Introduction

As one of the largest insurance provider company in India, Life Insurance Corporation offers an extensive range of insurance products to cater various requirements of the insurance seekers. Even though, most of the life insurance products come with long-term policy tenure, there are many insurance buyers who prefer short-term insurance policies over the long-term plans.

Keeping the requirements of different customers in mind, LIC plans offer flexibility in many of its product. Moreover, there are many LIC plans for 5 years, which is specifically designed for insurance buyers who prefer a short-term insurance plan. LIC plans for 5 years offer various different benefits to the customers. In addition to this, one of the major advantages of LIC policy for 5 years is that these policies come with an option to convert it to a longer-tenure if required. Let’s take a look at some of the best LIC policies for 5 years in details.

Following are the LIC 5 Year Policies: 

LIC Term Assurance Plans

LIC Term Assurance Plan is a life insurance protection plan, which provides financial protection to the family of the insured at an affordable premium rate. Under this plan, a death benefit is offered to the beneficiary of the policy, in the event of unfortunate death of the insured person during the tenure of the policy. As a pure term protection plan there is no maturity benefit offered by the policy. LIC Term Assurance offers two different plan options to choose from, which starts from the policy tenure of 5 years.

LIC Anmol Jeevan II

LIC Anmol Jeevan II ensures financial security to the family of the insured in case of any eventuality. The policy offers a minimum tenure of 5 years and the premium charges of the policy differ based on the entry age of the insurance buyers. Let’s take a look at the eligibility criteria of LIC plan for 5 years.

Eligibility Criteria	Minimum	Maximum
Sum Assured Amount	Rs.6,00,000	Rs.24,00,000 ( The sum assured should be in multiples Rs.1,00,000/-)
Entry Age	18 years	55 years
Maturity Age	--	65 years
Policy Tenure	5 years	25 years

LIC Amulya Jeevan II

LIC Amulya Jeevan II is another term insurance cover offered under LIC Term Assurance Plan. The plan safeguards the financial future of the family in case of an unfortunate event. As a pure protection plan, LIC Amulya Jeevan II offers comprehensive coverage to the family of the insured at an affordable premium rate. Let” take a look at the eligibility criteria of this LIC plan for 5 years.

Eligibility Criteria	Minimum	Maximum
Sum Assured Amount	Rs.25,00,000	No upper limit ( The sum assured should be in multiples Rs.1,00,000/-)
Entry Age	18 years	60 years
Maturity Age	--	70 years
Policy Tenure	5 years	35 years

LIC Pension Plans

Retirement or pension plans are ideal option of investment for insurance seekers who are planning to have a secured future after retirement. With the help of retirement plan, one can create a financial cushion in a long-term so that they 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 plan for 5 years in details.

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 in 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

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 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 5 years tenure or for 35 years depending upon their own choice. Along with the benefit of annuity, the plan also provides insurance coverage as 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 own requirement.

LIC Micro Insurance Plans

 LIC Micro Insurance Plans are specifically designed for 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 types of eventualities. Let’s take a look at Micro Insurance LIC Policy for 5 years in details.

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 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

LIC Jeevan Mangal Plan

LIC Jeevan Mangal is a pure protection plan with the benefit of 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 i.e 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 details.

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 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 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 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.