LIC Plans for 5 Years

LIC Plans for 5 years are designed for those who wish to secure the future of their loved ones without paying heavy premiums. These plans come with a policy term of 5 years and offer short-term protection to cater to your short-term goals, and help you plan your future in a better way.

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Why Consider LIC Plans for 5 Years?

LIC of India offers several 5-year policies specifically designed for insurance buyers who prefer a short-term insurance plan. The LIC 5-year policy offers sufficient time to fulfil many financial goals. It's long enough to implement a strategic financial plan yet short enough to provide enough financial results. Whether you want to save for a down payment on a home, fund your child's education, or simply grow your wealth, LIC offers a range of plans to help you meet these objectives. Let's delve into some top LIC plans suitable for a 5-year horizon.

LIC plans for 5 years offer customers a wide range of benefits. In addition, one of the major advantages of LIC policy for 5 years is that these policies can convert it to a longer tenure if required. In detail, Let’s look at some of the best LIC policies for 5 years.

Best LIC Plans for 5 years

  1. 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 such a 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, the policy offers no maturity benefit.

    LIC Term Assurance offers the following plan that starts from the policy tenure of 5 years.

  2. 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 your family members. This way, you can rest assured that your family won’t have to struggle for finances in your absence.

    Eligibility Criteria Minimum Maximum
    Sum Assured Amount Rs.5,00,000 Rs.25,00,000
    Entry Age 18 years 65 years
    Maturity Age - 70 years
    Policy Tenure 5 years 40 years
  3. LIC Endowment Plans

    These are plans that offer two important benefits together - Savings and Insurance. You pay a premium 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 benefit from the sum assured on death.

  4. LIC 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.

    Eligibility Criteria Minimum Maximum
    Entry Age 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 Lakhs
    Single Premium enhanced cover with Level Income Benefit – Rs. 22 Lakhs
  5. LIC Pension Plans

    Retirement or pension plans are the ideal investment option for insurance seekers planning to have a secured future after retirement. With the help of an LIC Pension 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 the LIC Pension Plan. Let’s look at these LIC plans for 5 years in detail.

  6. LIC 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 once the deferment period ends and continue until 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
  7. LIC Jeevan Akshay VII

    LIC Jeevan Akshay VII is an immediate annuity plan that can be bought by paying a lump-sum amount in one go. Under this plan, the annuity is paid to the policyholder monthly, quarterly, half-yearly, and yearly. 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
  8. LIC Micro Insurance Term Plans

    LIC Micro Insurance Plans are specifically designed for the country's low-income population. 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 secure themselves against any eventualities. 

    Note that the LIC plan 5-year 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 look at Micro Insurance LIC Policy for 5 years in detail.

  9. 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
  10. 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 policy premium 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 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.

How to Choose the Right LIC Plan for Your 5-Year Goal?

Selecting the right LIC plan for your 5-year financial goal requires careful consideration. Here are the steps to guide you:

  • Identify Your Goal: Clearly define your financial goal for the next 5 years, whether it's buying a car, funding a vacation, or building an emergency fund.

  • Assess Your Budget: Determine how much you can comfortably allocate towards premiums. LIC offers plans with varying premium amounts to suit different budgets.

  • Policy Term: Choose a plan with a 5-year policy term to match your goal timeline.

  • Coverage and Returns: Compare the insurance coverage and potential returns of different LIC plans to find one that aligns with your financial objectives.

  • Riders and Add-ons: Consider any optional riders or add-ons that enhance the plan's coverage to meet your specific needs.

Wrapping it Up!

Short-term financial goals are an essential part of your overall financial plan. LIC plans for 5 years provide a perfect way to secure these goals while enjoying life insurance coverage benefits. However, per one’s choice, the insured 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.


  • 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 the coverage beyond the initial term, while others may not. It's important to review the terms and conditions of the policy 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 policies 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. Ensuring timely premium payments is essential to keep the policy in force.

*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:-

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