An Overview on Best LIC Policies for a 27-Year-Old

Investing your money before 30 years can give you several benefits. Life Insurance Corporation of India helps the individual to choose their ideal policy from several plans available. Below-mentioned are some of the best LIC plans that can suit a 27-year-old individual. Take a look:

Best LIC Plans for 27-Year-old Individual

Below-mentioned are the best 5 LIC plans that a 27-year-old individual can consider to buy:

1. LIC New Jeevan Anand Plan

   LIC New Jeevan Anand is an endowment plan that offers the benefits of life insurance and savings. The plan offers death benefits to the policyholder in case the policyholder dies. Also, the plan comes with maturity benefits if the policyholder survives till the end of the policy tenure.

   Eligibility Criteria of LIC New Jeevan Anand Plan

   Criteria	Minimum	Maximum
   Entry Age	18 years	50 years
   Maturity Age	-	75 years
   Policy Term	15 Years	35 years
   Sum Assured	1 Lakh	No Limit
   Premium Payment Term	Same as Policy Term

2. LIC Jeevan Umang

   LIC Jeevan Umang is a whole-life assurance plan wherein the policyholder is covered till the age of 100. The primary advantage of this plan is that it provides both money and insurance cover to assist the insured's family while he or she is away.

   Eligibility Criteria of LIC Jeevan Umang Plan

   Criteria	Minimum	Maximum
   Entry Age	90 days	55 years
   Policy Term	100 years- Age at entry
   Sum Assured	Rs. 2 Lakhs	No limit
   Maturity Age	100 years
   Premium paying term	15 years, 20 years, 25 years, and 30 years

3. LIC New Tech Term Plan

   If the insured person passes away while the policy is still in effect, LIC New Tech Term will give the insured's family financial security. The plan was launched by LIC to make it easier for anyone wishing to purchase term insurance for their family’s secure future. Along with several benefits, the New Tech Term plan includes extra advantages in the form of riders for enhanced coverage.

   Eligibility Criteria of LIC New Tech Term Plan

   Criteria	Minimum	Maximum
   Entry Age	18 years	65 years
   Maturity Age	-	80 years
   Policy Term	10 Years	40 years
   Sum Assured	50 Lakhs	No Limit

4. LIC New Money Back Policy- 20 Years

   If you want a set payment schedule for the duration of the insurance, the LIC New Money Return Plan - 20 years may be the best option. The LIC New Money Return Plan is a participating, non-linked plan (with profit) that enables you to accomplish certain objectives at predetermined intervals according to whatever goals you may have set for yourself. 

   Eligibility Criteria of LIC New Money Back Policy

   Criteria	Minimum	Maximum
   Entry Age	13 years	50 years
   Maturity Age	-	70 years
   Policy Term	-	20 years
   Sum Assured	1 Lakh	No Limit

5. LIC Jeevan Labh

   LIC Jeevan Labh is a traditional life insurance policy that is designed to provide the death benefit to the nominee after the policyholder’s death. Along with this, the plan also offers maturity benefit in case the policyholder outlives the policy term. 

   Eligibility Criteria of LIC Jeevan Labh Plan

   Criteria	Minimum	Maximum
   Entry Age	8 years	59 years
   Maturity Age	-	75 years
   Policy Term	16/21/25 years
   Sum Assured	2 Lakhs	No Limit

Reasons to Buy LIC Policy Before you turn 30

Below-mentioned are the reasons that you should invest in LIC policy before you turn 30:

1. Financial Security

   In your late 20’s, as your family grows, the need for financial security also grows. Also, your parents might start to retire and rely on you financially. It is crucial to have a LIC Life Insurance plan to look after your growing financial needs. Having a LIC plan offers a safety net for your family and gives you the peace of mind to concentrate on their current well-being.

2. Lower Premiums

   The younger you are while buying a life insurance policy, the lower will be your insurance premium. Thus, starting investing in LIC policy early, means that you will pay lower premiums.

3. Tax Saving

   Premiums paid toward buying a LIC policy can be part of investments.The premiums paid against the LIC policy are eligible for tax deduction under Section 80(C) for up to Rs. 1.5 lakh a year. 

How to Buy LIC Policy from Policybazaar?

Step 1: First, you need to visit LIC.

Step 2: Next, fill in the form with your name and contact number.

Step 3: Click on View Plans.

Step 4: After this, on the next page fill in your age and current city.

Step 5: You can check the plans available and customize them as per your needs. Once done, you can pay your premiums online.

Summing It Up

At the age of 27 years, an individual can pick from a variety of LIC plans as per their financial needs. You should consider the amount of money available to invest, the number of years you want to invest it for, the financial goals you want to achieve, and the amount you would need to secure the financial needs of your family in case of unforeseen circumstances.

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