What Are The LIC Plans that Need a Monthly Premium of Rs.500?

LIC plans are designed to be affordable for the general public, in addition to featuring some exciting benefits. These insurance plans are wide-ranging to serve different needs of customers including retirement planning, child security, life cover, etc. If you are on the lookout for insurance covers that can be availed with a monthly premium of Rs. 500, you have come to the right page.

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LIC Plans with a Monthly Premium of Rs. 500

Plan Name Plan Type Minimum Entry Age Maximum Entry Age Maximum Maturity Age Policy Term Minimum Sum Assured
LIC Jeevan Tarun Money-Back Plan 90 days 12 years 25 years 25 minus Entry Age Rs. 75,000
LIC Jeevan Labh Endowment Plan 8 years 59 years 75 years 16 - 25 years Rs. 2 Lakhs
LIC New Jeevan Anand Endowment Plan 18 years 50 years 75 years 15 - 35 years Rs. 1 Lakh
LIC New Endowment Plan Endowment Plan 8 years 55 years 75 years 12 - 35 years Rs. 1 Lakh

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

LIC’s Jeevan Tarun

LIC’s Jeevan Tarun is a non-linked, participating plan that is designed to offer benefits of protection and savings to your children. These benefits can be used by your child to fund his/her education and other expenses. Your children are entitled to receive survival benefits annually from the ages of 20-24 years. The maturity benefit is paid on the completion of 25 years. 

Some of the important features of this plan are:

  • The policyholders can avail of loans through this plan. 

  • The death benefit is defined as 10 times the annualized premium or 125% of the sum assured, whichever is higher. 

  • If the life assured survives the policy term, s(he) is entitled to receive maturity benefit as a fixed percentage of the sum assured. Additional bonuses and simple reversionary bonuses are added to the sum assured wherever applicable. 

LIC Jeevan Labh

LIC’s Jeevan Labh is a with-profits, non-linked endowment plan that offers protection as well as the opportunity to maximize savings for the life assured. With the limited premium paying option, buyers can get financial support for their families in case of their death. Further, policyholders are entitled to get a lump sum payout if s(he) survives maturity of the policy. 

Important features of the policy include:

  • Sum assured payable as the death benefit is the higher of the absolute amount assured on death or 7 times the annualized premium. Applicable bonuses (if any) shall be added to the base sum assured. 

  • On surviving till the end of the policy term, the life assured is eligible to receive the sum assured on maturity in addition to a simple reversionary bonus.    

  • With this plan, policyholders can avail of the LIC's Accidental Death and Disability Benefit Rider and LIC's New Term Assurance Rider for enhanced protection.

LIC’s New Jeevan Anand

This plan, being a non-linked, participating, individual, life insurance plan, offers customers a combination of savings as well as protection. The protection that LIC’s New Jeevan Anand plan provides involves financial support against the death of the policyholder throughout her/his lifetime, with the provision of a lump-sum payment at the end of the policy term in case of the policyholder's survival. 

Key features of this policy are: 

  • In the event of the demise of the policyholder during the tenure of this plan, a death benefit equal to the amount assured on death is payable. This amount is defined as either 125% of the basic sum assured or 7 times the annualized premium, whichever amount is higher. 

  • If the policyholder survives beyond the stipulated date of maturity of the plan, (s)he shall be eligible to receive the sum assured on maturity with vested Simple Reversionary Bonuses. The bonus is subject to participating profits made by LIC. 

  • Several optional riders are available with LIC’s New Jeevan Anand plan. 

  • Premiums in this plan can be paid at yearly, half-yearly, quarterly, or monthly regular intervals (through NACH only), or through salary deductions over the term of the policy.

LIC’s New Endowment Plan:

LIC’s New Endowment Plan is an individual life insurance policy furnished with both protective as well as saving characteristics. With the combination of the said features, this plan aims to provide financial security to the surviving family members in case of an unfortunate demise of a policyholder before or at the time of maturity. This plan allows the insured person to avail large sum assured rebate along with guaranteed returns and bonuses.

Key features of the plan are:

  • Death benefit consists of the sum assured on death combined with simple reversionary bonuses and a final additional bonus.

  • On the occasion of the policyholder’s survival throughout the entire tenure of the policy, s(he) will receive the “Sum Assured on Maturity”, consisting of the basic assured amount and vested bonuses.

  • After paying an additional premium, one can avail any four of the five following riders under one policy:

    • LIC’s Premium Waiver Benefit Rider

    • LIC’s New Term Assurance Rider

    • LIC’s Accidental Death and Disability Benefit Rider

    • LIC’s Accident Benefit Rider

    • LIC’s New Critical Illness Benefit Rider
      Note - however, it is important to note that the concerned policyholder may avail only one option of the two - LIC's Accidental Death and Disability Benefit Rider or LIC's Accident Benefit Rider.

  • If desired by the policyholder, her/his family members may receive the death benefit in installments across a tenure of 5, 10, or 15 years. 

Summing up

Insurance plans offered by LIC are some of the more economical options available in the market today. These plans come with a multitude of benefits and can help serve the wide-ranging needs of people. All of the above-mentioned plans are worth your investment. However, you are advised to go through the terms and conditions of each plan before you decide to buy an insurance policy.

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