LIC Plans for 5 Years

LIC Pension Plans

Retirement or pension plans are the ideal option of investment for insurance seekers who are planning to have a secured future after retirement. With the help of a retirement plan, one can create a financial cushion in the long term so that one can have a regular flow of income after retirement.

There are two different plan options offered under LIC Pension Plan. Let’s take a look at these LIC plans for 5 years in detail.

1. LIC Jeevan Akshay VI

   LIC Jeevan Akshay VI is an immediate annuity plan that can be bought by paying a lump-sum amount at one go. Under this plan, the annuity is paid to the policyholder on a monthly, quarterly, half-yearly, and yearly basis. The policy offers a minimum entry age of 30 years, whereas the maximum entry age of the policy is 85 years. Let’s take a look at the eligibility criteria of the policy.

   Eligibility Criteria	Minimum	Maximum
   Entry Age	30 years	85 years
   Purchase Cost	Rs.1 lakh (offline) Rs.1.5 Lakh (online)	No limit
   Payment Mode	Monthly, quarterly, half-yearly, yearly

2. LIC New Jeevan Nidhi

   LIC New Jeevan Nidhi is a comprehensive life insurance policy, which offers the dual benefit of protection cum savings to the insurance holder. The policy can be availed as a single premium payment policy or as a periodic premium payment policy. Under the option of single premium payment, the policy buyer can purchase this LIC plan for a tenure of 5 years or 35 years depending upon their own choice. Along with the benefit of annuity, the plan also provides insurance coverage as a death benefit in case of an eventuality.

   LIC New Jeevan Nidhi offers flexibility to the insured person, as they can choose the sum assured amount, policy term, premium charges, and annuity payment as per their requirement.

LIC Micro Insurance Plans

 LIC Micro Insurance Plans are specifically designed for the low-income population of the country. The plan comes at an affordable premium rate and offers a combined benefit of savings cum insurance coverage to the policyholder. With LIC Micro Insurance Plans, the low-income population of India can provide financial protection to the family and can secure themselves against any type of eventualities. Let’s take a look at Micro Insurance LIC Policy for 5 years in detail.

1. LIC Bhagya Lakshmi Plan

   LIC Bhagya Lakshmi Plan is a limited payment protection plan, which offers a return of 110% of the total amount of premium payable on maturity. The premium paying tenure of the policy is 2 years less than the policy tenure.

   LIC Bhagya Lakshmi Plan offers a death benefit equal to the total sum assured amount in case the insured person dies within the tenure of the policy.

   Let’s take a look at the eligibility criteria of the policy.

   Eligibility Criteria	Minimum	Maximum
   Sum Assured Amount	Rs.20,000	Rs.50,000 The sum assured should be in multiples Rs.1000
   Entry Age	18 years	55 years
   Maturity Age	-	65 years
   Policy Tenure	Premium paying tenure + 2 years
   Term of Premium Payment	5 years	13 years

2. LIC Jeevan Mangal Plan

   LIC Jeevan Mangal is a pure protection plan with the benefit of the return of premium in maturity. Under this plan option, the insured can pay the premium of the policy either in lump-sum amount or at regular mode, that is, yearly, half-yearly, quarterly, or monthly basis. The coverage is offered only till the premium paying tenure of the policy.

   Let’s take a look at the eligibility criteria of this LIC plan for 5 years in detail.

   Eligibility Criteria	Minimum	Maximum
   Sum Assured Amount	Rs.10,000	Rs.50,000 The sum assured should be in multiples Rs.1000
   Entry Age	18 years	60 years
   Maturity Age	-	70 years
   Policy Tenure	10-15 years for regular premium payment. 10 years for a single premium payment.

Wrapping it Up!

When we talk about life insurance policies, then 5 years is relatively a short period of time. However, there are many insurance buyers who want to opt for a short term plan rather than choose a long-term policy. The above-listed LIC plans for 5 years come with the policy tenure option of 5 years. By opting for one of these best LIC plans for 5 years, the individual can enjoy the benefit of insurance coverage for a short-term period. However, as per one’s own choice, the insured person can convert these plans into long-term ones.