income to you or your nominee after a certain period.

   Key features of Jeevan Shanti LIC Policy:

   • Single Premium Plan: You can purchase the plan with a single lump sum payment.

   • Guaranteed Lifetime Income: The plan offers you a guaranteed lifetime income after a certain predetermined period.

   • Immediate or Deferred Annuity: You can choose to receive the annuity payments immediately or defer them to a later date.

   • Loan Facility: You can avail of a loan against the policy after the completion of one policy year.

   • Surrender Allowed: You can surrender this LIC investment plan after three months from the completion of the policy year.

   • Tax Benefits: This LIC policy allows you to avail of tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

5. LIC New Pension Plus

   LIC New Pension Plus is a unit-linked deferred pension plan that provides you with a guaranteed minimum return on your investment. It is a good option for NRIs in the USA who are looking for a safe and long-term investment option to save for their retirement.

   Check Here: Pension Plans for NRI

   Key features of Jeevan Shanti LIC Policy:

   • Death Benefit: In case of your demise during the policy term, your nominee will receive the higher of the fund value or 105% of the total premiums paid till the date of death.

   • Maturity Benefit: If you survive the policy term, you will receive the entire fund value, which can be used to purchase an immediate or deferred annuity for life.

   • Flexible Premium Payment Options: You can choose to pay your premiums annually, half-yearly, quarterly, or monthly. You can also make one-time top-up payments.

   • Investment Choices: LIC New Pension Plus offers a variety of investment funds to choose from, depending on your risk appetite and investment goals.

   • Guaranteed Interest Rate: This LIC policy offers a guaranteed interest rate on your premiums. This means that even if your investments underperform, you will still receive a guaranteed return on your investment.

   • Tax Benefits: You can avail of tax benefits on investing in Jeevan Shanti LIC policy under Section 80C and Section 10(10D) of the IT Act, 1961.

6. LIC Bima Jyoti Plan

   The LIC Bima Jyoti Plan is a non-linked, non-participating, life assurance savings plan offered by the Life Insurance Corporation of India (LIC). 

   Key features of Bima Jyoti LIC Policy:

   • Guaranteed Returns: This plan offers guaranteed returns on your premium payments, providing financial security for you and your family.

   • Flexible Premium Payment: You can choose the premium payment frequency (monthly, quarterly, half-yearly, or annually) that suits your financial situation.

   • Maturity Benefit: At the end of the policy term, you receive the maturity benefit, which includes the guaranteed maturity sum assured along with bonuses.

   • Death Benefit: In case of the unfortunate event of your demise during the policy term, your nominee will receive the death benefit, ensuring financial protection for your loved ones.

   • Tax Benefits: The premiums you pay and the benefits you receive are eligible for tax benefits under applicable tax laws in the USA.

   

   Read Here: Taxation for NRI in USA

Benefits of Investing in an LIC Policy in 2023 for an NRI/ OCI/ PIO

The LIC investment plans offer you various benefits, some of which are as follows:

• Tax Benefits: NRIs/OCIs/PIOs can avail of tax benefits under Section 80C of the Income Tax Act of India on their premium payments for LIC policies.

• Repatriation of Benefits: NRIs/OCIs/PIOs can repatriate the maturity benefits and death benefits from their LIC policies to their country of residence.

• Wide Range of Plans: LIC offers a wide range of plans to suit the different needs of NRIs/OCIs/PIOs, including term plans, endowment plans, money-back plans, and whole-life plans.

• Financial Security: LIC policies can provide financial security to NRIs/OCIs/PIOs and their families in case of unexpected events.

Summing It Up

The best LIC policies for investment in 2023 depend on your specific financial goals and risk tolerance. For guaranteed returns and long-term financial security, LIC Bima Jyoti. If you seek a combination of insurance and wealth accumulation, LIC Jeevan Umang and New Jeevan Anand are viable choices. LIC's investment-linked policies, like LIC SIIP Plan and LIC New Jeevan Shanti, may also align with your investment objectives. Ultimately, it is crucial to assess your unique needs to select the LIC policy that best suits your investment goals for 2023 and beyond.

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