Best LIC Policies for Investment in 2024

LIC Policies for investment are the best option to invest your hard-earned money. As LIC is a government-backed entity, one can be assured that their money is safe. LIC Investment plans offer individuals comprehensive life cover and opportunities to save money and grow wealth through market-linked returns. 

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Which are the Best LIC Plans for Investment in 2024

The Life Insurance Corporation of India (LIC) offers an extensive range of insurance products to cater to the various requirements of insurance buyers. Customers can choose from pure protection to endowment plans, money-back plans, and unit-linked insurance plans per their requirements. Among the different policies issued by the company, the below-mentioned are some of the best LIC plans to invest in right now.

Best LIC Plans List for 2024

LIC Policies Plan Type Entry Age Maximum Maturity Age Policy Term Sum Assured
LIC SIIP Plan Unit-linked insurance plan 90 days (completed)-65 years 85 years 10-25 years 7 to 10 times the annual premium
LIC Jeevan Utsav Whole Life Insurance 90 days -65 years NA 100 years minus(-) the age at entry Min- Rs. 5,00,000 Max- No upper Limit
LIC New Jeevan Shanti Pension Plan 30 years-79 years 80 years NA NA
LIC Jeevan Umang Whole Life Insurance 90 days (completed)-55 years 100 years 100 years minus(-) the age at entry Min- Rs. 2,00,000 Max- No upper Limit
LIC Jeevan Labh Traditional savings plan 8 years-59 years 75 years 16, 21, or 25 years Min-Rs.2,00,000 Max- No upper Limit
LIC New Jeevan Anand Endowment Plan 18 years- 50 years 75 years 15 years-35 years Min- Rs.1,00,000 Max- No upper limit

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer. The tax benefit is subject to changes in tax laws. *Standard T&C Apply

To choose the best LIC policy, the buyers must compare the plans and thoroughly review the LIC policies. Here, we have elaborated on the top LIC Investment plans in detail.

LIC SIIP Plan

With this plan, you get to grow your corpus through market-linked returns as well as enjoy insurance protection. This means that you can secure your family's financial future if anything were to happen to you. Additionally, investment in the market allows you to maximize your savings and create a financial cushion for yourself and your family. These are just some of the reasons why LIC SIIP is considered as one of the best LIC plans to invest.

  1. Features of LIC SIIP Plan

    • You can choose from 4 fund options depending on your risk appetite.

    • If one of the funds isn’t performing well, you can switch to a different one at zero cost.

    • You can save on taxes under sections 80C and 10(10D) of the Income Tax Act, 1961.

    • You can withdraw a certain sum from the fund value if you are in urgent need of money.

  2. Benefits of LIC SIIP Plan

    • 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.

LIC Jeevan Utsav

LIC Jeevan Utsav is a whole life insurance plan offered by the company that offers two options at the beginning to tailor benefits to your preference. Option I provides Regular Income Benefits, while Option II offers the flexibility of Flexi Income Benefits, allowing you to choose a plan that aligns with your financial goals. With features like flexible premium payments, tax benefits, guaranteed additions, and a loan facility, this plan ensures comprehensive protection for financial growth and security.

  1. Features of LIC Jeevan Utsav

    • Allows flexible premium payments based on individual financial capacity.

    • Provides tax benefits, offering advantages under prevailing tax laws.

    • Guarantees additions to enhance the maturity value over time.

    • Offers a loan facility, providing access to liquidity against the policy.

  2. Benefits of LIC Jeevan Utsav

    • Guaranteed Additions

      Throughout the policy term, LIC Jeevan Utsav provides guaranteed additions at specified rates, ensuring a predetermined boost to the policy's maturity value.

    • Death Benefit

      If the person insured passes away, the Death Benefit is paid. This benefit includes the "Sum Assured on Death" and accrued Guaranteed Additions, ensuring the policy is active. The Death Benefit is not less than 105% of the total premiums paid until the date of death. "Sum Assured on Death" is the higher value between the 'Basic Sum Assured' and '7 times the Annualized Premium.'
      For minors aged below 8 at entry, if they pass away before risk coverage starts, the benefit is a refund of premiums paid without interest.

    • Survival Benefit

      For those policyholders who survive the policy term, there are two options:
      Option I - Regular Income Benefit:
      Receive a Regular Income Benefit equal to 10% of the Basic Sum Assured annually, starting from a specified year, provided all due premiums are paid.
      Option II - Flexi Income Benefit:
      On survival, the policyholders can opt for the Flexi Income Benefit, receiving 10% of the Basic Sum Assured annually, starting from a specified year, as long as all due premiums are paid.

LIC New Jeevan Shanti

LIC New Jeevan Shanti is a single premium deferred annuity plan wherein the policyholder has to pay a lump sum premium to avail coverage. Moreover, the plan also offers the option to choose between Joint life and Single life Deferred annuity. 

  1. Features of LIC Jeevan Umang

    • The LIC New Jeevan Shanti also offers flexibility in terms of choosing the payout frequency - monthly, quarterly, half-yearly or annually.

    • There are several riders available with this policy that can be added for enhanced coverage. 

    • The policy has tax benefits under Section 80C and Section 10(10D) of the Income Tax Act

  2. Benefits of LIC Jeevan Umang Plan

    • Death Benefit

      Purchase Price and Accrued Additional Benefit on Death (as described below) less the total annuity amount paid up to the date of death, if any, equals 105% of the Purchase Price.

    • Option to cover Dependant with Disability

      Suppose the policyholder has a family member who is disabled and is a dependent. In that case, he or she may acquire a Deferred Annuity for Single Life (Option 1) on their life for the benefit of a nominee who is disabled, provided the purchase price is at least Rs. 50,000.

    • Loan Facility

      After the completion of three months of policy issuance or after the expiration of the free-look period, whichever comes first, the policyholder may apply for policy loans against their LIC New Jeevan Shanti plan.

LIC Jeevan Umang

As one of the best LIC plans, LIC Jeeva Umang offers whole-life insurance cover and the combined benefit of income and protection to the family. The plan offers annual survival benefits to the insured from the end of the premium paying term until the maturity of the policy. Moreover, a lump-sum payment as maturity benefit is paid to the insured at the time of maturity of the policy, or a death benefit is paid to the nominee of the policy in case of demise of the insured during the policy term. Let's take a look at the features and benefits offered by the policy.

  1. Features of LIC Jeevan Umang

    • The plan offers the option to receive a death benefit in installments.

    • Different rider options can be availed to increase the coverage of the policy.

    • The plan offers the option to pay the premium of the policy through regular premium payment or by salary deductions during the PPT of the policy.

    • Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.

    • Offers the benefit of rebates on premiums for a higher sum assured amount.

  2. Benefits of LIC Jeevan Umang Plan

    • Death Benefit

      In case of the death of the life insured during the policy's tenure, 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 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

LIC Jeevan Labh

This LIC plan is another product that combines insurance protection with increased future savings for policyholders. It provides financial security to the family of the insured in the event of his/her unfortunate demise. At the end of the tenure, if the insured survives they get the maturity benefit with a simple reversionary bonus and a final additional bonus.

  1. Features of LIC Jeevan Labh

    • Jeevan Labh LIC Plan offers the flexibility to choose from a policy term of 16, 21, or 25 years.

    • It comes with bonuses that are declared by LIC based on its profits in a year.

    • You get to pay premiums for a limited period of time and still enjoy coverage after.

    • It offers discounts on premiums if the sum assured is above Rs. 5 Lakhs.

  2. Benefits of LIC Jeevan Labh

    • Death Benefit
      In the event of the insured's demise 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.

LIC New Jeevan Anand

LIC New Jeevan Anand provides financial protection to the family of the insured in case of an unfortunate demise of the insured person. Moreover, LIC New Jeevan Anand also provides a maturity benefit to the insured if he/she survives the entire tenure of the policy. The plans also offer a loan facility to look after the financial emergency needs.

  1. Features of LIC New Jeevan Anand

    • The plan offers the option to receive the death benefit in installments.

    • The plan offers the option to pay the premium of the policy through regular premium payment or by salary deductions during the PPT of the policy.

    • The plan offers the benefit of rebates for higher sums assured.

    • Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.

    • The policy can be surrendered at any time provided the premiums of the policy are duly paid for two full years.

  2. Benefits of LIC New Jeevan Anand

      • Death Benefit

        Suppose the life assured unfortunately dies during the tenure of the LIC policy. In that case, the 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

The Bottom Line!

These are some of the most remunerative LIC plans that insurance buyers can consider purchasing as per their affordability and financial needs. However, make sure that you go through the details of the plan before making an informed choice. Don't forget to secure your family's financial future with a life insurance policy.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C Apply

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

FAQs

  • Q1: Is it advisable to Invest in a LIC Plan?

    Ans: Yes, LIC offers life insurance policies that cater to the unique needs of customers. If you are searching for a life cover + investment component in one plan, you can consider a ULIP or Endowment option according to your risk appetite and financial goals. One of the key reasons to purchase LIC plans is that the company is backed by the Government of India. This makes it a reliable insurer.
  • Q2: Can I Take the LIC Jeevan Labh Policy? Is it any good?

    Ans: Yes. The LIC Jeevan Labh policy gives maturity and death benefits with an extra profit participation bonus. This policy has been rated among LIC’s best-selling endowment policies. It is meant for people in the age group of 8-59 years. This policy provides a plethora of benefits to the insured along with flexible features.
  • Q3: Is FD better than LIC, or is it the opposite?

    Ans: Fixed deposits are ideal for medium and short-term investments. Contrary to this, a life insurance plan is designed to be a long-term investment. You can put money into an FD plan for a duration of as little as 7 days, unlike life insurance plans where you have to put in your money for at least 10 years. However, you do not get a risk cover for your untimely death with an FD. Each option comes with unique features and benefits. One should consider their own requirements before investing in either option.
  • Q4: How to calculate the LIC maturity amount?

    Ans: The simple way is Basic Sum Assured + Bonuses + Final Additional Bonus (if applicable).
  • Q5: What is the best LIC policy for 5 years?

    Ans: LIC 5-years policies are short-term life covers. The best LIC policies for 5 years for you to explore are –
    • LIC Saral Jeevan Bima
    • LIC’s Dhan Sanchay
    • LIC’s New Jeevan Shanti
    • LIC Bhagya Lakshmi Plan

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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