LIC Policy for Middle-Class Family in 2023

Life Insurance Corporation of India, being the leading insurance service provider in the country, is an endpoint of your policy search. Life Insurance Corporation offers an extensive range of options for you to choose from, as per your own requirements.

Factors Responsible

With a fixed income of middle-class families and rising and fluctuating expenses, they need to take care of several factors before fixating on a plan. In order to plan their finances better, they must compare and contrast several options available to them and pick one that's most suitable to them.

1. Decide Soon

   The customer must make up his mind to buy an insurance policy well in time because, with age, the premiums that he will be required to pay will go on increasing. 

2. Look into Needs

   Customers must set their goals and then choose the suitable instruments that'll help achieve their targets.  Various plans offered by LIC like mutual funds, SIPs, ULIPs, etc., help the customer to plan his future in every aspect, with nominal investment.

3. Affordability

   The customer is required to check the affordability of their chosen plan. One must weigh this concern against your needs and discuss it in detail with one’s insurance service provider agent. The premium payments should not burn a hole in one’s pockets as they also have to take care of your current regular finances. If one has access tothe LIC of India login, one can check the various premium values online.

4. Medical Considerations

   Companies consider underlying medical conditions (serious and non-serious both) and other risks like smoking habits and physical activities. One might qualify for 'preferred' or 'super preferred' rates for customers in good health. Therefore, it’s essential for the customer to research well and evaluate coverage terms before picking a company or a policy. 

5. Conversion

   The customer needs to keep in mind that not all policies offer a conversion option from term to permanent or vice versa. The customer can ask their insurance professional for the availability of such benefits on the policy.

6. Payment Methods

   The customer purchases these policies to ensure the safety of their own and their family's future. Hence, the customer must ensure that he is choosing a policy that includes automatic withdrawal so that the coverage will not end due to any possible lapse. They must be sure about whether they want a regular or limited premium payment method.

LIC Plans

Life Insurance Corporation of India has an extensive base and a large market in the country. With a solid customer base, it is also the most popular. In the trusted hand leading hands of Life Insurance Corporation, the customer can be assured that his money is in safe hands. The customers can choose from LIC's life, endowment, money back, and term plans. In addition to the policy benefits, you can also avail benefits under various raiders provided by the company. For the customer's benefit, we have brought forward a few best LIC policies under various categories.

LIC Tech Term Insurance Plan

Term plans provide financial security to the family of the insured in case of his/her untimely death. The Tech term insurance plan by LIC is available only through online mode without any intermediaries. The policyholder has the right to choose from the various payment options and two death benefit options from "limited premium and regular premium" or a single premium policy. The plan also offers special rates for women. Customers can create a LIC of India login to find more details online.

The minimum entry age is eighteen years with a cap of Rs 50 lakh on the sum assured, and the maximum entry age for the LIC Tech term Insurance plan is 65 years. If the customer purchases the policy at 65, the maturity age is 85 years, and there's no limit to the sum assured. Apart from all this, the customer can also avail of accidental death benefit rider. The customer can get their policy online by logging into their LIC account.

LIC New Jeevan Anand

LIC’s Jeevan Amar is an endowment plan. It is another term plan and is one of the best policies of LIC. The nominee will get 125% of the sum assured if the holder dies within the policy term. But if he survives, he would get a basic sum assured with all the bonuses. The policy allows life-long coverage of sum assured even after maturity. One can also revive one’s policy if it has lapsed due to unpaid premiums. Keep in mind that this can only be done within two years of the first missed premium. 

The customer will have to pay the total sum of all the missed premiums with interest and other charges. This policy also allows the customer to avail of the surrender value any time after 3 years of full payment of premium. This policy also allows the beneficiary to avail of loan facilities against it. 

The entry age is 18-50 years, while the policy term varies from 15 to 35 years. One can purchase the policy with a minimum basic sum of Rs1 lakh, and there's no limit to the maximum sum assured. It is a regular premium policy.

LIC Jeevan Amar

LIC’s Jeevan Amar is another term insurance plan. It is available offline and is meant to offer financial support to the beneficiary’s family in case of his sudden demise during the period of the policy. The customer is allowed to choose from two benefit options: Level Sum Assured and Increasing Sum Assured. He is also allowed to choose the term of the policy. One of the striking features that make this policy a hit among women clients is that it offers them special rates. The insured can also opt for single premium payment or limited premium payment, or regular premium payment. Jeevan Amar is a good option for the middle class as it also allows raiders and other benefits to enhance their coverage and gain an attractive rebate.

The entry age is 18-65 years, and the maximum age at maturity must not exceed 80 years. The term of the policy is between 10-40 years. The minimum basic sum assured is Rs25 lakh, and there's no cap on the maximum basic sum assured.

LIC New Children’s Money Back Plan

As the name suggests, this plan was introduced to cater to the needs of the customer’s children. It was designed to meet the educational needs or marriage or simply the growing financial expenses of the children. Guardian of the children can purchase the plan in the child’s name given the child has not exceeded the age limit of 12 years. The age of maturity is 25 years for this plan, and the minimum basic sum assured is 1 lakh. 

The customer can also avail of the additional optional benefit of LIC's Accidental Death and Disability Benefit Raider. The lapsed policy can be revived, but the customer must do this within a period of 2 years from the date of the first missed premium payment.

LIC’s New Children’s Money Back Plan has separate survival and death benefits. When the life insured completes 18, 20, and 22 years, he will receive 20% of the basic sum assured on each of the three occasions. But if the life insured dies, the nominees will receive separate benefits based on the fact that the death has happened before the date of risk commencement or after it. On maturity, the life insured will receive the sum assured plus simple and additional bonuses.

LIC of India allows the surrender of the said policy after the first three years from the date of inception of the policy, given the premiums have been paid in time for the said three years. The surrender value will be calculated according to the policy term and year of surrender. If the life insured commits suicide, the policy provides the nominees a limited sum, which will depend on the time of the death of the life insured.

LIC Jeevan Lakshya

The feature that makes this policy stand out from the rest is that in case of the death of the life insured, the premium is waived. This policy has an inbuilt coverage of *waiver of premium*. And at the end of the policy period, you will also avail of the maturity amount. In case of death of the life insured, the nominees will also receive a payment of 10% of the sum assured every year until the policy's maturity. The customer can choose to buy this policy with a term raider for additional benefits. This policy is also known as the Kanyadan policy. One has to pay the premium three years before the maturity date of the policy.

Wrapping it up

The Life Insurance Corporationplans as mentioned above are the best chosen in terms of their popularity among customers. Buying a policy is a significant and confusing decision for any middle-class individual due to the various risks involved and limited income. The customers can choose from any of these as per their needs or from various others by LIC. They need to visit the site or contact an agent to get all the details before fixating themselves on a particular policy.

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