Founded in the year 1956, Life Insurance Corporation of India is the largest life insurance company in India with the highest market share. With its wide presence across the country and also on a global platform, LIC caters to every unique need of various investors. With its diversified product range, LIC offers products that only provide risk cover but also works as a great investment tool. There are various traditional and new-aged products of LIC that are customised to meet various investment needs of its customers with a different risk profile.
Investment plans
Investment plans like endowment plans, policies and unit-linked plans of LIC are life insurance plans that offer multiple avenues to save and build a financial corpus for future. There are investment plans that suit every type of investor starting from conservative to aggressive investors. The main idea of investing through LIC investment plans are the benefit or wealth creation that come along with comprehensive insurance coverage. Let’s take a look at some of the best investment plans of LIC.
1. LIC Jeevan Labh Plan
LIC Jeevan Labh is a limited premium, participating and non-linked endowment plan that offers the dual benefit of insurance and investment. Following are some of the key features and attractive benefits offered by LIC Jeevan Labh.
Features and Benefits of LIC Jeevan Labh
- As the policy is a participating plan, policyholders are entitled to receive vested simple reversionary bonuses (declared based on company’s performance every year) at the time of maturity or on death. The policy may also pay final bonuses
- On the death of the policyholder during the policy term, the policy pays a death benefit to the nominee. The death benefit payable will be the sum assured on death + vested simple reversionary bonuses + final bonuses if any. Wherein, the sum assured on death is higher of the following:
- 10X annualised premium
- Basic sum assured
- 105% of total premium paid till death
- If the policyholder survives the entire policy term, maturity benefit will be paid at the end. Maturity benefit payable will be basic sum assured + vested simple reversionary bonuses + final bonuses, if any
- To enhance the coverage, additional optional riders are offered – LIC’s new term assurance rider, LIC’s accidental death and disability benefit rider
- The plan offers liquidity through a loan facility
Eligibility Criteria and Other Conditions – LIC Jeevan Labh
| Entry age | 8 years to 50-59 years |
| Basic sum assured | INR. 2,00,000 to no limits |
| Maximum maturity age | 75 years |
| Policy term/premium payment term | (16 years/10 years), (21 years/15 years) and (25 years/16 years) |
| Premium payment mode | Yearly/half-yearly/quarterly/monthly |
2. LIC New Endowment Plan
LIC new endowment plan is a plan with a combination of protection+ savings. It is a non-linked participating plan that offers various amazing benefits and features.
Features and benefits of LIC New Endowment plan
- On the death of the policyholder during the policy term, the policy pays a death benefit to the nominee. The death benefit payable will be the sum assured on death + vested simple reversionary bonuses + final bonuses if any. Wherein, the sum assured on death is higher of the following:
- 10X annualised premium
- Basic sum assured
- 105% of total premium paid till death
- If the policyholder survives the entire policy term, maturity benefit will be paid at the end. Maturity benefit payable will be the basic sum assured + vested simple reversionary bonuses + final bonuses, if any
- The plan offers additional optional rider –LIC’s accidental death and disability benefit rider
- The plan meets the liquidity needs through a loan facility
Eligibility Criteria and Other Terms – LIC New Endowment Plan
| Entry age | 8 years to 55 years |
| Basic sum assured | INR.1,00,000 to no limit |
| Maximum maturity age | 75 years |
| Policy term | 12 years to 35 years |
| Premium payment mode | Yearly/half-yearly/quarterly/monthly |
3. LIC New Jeevan Anand Plan
LIC New Jeevan Anand is a whole life, participating and non-linked endowment plan that offers the benefit of lifelong protection and savings. The policy provides the risk cover throughout life even after policy maturity with many amazing features and benefits.
Features and Benefits of LIC New Jeevan Anand
- On the death of the policyholder during the policy term, the policy pays a death benefit to the nominee. The benefit payable will be the sum assured on death + vested simple reversionary bonuses + final bonuses if any. Wherein, the sum assured on death is higher of the following:
- 125% of Basic sum assured
- 10X annualised premium
- 105% of total premium paid till death
- If the policyholder survives the entire policy term, maturity benefit will be paid at the end. Maturity benefit payable will be basic sum assured + vested simple reversionary bonuses + final bonuses, if any
- When the policyholder dies after the policy maturity, basic sum assured is paid as a death benefit to the nominee
- The policy offers a loan facility to help insured to meet liquidity requirement
- LIC’s accidental death and disability benefit rider is available as an optional add-on
Eligibility Conditions and Other Terms –LIC New Jeevan Anand
| Entry age | 8 years to 50 years |
| Basic sum assured | INR.1,00,000 to no limit |
| Maximum maturity age | 75 years |
| Policy term | 15 years to 35 years |
| Premium payment mode | Yearly/half-yearly/quarterly/monthly |
4. LIC Jeevan Lakshya Plan
LIC Jeevan Lakshya is a traditional LIC investment plan that provides the benefit of insurance cum investment along with annual income benefit for the family of insured in an unforeseen event. The plan comes with numerous benefits and important features.
Features and Benefits of LIC Jeevan Lakshya
- In case the insured dies during the policy term, death benefits are paid in the following ways:
- Annual death benefit equivalent to 10% of basic sum assured which will be payable from the policy anniversary coinciding with the date of death till the policy anniversary prior to date of maturity
- An assured absolute amount equal to 110% of basic sum assured + vested simple reversionary bonuses + final bonuses if any will be payable on maturity
- All the in-force policies will continue to participate in the profit of the company even after the insured dies till the date of maturity
- If the insured survives the policy term, maturity benefit equal to the basic sum assured + vested simple reversionary bonuses + final additional bonuses, if any will be paid
- The policy offers optional additional benefits – LIC’s accidental death and disability benefit rider and LIC’s new term assurance rider
- Loan facility option provided by the plan helps to meet liquidity needs
Eligibility Criteria and Other terms of LIC Jeevan Lakshya
| Entry age | 18 years to 50 years |
| Basic sum assured | INR.1,00,000 to no limit |
| Maximum maturity age | 65 years |
| Policy term | 13 years to 25 years |
| Premium payment mode | Yearly/half-yearly/quarterly/monthly |
5. LIC Jeevan Umang Plan
LIC Jeevan Umang is one the LIC investment plan that provides whole life risk cover along with savings for long-term. The policy comes with various attractive features and amazing benefits.
Features and Benefits of LIC Jeevan Umang
- If the insured dies during the policy term, sum assured on death + vested simple reversionary bonuses + final additional bonuses if any will be payable to the nominee. Where the sum assured on death is the highest of the following:
- Sum assured on maturity
- 10X annualised premium
- Basic sum assured
- 105% of total premiums paid till death
- The policy provides survival benefits starting from the end date of the premium payment term. 8% of basic sum assured will be paid till the death of insured or till the policy anniversary prior to the date of maturity, whichever is earlier
- On the date of maturity, basic sum assured + vested simple reversionary bonuses + final additional bonuses, if any will be paid to the policyholder
- The policy offers various additional optional benefits – LIC’s accident benefit rider, LIC’s accidental death and disability benefit rider, LIC’s new term assurance rider and LIC’s new critical illness benefit rider
- The loan can be availed against the policy
Eligibility Criteria and Other Terms – LIC Jeevan Umang Plan
| Entry age | 90 days to 55 years |
| Maximum maturity age | 100 years |
| Policy term | (100- the age at entry) years |
| Premium paying term | 15,20,25 and 30 years |
| Basic sum assured | INR. 2,00,000 to no limits |
| Premium payment mode | Yearly/half-yearly/quarterly/monthly |
6. LIC New Children Money Back Plan
LIC new children money back plan is one such traditional LIC investment that is specifically designed to save for long-term goals like children’s higher education and for the financial security of children. It is a participating, non-linked money back plan that comes with various unique features.
Features and Benefits of LIC New Children Money Back Plan
- Risk cover is provided on the child’s life during the policy term
- Survival benefits will start when the child turns 18 years old. 20% of basic sum assured will be paid on completion of 18 years, 20 years and 22 years (on each occasion)
- If the life assured survives till maturity, the remaining sum i.e. 40% of basic sum assured + vested simple reversionary bonuses + final additional bonuses, if any will be paid
- Additional optional benefits like premium waiver benefit and defer the survival benefit can be availed at an extra cost of the premium
Eligibility Criteria and Other Terms – LIC New Children Money Back Plan
| Entry age (for life assured) | 0 – 12 years |
| Maximum maturity age | 25 years |
| Policy term | (25-age at entry) years |
| Basic sum assured | INR. 1,00,000 to no limit |
| Premium payment mode | Yearly/half-yearly/quarterly/monthly |
7. LIC Jeevan Tarun Plan
LIC Jeevan Tarun is LIC investment plan that is designed to meet the long-term financial needs of children. It is a non-linked, participating limited premium payment plan. It is a flexible plan that comes with various features and benefits to suit the varying requirement of investors.
Features and Benefits of LIC Jeevan Tarun
- The policy provides annual survival benefit starting from 20 years of age to 24 years of age along with maturity benefits at the age of 25 years. A fixed percentage of sum assured is paid every year
- Maturity benefit will be the fixed percentage of sum assured (predefined) + vested simple reversionary bonuses + final additional bonuses if any
- The plan offers flexibility to choose the survival benefit. Percentage of sum assured to be paid every year as survival benefit for 5 years from 20 years of age can be chosen as per need – 5%, 10% or 15% every year or no survival benefit
- Liquidity needs of investors are addressed with loan facility
- On the death of the policyholder during the policy term, the policy pays a death benefit to the nominee. The death benefit payable will be the sum assured on death + vested simple reversionary bonuses + final bonuses if any. Wherein, the sum assured on death is higher of the following:
- 125% of Basic sum assured
- 10X annualised premium
- 105% of total premium paid till death
Eligibility Criteria and Other Conditions – LIC Jeevan Tarun
| Entry age | 90 days to 12 years |
| Maximum maturity age | 25 years |
| Policy term | (25- the age at entry) years |
| Premium paying term | (20- the age at entry) years |
| Basic sum assured | INR. 75,000 to no limits |
| Premium payment mode | Yearly/half-yearly/quarterly/monthly |
8. LIC Single Premium Endowment Plan
LIC’s single premium endowment plan is a participating non-linked insurance cum investment plan that allows investments in one go. Lump-sum money can be invested in a particular term. At the end of the selected policy term, survival benefit will be paid. The death benefit will be paid in case the insured dies during the term. The loan can also be availed against the policy.
Eligibility Criteria and Other Terms – LIC Single Premium Endowment Plan
| Entry age | 90 days to 65 years |
| Maximum maturity age | 75 years |
| Policy term | 10 years to 25 years |
| Sum assured | INR. 50,000 to no limit |
| Premium payment mode | Single premium only |
How to apply for LIC investment plans?
LIC investment plans can be purchased by logging in to LIC website. Here is a simple process to follow:
- Fill in the online application
- Fill in all the required details such as name, contact number, address, email ID, income details, and choose investment type.
- Agree to the terms and conditions
- Click on submit button and complete the process of online application
LIC investment plans can be purchased by visiting LIC branch offices and through agents and brokers.