10 Best LIC Plans to Invest in 2024

Since 1956, LIC of India has offered several policies that combine insurance protection with wealth accumulation. From traditional endowment plans to innovative ULIPs, LIC provides a diverse range of options. Explore these top-rated plans to secure your and your loved one’s future while maximizing your investment potential.

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Top 10 LIC Plans to Invest in 2024

Life can be unpredictable, and it is essential to protect ourselves and our loved ones financially. LIC helps us bear these circumstances and offset some of the economic risks that come with them. 

The state-owned entity introduced several policies to offer its large customer base a range of insurance products, such as Whole Life and Term Insurance plans, ULIPs, Money-back plans, and Pension plans. 

The 10 best LIC Plans you should consider investing in are detailed below.

Best LIC Plan in India in 2024*

LIC Policies Policy Type  Entry Age Maximum Maturity Age Policy Term Minimum Sum Assured (Rs.)
LIC Nivesh Plus ULIP 90 days- 70 years 85 years 10 - 25 years 1.25- 10 times of the single premium 
LIC Index Plus ULIP 90 days- 60 years 85 years 10-25 years 7 - 10 times the annualized premium
LIC SIIP ULIP 90 days - 65 years 85 years 10 - 25 years 7 - 10 times the annualized premium 
LIC New Jeevan Shanti Pension  30 - 79 years 80 years NA NA
LIC Jeevan Utsav Whole-Life 90 days - 65 years NA 5-16 years 5 Lakhs
LIC Jeevan Umang Whole-Life 90 days - 55 years 100 years 100 years minus Age at Entry 2 Lakhs
LIC New Jeevan Amar Term 18 - 65 years 80 years 10 - 40 years 25 Lakhs
LIC Bima Jyoti Endowment 90 days- 60 years 75 years 15-20 years 1 Lakh
LIC New Jeevan Anand Endowment 18 -50 years 75 years 15-35 years 1 Lakh
LIC Jeevan Labh Endowment 8-59 years 75 years 16/21/25 years 2 Lakhs

** The Maximum Entry Age and Maximum Maturity Maturity Age vary per the Policy Term chosen

* Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

To help you make the most informed decision, we have described the key features of the above-mentioned plans. 

  1. LIC Nivesh Plus

    LIC Nivesh Plus is a single premium ULIP plan that offers the combined benefits of life protection and wealth creation. The plan offers the flexibility to choose the type of Sum Insured and also have a choice of investing the premium in one of the four types of investment funds available as per your risk appetite.

    Key Features 

    • Policyholders will receive the predetermined guaranteed additions as a percentage of Single Premium, which will be added to their unit fund value.

    • The plan offers an Accidental Death Benefit Rider and provides additional protection. 

    • After the policy's fifth anniversary, you can withdraw some of your money, either as a fixed amount or a set number of units. This feature allows the policyholder to meet any unforeseen financial crisis. 

  2. LIC Index Plus

    LIC Index Plus is a ULIP plan that offers the dual benefits of life insurance coverage and savings. It allows you to secure your financial future, and you can customize your plan according to your needs. 

    Key Features

    • If the insured person outlives the policy's maturity date and has paid all the premiums, they'll receive an additional sum equal to the total amount of charges deducted for life insurance coverage, along with their Maturity Benefit. This benefit is known as Refund of Mortality Charges.

    • As the policy matures, policyholders will receive Guaranteed Additions as an additional benefit. These additions are a percentage of your annual premium and are added to your fund after specific durations.

    • This plan allows you to choose your investment funds from:

      • Flexi Growth Fund: Benchmarked against the NSE Nifty100 index,

      • Flexi Smart Growth Fund: Benchmarked against the NSE Nifty50 index.


    LIC SIIP is a unit-linked life insurance plan. This ULIP offers two benefits: investment and insurance coverage. The plan has 4 fund investment options and allows you to invest your premiums in any available options according to your risk appetite.

    Key Features 

    • The flexibility of premium payment. Premiums can be paid at yearly, half-yearly, quarterly, or monthly intervals.

    • The policy also offers a death benefit. If death occurs before the commencement of risk, an amount equal to the fund value is payable as a death benefit. If the policyholder survives maturity and pays all the due premiums, the insurer is payable an amount equal to the fund value.

    • Policyholders can enjoy guaranteed additions to their fund value upon completing certain policy years.

  4. LIC New Jeevan Shanti

    LIC New Jeevan Shanti is a single premium deferred annuity pension plan offering a financially stable future post-retirement. The plan allows policyholders to choose between a single life and a joint life deferred annuity.

    Key Features

    • The policy offers an annuity payout during the deferment period.

    • The death benefit is defined as higher of:

      • The combined amount of purchase price and accrued benefits minus the total annuity payable till death

      • 105% of the purchase price

    • Policy loans can be availed after three months of policy issuance.

  5. LIC Jeevan Utsav

    LIC Jeevan Utsav is a whole life insurance policy that provides protection and financial support to the family after your death. Under the plan, one can avail of the survival benefits in the form of Regular Income Benefits or Flexi Income Benefits as per the option chosen.

    Key Features

    • The plan offers two benefit options: Option I—Regular Income Benefit or Option II—Flexi Income Benefit.

    • One can avail the benefit of an attractive High Sum Assured Rebate.

    • Under the plan, the policyholders will get the Guaranteed Additions throughout their Premium Paying Term.

  6. LIC Jeevan Umang

    LIC Jeevan Umang is a whole life insurance plan that guarantees an income source for your family in case of your unfortunate demise during the policy term. This plan offers several benefits, including the death benefit, maturity benefit, and annual survival benefit.

    Key Features

    • The policy provides a death benefit if the Life Assured under this plan dies during the policy term.

    • If the Life Assured survives the maturity period, (s)he is eligible to receive a maturity benefit equal to the basic sum assured. Further, LIC is payable any applicable Final Additional bonus and vested Simple Reversionary Bonus along with the sum assured.

    • If the policyholder survives the policy term, (s)he can avail of a survival benefit equal to 8% of the basic sum assured.

  7. LIC New Jeevan Amar

    The LIC New Jeevan Amar plan has reasonable premium rates, making it an economical choice for those on a budget. The death benefit payable under this plan can serve as a strong financial measure for the policyholder’s family in the event of her/his death.

    Key Features

    • The death benefit can be paid out as

      • Level Sum Assured, wherein the sum assured remains constant throughout the policy term

      • Increasing Sum Assured, wherein the sum assured increases at a fixed percentage of the basic sum assured.

    • Flexible premium payment terms, including a single lump sum amount or periodic payments under Regular and Limited payment modes.

    • Offers rebates with a single premium payment. The rebates differ according to the policyholder's age, the sum assured, and the death benefit option. Please note that the minimum sum assured has to be Rs.50 Lakhs to be eligible for this rebate.

  8. LIC Bima Jyoti

    LIC Bima Jyoti provides aims to provide customers with financial protection and savings benefits, ensuring a secure future for policyholders and their families.

    Key Features 

    • Policyholders can choose between regular and limited premium payment terms based on their financial preferences.

    • The plan offers guaranteed additions to the sum assured at the end of each policy year, enhancing the maturity benefit.

    • The plan offers rider benefits to the policyholder and enhances their protection against life’s uncertainties.

  9. LIC New Jeevan Anand

    LIC New Jeevan Anand is a participating non-linked life insurance plan offered by the Life Insurance Corporation of India (LIC). It combines the benefits of both endowment and whole-life policies, providing policyholders with comprehensive life coverage and the opportunity to participate in the insurer's profits through bonuses.

    Key Features

    • The plan offers coverage for the entire insured's lifetime, ensuring financial protection for the policyholder's family in the event of an unfortunate demise.

    • Maturity Benefit: Upon survival until the end of the policy term, the insured receives the sum assured along with vested reversionary bonuses and a final additional bonus, if any.

    • Death Benefit: If the policyholder dies during the policy term, the nominee receives the death sum assured along with vested reversionary bonuses and a final additional bonus, if any.

  10. LIC Jeevan Labh

    LIC Jeevan Labh is a limited premium endowment plan that is designed to provide policyholders with life insurance coverage along with the benefits of savings and investment, ensuring a secure financial future for them and their loved ones.

    Key Features

    • Limited Premium Payment: Policyholders can choose from various premium payment terms, making it convenient to pay premiums for a limited period while enjoying long-term coverage.

    • Maturity Benefit: At the end of the policy term, the insured receives the sum assured along with vested simple reversionary bonuses and a final additional bonus, if any.

    • Death Benefit: If the policyholder dies during the policy term, the nominee receives the death sum assured along with vested simple reversionary bonuses and a final additional bonus, if any.

Summing It Up

While the options discussed above are vast in terms of their scope and features, each plan serves to fulfill the inherent need for financial security. Be it to secure your child's education, your family's life, post-retirement planning, or maximizing savings, LIC plans are designed to be comprehensive and are some of the most rewarding in the Life Insurance space today.* So go ahead and pick your best life insurance plan from LIC and make way for a secure and stable future.

*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

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