List of LIC Tax Saving Plans In 2024

The Tax Savings Plan offered by LIC helps the individuals to secure the financial future of their family as well as offers tax benefits. These plans not only look after your future financial needs, but also come with tax deductions and exemptions under Section 80C, 80D, and 10(10)D. 

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What are LIC Tax Saving Plans?

LIC Tax Saving Plans are specific life insurance policies offered by the Life Insurance Corporation of India (LIC) that allow individuals to avail of tax benefits under Section 80C of the Income Tax Act. These plans are designed to help policyholders save on their tax liabilities while providing life insurance coverage and potentially generating returns on their investments.

LIC Tax Saving Plans offer a dual advantage of tax-saving and financial security, making them popular among individuals seeking a disciplined approach to saving and investment.

Key Features of LIC Tax Saving Plans

  • Tax Benefits: The premiums paid towards these plans are eligible for tax deductions under Section 80C up to a specified limit (currently Rs. 1.5 lakh per annum, as of September 2021).

  • Life Insurance Coverage: LIC Tax Saving Plans provide life insurance coverage to the policyholder, ensuring financial protection for their family in case of unfortunate events like death or disability during the policy term.

  • Maturity Benefit: Depending on the type of plan, the policyholder may receive a lump-sum maturity amount or periodic payouts at the end of the policy term. The maturity proceeds are typically tax-free under Section 10(10D) of the Income Tax Act.

  • Investment Component: Some LIC Tax Saving Plans, such as ULIPs, offer an investment component where a portion of the premium is invested in various funds, providing the potential for market-linked returns.

Best LIC Tax saving Plans

Plans  Entry Age Maturity Age Min. Sum Assured (in Rs.)
LIC Jeevan Umang 90 days-55 years 100 years 2 Lakhs
LIC Jeevan Labh 8-59 years 75 years 2 Lakhs
LIC New Jeevan Anand 18-50 years 75 years 1 Lakh
LIC Jeevan Lakshya 18-50 years 65 years 1 Lakh
LIC New Children’s Money Back 0-12 years 25 years 1 Lakh

  1. LIC Jeevan Umang

    LIC Jeevan Umang is a whole life assurance plan which offers a combination of income and protection to your family. The plan provides annual survival benefits after the completion of premium payment tenure. In addition, the plan also takes care of liquidity needs through loan facilities.

    Benefits of LIC Jeevan Umang

    • Death Benefit
      On the demise of the policyholder during the policy term, all premiums shall be paid as under:

      • On Death Before Commencement of Risk
        The entire premium amount paid till date is payable to the beneficiary of the policy without any applicable interest as (Return of Premium)

      • On Death After the Commencement of Risk
        The sum assured amount along with vested simple reversionary bonus and final additional bonus if any is paid to the nominee of the policy. The amount paid is a higher of the basic sum assured amount or 7 times of the annualized premium.

  2. Tax benefit
    The premiums paid against the LIC Jeevan Umang plan are eligible for tax benefits under section 80C.

  3. Survival Benefit
    If the life assured survives till the end of the premium paying term, 8% of Basic Sum Assured will be paid each year to the policyholder, This benefit is known as Survival Benefit

  4. Maturity Benefit
    If the policyholder survives till the entire policy term, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be paid.

  5. LIC Jeevan Labh

    LIC Jeevan Labh is a limited premium paying plan that offers the combined benefit of protection and savings. The combination of protection and savings provides financial support to the family. In addition, the plan also provides tax benefits to the policyholders.

    Benefits of LIC Jeevan Labh

    • Death Benefit

      The death benefit is the amount payable by the insurer to the policyholder in case of their unfortunate demise during the policy tenure, provided the policy is in force. The death benefit payable to the nominee will be Sum Assured on Death along with vested Simple Reversionary Bonuses and Final Additional bonus if any.

      The sum assured on death is defined as:

      • Higher of 7 times the annualized premium or

      • Basic sum assured amount

    • Tax benefit
      The premiums paid against the LIC Jeevan Labh plan are eligible for tax benefits under section 80C.

    • Maturity Benefit
      If the policyholder survives till the end of the policy term, the plan will pay maturity benefit which will be equal to:
      Sum Assured on Maturity along with Vested Simple Reversionary Bonus and Final Additional Bonus if any.

    • Riders available for enhanced protection

      LIC Jeevan Labh offers 5 riders that help the policyholder to secure themselves and their loved ones against life’s uncertainties. The riders available are:

      • LIC's Accidental Death and Disability Benefit Rider

      • LIC's Accident Benefit Rider

      • LIC's New Term Assurance Rider

      • LIC's New Critical Illness Benefit Rider

      • LIC's PremiumWaiver Benefit Rider

  6. LIC New Jeevan Anand

    LIC’s New Jeevan Anand Plan is designed to offer a combination of protection and savings. The plan offers financial protection against the unfortunate demise throughout the lifetime of the policyholder. The plan offers several other benefits such as loan facility, tax benefits and many more.

    Benefits of LIC New Jeevan Anand

    • Death Benefit
      In case of the demise of the insured person, the nominee will receive the death benefit of total Sum Assured amount along with the Simple Reversionary Bonus and Final Additional Bonus, if any.

      Sum Assured on Death is defined as higher of:

      • 125% of the Basic Sum Assured as per policy terms,

      • 7 X (Annualized premium)

    • Tax benefit
      The LIC New Jeevan Anand policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.

    • Maturity Benefit
      In case the policyholder survives till the end of the policy term, then a Basic Sum Assured amount along with the Accrued Bonus or Simple Reversionary Bonus and Final Additional Bonus, is paid to him as maturity benefit.

    • Enhanced protection through Riders

      LIC New Jeevan Anand offers 5 riders options to secure the policyholder and their loved ones against life’s uncertainties. The riders available are:

      • LIC's Accidental Death and Disability Benefit Rider

      • LIC's New Term Assurance Rider

      • LIC's Accident Benefit Rider

      • LIC's New Critical Illness Benefit Rider

  7. LIC Jeevan Lakshya

    LIC’s Jeevan Lakshya is a life insurance plan that offers Annual Income benefits, primarily for the benefit of children, in case of the unfortunate demise of the policyholder during the policy term. A lump sum amount is also paid if the policyholder survives the policy tenure. LIC Jeevan Lakshya also takes care of liquidity needs through its loan facility.

    Benefits of LIC Jeevan Lakshya

    • Death Benefit

      The death benefit is the amount paid to the nominee in case of the unfortunate demise of the policyholder during the policy tenure. The death benefit payable to the nominee of the policy is:

      Sum Assured on Death along with vested Simple Reversionary Bonuses and Final Additional bonus if any.

      The sum assured on death is defined as:

      • Higher of 7 times the annualized premium or

      • Basic sum assured amount

      The death benefit paid to the nominee of the policy should not be less than 105% of the total premium paid. 

    • Tax Benefits

      Under the Income Tax Act of 1961, the premium paid under LIC Jeevan Lakshya is eligible to avail rebate on annual income tax under section 80C, As per section 10 (10D), the maturity amount is also tax-free.

    • Maturity Benefit

      On the survival of the policyholder through the entire policy tenure, provided all the premiums of the policy are fully paid and the policy is in force, the maturity benefit offered is:

      Sum Assured on Maturity along with Vested Simple Reversionary Bonus and Final Additional Bonus if any.

    • Riders Benefit
      These are the following 4 rider options available under the plan. The policyholder can opt for any rider by paying an additional premium.

      • LIC'sAccidentalDeathandDisabilityBenefitRider

      • LIC's Accident Benefit Rider

      • LIC’s New Term Assurance Rider

      • LIC’s New Critical Illness Rider

  8. LIC New Children’s Money Back Plan

    LIC New Children’s Money Back Plan is a traditional money back plan which is specially designed to meet the needs of your growing children. The plan offers survival benefits that can help you to fulfill your child’s aspirations such as quality education, studying abroad, or marriage.

    Benefits of LIC New Children’s Money Back Plan

    • Death Benefit

      If the policyholder dies during the policy term, Death Benefit will be paid to the nominee. The death benefit paid is “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. 

      “Sum Assured on Death” is defined as Higher of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105%.

    • Survival Benefit

      If the policyholder is alive on each policy anniversary that falls on, or immediately follows, the completion of ages 18, 20, and 22, then 20% of the Basic Amount Assured will be paid on each occasion, providing the policy is still in effect.

    • Tax benefit
      The LIC New Children’s Money Back policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.

Summing It Up

LIC offers various tax-saving plans that help individuals avail of tax benefits under Section 80C of the Income Tax Act. These plans include traditional endowment policies, unit-linked insurance plans (ULIPs), money-back plans etc. Premiums paid towards these plans are eligible for tax deductions, and the maturity proceeds are usually tax-free. However, it's essential to stay updated on the latest offerings and tax regulations to make informed investment decisions based on individual financial goals and risk tolerance.


*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
++Returns are 10 years returns of Nifty 100 Index benchmark
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

LIC of India
LIC Plans
LIC Amritbaal
LIC Index Plus
LIC Jeevan Dhara II-872
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2024
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2024
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Varishtha Pension Bima Yojana
LIC Investment Plans
LIC Pension Plans
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