LIC Yearly Plan

LIC yearly plans include the Tech1 term plan, Surabhi plan of 15 years and other popular retirement and micro-insurance plans.

LIC Yearly Plan Types Offered in India

LIC offers a wide range of insurance products and services to cater to various requirements of its customers. A life insurance plan that offers coverage for a limited number of years is called an LIC yearly plan. If the policyholder with a term insurance plan dies in an unfortunate event during the policy tenure, the beneficiary/nominee will receive the death benefit.

LIC yearly plan is among the plans chosen by a variety of customers because they are easy to understand, have flexibility of longer and shorter premium payment time and provide the option to convert the plan to a longer one in the future. LIC is one of the most trusted insurance companies in India and has considerable experience in the insurance field. Here are some of the LIC yearly plans that LIC offers in India:

LIC Jeevan Surabhi 15-year plan

This money-back plan is also called an anticipated endowment policy. A non-linked plan where the premium amount is paid at pre-determined and decided intervals. The policyholder pays the LIC policy yearly installment for 12 years and the cover remains for the complete term of 15 years. This plan is quite different from other money-back plans. The following are the major differences:

• Maturity term is more than the term of premium payment

• Early and higher survival rate benefit payment

• Risk coverage increased after every five years

The LIC policy yearly installment payment term and policy term for LIC Jeevan Surabhi 15-year plan are:

Features of LIC Jeevan Surabhi 15-year Plan

• In this plan, the death benefit increases by 50 percent once in a regular interval of 5 years

• Upon the policy maturity, a simple reversionary bonus will be payable.

• Risk cover is extended for 3 years after the premium payment of 3 years

• Riders enhance the coverage

Eligibility Criteria

LIC Tech Term Plans

This LIC term policy is a non-linked and non-participating plan that offers pure financial protection to the family of the insured in case of their untimely death during the policy tenure. This LIC Tech term insurance plan allows policyholders to choose the premium payment term as per their convenience. It is one of the best LIC term insurance plan for females and non-smokers as it offers them special premium rates.

Key Features

• It offers flexibility to select from the 2 options of benefits – Level Sum Assured and Increasing Sum Assured

• Special premium rates for women

• Option to avail accidental benefit rider that helps enhance coverage of your existing plan

Eligibility Criteria

Even though most life insurance policies come with long-term plans, various buyers prefer to purchase short-term insurance plans over long-term policies.

Retirement Plans

Retirement plans take care of your future financial requirements once you retire from your active work life. These plans save and invest your savings so that you have certain disposable funds/salary/income in your pocket during critical times.

• LIC New Jeevan Akshay Pension Scheme (VII) – This is an immediate annuity plan offered by LIC which is suitable for those individuals who want to avail retirement solutions by paying a lump sum amount. The policyholder can select annuity payment intervals and choose from monthly/ quarterly/half-yearly and yearly options under this plan.

• LIC New Jeevan Nidhi Plan - A conventional plan that provides profits to the life assured and also a combination of protection and savings benefits. You can buy LIC New Jeevan Nidhi Plan in a one-time lump sum. It also offers death benefits in annuity form to the beneficiary/nominee. Maturity benefit is also provided in the form of the annuity after the maturity of the amount.

• LIC New Pension Plus - A unit-linked pension plan designed to help individuals build a retirement corpus through systematic savings. The accumulated corpus can be used to generate regular income by purchasing an annuity at the end of the policy term. The plan offers single-premium and regular-premium payment options.

• LIC New Jeevan Shanti - A single-premium deferred annuity plan designed to provide a regular income during retirement. The policyholder can choose between Single Life and Joint Life deferred annuity options with guaranteed annuity rates determined at the time of purchase. After the chosen deferment period annuity payments are made regularly for the lifetime of the annuitant with monthly, quarterly, half-yearly or yearly payment options available.

• LIC Saral Pension - A non-linked, non-participating, single-premium immediate annuity plan designed to provide a regular income during retirement. The policyholder can choose between a life annuity with the return of 100% of the purchase price and a joint-life annuity with the return of 100% of the purchase price after the last survivor’s death. Annuity payments can be received monthly, quarterly, half-yearly or yearly.

• LIC Smart Pension - A single-premium immediate annuity plan designed to provide a regular income after retirement. The policyholder can choose from Single Life or Joint Life annuity options with annuity rates guaranteed at the start of the policy. The pension can be received on a monthly, quarterly, half-yearly or yearly basis.

Micro-insurance Plans

Micro-insurance policies are a combination of savings, insurance and investment. These LIC plans make financial protection more accessible to individuals and families with limited incomes. For affordable life insurance coverage with low premiums, you can consider the following micro insurance plans by LIC.

• New Jeevan Mangal Plan – This plan offers returns of premium prices on policy maturity and also provides accident benefit to the life assured. The policy tenure of 5 years is only appropriate for the 5 year premium payment term under this plan.

• LIC’s Micro Bachat - A participating, non-linked savings and life micro-insurance plan that combines life protection with savings. The plan provides financial support to the family in case of the policyholder’s death and a lump-sum maturity benefit if the policyholder survives the policy term. It also offers a loan facility for liquidity needs and Loyalty Additions after completing five policy years.

• LIC’s Jan Suraksha - A life micro-insurance plan made to provide affordable life protection and savings for lower income groups. The plan offers Guaranteed Additions at 4% of the annualised premium at the end of each policy year along with an auto cover facility after payment of three full years’ premiums. It provides financial support in case of the policyholder’s death and a maturity benefit on surviving the policy term.

Read about LIC 5 year plan in Hindi

Wrapping It Up!

When we talk about life insurance plans, then long-term policies offered by LIC are very important. LIC yearly plans are for those who want to avail long-term policy over short-term plans. The above-listed policies for 15, 10, and 40 years are the smart decision if you want protection for the long term. Short-term plans are also listed above as LIC provides you an option to convert the short-term policy to long-term as per your financial requirements.

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