LIC offers varieties of term insurance plans catering to the needs and demands of every individual. People who often lag in investing in insurance or do not want to go through 15 to 25 years of investing and paying the premium can catch the short-term investment plans. The Life Insurance Corporation of India (LIC) is one of the most reputed insurance companies in the market.Read more
The company provides the policy-seekers with investment plans, which do not seek life-long payments and attention. Short-term plans have been a popular choice for the retired individuals. LIC has been bringing forth new ways of contacting people and their financial needs, and short-term investment plans are one of them.
Policy-seekers often opt for short term investment plans to utilize their investments within the shortest period possible. The plans, which generally have a span of 15 to 25 years long, do not attract the frequent needs and emergencies of the individuals. The vital benefit of investing in a short-term plan is that the policyholder can utilize their money after a short time of funding. This can lead to the fulfilment of urgent financial needs. The crucial work for the policy-seeker is to plan the investments according to their major life events.
Short Term Investment Plans are one of the best LIC policies for individuals seeking to maximize their money within a short period. The Life Insurance Corporation of India (LIC) Short Term Investment Plans is a great option in 2023 because of the current situation the world is going through. The pandemic has taught many negligent individuals the importance of investing in a good policy.
Short-Term Investment Plans are a notable way to deal with this kind of urgent situation. Short Term Investment Plans need the financial planning and requirements of the policy-seekers. There are specific aspects that an individual must consider before investing in a Life Insurance Corporation of India (LIC) Short Term Investment Plans:
These are some of the questions that one must consider before investing in the Life Insurance Corporation of India's (LIC) short-term policies.
Life Insurance Corporation of India (LIC) offers an admirable variety of plans, which are segregated on the basis of the most prominent feature, and the purpose of the plan. The same is the situation with short-term investment plans of LIC.
The insurer has been recognized and reputable in the field of customer satisfaction and performance. The short-term investment plans are divided into categories– term assurance plans, micro insurance plans, retirement plans, and group insurance plans.
The 5-year LIC policies have unique features like a short premium payment period, straightforward terms and conditions, and an open option of switching the scheme to a long-term investment plan. Following are the short-termplans, which an individual must consider investing in 2023:
Micro Insurance Plans
The micro insurance plans offered by LIC are as follows:
This is a payment protection plan, and an individual can maximize their money under this plan. This plan offers a 2 years less premium paying tenure than the actual policy tenure. The plan utilizes the money and returns 110% of the premium payable at the time of maturity.
The minimum sum assured moment in this plan is Rs. 20,000, and the maximum amount is Rs. 50,000. The minimum policy tenure is 5 years and the option of extending the term to a maximum of 13 years is available under this plan.
This is one of the microinsurance plans that promise the return of premiums when the plan is matured. The additional benefit, which the plan offers, is an accidental death benefit.
The minimum limit of the sum assured is Rs. 20,000, and the maximum guaranteed amount is Rs. 50,000. The premium paying tenure is 5 years and can be extended to 10 to 15 years for the regular premium payment option.
The following are the retirement plans offered by LIC:
Policy-seekers can purchase this plan by paying a lump sum amount all at once and get the service of immediate annuity payouts after the first payment. This plan is ideal for protecting an individual's life and financial needs after retirement. This plan offers several annuity options to choose from.
The plan provides different modes of premium payments. The premium varies according to the age and options an individual chooses. Certain benefits maximize the money an individual invests in the short-term plan, and those are:
This retirement plan has a minimum tenure of 5 years. This plan shelters various benefits for the required financial coverage of an individual after retirement. According to the policyholder's convenience, the tenure can be extended from 5 years to a maximum of 35 years.
There is an option of premium paying term, which includes – Single-Payer Regular Pay. The additional benefits, which the plan offers, are:
Term Assurance Plans
LIC Short-term Term Assurance Plans are described below:
This term assurance plan safeguards the financial necessities of the policyholder's family. This is one of the term assurance plans of Life Insurance Corporation of India (LIC), which gives protection to the needs,in addition, demands of the individuals during unfortunate circumstances.
This plan has minimum policy tenure of 5 years and can be considered a short-term investment plan. The minimum limit of the sum assured is Rs. 25 Lakh, and the policy tenure can be extended up to 35 years. The benefits of choosing this short-term investment plan are:
This is another term assurance plan that offers a minimum tenure of 5 years. This plan provides the policyholders with the minimum sum assured of Rs 6 Lakh and a maximum of Rs 24 Lakh. The premium charges are dependent on the policy tenure, age of the individual, and sum assured.
The clients can switch the policy to a longer-term maximum of 25 years. The plan promises to stabilize the family's financial needs and gives the required coverage during inevitable times. The benefits, which this plan comes with, are:
These short-term investment plans' premium payments have been introduced to a more user-friendly and tech-abled method. The online process can pay the premium charges through the insurer's official portal. The LIC online policy payment has been popular among clients in the current year. The clients can make the LIC online policy payment in various ways. The methods are:
Step 1: Visit the official portal of the insurer.
Step 2: Select the option “Online Payment” at the right menu of the website.
Step 3: Select “Online Customer Portal”
Step 4: Fill in the required details like registered mail id, password, and date of birth.
Step 5: Customers must choose the plan for which they want to pay the premium.
Step 6: Then through net banking options, they can efficiently pay the premium.
Step 1: The first step for new users is to Sign Up.
Step 2: Visit the Life Insurance Corporation’s official portal.
Step 3: Choose "Online Payment" from the menu present on the right-hand side.
Step 4: Select “Online Customer Portal”
Step 5: Then choose “Sign Up” for a new user.
Step 6:Fill in the required credentials like name, policy number, premium payable, date of birth, gender, pan id, registered mail id, and phone no.
Step 7: Click “Proceed”
Step 8: The customers who are now registered can easily make LIC online payments.
Customers can also make LIC online payments without logging in to an account or registering with the portal. The ways a customer can do this are:
Step 1: Visit the online portal of the Life Insurance Corporation of India.
Step 2: Choose the option "Online Payment."
Step 3: Select “Pay Direct”.
Step 4: Then choose the option of “Premium Payment," whether it is advance or renewal according to the possibilities.
Step 5: Click “Proceed”
Step 6: Fill in the required credentials like name, policy No., premium payable, DOB, registered mail id, and phone number.
Step 7: The customers can now effortlessly pay their premium of the short-term investment plans without registering or logging in.
Disclaimer: Policybazaar does not endorse, rate, or recommend any 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 applies.
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*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
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