LIC 5-Year Plans: Secure Your Future with Short-Term Policies

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 5-Year Plans 2025

LIC of India offers various policy types catering to diverse needs While LIC plans for 5 years ensure life coverage and offer a guaranteed sum at maturity, they do not guarantee doubling your money within five years. Therefore, it’s important to understand that LIC 5 year plans aim to provide solid returns upon maturity rather than a fixed doubling of your investment.

Here is a list of the best LIC plan 5 years double money plans, with their policy details such as benefits and eligibility criteria:

1. LIC Term Assurance Plans

   LIC Term Assurance plans offer protection through life insurance to the policyholder's family at an affordable premium. If the life assured or the policyholder dies during the policy term, their beneficiary will get a death benefit. Pure-term protection plans have no maturity benefit. 

   LIC Digi Credit Life Plan 

   LIC Digi Credit Life is a term insurance plan that repays outstanding loans if the policyholder passes away, easing the financial burden on their family. It offers affordable premiums, digital access, and aligns with loan tenure for easy management.

   Key Benefits of LIC Digi Credit Life

   • Death Benefit: Paid if the policyholder dies during the term and the policy is active.

     • Limited Premium: Higher of 105% of total premiums paid or the sum assured in the Risk Cover Schedule.

     • Single Premium: Sum assured as per the Risk Cover Schedule.

   • Maturity Benefit: No payout if the policyholder survives the term.

   • Early Loan Repayment Options:

     • Surrender policy for a refund of Unexpired Risk Premium Value, or

     • Continue coverage till term end.

   Ideal For:

   Ideal for young professionals and salaried individuals seeking short-term life insurance with easy digital access. This LIC plan 5 years double money suits those seeking affordable premiums and simple, hassle-free policy management online, providing financial protection for loans or emergencies without long-term commitments.

   Eligibility Criteria

   Parameters	Minimum	Maximum
   Entry Age	18 years	45 years
   Maturity Age	23 years	75 years
   Sum Assured	Rs. 50 Lakhs	Rs. 5 Crores
   Policy Term	5 years	30 years

   LIC Yuva Credit Plan 

   LIC Yuva Credit Life (Plan 877) is a non-linked term insurance plan that protects against unpaid loans. It offers a reducing death benefit aligned with the loan repayment schedule. Policyholders choose the Basic Sum Assured, policy term, and an interest rate (6%–12%). Available via LIC agents and brokers, the plan ensures loan coverage in case of the policyholder’s death.

   Key Benefits

   • Death Benefit:

     • Limited Premium: Higher of 105% of total premiums paid or the assured sum in the Risk Cover Schedule

     • Single Premium: Assured sum per Risk Cover Schedule (adjusts annually)

   • No Maturity Benefit if the policyholder survives the term

   • Early Loan Repayment Options:

     • In case you Surrender: Get the Unexpired Risk Premium Value, if any

     • In case you Continue: Keep the policy active for coverage until term end

   Ideal For:

   Designed for young earners and first-time policyholders looking for loan-linked life coverage. It is ideal for individuals starting their financial journey, seeking low-cost protection, and wanting to secure their family’s financial future in case of unexpected events.

   Eligibility Criteria

   Parameters	Minimum	Maximum
   Entry Age	18 years	45 years
   Maturity Age	23 years	75 years
   Policy Term	5 years	30 years
   Sum Assured	Rs. 50 Lakhs	Rs. 5 Crores

2. LIC Pension Plans

   LIC Pension Plans are good investment options for those looking to secure their financial future after retirement. These pension plans help in creating a safety net in the long run, ensuring a regular income flow after retirement. LIC offers different plans under its pension plan. Let's discuss in detail:

   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

   • Flexibility in choosing the amount of pension.

   • Financial security after retirement with guaranteed regular income.

   • Annuity payments continue for life.

   Ideal For:

   Best suited for retirees and senior citizens seeking guaranteed lifetime income. This LIC plan 5 years double money appeals to those wanting financial stability during retirement, a predictable payout, and peace of mind, making it ideal for conservative investors who prefer security over high-risk returns.

   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

   • Annuity payments start immediately after a one-time payment.

   • Flexible payment options: monthly, quarterly, half-yearly, or yearly.

   Ideal For:

   Perfect for individuals planning for retirement who want a steady annuity income. This LIC 5 year plan suits those looking for guaranteed lifelong payouts, financial security for dependents, and flexibility in annuity options, especially appealing to conservative investors who prioritize stable returns.

   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

3. LIC 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

   • Dual benefit of life cover and savings

   • Steady income post-maturity for long-term financial planning.

   • Options for Single Premium Level Income Benefit and Single Premium Enhanced Cover.

   Ideal For:

   Ideal for working professionals and families seeking a balance of savings and life protection. It suits individuals aiming for disciplined long-term investment, financial security for dependents, and moderate growth, making it a suitable option for risk-averse investors seeking stability.

   Eligibility Criteria

   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

4. 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:

   • Sum Assured: Rs. 20,000 to Rs. 50,000

   • Age of Entry: 18 years to 42 years for a 5-year premium payment term, and up to 55 years for longer terms.

   • Age of Maturity: Up to 65 years

   • Policy Term: Premium-paying term plus 2 years

   • Premium Payment Term: 5 to 13 years

   Ideal For:

   Designed for parents planning for a girl child’s future, including education and marriage. It is ideal for families seeking systematic savings, guaranteed financial security, and life coverage to secure long-term milestones without financial stress.

   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:

   • Sum Assured: Rs. 10,000 to Rs. 50,000

   • Age of Entry: 18 years to 55 years

   • Age of Maturity: Up to 65 years

   • Policy Term: 10 to 15 years for regular premium payments, and 5 to 10 years for a single premium payment.

Ideal For:

Best suited for salaried individuals and families seeking affordable protection with savings benefits. It appeals to those looking for flexible premiums, life cover, and maturity benefits, making it suitable for middle-income earners seeking both security and wealth accumulation.

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:

• Affordable Premiums: Pay manageable premiums while securing significant coverage.

• Flexible Goals: Perfect for short-term objectives like education savings, home renovations, or emergency funds.

• Convertible Options: Many policies can be extended for longer terms if needed.

Key Benefits of LIC Policy for 5 Years

Here are some attractive benefits of LIC plan 5 years double money policies:

• Life Coverage: Ensures financial security for your family during the policy term.

• Savings & Investments: Combines insurance with investment components to build a corpus.

• Guaranteed Returns: Offers stability in volatile financial markets with assured payouts.

• Loan Facility: Some policies allow loans against their surrender value, providing liquidity during emergencies.

• Optional Riders:Enhance coverage with add-ons like accidental death or critical illness riders.

You can also calculate the premium of your LIC plan using LIC plan for 5 years double money calculator.

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:

• Define Your Goal: Identify the financial objective, whether saving for an event or creating an emergency fund.

• Assess Affordability: Choose a premium that aligns with your budget without straining finances.

• Policy Features: Compare coverage, returns, and additional benefits to find the best fit.

• Add Riders: Opt for riders to address specific needs, such as critical illness coverage.

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.

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