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LIC 5-Year Plans: Secure Your Future with Short-Term Policies
Life Insurance Corporation (LIC) of India offers 5-year plans tailored for individuals seeking affordable premiums and short-term financial security. These plans are ideal for achieving immediate financial goals while ensuring life coverage. Whether planning to save for a milestone or secure your family's future, LIC's 5-year plans can help you achieve your objectives efficiently.
Benefits of LIC Plans —
Tax saving under Sec 80C & 10(10D)^
High returns market link plans
Sovereign guarantee as per Sec 37 of LIC Act
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For those curious about how much the benefit would be, the LIC plan 5 years double money maturity calculator helps estimate the returns on investment, ensuring clarity for prospective policyholders.
Best LIC Plan for 5 Years
LIC of India offers various policy types catering to diverse needs:
Term Plans
LIC term plans provide life insurance protection at an affordable premium rate. In the unfortunate event of the policyholder's death, the beneficiary will receive the death benefit. These plans, however, do not offer a maturity benefit, as they are purely term-based.
LIC Saral Jeevan Bima
LIC Saral Jeevan Bima is a simple term plan offering financial security to the policyholder’s family in case of an unfortunate event. The policyholder’s family receives the sum assured upon the policyholder’s demise during the coverage period.
Key Benefits:
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Provides financial protection to the family in case of death during the policy term.
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Affordable premiums for policyholders from 18 to 65 years.
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Coverage available for a term of up to 40 years.
Eligibility Criteria
| Criteria | Minimum | Maximum |
| Amount of Sum Assured | Rs. 5,00,000 | Rs. 25,00,000 |
| Age of Entry | 18 years | 65 years |
| Age of Maturity | - | 70 years |
| Policy Term | 5 years | 40 years |
LIC Pension Plans
LIC Pension Plans provide financial security after retirement, ensuring regular income for policyholders during their retirement years.
LIC New Jeevan Shanti
LIC New Jeevan Shanti is an annuity plan with a deferred payment option, meaning the policyholder can start receiving regular payments after a certain deferment period.
Key Benefits
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Flexibility in choosing the amount of pension.
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Financial security after retirement with guaranteed regular income.
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Annuity payments continue for life.
Eligibility Criteria
| Eligibility Criteria | Minimum | Maximum |
| Age of Entry | 30 years | 79 years |
| Period of Deferment | 1 year | 12 years |
| Amount of Annual Annuity | Rs. 12,000 | |
LIC Jeevan Akshay VII
LIC Jeevan Akshay VII is an immediate annuity plan, where the policyholder makes a lump sum payment and starts receiving annuity payments immediately.
Key Benefits
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Annuity payments start immediately after a one-time payment.
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Flexible payment options: monthly, quarterly, half-yearly, or yearly.
Eligibility Criteria
| Eligibility Criteria | Minimum | Maximum |
| Age of Entry | 30 years | 85 years |
| Cost of Purchasing | Rs. 1 lakh (offline) | No limit |
| Mode of Payment | Monthly, Quarterly, Half-yearly, Yearly |
Endowment Plans
LIC Endowment Plans are designed to offer both savings and insurance. By paying a premium, you select a sum assured, which is paid out either on survival or in case of the policyholder's death during the term.
LIC Dhan Sanchay Plan
LIC Dhan Sanchay offers a steady income stream after the policy matures. If the policyholder passes away during the policy tenure, the nominee will receive the sum assured as a death benefit.
Key Benefits
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Dual benefit of life cover and savings
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Steady income post-maturity for long-term financial planning.
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Options for Single Premium Level Income Benefit and Single Premium Enhanced Cover.
| Eligibility Criteria | Minimum | Maximum |
| Age of Entry | 3 years | 65 years |
| Single Premium | Rs. 2 lakh | No limit |
| Policy Term | 5 years, 10 years, or 15 years | |
| Sum Assured on Death | Single Premium Level Income Benefit – Rs. 2.5 lakh Single Premium enhanced cover with Level Income Benefit – Rs. 22 lakh | |
LIC Micro Insurance Term Plans
LIC Micro Insurance Term Plans are designed to help low-income families in India with affordable life coverage and savings. These plans provide financial protection for your loved ones while also helping you save for the future. However, it's important to know that none of these LIC plans offer a "money doubling" benefit, and there isn't a specific LIC plan 5 years double money maturity calculator available on the official site.
LIC Bhagya Lakshmi Plan:
The LIC Bhagya Lakshmi Plan is a protection plan with limited premium payments. This plan guarantees you’ll receive 110% of the premiums you’ve paid by the time the policy matures. The premium payment term is 2 years shorter than the policy term. If the policyholder passes away during the term, the plan will pay the total sum assured.
Here’s a breakdown of the policy’s eligibility:
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Sum Assured: Rs. 20,000 to Rs. 50,000
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Age of Entry: 18 years to 42 years for a 5-year premium payment term, and up to 55 years for longer terms.
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Age of Maturity: Up to 65 years
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Policy Term: Premium-paying term plus 2 years
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Premium Payment Term: 5 to 13 years
LIC New Jeevan Mangal Plan:
LIC New Jeevan Mangal Plan is a term protection plan that provides a return of the premium at the end of the policy term. You can pay premiums as a lump sum or choose a regular payment option (yearly, half-yearly, quarterly, or monthly). The coverage lasts for the duration of the premium-paying term.
Eligibility for this LIC plan:
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Sum Assured: Rs. 10,000 to Rs. 50,000
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Age of Entry: 18 years to 55 years
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Age of Maturity: Up to 65 years
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Policy Term: 10 to 15 years for regular premium payments, and 5 to 10 years for a single premium payment.
Why Choose a LIC Plan for 5 Years?
Short-term plans offered by the LIC of India, commonly known as an LIC 5 year plan provide a strategic blend of life insurance and savings, making them ideal for financial planning with a clear timeline. Here's why LIC plan - 5 years double money plan is the best choice:
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Affordable Premiums: Pay manageable premiums while securing significant coverage.
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Flexible Goals: Perfect for short-term objectives like education savings, home renovations, or emergency funds.
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Convertible Options: Many policies can be extended for longer terms if needed.
Key Benefits of LIC 5-Year Policies
Here are some attractive benefits of LIC plan - 5 years double money policies:
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Life Coverage:Ensures financial security for your family during the policy term.
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Savings & Investments: Combines insurance with investment components to build a corpus.
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Guaranteed Returns:Offers stability in volatile financial markets with assured payouts.
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Loan Facility: Some policies allow loans against their surrender value, providing liquidity during emergencies.
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Optional Riders:Enhance coverage with add-ons like accidental death or critical illness riders.
How to Select the Right LIC 5-Year Plan?
Here's how to select the best LIC 5-year plan that aligns with your financial goals and budget:
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Define Your Goal: Identify the financial objective, whether saving for an event or creating an emergency fund.
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Assess Affordability: Choose a premium that aligns with your budget without straining finances.
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Policy Features: Compare coverage, returns, and additional benefits to find the best fit.
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Add Riders: Opt for riders to address specific needs, such as critical illness coverage.
Note: Look for alternatives if you prefer flexibility and market-linked growth, a Systematic Investment Plan (SIP) could be an option. Use an SIP calculator to estimate potential returns and plan your investments effectively.
Wrapping It Up:
LIC plan - 5 years double money policies are excellent for those seeking short-term financial solutions and life insurance benefits. The best LIC policy for 5 years caters to diverse goals, from creating a financial safety net to saving for immediate needs. By offering guaranteed returns, flexible options, and life coverage, LIC helps secure your financial future easily.
LIC Resources
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LIC Online Services |
LIC Investment Plans |
LIC Other Plans |
FAQs
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Q: What is the LIC money-back policy after 5 years?
Ans: In the LIC Money Back Policy for 5 years, policyholders receive a percentage of the sum assured at regular intervals as survival benefits, after the initial 5-year period. These payouts continue until the end of the policy term. If the policyholder dies during the term, the full sum assured is paid to the nominee. -
Q: Can I extend or renew my LIC policy after the 5-year term?
Ans: It depends on the specific policy you choose. Some policies may offer the option to renew or extend coverage beyond the initial term, while others may not. It is important to review the policy's terms and conditions to understand the renewal options available. -
Q: Are the premiums for 5-year policies higher compared to longer-term policies?
Ans: Generally, premiums for shorter-term policies tend to be lower than longer-term ones. However, the premium amount will depend on various factors such as the sum assured, age, policy type, and individual risk profile. -
Q: Can I avail of loan facilities against my short-term LIC policy?
Ans: Loan facilities may be available against certain short-term LIC policies. The loan amount and conditions may vary depending on the specific policy's terms and provisions. -
Q: Can I surrender my policy before the completion of the 5-year term?
Ans: Most LIC 5 years maturity plan options have a surrender value that allows policyholders to surrender their policies before the completion of the policy term. However, surrendering a policy may have financial implications, such as a reduced surrender value or loss of benefits. -
Q: What happens if I miss paying premiums during the 5-year policy term?
Ans: If you fail to pay the premiums within the grace period mentioned in the policy, the policy may lapse or become void. In such cases, you may lose the insurance coverage and any associated benefits. -
Q: Which LIC policy is best for double money?
Ans: There are various LIC plan - 5 years double money policies like LIC Endowment, Term Assurance, and certain LIC mutual funds that offer good growth potential. -
Q: Which LIC plan is best for 5 years?
Ans: Some of the best LIC 5 year plans are LIC Dhan Sanchay, New Jeevan Shanti, and Jeevan Akshay VII. If you prefer smaller investments, the LIC 1000 per month policy for 5 years is a good start. For savings with returns, you can also explore the LIC RD plan for 5 years or the LIC money back policy for 5 years. Don’t forget to check LIC policy details before choosing the right plan for your needs.
Different types of Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+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
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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