What are LIC Short Term Investment Plans in 2024?

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.

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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.

What are Short Term Investment Plans?

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.

Things to Consider before Investing in Short-Term Plans

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 2024 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:

  • Financial Goals: What are the financial goals of an individual? What does the individual expect from the plan? What kind of financial coverage does the individual require?
  • Investment: How much can an individual invest in the short-term plan? What is the financial domain of investment of the individual? Does the amount assureto meet the demands of the individual?
  • Time Period: How much does an individual want to wait? Is the minimum time span of the short-term plan suitable for the individual?
  • Flexibility: How much fluidity does the plan offer? Is the individual satisfied with the flexibility that the short-term plan offers?

These are some of the questions that one must consider before investing in the Life Insurance Corporation of India's (LIC) short-term policies.

LIC Short Term Investment Plans in 2024

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 2024:

Micro Insurance Plans

The micro insurance plans offered by LIC are as follows:

  1. LIC Bhagya Lakshmi Plan

    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.

  2. LIC Jeevan Mangal 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.

Retirement Plans

The following are the retirement plans offered by LIC:

  1. LIC Jeevan Akshay VI

    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:

    • Death Benefits
    • Maturity Benefits
    • Income Tax Benefits
    • Annuity payouts will be paid immediately after the premium payments according to the options chosen.
  2. LIC New Jeevan Nidhi Plan

    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: 

    • Additions guaranteed of 5% are added to the sum assured after completing the policy year in the first five terms.
    • Sum assured with guaranteed additions, reversionary bonuses, and additional bonuses are paid to the policyholder on vesting.
    • Death Benefits should not be less than 105% of all premiums paid.
    • Tax Benefits
    • Accidental death benefits
    • Rider benefits

Term Assurance Plans

LIC Short-term Term Assurance Plans are described below:

  1. LIC Amulya Jeevan II

    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:

    • Death Benefits
    • Tax Benefits
    • Premium discounts for annual mode and high sum assured.
  2. LIC Anmol Jeevan II

    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:

    • Death Benefits
    • Tax Benefits
    • Competitive premium rates
    • Premium discount for annual mode

LIC Online Policy Payment

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:

Online Customer Portal

  1. For Registered Users

    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.

  2. For New Users

    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.

  3. Direct Payment

    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.

*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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