LIC Policies for investment are the best option to invest your hard-earned money. As LIC is a government-backed entity, one can fully be assured that their money is in the safe hands. LIC Investment plans offer comprehensive life cover to individuals along with opportunities to save money and grow wealth through market-linked returns.
Read moreThe Life Insurance Corporation of India (LIC) offers an extensive range of insurance products to cater to the various requirements of insurance buyers. As per one's requirement, the customers can choose from pure protection to whole life term insurance, endowment, money-back plan, and unit-linked insurance plans. Among the different policies issued by the company, the below-mentioned are some of the best LIC plans to invest in right now.
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 Bima Jyoti Plan | Endowment Plan | 90 days (completed)-60 years | 75 years | 15-20 years | Min- Rs.1,00,000 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 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 Bima Ratna | Money Back Policy | 90 days (completed)-55 years | 70 years | 15, 20, or 25 years | Min-Rs.5,00,000 Maximum- 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 go through the LIC policies in detail. Here we have elaborated top LIC Investment plans in detail.
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 the financial future of your family if anything were to happen to you. Along with this, investment in the market allows you to maximize your current savings and create a financial cushion for yourself and your family. These are just some of the reasons why LIC SIIP is considered one of the best LIC plans to invest.
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.
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.
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.
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.
This plan offers you an opportunity to save systematically while also being protected under a life insurance policy. You get a guaranteed lump sum payment if you survive the policy term and if not, your family receives financial compensation for their loss.
You have the flexibility to choose the sum assured and the policy term.
The policy comes with guaranteed additions to the sum assured at the end of each policy year.
You have the option to receive the death and maturity benefit in installments instead of a lump sum.
Premiums can be paid monthly, quarterly, half-yearly, or yearly, as per your convenience.
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
If you survive the whole policy term, you get the basic sum assured along with the guaranteed additions.
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
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.
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.
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.
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.
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.
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.
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.
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.
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 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
As one of the best LIC policies, LIC Bima Ratna comes with payouts at regular intervals to help policyholders meet key milestones in their lives along with ensuring their lives. If anything untoward happens, the family is compensated with the death benefit amount. If the policyholder survives the whole tenure, they not only get a maturity benefit amount but multiple survival benefits at different policy years.
On choosing a policy term of 15 years, the insured receives 25% of the BSA on surviving the 13th year and another 25% on the 14th policy year.
Similarly, for a policy term of 20 years, survival benefits are paid out on the 18th and 19th policy years.
Guaranteed additions up to Rs. 60 per Rs. 1000 basic sum assured are made to increase your savings.
You can also benefit from its loan facility if you are in need of urgent funds.
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 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.
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
LIC New Jeevan Anand provides financial protection to the family of the insured in case of the 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 offers loan facility to look after the financial emergency needs.
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.
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.
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.
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
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 the financial future of your family 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.”
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