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
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

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 various 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

Written By: PolicyBazaar

Life insurance articles

Recent Articles
Popular Articles
How to Cancel SBI Life Insurance Policy?

18 Nov 2021

As per the Insurance Regulatory and Development Authority, you...
Read more
Max Life Insurance 1 Crore Plan

14 Oct 2021

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

14 Oct 2021

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

14 Oct 2021

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

14 Oct 2021

The Indian arm forces are our pride. They risk their lives to...
Read more
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...
Read more
LIC Premium Payment Online 2022
The Life Insurance Corporation of India is one of the most recognized and trustworthy names in the Indian life...
Read more
Surrender Value in Insurance
Surrender Value in Insurance Have you bought a life insurance policy which is not as per your requirement? Are you...
Read more
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...
Read more
Life Insurance: Checking Policy Status
Life Insurance: Checking Policy Status Buying life insurance policy is the first step towards building a corpus...
Read more
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL