What are LIC Short-Term Investment Plans in 2024?

LIC offers a range of short-term insurance plans specially designed for individuals looking for short-term coverage. These plans ensure guaranteed returns over a specific period and are ideal for investors seeking stable returns combined with comprehensive insurance coverage.

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58.9 Million
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What are Short-Term Investment Plans?

Individuals often opt for short-term investment plans to utilize their investments within the shortest possible period. The plans offered by the LIC generally span 5 to 25 years and do not address the individuals' frequent needs and emergencies. Moreover, by investing in a short-term LIC plan, the policyholder can utilize their money after a short time of funding. This can lead to the fulfilment of urgent financial needs. 

Key Features of LIC Short-Term Investment Plans

  • Unlike long-term plans that may extend for decades, short-term plans offered by LIC have a defined policy term, usually ranging from 5 to 15 years. This makes them suitable for individuals with specific financial goals within a relatively shorter timeframe.

  • One of the key attractions of LIC's short-term plans is the assurance of guaranteed returns. Policyholders receive a predefined amount at maturity or in case of an unfortunate event, ensuring financial stability and peace of mind.

  • These plans are not only investment instruments but also provide life insurance coverage. In the event of the policyholder's demise during the policy term, the nominee receives the sum assured and any bonuses applicable per the policy terms.

Best LIC Short-Term LIC 2024

The Best short-term LIC policies have unique features like a short premium payment period and simple terms and conditions, The following are the short-term investment plans which an individual can consider investing in 2024:

Plan Name Entry Age Maturity Age Policy Tenure
LIC New Jeevan Anand 18-50 years 75 years 15-35 years
LIC Jeevan Labh 8-59 years 75 years 16/21/25 years
LIC Dhan Varsha 3-60 years 75 years 10 & 15 years
LIC New Endowment Plan 8-55 years 75 years 12-35 years
LIC Jeevan Lakshya 18-55 years 65 years 13-25 years

Factors to Consider Before Investing in LIC Short-Term Plans

Before opting for any short-term investment plan offered by LIC, it's important to evaluate the following factors:

  • Financial Goals: Define your financial objectives clearly. Whether you are saving for a specific goal like buying a house, funding education or creating an emergency fund, align the plan with your needs.

  • Risk Appetite: Understand your risk tolerance level. Short-term plans offered by LIC generally involve lower risk than equity investments but may vary in terms of returns and liquidity.

  • Policy Term: Choose a plan duration that suits your financial timeline and goals. Short-term plans typically range from 5 to 15 years, so ensure they align with your expected financial milestones.

  • Premium Payment: Evaluate the premium payment frequency and amount. Ensure you can comfortably meet the premium obligations throughout the policy term without financial strain.

  • Guaranteed Returns: Consider the assured returns offered by the plan. LIC's short-term plans are known for providing guaranteed returns, but it's essential to verify the specifics and how they align with your expectations.

Wrapping It Up:

LIC's short-term investment plans in 2024 offer a balanced approach to savings and insurance, catering to the diverse financial needs of individuals. Whether you are aiming for wealth accumulation, protecting your family's financial future, or seeking guaranteed returns, these plans are suitable for everyone. Before investing, it's essential to assess your financial goals, risk tolerance, and the specific features of each plan to make an informed decision that aligns with your objectives.

FAQs

  • Q: What are the benefits of LIC's short-term investment plans?

    Ans: LIC's short-term plans offer guaranteed returns and life insurance coverage, making them a secure option for individuals looking to achieve financial goals within a defined period. They also offer flexibility in premium payment and additional benefits like loan facilities.
  • Q: How do I determine which LIC short-term plan is suitable for me?

    Ans: Consider your financial goals, risk tolerance, and the duration you wish to invest. Evaluate the features of each plan, such as maturity age, policy tenure, and premium payment terms, to align with your specific needs and expectations.
  • Q: Are LIC short-term investment plans suitable for emergency funds?

    Ans: Yes, LIC's short-term plans can be a good option for creating an emergency fund. They offer liquidity and guaranteed returns, ensuring that your funds are readily available when needed while providing insurance coverage for added security.

*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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