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 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.
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
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 |
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
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 |
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
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 |
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
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 |
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
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 |
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
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 |
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
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 |
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 |
LIC investment plans can be purchased by logging in to LIC website. Here is a simple process to follow:
LIC investment plans can be purchased by visiting LIC branch offices and through agents and brokers.
Endowment plans are life insurance products that are designed to provide the dual benefit of savings and protection. In these policies, the life insurance contract is designed for a specific term and premium needs to be paid for the said term. Policy provides protection/risk cover for death during the policy term. On survival, maturity benefits are paid.
Premiums paid towards LIC investment plans qualify for tax deduction under Section 80C of the Income-tax Act, 1961. Death benefits, maturity and survival benefits paid are exempt from income tax under Section 10 (10D) of the Income Tax Act, 1961.
Sum assured is a fixed amount of money that an insurance company (LIC) guarantees to pay during an unforeseen event.
Freelook period is the time period, usually 15 days or more for LIC investment plans, during which policyholder can terminate the insurance contract or cancel the policy if he/she is not satisfied with the terms and conditions of the policy. However, it’s important to state the reason for rejection.