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LIC runs the largest life insurance plan in the country, but some of its plans are such that there is return benefit. The Life Insurance Corporation (LIC) is considering being the largest life insurance company in this world for its claim settlement ratio. Not just it, this insurance company also offers some LIC best policy with best return.
Some of these LIC best policy with best returns are LIC Jeevan Akshay VI, LIC e-Term Plan, LIC’s New Money Back Plan- 20 years, LIC New Children’s Money Back Plan, LIC’s New Endowment Plan. Today, in this article below we are going to discuss about these LIC best policy with best returns. Let’s check out below:
LIC Best Policy with Best Return
Table of Contents
Today I am going to list down some LIC best policy with best returns in this article below. Check out the LIC best policy with best returns before you headed for buying your best return LIC policy:
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LIC e-Term Plan
Life Insurance Corporation’s (LIC’s) e-Term Plan is among the LIC Best Policy with Best Return as well as it provides monetary security to the policyholder’s family in the case of any disastrous event. Under this plan, the company pays a contracted sum assured in case of his or her premature demise at the time of the policy tenure.
However, if the policyholder survives until the completion of the policy tenure then nothing will be paid by the insurance company. You can avail this LIC e-Term Plan through the online application procedure; so you do not have to deal with any agents.
A quick glance at the LIC’s e-term Plan in the table below
Entry Age |
Minimum of 18 years | Maximum 60 years |
Maturity Age |
Minimum Age Not Applicable (NA) | Maximum 75 years |
Sum Assured |
Minimum INR 25,00,000 | Maximum Unlimited |
Policy Term |
Minimum of 10 years | Maximum 35 years |
Modes of The Premium Payment |
Yearly | |
Grace Period |
30 Days (from the premium’s due date) | |
Tax Benefit |
Premium payable tax is exempted up to INR 1,00,000 under the Sec 80C | |
Policy Revival |
Revival is allowed within two years from the premium’s due date | |
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LIC Jeevan Akshay VI
When we talk about the LIC best policy with best returns then we can’t skip talking about the Life Insurance Corporation’s (LIC’s) Jeevan Akshay VI plan. This policy is basically a Single Premium Immediate Annuity Policy, which you can purchase by giving a lump sum.
This one is a non-unit-linked annuity policy, which offers for the pension payment for a lifetime. You can also select from the various mode of payments given in this plan at the time of applying for this plan. Depending on the selected mode, the pension will be payable on the yearly, half-yearly, quarterly, or on the monthly basis. However, for the purchase of more than INR 2.5 lakhs, the life insured will receive a higher incentive, which will reflect in your annuity.
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A quick glance at the LIC Jeevan Akshay VI in the table below
Entry Age |
Minimum of 30 years | Maximum 85 years |
Maturity Age |
No limit | No limit |
Minimum Purchase Price |
Minimum INR 1-1.5 lakhs | No limit |
Modes of The Premium Payment |
Payable as the lump sum | |
Modes of the Annuity Payment |
Yearly, Half-Yearly, Quarterly, Monthly | |
Type of LIC Policy |
Single Premium Immediate Annuity Policy | |
Tax Benefit |
|
|
Surrender value |
Available only after the completion of 1 year & applicable for the pension option given by the policy | |
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LIC New Money Back Plan 20 years
Another LIC best policy with best return is the LIC New Money Back Plan 20 years. This plan is basically a non-linked policy, which has a lot of unique features. The policy offers returns at indicated periods throughout the policy tenure. This plan protects the policyholder’s family on his or her demise as well as offers a lump sum amount on the survival of the insured.
A quick glance at the LIC New Money Back Plan 20 years plan in the table below
Entry Age |
Minimum of 13 years | Maximum 50 years |
Maturity Age |
No limit | 70 years |
Sum Assured |
Minimum INR 1 lakh | No limit |
Modes of The Premium Payment |
Yearly, Half-Yearly, Quarterly, Monthly | |
Term Of Premium Payment |
15 years | |
Policy Tenure |
20 years | |
Type of LIC Policy |
Money back plan | |
Grace Period |
1 month for quarterly, half-yearly, & yearly modes of payment
15 days for the monthly mode of payment |
|
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LIC’s New Children’s Money Back Policy
This LIC best policy with best return is basically a participating non-linked money back policy, which is specially planned to meet the marriage, educational, and other requirements of the policyholder’s growing kids through its Survival Benefits.
The policyholder can pay the premium on a regular basis at monthly, quarterly, yearly, or half-yearly mode. If the policyholder pays the premium sum for the initial 3 years then the policyholder can surrender any time at the time of the policy tenure.
A quick glance at the LIC’s New Children’s Money Back Policy in the table below
Entry Age |
Minimum of 8 years | Maximum 12 years |
Maturity Age |
No limit | 25 years |
Sum Assured |
Minimum INR 1 lakh | No limit |
Modes of The Premium Payment |
Yearly, Half-Yearly, Quarterly, Monthly | |
Term Of Premium Payment |
15 years | |
Policy Tenure |
25 years | |
Type of LIC Policy |
Participating Non-linked Money Back Policy | |
Grace Period |
1 month for quarterly, half-yearly, & yearly modes of payment
15 days for the monthly mode of payment |
|
Tax Benefit |
|
|
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LIC New Endowment Policy
This is another LIC best policy with best returns. This plan is basically a participating endowment plan, which offers an alternative to its policyholders to pick the suitable sum assured as well as the mode of premium payment.
The LIC New Endowment Policy offers monetary security throughout its policy tenure as well as this plan comes with the loyalty add-ons. The total sum assured on the death is dependent on its premiums paid & its maturity benefits too.
A quick glance at the LIC New Endowment Policy in the table below
Entry Age |
Minimum 8 years | Maximum 55 years |
Maturity Age |
No limit | 75 years |
Policy Term |
Minimum 12 years | Maximum 35 years |
Sum Assured |
Minimum INR 1 lakh | No limit |
Modes of The Premium Payment |
Yearly, Half-Yearly, Quarterly, Monthly | |
Type of LIC Policy |
Endowment Plan | |
Sum Assured For Accident Benefit |
Minimum INR 1 lakh | |