This Diwali Gift Lifelong Financial Security To Your Family With LIC Policy

LIC plans have been known to be the most suitable way to secure your family members over an extended period of time. This Diwali, instead of spending hours looking for a materialistic gift that may lose its value over time, secure your family’s future with a LIC policy. These plans will not only provide financial security in case of an unfortunate event but also help them fulfill their long-term goals. 

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Life Insurance Corporation of India (LIC) is a government-backed life insurance company that has established a strong brand name over the last 66 years of its operation. Its range of life insurance and savings plans can be the perfect gift this Diwali for anyone looking to secure their loved one’s financial future. In this article, we will discuss the various plans you can opt for to establish your family’s long-term financial security.

With Diwali just around the corner, let us see why it would be a great idea to gift a LIC plan this year.

Why Should You Gift LIC Policy This Diwali?

  • Secure Your Child’s Future: The survival benefits or the returns from these plans can be used to pay for your child’s school and higher education expenses.

  • Partner’s Post-retirement Expenses: Most of these plans offer maturity benefits or pensions at regular intervals and can help you and your spouse fulfill any post-retirement dreams.

  • Fulfill Family Goals: The savings from these plans can be used to fulfill any financial goals or dreams like buying a house or a family vacation.

  • Funds Urgent Medical Emergencies: Many LIC policies offer the choice of including additional riders. The returns from these plans can be used to fund any medical emergencies.

  • Create Long-Term Wealth Over Time: Plans such as LIC SIIP offer the combined benefit of insurance and investment through which you can get high returns and grow wealth over time.

Best LIC Plans To Gift This Diwali

There are quite a few plans that would be the perfect Diwali gift this year. All of these plans are participatory, which means the policyholder will be eligible to receive the bonuses and additional amounts declared by the insurer. You can also make use of the LIC Calculator to estimate the premium amount and its subsequent cover. Some of these plans that could make for the perfect Diwali gift are:


    LIC SIIP is a unit-linked, regular premium, life insurance plan that offers both investment opportunities as well as a life cover throughout the policy term. You can invest in funds and grow your wealth this Diwali while making sure you are covered against any misfortunate event.


    • In case the life assured outlives the policy term, the accumulated fund value would be payable as Maturity Benefit.

    • With LIC SIIP you get the option of choosing the type of investment fund you want to invest in. You can also switch between the funds.

    • In case of an emergency, the policyholder can also make partial withdrawals through this policy, to fund those unexpected expenses.

    • The assured will receive guaranteed additions, in which a percentage of the yearly premiums will be added to their Unit Fund.

    Grow a big corpus with LIC SIIP and give wings to your child’s dreams

    You want to purchase the LIC SIIP Plan for your child who is currently 12 years old. If you invest Rs. 5,000 monthly in Growth Funds through this plan, then at the end of the policy term of 10 years, your child would receive Rs. 7,90,944. This whole sum can be used by your child to pursue their dreams in the future.

  2. LIC Jeevan Labh

    Through this plan, you can pay the premiums for a limited period and continue the life cover way after the premium paying term ends. This would be the perfect Diwali gift as it offers a long period of coverage for a small premium-paying term.


    • The Basic Sum Assured is given as the Sum Assured on Maturity. It will be paid in a lump sum on outliving the policy term.

    • You can also select the maturity amount to be paid in installments rather than a lump sum. This will ensure that your loved one has a regular income after the maturity of the policy.

    • The policyholder has the option of including 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, and LIC’s Premium Waiver Benefit Rider.

    Give your parents the joy of post-retirement bliss through LIC Jeevan Labh

    Let us suppose, you are purchasing the LIC Jeevan Labh Plan for your mother who is 45 years old. If you pay a monthly premium of Rs. 4,104 for the next 16 years, your mother will receive the Maturity Amount of Rs. 10 Lacs after a 25-year term. She can use the funds in her old age to fit her requirements.

  3. LIC New Jeevan Anand

    This plan offers the benefits of full payout on maturity along with a lifelong cover thereafter. This Diwali, secure your dependants through LIC Jeevan Anand as this plan provides financial protection throughout the life of the policyholder. The plan also provides attractive maturity and survival benefits on selected policy tenure.


    • On the maturity of the policy, the Sum Assured on Maturity will be paid in a lump sum on surviving the policy.

    • The maturity amount can be selected to be received in installments. This will ensure that your family receives a regular income after the maturity of the policy and are able to fulfill their financial goals.

    • Policyholders can also include the LIC’s Accidental Death and Disability Benefit Rider, LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider, and LIC’s New Critical Illness Benefit Rider.

    See how you can safeguard your wife’s future with LIC New Jeevan Anand

    If you have purchased LIC’s New Jeevan Anand Plan for your wife who is currently 30 years old. If you pay a monthly premium of Rs. 7,131 for a policy term of 20 years, your wife would receive a Sum Assured of Rs. 15 Lacs after the end of the policy term.

  4. LIC Jeevan Shiromani

    This plan offers cover against 15 critical illnesses and provides attractive Survival and Maturity Benefits. Diwali will be the most appropriate occasion to ensure you are covered in case of any unexpected medical emergency and your family does not have to bear the burden of those expenses.


    • The Maturity Benefit depends on the policy term and the Sum Assured on Maturity is payable on the maturity of the plan.

    • A fixed amount of the Basic Sum Assured would be paid as Survival Benefits after specified intervals.

    • There is an inbuilt Critical Illness Benefit that covers over 15 critical illnesses specified within the policy. Illnesses like stroke, blindness, third-degree burns, cancer of specified severity, and many more are covered under this policy.

    Secure a lifetime of happiness worth Rs 1 Crore or more this Diwali with LIC Jeevan Shiromani

    Let’s assume that you bought the plan for your partner who is 45 years old. Pay a monthly, quarterly, or yearly premium for the next 16 years. This will entitle your partner to a maturity sum of Rs. 1 Crore at the end of the policy term. The entire sum can potentially help her live life without ever worrying about finances.

  5. LIC Jeevan Umang

    This plan offers guaranteed Survival Benefits till the age of 99 and lump sum maturity on survival to the age of 100. This plan would be the perfect Diwali gift as your dependents will be secured for your entire lifetime.


    • The Sum Assured on Maturity will be paid as a Maturity Benefit to your loved one on outliving the policy term.

    • A Survival Benefit of 8% of the Basic Sum Assured shall be payable each year after the end of the premium-paying term.

    • Since this is a whole-life policy, your family member is going to be secured until 100 years of age.

    • Jeevan Umang also provides the option of including riders like LIC’s Accidental Death and Disability Benefit, LIC’s Accident Benefit, LIC’s New Term Assurance Rider, LIC’s New Critical Illness Benefit, and LIC’s Premium Waiver Benefit Riders.

    Here’s an example of how LIC Jeevan Umang can financially secure your child’s milestones.

    Let’s assume that you are buying LIC Jeevan Umang for your child who is 10 years old. For a monthly premium of Rs. 1,682 over 25 years, your child would receive Rs. 40,000 every year from the 26th year of the policy and Rs. 5 Lacs on the maturity of the policy. These periodic payments can be used towards his education, college, tuition fees, etc.


Coming up with gift ideas for Diwali every year can be tiresome. As Diwali is a festival of lights, make sure the light never dims in your family’s life by buying a plan from LIC that will ensure their financial concerns are taken care of.

*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:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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