Prices Increasing soon Prices Increasing Soon

Life Insurance for 5 years

Buying the right life insurance is a crucial decision to make. To cater to your family's needs and protect them against any financial distress, you must choose the plan wisely. The life insurance your family receives will help them survive in your absence, pay off existing debts and meet lifestyle expenses.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

An outsized number of 5-year plans exist in the Indian insurance market that you can explore and purchase the best-suited option. In this article, we will explore the best life insurance plans for 5 years.

Different Life Insurance plans for 5 years 

  1. LIC 5 Year Plans 

    1. LIC Anmol Jeevan II:

      Eligibility: With an entry age of 18 years, the policy is available to a maximum of 55 years.

      Features: It is a non-participating traditional plan, with no bonus facility. The death benefit is payable to the nominee, and nothing is payable on the maturity of the policy. 

      Benefits: There are several premium discounts for annual rates. The premium amounts are eligible for tax exemption under Section 80C of the Income Tax Act. 

      Maturity age: The policy shall mature at the age of 65 years of the policyholder. 

      Tenure: Having a minimum tenure of 5 years, the maximum tenure of the policy is 25 years. 

      Sum assured: The maximum sum assured can be INR 24,00,000 and the minimum sum assured can be INR 6,00,000. 

    2. LIC Amulya Jeevan II:

      Eligibility: The minimum age requirement is 18 years and a maximum of 60 years. 

      Features: It is a without profit traditional plan that only offers death benefits and no maturity benefits. 

      Benefits: It is a high sum assured plan with premium discounts on annual mode. The premiums are exempt under section 80C of the Income Tax Act, 1961. 

      Maturity age: The policy matures at the age of 70 years of the policyholder.   

      Tenure: The minimum tenure is 5-years, and the maximum is 35 years.

      Sum assured: The minimum amount of sum assured is Rs.25 Lakhs with no upper ceiling. 

    3. LIC Jeevan Akshay VI:

      Eligibility: A minimum of 30 years and a maximum of 85 years is the eligibility criteria for this scheme. 

      Features: The scheme is available with no upper limit to annuity and buying charges. It can be chosen for a single policyholder or joint-life policyholder. Premium is payable in a lump sum.

      Benefits: Annuity payments will be paid as per the frequency chosen by the holder. Income tax benefit can be availed under Section 80CCC of the Income Tax Act, 1961.  

    4. LIC New Jeevan Nidhi:

      Eligibility: Any individual above the age of 20 is eligible for a maximum of 58 years under regular pay and 60 Years under single pay. 

      Features: Guaranteed additions are accruing in every policy for the initial 5 years. After this, reversionary bonuses and final additional bonuses accrue. It has regular and single premium payment options. 

      Benefits: The benefit payable on vesting can be utilized to buy an immediate annuity from the company or a single premium deferred annuity. 

      Premium payment frequency:  Annual, quarterly, half-yearly, or monthly. 

      Sum assured:  A regular payment of INR 1,00,000 or single payment of INR 1,50,000 with no upper limit on the sum assured. 

    5. LIC Bhagya Lakshmi Plan: 

      Eligibility: A minimum of 18 years and maximum of 42 years for a 5-Year policy, and 55 years for a policy of 6-13 years. 

      Features: The plan expires if the premiums are not paid within the grace period. However, the policy can be renewed by paying all premiums due with the applicable interest.   

      Benefits: There are several maturity benefits coupled with death benefits and paid-up policy benefits. 

      Maturity age: Maximum maturity age is 65 years depending upon the premium paying term. 

      Policy term: The policy term will be the premium paying term plus 2 years. 

      Sum assured: A minimum of INR 20,000 and a maximum of the sum insured of INR 50,000.

    6. LIC Jeevan Mangal Plan:  

      Eligibility: Minimum age required at entry is 18 years, and the maximum is 60 years. Further, the maximum age for availing maturity is 70 years. 

      Features and benefits: It offers tax benefits, death and maturity benefits. 

  2. Other 5-year Insurance plans

    Some of the other prominent 5-year plans include: 

    • SBI Life e-shield: It offers a cover of INR 20,00,000 onwards. The scheme offers a non-participating plan with customizable benefits.
    • Aegon Life iTerm Plan: With a cover ranging from INR 10,00,000 onwards, the plan comes with multiple options.  

    Each 5-year term plan has its set of features and benefits that suit the distinct needs of people. Depending upon your suitability, the available options can be compared, analyzed, and selected.

Frequently Asked Questions

Different types of Plans

Premium By Age

Life insurance articles

  • Recent Article
  • Popular Articles
09 Aug 2023

What High Net Worth Individuals (HNIs) Do To Secure Their...

High net worth individuals often opt for life insurance plans to

Read more
28 Jun 2023

A Review Of ICICI Prudential Life Insurance

“Policy Bazaar insurance clarified the term policy for me, so

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best

Read more
20 Jun 2023

Best Life Insurance Policy in India with High Returns

The best life insurance policy in India is a type of life

Read more
20 Jun 2023

Which Insurance is Best in India?

Insurance is a financial product that transfers the risk to a

Read more
27 May 2014

How to Check LIC Policy Status, Details, Statement via...

Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However

Read more
25 Feb 2022

SBI Life Insurance 50,000 per year Plan for 5 Years

Life insurance is about the financial protection of the family and working for life’s milestones through smart

Read more
23 Mar 2022

SBI Life Insurance Policy Surrender Value Calculator

SBI life insurance policy surrender value calculator is an online tool that helps users calculate the amount they

Read more
09 Mar 2022

PLI Surrender Value Calculator

PLI Surrender Value Calculators have proven to be one of the simple tools for digitally savvy customers. PLI

Read more
View Plans
Download the Policybazaar app
to manage all your insurance needs.