Best LIC Policies for Investment in 2023

Death Benefit

On your death, the beneficiary gets the highest of the following benefits –

• Unit fund value

• 105% of the total premium paid

• Basic sum assured

The final sum will be reduced by any partial withdrawals made, if any. You can choose to receive the death benefit in lump sum or in installments.

Maturity Benefit

If you survive the whole policy term, you get the final fund value and a refund of the mortality charges levied on the premium amount.

Rider Benefit

The plan comes with an accidental death benefit rider which offers an additional sum assured to your family if you were to die as a result of an accident.

Death Benefit

Your family can claim the sum assured on death along with the guaranteed additions made to the policy until the date of death. Sum assured on death payable if the higher of the following –

• 125% of Basic Sum Assured, or

• 7 times of annual premium

Maturity Benefit

If you survive the whole policy term, you get the basic sum assured along with the guaranteed additions.

Rider Benefit

You have the following rider options with LIC Bima Jyoti –

• LIC’s Accidental Death and Disability Benefit Rider

• LIC’s Accident Benefit Rider

• LIC’s New Term Assurance Rider

• LIC’s New Critical Illness Benefit Rider

• LIC’s Premium Waiver Benefit Rider

Death Benefit

In the event of the demise of the insured during the policy tenure, the death benefit is payable by the insurer to the beneficiary of the policy. The sum assured on death is defined as:

• 7 times the annualized income; or

• Basic sum assured

The absolute amount paid on death will be equal to whichever of the above amount is higher. The death benefit also comes with bonuses.

Maturity Benefit

If you have paid all the premiums for the life cover, then surviving till the end of the policy term entitles you to the basic sum assured on maturity along with bonuses.

Death Benefit

In case of the demise of the life insured during the tenure of the policy, the death benefit is paid to the beneficiary of the policy.

On death before the commencement of risk

In the case of the demise of the insured before the commencement of risk, the return of premium is paid without interest is paid to the beneficiary of the policy.

On death after the commencement of risk

In the case of the demise of the insured after the commencement of risk, the death benefit is defined as the sum assured on death plus vested reversionary bonus, and a final additional bonus (if any) is paid to the beneficiary of the policy. The sum assured on death is defined as:

• Higher of 7 times the annualized premium; or

• 105% of the total premium paid to date.

Survival Benefit

In case the life insured survives the premium paying tenure of the policy, survival benefit as 8% of the basic sum assured amount is paid annually till the date of policy maturity.

Maturity Benefit

In case the life insured survives the entire tenure of the policy, the maturity benefit is paid to the insured as the sum assured on maturity plus vested reversionary bonus and final additional bonus (if any). The sum assured on maturity is equal to the basic sum assured amount.

Rider Benefit

Rider Benefits Offered by LIC Jeevan Umang

• Accidental Death and Disability Benefit Rider

• Accidental Benefit Rider

• New Term Assurance Rider

• New Critical Illness Benefit Rider

• Premium Waiver Benefit Rider

Death Benefit

If the insured dies during the policy tenure, the sum assured on death is paid by the insurer to the beneficiary of the policy. Whichever of the following amount if higher is payable.

• 7 times the annualized income; or

• 125% of the basic sum assured (BSA)

The absolute amount paid on death also includes the total guaranteed additions that have accumulated.

Maturity Benefit

Maturity benefit is offered to the life assured if he/she survives the entire tenure of the policy. The amount is equal to 50% of the basic sum assured plus guaranteed additions.

Riders for Enhanced Protection

The riders offered by LIC Bima Ratna are:

• Accidental Death and Disability Benefit Rider

• Accidental Benefit Rider

• New Term Assurance Rider

• New Critical Illness Benefit Rider

• Premium Waiver Benefit Rider

Death Benefit

If the life assured dies an unfortunate death during the tenure of the LIC policy, death benefit will be payable as the 'sum assured on death along with a vested simple reversionary bonus and final additional bonus, (if any). The sum assured on death is defined as:

• Higher of 125% of the basic sum assured or

• 7 times the annualized premium

The death benefit should not be less than 105% of the total premium paid to date.

Maturity Benefit

In case the life insured survives the entire tenure of the policy, he/she receives the sum assured on maturity plus vested reversionary bonus and final additional bonus (if any). The sum assured on maturity is equal to the basic sum assured amount.

Additional Benefits for Enhanced Protection

The plan offers additional riders for more comprehensive protection. The available riders are:

• Accidental Death and Disability Benefit Rider

• Accidental Benefit Rider

• New Term Assurance Rider

• New Critical Illness Benefit Rider