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 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.

Read more
Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

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. LIC plans for 5 years offer 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

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.

  • LIC Anmol Jeevan II
  • LIC Amulya Jeevan II
  • LIC Jeevan Akshay VI
  • LIC New Jeevan Nidhi
  • LIC Bhagya Lakshmi Plan
  • LIC Jeevan Mangal Plan

*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 two different plan options to choose from, which start from the policy tenure of 5 years.

Why buy Term Insurance early?

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

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
Premium 479/month
Age 25
Age 50
Buy Today & Save Big
View Plans
  1. 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 the 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

  2. 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 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 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 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)
    Rs.1.5 Lakh (online)

    No limit

    Payment Mode

    Monthly, quarterly, half-yearly, yearly

  2. 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 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 person, as they can choose the sum assured amount, policy term, premium charges, and annuity payment as per their requirement.

LIC Micro Insurance 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 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. 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 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
    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

  2. LIC Jeevan Mangal Plan

    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
    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 a 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 a 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 for one of 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.

Written By: PolicyBazaar

Life insurance articles

Recent Articles
Popular Articles
Max Life Insurance 1 Crore Plan

14 Oct 2021

With many novel diseases surfacing, life seems to be fleeting...
Life Insurance for Senior Citizens Over 70

14 Oct 2021

Although you may be past the opportunity to buy life insurance...
Life Insurance for Senior Citizens over 80

14 Oct 2021

If you are the bread earner for your family, no time is bad to...
Life Insurance for Armed Forces

14 Oct 2021

The Indian arm forces are our pride. They risk their lives to...
Life Insurance for 50-year Old

14 Oct 2021

We all have had this thought at least once in our lives, ‘what...
How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However...
LIC Online Premium Payment
The Life Insurance Corporation of India is one of the most recognized and trustworthy names in the Indian life...
How to Check PLI Status?
How to Check PLI Status? Dating back to February, 1884, PLI (Postal Life Insurance) is one of the oldest life...
LIC Login: LIC Customer Login Process at Online Portal
The LIC login portal is user-friendly. With the LIC online login facility, customers can easily avail themselves of...
Life Insurance: Checking Policy Status
Life Insurance: Checking Policy Status Buying life insurance policy is the first step towards building a corpus...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL