LIC Monthly Investment Plans

LIC Monthly Investment Plan is a type of investment plan that is offered by Life Insurance Corporation (LIC) of India. These plans allow individuals to invest a fixed amount of money on a monthly basis for a specified period of time and help individuals save and build wealth over time.

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

What are LIC Monthly Investment Plans?

The LIC Monthly Investment Plan offered by the LIC of India provides flexibility to the policyholder to choose their preferred investment term, ranging from five years to twenty years. The plan also allows choosing between two different funds - equity-based or debt-based - depending on an investor's risk appetite and financial goals.

Furthermore, LIC's monthly investment plan provides life insurance coverage which acts as a safeguard for the family in case of an untimely death. Investors can also choose to add riders such as accidental death benefit or critical illness cover for added protection.

Key Features of LIC Monthly Investment Plans

  • Investment and Insurance: These plans typically combine both investment and insurance components. A portion of the premium the policyholder pays is allocated towards providing life insurance coverage, while the remaining amount is invested to generate returns.

  • Premium Payment: Policyholders are required to pay regular premiums throughout the policy term. The premium amount depends on factors such as the policyholder's age, sum assured, policy term, and other factors.

  • Death Benefit: In case of the policyholder's unfortunate demise during the policy term, LIC Monthly Investment Plans provide a death benefit to the nominee or beneficiary. The death benefit is usually a lump sum payment, which may be a predetermined sum assured or a combination of sum assured and accrued bonuses.

  • Maturity Benefit: At the end of the policy term, if the policyholder survives, LIC Monthly Investment Plans offer a maturity benefit. This benefit typically includes the return of the total premiums paid, along with any applicable bonuses or returns generated by the investment component.

  • Bonus and Additions: Depending on the plan, LIC may declare annual bonuses and/or terminal additions based on the company's performance. These bonuses and additions can enhance the policyholder's investment returns or the sum assured, thereby increasing the overall benefits.

Best LIC Monthly Investment Plans

Plan Name Entry Age Maturity Age Policy Tenure
LIC New Jeevan Anand 18-50 years 75 years 15-35 years
LIC Jeevan Labh 8-59 years 75 years 16/21/25 years
LIC SIIP 90 Days-65 years 18-85 years 10-25 years
LIC Jeevan Shiromani 18-55 years 69 years 14/16/18/20 years
LIC New Pension Plus 25 years- 75 years 85 years 10 years- 42 years

Benefits of LIC Monthly Investment Plan

Below-mentioned are some of the benefits that one may avail with LIC Monthly Investment Plans. Take a look:

  • One of the key benefits of LIC Monthly Investment Plan is that it allows investors to benefit from rupee cost averaging.

  • Additionally, the plan offers guaranteed returns which provide a sense of security to investors.

  • The majority of the plans frequently give bonuses to the policyholder. The total sum at the end of the tenure includes the terminal bonus, reversionary bonus, and interim bonus.

  • Another advantage of investing in LIC's monthly plan is that it allows for easy liquidity, meaning investors can withdraw their funds at any time in case of an emergency.

  • Moreover, the plan offers tax benefits under section 80C of the Income Tax Act, allowing investors to save on taxes while also earning returns.

How to Buy LIC Monthly Investment Plans?

Step 1: First, you need to visit LIC.

Step 2: Next, fill in the form with your name and contact number.

Step 3: Click on View Plans.

Step 4: After this, on the next page fill in your age and current city.

Step 5: You can check the plans available and customize them as per your needs. Once done, you can pay your premiums online.

Note: Policybazaar also provides door-to-door advisors to resolve your queries.

To Conclude

LIC's monthly investment plan is one such option that aims to provide a disciplined approach towards investing. However, it is important to weigh the pros and cons of LIC's monthly investment plan against other investment options. Compared to any other form of investnet, LIC's monthly investment plan offers higher returns over a longer period. It also allows for flexibility in terms of the amount invested each month.

Overall, LIC's monthly investment plan is a great option for individuals looking for a flexible and secure investment that also provides insurance coverage and tax benefits.


*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

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