One of the best investments which an individual can make is insurance. An insurance policy will not only offer protection to your family but can act as a good saving scheme as well. It is necessary that you opt for an insurance policy which suits your needs. As there are several kinds of life insurance policies, it is advised that you compare the policies before narrowing down on one. When there are talks revolving around insurance policies, the first one which strikes everybody’s mind is the Life Insurance Corporation or LIC. There are many options when it comes to an LIC policy for a 27 year old or any under-30 group. But you may have often wondered what it is about these policies which make them popular.
LIC or Life Insurance Corporation is one of the biggest players among insurance providers in India. LIC is one of the first companies to introduce insurance in India. Over the year the company has evolved and today it offers a wide range of policies which support a wide customer base in India. There are several insurance policies which individuals nearing thirty can opt for. Options for an LIC policy for a 27 year old include LIC Jeevan Saral, LIC Jeevan Anand and LIC Jeevan Shree.
LIC Jeevan Saral Plan is an endowment plan which comes with a lot of flexibilities which is usually available with ULIP or a unit linked insurance plan. The key features of this LIC policy for a 27 year old include:
Under this policy premiums paid up to Rs. 1,00,000 are allowed as deduction from the taxable income every year under section 80C. When the LIC Jeevan Saral policy matures, the insured will get:Maturity Sum Assured+ Loyalty Additions if any
LIC’s Jeevan Anand Plan is one of the best options when it comes toLIC policy for a 27 year old. The endowment type is such where maturity benefit includes: Sum assured, Bonus and the final addition bonus which is paid at the end of the term. What makes this plan popular is the additional life-long insurance coverage. It is a whole life plan with guaranteed returns and is not market based. This is a good LIC policy for a 27 year old as it comes with average premium, high bonus rate and great features. It is a Double Death Benefit Plan where the nominees get the sum assured when the policyholder dies. The policy parameters include:
Age |
Minimum Age: 18 years Maximum Age: 50 Years
|
Policy Term |
Minimum Term: 15 years Maximum Term: 35 years
|
Min. Sum Assured |
Minimum Sum Assured: Rs. 1,00,000 Max. Sum Assured: No Limit
|
LIC Jeevan Shree Plan is mostly for the High Net Worth Individuals as the minimum sum assured is Rs.5,00,000. It is an endowment plan with a limited premium paying term, making it a suitable LIC policy for a 27 year old who is looking for returns in the short run. Under this plan
A 27 year old individual will benefit from all the three policies.But, it is important that he narrows down on the best plan after comparing the top three policies of LIC for a 27 year old. It is essential to weigh the terms of the policies and compare them with individual requirements before taking the final pick.
More Useful Resources
LIC Online Services |
LIC Investment Plans |
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply