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

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. You must opt for an insurance policy that 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 talks revolve around insurance policies, the first one which strikes everybody’s mind is the Life Insurance Corporation or LIC.

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There are many options for a LIC policy for a 27-year-old or an 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 years, the company has evolved. Today, it offers a wide range of policies that support a wide customer base in India. There are several insurance policies which individuals nearing thirty can opt for. Options for a LIC policy for a 27-year-old include LIC Jeevan Saral, LIC Jeevan Anand, and LIC Jeevan Shree.

About Jeevan Saral Policy

LIC Jeevan Saral Plan is an endowment plan that comes with many flexibilities, usually available with ULIP or a unit-linked insurance plan. The key features of this LIC policy for a 27-year-old include:

  • The policyholder chooses the premium amount, and the sum assured is almost 250 times the monthly premium amount.

  • The death benefit under this plan is the sum assured+ return on premium excluding the extra riders and the first year’s premium+loyalty addition.

  • Policy term; minimum: 10 years, maximum:35 years

  • You can surrender the policy partially after three years.

  • After paying premiums for 3 years, you can expect an extended risk cover for one year.

  • Through Term Rider, Accidental Death, and Disability Benefit, a policyholder of Jeevan Saral has the option of availing a higher cover.

  • Under this policy, Loyalty Additions are provided from the 10th policy year.

Under this policy, premiums paid up to Rs. 1,00,000 are allowed as a 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 Jeevan Anand

LIC’s Jeevan Anand Plan is one of the best options when it comes to 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 an average premium, a 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

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:

  • The policyholder needs to pay the premium for a maximum of 16 years.

  • The life cover will continue for the entire policy term for a maximum of 25 years.

  • When the policy matures, the sum assured+ accrued revisionary bonus+ guaranteed additions will be paid to the policyholder or the nominee in case of the early death of the life insured.

  • Every year for the first 5 policy years, there are guaranteed additions.

  • Premiums paid for the policy are exempted from tax under section 80C, and the maturity proceeds are exempted from tax under Section 10 (10D).

A 27-year-old individual will benefit from all three policies. But, he must narrow 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 making the final pick.

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