As one of the largest insurance provider companies in India, Life Insurance Corporation offers an extensive range of insurance products to cater to various requirements of 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 long-term plans.
Keeping the requirements of different customers in mind, LIC plans offer flexibility in many of its products. Moreover, 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.
There is an extensive range of policies offered by the Life Insurance Corporation of India for the masses. 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 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 two different plan options to choose from, which start from the policy tenure of 5 years.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
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 the LIC plan for 5 years. Note that this plan (or any other) does not come with the LIC plan 5 year double money feature
Eligibility Criteria |
Minimum |
Maximum |
Sum Assured Amount |
Rs.6,00,000 |
Rs.24,00,000 |
Entry Age |
18 years |
55 years |
Maturity Age |
- |
65 years |
Policy Tenure |
5 years |
25 years |
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’s 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 |
Entry Age |
18 years |
60 years |
Maturity Age |
- |
70 years |
Policy Tenure |
5 years |
35 years |
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.
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) |
No limit |
Payment Mode |
Monthly, quarterly, half-yearly, yearly |
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, as they can choose the sum assured amount, policy term, premium charges, and annuity payment as per their requirement.
Eligibility Criteria |
Minimum |
Maximum |
Entry Age |
20 years |
For Regular Pay - 58 years Single Pay – 60 years |
Maturity Age |
55 years |
65 years |
Policy Term |
5 years to 35 years |
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
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. 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.
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 |
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 |
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 |
Entry Age |
18 years |
55 years |
Maturity Age |
- |
65 years |
Policy Tenure |
10-15 years for regular premium payment. |
When we talk about life insurance policies, then 5 years is relatively a short period of time. However, many insurance buyers want to opt for a short-term plan rather than choosing 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, 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. As mentioned, LIC plan - 5 years double money is not offered by LIC. The corporation does not guarantee a money double policy be it a 5 year plan or more. LIC plan 5 years double money calculator can be used to estimate the kind of returns, however, it will not be the double of what you invested.