LIC (Life Insurance Corporation of INDIA) is one of the giants in the life insurance industry in India and also one among the oldest. The plans that LIC offers are just not only life time insurance, but in a way guarantee for one’s life and family. LIC offers a great variety of plans that are tailored suited for every kind of needs that you may want and in a such a way that you make sure your beloved ones are safe and secured even when you are no more with them.
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Every plan has distinctive features and there are specific reasons as to why they have been plaid in such manner and how well it fits to the right kind of needs for the respective customers. Since there are many different plans from LIC, here are the best life insurance policies in India, available today.
Also read: Tips for beginners taking LIC policy.
Best Life Insurance Policies in India
Let’s start with the first one.
1. Endowment Policy
One among the oldest plans and a very beneficial one too. This policy not only makes necessities for the members of the family, in case of the policy holder’s death, but also assures a good amount at the desired age of the policy holder. This amount could either be reinvested or even used in other manners that the holder wishes to do. The main attractive features of this policy is that it has only moderate premiums, high liquidity, high bonus, double accident benefit and is also a savings oriented plan. The minimum duration of the plan is for five years and the minimum sum assured is about 50,000 INR. On maturity, if all premiums are paid regularly, then amount of sum assured plus bonus is received. In case of death benefits, assured sum amount plus bonus till the death year is obtainable.
This plan is suitable for all age groups and to those who wish to protect their families in case of any financial crises that might occur during their absence.
2. Jeevan Arogya
This is a Medical Insurance plan and is covered for oneself, and his family members which even include parents and parents –in-laws, up to the age of 75 years. This policy could be claimed inc case of any hospitalization in India for at least about 24 hours in case of an accident or illness. In this policy, the premium amount could vary once in three years. This policy takes well care of your after treatment. A combination of mediclaim policies from other Insurance companies and a Jeevan Arogya policy together would take care of your entire expenses during a medical need, till you are back in track. This policy also has tax benefits and could be exempted from tax under the section 80D of Income Tax.
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3. Endowment Policy Limited Period
As the name suggests, this plan has a limited period for premium payment. The basic features of this plan is that it has only moderate premiums, high liquidity and high bonus, double accident benefit, and is savings oriented. Minimum sum assured is 50,000 INR and the minimum duration of the plan is for five years. When all premiums paid regularly, the maturity benefit would include amount of sum assured plus bonus. And in case of death benefits, immediate amount of sum assured plus bonus till that year. A suitable plan for all those who would like to secure their beloved ones.
4. Jeevan Ankur
This is one of the latest polices of LIC which enables every parent to take well care of the financial requirements of their children in their formative years, irrespective whether you are there or not. The premiums are paid for a minimum of 8 years, depending on the age of the child. One major advantage of the plan is that, even if you are an NRI, you could invest for your child’s future. This policy gets beneficial as it takes care of the entire educative period of the child and makes sure that the best is acquired, even in case of your absence.
5. Jeevan Chaya
This is also an endorsement plan and it also provides financial protection against death, even during the term of the plan. In case of sudden death, the sum assured is immediately paid. Apart from this feature, this plan also pays about one fourth of the sum assured at the end of each four years of the policy term, irrespective of whether the policy holder is alive or dead. The minimum duration is for about 18 years and the minimum sum assured amount is 50,000 INR. One of the benefits includes that, whether the policy holder is alive or dead, all bonuses declared during the term policy would be paid along with the last installment. In case of sudden death during the policy term, an amount equal to the sum assured is also immediately paid.
6. Bima Account – 1
This is basically a short term plan when compared to other plans. Based on the balance in your account, a 6% per annum is assured. In a way through this plan you double your savings and all these are tax exempted, thus making your money grow more. Right from the first day of investment, there is great life insurance coverage till the end of the plan. Policy loans are also available under this plan, without damaging any of the privileges in the plan. The premium payments for this plan could be made as monthly, quarterly, half yearly or on a yearly basis.
7. Jeevan Surabhi
This is a money back policy. The maturity term is more than the premium paying term and the risk cover keeps increasing every five years. This is a profit plan available in three different terms for about 15, 20, and 25 years with a minimum sum assured of about 50,000 INR. The bonuses declared till the maturity term would be paid in lump sum. Upon the death of the life assured, all bonuses till date of death would be paid in lump sum. If the survival benefits are paid prior to death, it would not be deducted from the claimed amount.
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This plan is almost similar to the Bima Account -1 plan. The only difference among the two is that the latter is only for a period of about 5 to 7 years, while the former is for a period between 10-15 years. Remaining all benefits are similar in both the plans.
9. Jeevan Saral
This is also an endorsement plan wherein financial protection is provided to the nominees even if death occurs to the insured throughout the plan. The insurer has to just choose the plan and amount in this policy and the rest is assured. The death benefit is directly related to the paid premiums. There is a lot on the flexibility of the term and the liquidity. The total amount on maturity with bonus is paid in lump sum. The death benefits include loyalty additions along with 250 times the monthly premium amount.
10. Jeevan Anand
This plan is a combination of Whole Life plans and Endorsement plans. Financial protection against death is assured and if survived, after the term the entire amount is paid in lump sum. The minimum sum assured is 1, 00,000 INR and the minimum term is for about 5 years. The amount would be paid in lump sum along with bonuses in case of survival and in case of death; the sum assured with vested bonuses would be paid.
These are some of the plans that LIC offers. Apart from these, there are numerous other plans that are best suited according to one’s needs. All investments with LIC are tax exempted and therefore could be claimed. Having an insurance policy is definitely an added advantage and each one of us should be in possession of at least one reliable policy for not only our benefits, but for our beloved ones too, in case of our absence.
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Hi, Mani Karthik here. Having lived in USA, India & Middle East, and worked for big MNC’s to startups, I have a lot to share with you. My aim is to help people, by sharing everything I’ve learned in life, through this blog. It’s read today by more than 150K people world over! I currently live in LA, California and visit India occasionally. Here’s my full story on who I am and why I blog. Connect with me on Facebook, Instagram, Twitter or WhatsApp (+001-408-489-4785). Happy to help! 🙂