LIC Policy for Middle-Class Family in 2024

LIC Policy for a middle-class family allows the policyholder to plan and secure the financial future of their family. These policies aim to provide better educational opportunities for the kids, provide a better financial future to the entire family, and provide them with a better shot at life in case of any mishappening. 

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LIC Policy for Middle-Class Family- An Overview

LIC of India offers an array of policies that cater to the needs of middle-class families, focusing on financial security and future planning. These families can consider policies like endowment plans, which combine life insurance coverage with a savings component, providing a lump sum amount either at maturity or in case of unfortunate events.

These policies are designed to be affordable, aligning with the budget constraints of middle-class families while providing valuable protection and savings opportunities.

How to Choose the Best LIC Policy for Middle-class Family

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 for them.

  • 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.

  • 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 SIPs, ULIPs, etc., help the customer to plan his future in every aspect, with nominal investment.

  • 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 to the LIC of India login, one can check the various premium values online.

  • 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.

  • 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.

  • 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.

Best LIC Plans for Middle-Class Family

Below mentioned are some of the best LIC plans that can help a middle-class family to secure the financial future of their family. Let us take a look at them and help you decide on the ideal plan for your family:

LIC Policies Entry Age Maximum Maturity Age Policy Term Sum Assured
LIC SIIP Plan 90 days (completed)-65 years 85 years 10-25 years 7 to 10 times the annual premium
LIC New Jeevan Anand 18 years- 50 years 75 years 15 years-35 years Min- Rs.1,00,000 Max- No upper limit
LIC New Jeevan Shanti 30 years-79 years 80 years NA NA
LIC Jeevan Umang 90 days (completed)-55 years 100 years 100 years minus(-) the age at entry Min- Rs. 2,00,000 Max- No Upper Limit
LIC Jeevan Labh 8 years-59 years 75 years 16, 21, or 25 years Min-Rs.2,00,000 Max- No Upper Limit

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

To choose the best LIC policy, the buyers must compare the plans and go through the LIC policies in detail. Here we have elaborated the above-mentioned plans for a better understanding.

  1. LIC SIIP

    The plan combines the benefits of life insurance and systematic investment planning. Policyholders can invest regularly in a range of investment funds while securing life insurance coverage. The plan promotes disciplined savings, wealth creation, and protection, making it an attractive solution for those seeking a balanced blend of investment and insurance.

    Key Features of LIC SIIP

    • Dual Benefit: Combines systematic investment planning and life insurance coverage, offering policyholders a unique blend of wealth creation and financial protection.

    • Premium Flexibility: Allows flexible premium payment options, enabling policyholders to choose a payment frequency that suits their financial capabilities and goals.

    • Diverse Fund Options: Offers a range of investment funds catering to various risk profiles, empowering policyholders to align their investments with their risk tolerance and financial objectives.

  2. LIC New Jeevan Anand

    LIC New Jeevan Anand is designed to offer the advantages of lifelong coverage and savings. With its unique blend of comprehensive protection and potential for bonuses, New Jeevan Anand caters to individuals who wish to secure the financial future of their loved ones at an affordable cost.

    Key Features of LIC New Jeevan Anand

    • Lifetime Coverage: The plan extends life coverage for the entire lifetime of the insured individual, ensuring that their loved ones are financially protected even after the premium payment term ends.

    • Dual Benefit Payouts: This plan offers a double benefit of maturity and death payouts. The policyholder receives a maturity benefit upon surviving the policy term, while in the event of their demise, the nominee receives a death benefit, providing comprehensive financial support.

    • Flexible-Premium Payment: The plan offers the flexibility to choose from various premium payment terms, allowing policyholders to align their premium payments with their financial circumstances and goals.

  3. LIC New Jeevan Shanti

    LIC New Jeevan Shanti is a single-premium plan designed to provide individuals with a guaranteed stream of income for their retirement years. Policyholders make a lump-sum payment to secure regular annuity payouts.

    Key Features of LIC New Jeevan Shanti:

    • Guaranteed Annuity Payouts: The plan offers policyholders a secure and predictable income stream through guaranteed annuity payouts, ensuring financial stability during retirement.

    • Flexibility in Annuity Options: New Jeevan Shanti provides a variety of annuity options, allowing individuals to choose between immediate or deferred payouts based on their retirement timing and financial requirements.

    • Single-Premium Payment: Policyholders make a one-time lump-sum premium payment to avail of the annuity benefits, simplifying the investment process and offering hassle-free access to regular income post-retirement.

  4. LIC Jeevan Umang

    This plan provides policyholders with both protection and guaranteed returns, ensuring financial security for life. With its unique features, Jeevan Umang offers regular payouts as survival benefits to the insured, even after the premium payment term ends. Additionally, the plan provides bonuses that further enhance the maturity and death benefits.

    Key Features of LIC Jeevan Umang

    • Lifelong Coverage: Jeevan Umang offers coverage for the entire lifetime of the insured individual, ensuring that their loved ones are financially protected regardless of age.

    • Guaranteed Survival Benefits: The plan provides regular annual payouts as survival benefits after the premium payment term, continuing until the policyholder reaches 100 years of age or until their demise. This feature ensures a steady stream of income throughout the insured's life.

    • Rider Benefit

    Rider Benefits Offered by LIC Jeevan Umang

    • Accidental Death and Disability Benefit Rider

    • Accidental Benefit Rider

    • New Term Assurance Rider

    • New Critical Illness Benefit Rider

    • Premium Waiver Benefit Rider

  5. LIC Jeevan Labh

    LIC Jeevan Labh is a non-linked, limited premium-paying endowment plan that provides financial security and savings benefits. The policy offers life cover and maturity benefits, making it an attractive choice for individuals looking to ensure their family's future while accumulating savings over the policy term.

    Key Features of LIC Jeevan Labh

    • Guaranteed Returns: The plan offers assured returns on both the sum assured and the accrued bonuses, providing policyholders with financial security.

    • Maturity Benefits: Upon the policy's maturity, policyholders receive the sum assured along with accrued bonuses, providing a lump sum amount that can be used for various financial needs or goals.

    • Death Benefit: In case of the unfortunate demise of the insured during the policy term, the policy ensures a death benefit which includes the sum assured, along with any accrued bonuses, helping to provide financial support to the nominee during a challenging time.

Wrapping it up

The Life Insurance Corporation plans 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 risks involved and limited income. 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.

*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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