Life Insurance Corporation, or LIC, is a state-owned insurance company formed in 1956. Its purpose is to strengthen people in the direction of life insurance. According to the difference in the economic condition of the people of India, LIC brings the scheme according to the needs of the people. Here in this article below, I am going to list down the 5 best LIC policy 2020 in India.
LIC has 2048 computerized branches and 113 divisional offices. The company’s average claim settlement ratio is 98.2%, making it the most trusted company.
Top 5 Best LIC Policy 2020
Life insurance is an important part of our life which makes the life of our family easy and safe even after we die. The best company for life insurance in India is the Life Insurance Corporation of India (LIC), so if you also want to get life insurance and are in confusion about choosing the best option of life insurance then this article is for you. In this article, you are being told about the 5 best LIC policy 2020
5 Best LIC Policy 2020
Type of Plan
Policy Entry Age
Sum Assured (Min-Max)
|LIC New Endowment||Non-Linked Endowment Plan||8 to 55 years||75 years||12 to 35 years||INR 1,00,000 – No limit|
|LIC-E Term||Pure Term Insurance Plan||18 to 60 years||10 to 35 years||75 years||INR 25,00,000 – No limit|
|LIC New Jeevan Anand||Endowment Plan||18 – 50 years||75 years||15 – 35 years||INR 1,00,000 – No limit|
|New Children Money Back Plan||Traditional Money Back Child Plan||0 to 12 years||25 years||25 years||INR 1,00,000 – No limit|
|LIC Jeevan Saral||Endowment Plan||12 – 60 years||70 years||10 – 35 years||250 times monthly premium – No Limit|
New Endowment Plan:
LIC New Endowment Plan is a plan that provides customers with a combination of Security and Savings i.e. Combination of Security and Savings. The reason for this scheme being the most popular is that before the maturity of the plan, it is necessary financial service is provided to the family of the insured person, whose insurance is taken.
The age of admission in this scheme is up to 8-50 years and the type of payment is monthly, quarterly, half-yearly, and annual. Minimum Basic Insurance Coverage of INR 1,00,000 for the assured amount policy of this plan. While there is no maximum limit for the sum insured.
There are also two types of alternative benefits
- Disability Benefit Riders
- LIC Accidental Death
LIC e-Term Plan:
LIC gives full financial help in case of Unexpected Accident to the insured’s family in the e-term. You can buy this policy online, for this, you do not need an agent. The age of admission in this scheme ranges from 18-60 years and the minimum policy period is 10 years while the maximum is 35 years.
The minimum premium in LIC e-Term is INR 4600 and the premium paid is an annuity. You can purchase Such best LIC policy 2020 for financial support for your family even in your absence.
LIC Jeevan Anand Plan:
LIC Jeevan Anand Plan or Plan is a Participating Non-Linked Policy that provides a mixture or combination of security and savings like the LIC New Endowment Plan. The minimum age for taking this policy should be 18 years and maximum 50 years.
In this, the tax facility is available under the loan facility and Section 80C. In the LIC Jeevan Anand plan, customers can make a lump sum payment at the time of maturity.
This insurance policy is the most sold and LIC Accidental Death Benefit or disability benefit is also available as an optional benefit. Minimum Insurance Coverage given by this scheme is INR 1,00,000/-. It is another best LIC policy 2020 in India
LIC New Children Money Back Plan:
As its name suggests, the New Children Money Back Plan is the LIC scheme for children. This is a more important policy to meet the needs of the youth. The age of entry in this policy is 0-12 years and the premium model of this policy can be annual, half-yearly, quarterly, or monthly through ECS or through SSS mode.
The duration of the New Children Money Back Plan is 25 years and does not require a medical examination. The minimum purchase price or premium value of this policy is 24,000 rupees and discounts are also given on selecting higher insurance amounts. This is among the best LIC policy 2020 in India
LIC Jeevan Saral Plan:
LIC Jeevan Saral Insurance Scheme comes under the Special Planning Section of LIC which is an Endowment Policy as well as a Flexible Policy. The age of admission in this policy is 12-60 years and the minimum cost of the policy is INR 250 for those below 50 years and INR 400 for those above 50 years of age.
The maximum maturity age of LIC Jeevan Saral Plan is 75 years and the tax deduction benefit is also available under Section 80C. This one is another best LIC policy 2020 in India.
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