LIC Plans for 5 Years

Keeping the requirements of different customers in mind, LIC plans offer flexibility in many of its products. There are many LIC plans for 5 years, which are specifically designed for insurance buyers who prefer a short-term insurance plan. Please note that LIC plan 5 year double money is not a guaranteed feature. No LIC plan guarantees to double your money in just 5 years. A lot of the LIC 5 year plans do however offer increased returns on maturity through bonuses and market-linked investments.

LIC plans for 5 years offer a wide range of 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 detail.

LIC 5 Year Plans

Here is a list of LIC 5-year policies that come with different options and benefits as per the requirement of the policyholder.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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 the 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 the following plan that start from the policy tenure of 5 years.

LIC Saral Jeevan Bima

LIC Saral Jeevan Bima offers short-term risk cover on your life. If you were to die within the cover period, LIC will offer the sum assured on death to the members of your family. This way, you can rest assured that your family won’t have to struggle for finances in your absence.

LIC Endowment Plans

These are plans that offer two important benefits together - Savings and Insurance. You pay a premium amount against your desired cover amount (sum assured). If you survive the policy term, you get the entire sum assured as guaranteed income. If you die within the policy term, your family gets to benefits from the sum assured on death.

LIC’s Dhan Sanchay

This plan helps you create an income stream after the policy has matured. In the event of your death within the policy term, the plan’s death benefit amount will be offered to the nominee assigned by you. Note that this LIC plan for 5 years is only applicable under the options - Single Premium Level Income Benefit and Single Premium enhanced cover with Level Income Benefit.

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’s New Jeevan Shanti

   This is a deferred annuity plan meaning that you start receiving the pension amount after a certain period of time, called the deferment period. You get to fix the pension amount at the time of purchase. The income will start flowing in once the deferment period ends and continue till your death. On your death, annuity payouts stop and your family is given the death benefit amount.

   Eligibility Criteria	Minimum	Maximum
   Entry Age	30 years	79 years
   Deferment period	1 year	12 years
   Annual annuity amount	Rs. 12,000

2. LIC Jeevan Akshay VII

   LIC Jeevan Akshay VII 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. 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)	No limit
   Payment Mode	Monthly, quarterly, half-yearly, yearly

LIC Micro Insurance Term 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 combined benefits 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. Note that LIC plan 5 years double money calculator is not featured on the official platforms of the company as none of its plans come with the benefit of money double. 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 premiums paid 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.50,000	Rs.2,00,000
   Entry Age	18 years	42 years for PPT 5 years 55 years for PPT 6 years to 13 years
   Maturity Age	-	65 years
   Policy Tenure	Premium paying tenure + 2 years
   Term of Premium Payment	5 years	13 years

2. LIC New Jeevan Mangal Plan

   LIC New Jeevan Mangal is a pure protection plan with the benefit of the return of premium at the end of the policy term. Under this plan option, the insured can pay the premium of the policy either in lump-sum amount or on a regular basis, that is, yearly, half-yearly, quarterly, or monthly. 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.50,000	Rs.2,00,000
   Entry Age	18 years	55 years
   Maturity Age	-	65 years
   Policy Tenure	10-15 years for regular premium payment. 5-10 years for a single premium payment.

Wrapping it Up!

By buying LIC Plans with a policy term of 5 years, an 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. Not only can one secure the future of their loved ones, but they can also enjoy affordable premiums with short-term LIC policies.

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