Life Insurance Corporation (LIC) is one of the most trusted brands in India when it comes to purchasing any life insurance policy. Since Life Insurance Corporation (LIC) has a vast range of products to deal with, it sometimes becomes difficult for an individual to pick the right one.
So, today we have come with some of the best Life Insurance Corporation of India plans for 5 years for you. Check out some of the best Life Insurance Corporation of India plans for 5 years
A Quick View Of The Top LIC Plans For 5 Years
Table of Contents
Here we will know about the top 11 LIC plans with 5 years or more period. These insurance plans come with different benefit riders such as sum assured on maturity, the simple reversionary bonuses, survival benefit, and so many more. So let’s now know about these life insurance plans below…
LIC New Jeevan Mangal Plan
Policy Type: LIC Micro-insurance plans
Entry Age is: 18 years to 60 years
Maximum Maturity Age: 70 years
LIC’s New Jeevan Mangal Plan is basically a term assurance policy tenure with the return of payments on the maturity of the plan, where the policyholder can either pay the payments in the lump sum or on a regular basis at Weekly, fortnightly, Monthly, Half Yearly, Quarterly, or Yearly intervals over the policy term. This one is one of the most famous LIC policies for 5 years.
Regular premium policy: Sum Assured on death will be 7 times the annual premium or 105% of the total premium paid.
Single premium policy: Sum Assured on death is a single premium or a maximum of 125% of sum assured.
Accidental Death Benefit: The person named in the policy is paid death benefit in case of death of the insured. The death benefit is provided under various scenarios:
LIC Jeevan Akshaya VI
Policy Type: Retirement Plans
Entry Age: 30 years to 85 years
Maturity Age: NIL
LIC Jeevan Akshay VI Plan is basically an Immediate Pension Policy introduced by the Life Insurance Corporation (LIC) of India. One can buy the LIC Jeevan Akshay VI plan by paying the lump-sum amount of the policy. This is among the Life Insurance Corporation of India’s best plan for 5 years. It provides death and disability benefit, accidental death and disability, and sum assured on maturity.
It offers allowance payouts directly after the reimbursement of the premium for a monetarily secured life afterward the policyholder’s retirement. The LIC Jeevan Akshay VI policy also deals with a specified amount at the time of the lifespan of the pensioner. There are numerous options available for the policy type and mode of payment of the pensions.
LIC’s New Jeevan Nidhi
Policy Type: Retirement Plans
Entry Age: 20 years to 58 years( Regular Pay) & 60 years (single Pay)
Age for Maturity: 55-65 years
The LIC New Jeevan Nidhi plan among the best LIC plan for 5 years at the same time it is a traditional contributing deferred pension plan which enables savings for steady income even after the policyholder’s retirement. In addition to this, it covers the policyholder’s life too. This is another best LIC policy for 5 years.
Such best Life Insurance Corporation of India plans for 5 years come with both Regular & Single premium modes. There are Assured Additions accumulating in every single policy year for the first 5 years.
Death Benefit:
If the policyholder dies but before the vesting day, the policy takes place for 5 years: If all the premiums have been paid till death, the nominee will be paid the basic Sum Assured + Guaranteed Bonus deposited by the lump-sum or annuity or both.
The policy is after 5 years: If all the premiums have been paid till the death, the nominee will be paid the basic sum assured + accumulated guaranteed bonus + simple reversionary bonus + final addition bonus (if anything) lump sum or Will be annuity or combination of both.
Income Tax Benefit:
Every year of life insurance from your taxed salary, Rs. Premium payments up to Rs 1,50,000 are exempted under Section 80C of Income Tax. The amount received under Maturity Benefit is also tax-free under Section 10 (10A) of Income Tax. You have to pay tax on the pension amount.
LIC Amulya Jeevan II
Policy Type: LIC Term Assurance Plans
Entry Age: 18 years to 60 years
Maturity Age: 70 years
The LIC Amulya Jeevan II Policy is basically a well-known term insurance plan. This plan does not offer any additional bonus services to the life insured. Moreover, in case the policyholder dies within the policy term then its nominee will get the death benefits. On the other hand, nothing else will be payable to its policyholder after the plan reaches its maturity age.
Maturity Benefit:
No maturity benefit is paid under this plan as it is a pure risk cover scheme. It also provides death and disability benefit, accidental death and disability, and sum assured on maturity.
Death Benefits:
On the death of the policyholder during the policy term, the Basic Sum Assured will be paid to his nominee. The entire insured amount will be deposited directly to the nominee at no additional charge in his bank account.
LIC Jeevan Amar
Policy Type: LIC Term Assurance Plans
Entry Age: 18 years to 65 years
Maturity Age: 80 years
Jeevan Amar Plan is a very economical term insurance plan. It helps the insured person financially in the event of unfortunate death during the term of the policy. The minimum policy term of the Jeevan Amar plan is 10 years and the maximum policy term is 40 years. An 18-year-old man can join this scheme. Life Amar of LIC is not only cheap but it has many more features that make this plan fantastic.
The policy term under Jeevan Amar will be from 10 years to 40 years. No surrender value will be available under the regular premium option but it will be available in a single premium. At the same time, some terms and conditions will be added to the limited premium option. The premium amount will be different for men and women.
Basic Sum Assured:
Here the amount of your cover keeps increasing with the policy term. There is no change in the amount of cover for 5 years from the inception of the policy and it is called the Basic Sum Assured. From 5 years onwards, from the 6th year onwards, the basic sum insured keeps increasing by 10%.
This increase continues for the next 15 years or till the end of the policy term (whichever is earlier). After this, the amount of cover does not increase, the thing to be noted here is that the increased amount cannot be more than twice the original sum assured.
LIC Jeevan Anand
Policy Type: LIC Term Assurance Plans
Entry Age: 18 years to 65 years
Maturity Age: 80 years
If you are planning to invest, then you can invest in LIC New Jeevan Anand policy. This is an endowment plan, so the policyholder gets the benefit of both investment and insurance. It is a participatory non-linked policy that provides protection and savings to the investee. In this policy, you can get a hefty amount of Rs 13 lakh by investing Rs 64 daily.
This policy will also provide you a lifetime risk cover of Rs 50,0000. That is, the risk cover will also be available with the sum assured on the maturity of the policy. It provides death and disability benefit, accidental death and disability, and sum assured on maturity.
Basic Sum Assured
Along with this policy, you will also be provided a risk cover of Rs 50,0000 lifetime. That is, the risk cover will also be available with the sum assured on the maturity of the policy. The policy comes with a term of 15 to 35 years. Any person between 18 and 50 years of age is eligible to invest in the policy. The minimum sum assured is Rs 1 lakh and the maximum limit is not fixed.
Sum Assured on The Death
On the off chance that the existence guaranteed disastrous death during the residency of the LIC strategy, the death benefit will be payable by the safety net provider to the recipient of the arrangement. The death benefit will be payable as the ‘aggregate guaranteed on death alongside a vested straightforward reversionary reward and last extra reward, (assuming any) is paid to the recipient of the strategy. The entirety guaranteed on death is characterized as:
Higher of 125% of the fundamental whole guaranteed or
multiple times the annualized premium; or
The death benefit ought not to be under 105% of the absolute premium paid to date.
On the death of the guaranteed after the expiry of the strategy residency for example from the specified date of development: Basic entirety guaranteed sum will be payable to the chosen one of the approach.
LIC’s Jeevan Umang
Policy Type: Endowment Plan
Entry Age: 90 days(completed) to 55 years
Maturity Age: 80 years
LIC’s Jeevan Umang Scheme is a life insurance plan along with the endowment, which provides the policyholder with regular payment from the end of the premium payment period till his / her lifetime (lifetime). It is a participatory scheme and under this, the policyholder gets the benefit of a simple reversionary bonus as well as a final Edison bonus.
Basic Sum Assured
The benefit of 8% (INR 2,00,000/-) of the Sum Assured after the premium payment period – a lifetime or till the age of 100 years. Under this scheme the benefit of Simple Reversionary Bonus as well as Final Edison Bonus.
Here the Basic Sum assured on death is the highest among the following.
10 times the annual premium
Basic Sum Assured + Simple Reversionary Bonus + Final Edison Bonus
Death benefits will never be less than 105% of all premiums paid.
Sum Assured On Death
If the policyholder dies before the “risk start date” – all premiums paid are returned to the nominee (nominee). If the policyholder dies after the “risk start date” – the nominee is paid the sum assured on the death of the policyholder.
The premium mentioned in the death benefit does not include taxes, rider premiums, and increased premiums due to underwriting decisions.
LIC’s New Jeevan Anand
Policy Type: One-time plan Plan
Entry Age: 18 years to 50 years
Maximum Maturity Age: 75 years
LIC’s Jeevan Anand Yojana is a traditional scheme that gives you a one-time plan. But it also provides security along with savings. You also get a bonus under this scheme. The risk cover under this scheme continues even after the policy period. Even if the policyholder dies after the end of the policy term, he/she is also paid a death benefit.
When purchasing a policy, the policyholder chooses the cover amount (Sum Assured) and the term of the policy. Premiums are determined based on the policy holder’s age, policy term, and sum insured. The policyholder has to pay the chosen premium for the entire policy term.
Basic Sum Assured
Under this scheme, the policyholder is paid the Sum Assured + Sum Assured Bonus + Final Additional Bonus (if any), as a maturity benefit. After this, whenever the policyholder dies (even after the policy term), the nominee is paid the sum assured again as a death benefit.
The Sum Assured on Death will be 125% of the Basic Sum Assured or 10 times the annual premium or 105% of the premium paid till death, whichever is higher.
Sum Assured On Death
If during the policy period, the policyholder dies, the death benefit is paid to the nominee. Which is calculated as follows.
Sum Assured on death + Accumulated bonus till death + Final edition bonus (if anything)
The assurance of Sum Assured on death is as follows,
The Sum Assured on Death benefit will be 125% of the Basic Sum Assured or 10 times the annual premium or 105% of the premium paid till death, whichever is higher.
FAQ:
Q. Is there any LIC policy for 5 years?
A. YES, there are several LIC policies that come with 5 years time frame.
Q. Which LIC plan gives maximum returns?
A. LIC provides a variety of life insurance plans designed to offer higher returns. The subsequent LIC policies offer you the extreme benefits – New Children’s Money Back Plan, Jeevan Amar, New Money Back Plan- 20 years, New Jeevan Anand Plan, and New Endowment Plan.
Q. Which is the best LIC policy in 2020?
A. There are plenty of LIC policies that are best suited to any individual. However, some of the best are New Children’s Money Back Plan, Jeevan Amar, New Money Back Plan- 20 years, New Jeevan Anand Plan, and New Endowment Plan.0
Q. Which LIC scheme is best?
A. There are several LIC plans out there. So, it is hard to name a particular one when it comes to naming the best one.
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