LIC Plans for 5 Years

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 life insurance products come with long-term policy tenure, there are many insurance buyers who prefer short-term insurance policies over long-term plans. 

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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.

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

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 for use as you please. If you die within the policy term, your family gets to benefit 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. While the first benefit creates a safety net for yourself in the future, the death benefit secures the financial future of your family in your absence. 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

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!

When we talk about life insurance policies, 5 years is relatively a short period of time. 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.

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