LIC Savings Plans

What are LIC Savings Plans?

LIC savings scheme plans are different from their term insurance plans. A term insurance plan offers pure protection while the LIC savings plans offer a combination of protection and savings. A mix of pure protection plans with savings plans is generally considered beneficial for good financial planning. LIC schemes that have savings components also offer bonuses and guaranteed additions along with a loan facility.

List Of LIC Savings Plans

* Note - Range varies as per the policy term chosen, among other aspects such as premium paying term.

Key Features Of LIC Savings Plans

Following is a list of the popular LIC life insurance policies that offer a savings component for the policyholders.

LIC Dhan Rekha

• 10% to 20% of the Basic Sum Assured (BSA) is offered to the life assured on surviving certain policy years.

• Guaranteed additions up to Rs. 60 per Rs. 1000 BSA accrues from the 6th policy year till maturity.

• It comes with a lot of flexibility in choosing the policy term (20, 30, or 40 years) and in terms of premium payment (single/limited).

• If the policy is issued in the name of a child, it shall vest in his/her name itself when they reach the age of 18 years.

• Rebates are offered in premiums on choosing a sum assured above Rs. 5 Lakhs and on choosing yearly or half-yearly modes of premium payment.

LIC's New Jeevan Anand

• Policyholders can avail of the loan against the basic sum assured under the policy.

• On the maturity of the policy, a lump sum amount equal to the BSA plus vested Simple Reversionary Bonuses and Final Additional Bonus is paid.

• The death benefit is payable along with the above mentioned bonuses if the death of the life assured occurs within the policy term.

• The policy term or the duration of the insurance cover under this policy can range from 15 to 35 years.

LIC's Jeevan Labh

• Death and maturity benefits will be paid along with applicable bonuses if the conditions are met.

• The policy term options are 16, 21, and 25 years. The corresponding premium paying terms are 10, 15, and 16 years.

• Both the types of benefits, death or maturity, can be received in installments over a period of 5, 10, or 15 years.

• Additional benefits can be claimed if riders against accidental death, disability, critical illnesses are opted for.

LIC's New Bima Bachat

• It is a single premium plan that comes with survival benefits wherein 15% of the basic sum assured is paid at periodic intervals.

• With this policy you get loyalty additions if the policy completes a tenure of 5 years.

• The death benefit is payable along with Loyalty Additions if the death of the life assured occurs within the policy term.

• Maturity benefit is equal to the lump sum premium paid at the time of policy issuance plus the loyalty additions.

• Policyholders can choose from a policy term of 9, 12, or 15 years.

• Extra protection against death and disability can be availed.

LIC's Single Premium Endowment Plan

• Sum assured on death of the policyholder is paid along with vested Simple Reversionary Bonuses and Final Additional Bonus (FAB).

• Maturity benefits consist of the basic sum assured and are paid along with the above mentioned bonuses.

• Both the maturity and the death benefit can be claimed in installments.

• The premium for this plan has to be paid as a one-time lump sum amount.

• The policy term can range from 10 to 25 years.

LIC's New Money Back Plan-20 Years

• The policy term can be a maximum of 20 years and the premium paying term of 15 years.

• The death benefit is equal to 125% of the BSA or 7 times the annual premium, whichever is higher at the time of death.

• Policyholders are entitled to survival benefits equal to 20% of the BSA, payable on the completion of the 5th, 10th, and 15th policy years.

• Sum assured of the maturity of the policy is equal to 40% of the BSA and is paid along with the applicable bonuses.

LIC's Bima Shree

• Policyholders can avail of the loan facility if two years’ premiums have been paid.

• A guaranteed addition of Rs. 50-55 per Rs. 1000 of the BSA is added till the end of the premium paying term.

• The policy term can be chosen from 14, 16, 18, or 20 years. The premium paying term will be equal to the policy term minus 4 years.

• Death and maturity benefits are payable along with the accrued guaranteed and loyalty additions.

• Based on the policy term chosen, survival benefits as a percent of the BSA shall be payable at different policy years.

LIC Jeevan Lakshya

• Policyholders can claim an annual income benefit equal to 10% of the BSA.

• Death and maturity benefits are payable with vested Simple Reversionary bonuses and Final Additional bonus.

• Enhanced protection against accidental death, disability, and critical illnesses can be availed of with the rider options.

• The benefits can be claimed in installments instead of a lump sum payout.

LIC’s New Endowment Plan

• The death benefit can be claimed against the death of the life assured along with bonuses.

• Maturity benefit is equal to the basic sum assured plus the accrued bonuses.

• Extra protection against accidental death, disability, and critical illness can be availed on paying additional premiums.

• The death benefit is payable in monthly, quarterly, half-yearly, and yearly installments.

LIC's New Bima Jyoti

• It comes with guaranteed additions of 6% of total annualized premiums in respect of premiums paid, added at the end of each policy year.

• Death and maturity benefit payouts are done along with the accrued guaranteed additions.

• The policy term can range from 15 to 20 years. The premium paying term is defined as the policy term minus 5 years.

• The premium waiver rider can be opted for if the policy has been issued in the name of a minor.

LIC’s Bachat Plus

• There are several options in the death benefit payout based on the premium paying mode chosen (single or limited).

• Maturity benefit is equal to the BSA and is paid along with loyalty additions.

• Loyalty additions are applicable on completing 5 policy years and if all the premiums have been paid.

• Benefits can be claimed in installments.

LIC's Aadhaar Shila & LIC's Aadhaar Stambh

• Aadhaar Shila is exclusively for female lives and the Aadhaar Stambh policy is for male lives.

• Aadhaar Shila has an Auto Cover Continuance benefit and a policy loan facility, while Aadhaar Stambh has a policy loan facility which help take care of your liquidity needs.

• Sum assured on the death of the life assured is payable along with loyalty additions.

• The policy term can range from 10 to 20 years. The premium paying term shall be the same as the policy term.

LIC's Jeevan Umang

• It offers a combination of income and life protection to the policyholder and their family.

• On the completion of the premium paying term, 8% of the BSA will be paid each year as a survival benefit.

• The death benefit can be taken in installments.

• Premium rebates are applicable on assuring a sum above Rs. 5 lakhs.

LIC's Jeevan Tarun

• There are 4 choices in survival benefits, based on which the maturity value changes.

• Survival benefits can be claimed for a period of 5 years from the age of 20 to 24 years.

• Premium waiver rider ensures that the death of the parent does not affect the insurance cover and the benefits for the surviving child.

• Maturity benefits can be claimed in installments.

LIC's Jeevan Shiromani

• The policy term can be chosen among 14, 16, 18, or 20 years.

• The premium paying term will be equal to the policy term minus 4 years.

• Survival benefits on surviving certain policy years are payable as a percent of the basic sum assured.

• The plan has an Inbuilt Critical Illness Benefit, covering 15 specified critical illnesses with an option to defer premium payments.

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