Over the last 65 years, LIC has introduced insurance plans for people belonging to different age groups to address specific needs. While there is no universal right answer to which LIC plan is the best for a 33-year-old, plans such as LIC Jeevan Labh, LIC Jeevan Anand, LIC Tech Term, etc have been largely popular.Read more
The insurance space in India is swarming with products that cater to the various needs of policyholders. To make an informed decision, you should look at a number of factors such as your annual income, your dependents, goals, current savings, financial obligations, outstanding debts, etc.
Ideally, the sum assured should be around 30 times your current annual income. This way the death benefit or maturity proceeds will be sufficient to fund future needs after retirement or in your absence.
It is important to establish here that insurance can’t be thought of as a one-size-fits-all concept. Every person has different goals to fulfill and under different circumstances. Therefore, the best LIC insurance plan for every individual will be different.
LIC insurance plans are wide-ranging from traditional endowment plans, ULIPs, and term insurance plans to pension plans. Let’s look at some of its plans that may be suitable for a 33-year-old individual.
At 33, you are most likely to have your own income and possibly a family. As such you need to start saving to ensure that your family’s needs are met or the loss of income compensated in your absence. The following LIC plans offer insurance protection along with savings and investment opportunities.
LIC Jeevan Labh offers both life cover and assured returns for policyholders and their families in the form of maturity and death benefit, respectively.
Policyholders can avail of loan facilities after paying due premiums for at least three years.
Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act.
Policyholders are entitled to a bonus amount on top of the plan benefits subject to the company’s profits.
These features make LIC Jeevan Labh a preferred choice among young Indians in the age bracket of 25-35.
The financial security offered by the LIC New Jeevan Anand plan is two-fold -
First, it offers financial security against death throughout the entire life of a policyholder.
Second, it offers a lump sum payout at the end of the policy term in case the policyholder survives.
Added top-up covers as riders available on payment of a nominal premium amount.
The plan also offers tax exemption on the premium paid and claim settlement under Section 80C and 10(10D) of the Income Tax Act.
This is a unit-linked plan that invests a part of the premium in market funds to generate high returns. The remaining amount goes towards life cover for the policyholder.
LIC’s SIIP comes with 4 fund options to choose from so that policyholders can pick those that fall in their risk profile.
Guaranteed additions are made to the fund value on the completion of the 6th, 10, 15th, 20th, and 25th policy years.
LIC Jeevan Tarun is designed especially for children to meet their educational and other financial needs while growing up.
Premium needs to be paid till the child is 20 years old, while the policy continues till the child completes 25 years of age.
It offers several combinations of survival benefits and maturity benefits that the parent can choose per their needs.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ