Review of LIC Short Term Investment Plans

We recently bought LIC Short term Investment Plan for our future security. I must say that LIC indeed has a wide variety of short term investment plans. The benefits and features of these plans are simply amazing. I would like to thank the team Policybazaar who understood my insurance needs and helped in making my decision. By Vrinda Pandey

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A few months back, Mrs. Vrinda Pandey bought the LIC Short term Investment Plan. She bought the plan to provide herself and her family with financial protection. She decided to go with this plan as the plan offers the benefits of life protection and investments..

LIC Short term Investment Plan is an insurance policy wherein the policyholder pays a single lump sum premium amount for a short span of time. The policy then pays out a specified amount of money at a predetermined date in the future if the policyholder outlives the policy tenure. 

Let’s explore the other key benefits of the LIC Short term Investment Plan that convinced Mrs. Vrinda chose this plan.

LIC Short Term Investment Plans

Plan Name Entry Age Maturity Age Policy Tenure
LIC Dhan Varsha 3-60 years 75 years 10 & 15 years
LIC New Endowment Plan 8-55 years 75 years 12-35 years
LIC New Jeevan Anand 18-50 years 75 years 15-35 years
LIC Single Premium Endowment Plan 90 Days-65 years 75 years 10-25 years
LIC Jeevan Labh 8-59 years 75 years 16/21/25 years
LIC Jeevan Lakshya 18-55 years 65 years 13-25 years
LIC Bima Ratna 90 Days-65 years 65 years 15/20/25 years

What are the Benefits of LIC Short term Investment Plan?

With this plan, Mrs. Vrinda and her family will also be entitled to the below mentioned benefits:

  1. Death Benefits

    • Return of a single premium, upon death of the policyholder within the policy period before to the date on which risk first became a concern.

    • In the event of death within the period of the policy following the date on which the risk began the sum assured, as well as any vested simple reversionary bonuses and final additional bonuses, if any will be paid to the nominee.

  2. Maturity Benefits

    If the policyholder survives till the maturity date, the plan will offer the basic sum assured to the insured. The maturity amount will be calculated as the sum assured along with the vested Simple Reversionary Bonuses and Final Additional Bonus, if any,

  3. Tax Benefits

    The LIC Single Premium Endowment policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.

  4. Availability of Riders for enhanced protection

    The plan offers two additional riders namely LIC Accidental Death and Disability Benefit,and LIC New Term Assurance Rider. These riders can be added for extra protection against natural death, death or disability by accident.

  5. Option to receive Death and Maturity Benefit in Installments

    The option to receive death/maturity benefits in installments is available to both the policyholder and the nominee. The minimum installment amount for each method of payment is as follows. The payments must be paid in advance at intervals of a year, a half-year, a quarter, or a month, depending on the option. 

    Mode of Installment payment  Minimum installment amount (in Rs.)
    Monthly 5,000
    Quarterly 15,000
    Half-yearly 25.000
    Yearly 50,000

To Sum it Up:

Along with Mrs. Vrinda, other buyers of the LIC Short term Investment Plan are satisfied with the advantages the plan provides. The plan is affordable in addition to providing thorough coverage. It is indeed one of the best endowment plans if you are looking for a plan that offers dual advantages under one plan.

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