There is no denying the importance of life insurance in today’s uncertain times. Buying a life insurance plan provides the much-needed financial security to your family in case of your unfortunate & untimely demise and that too, at a nominal cost.
However, people are still hesitant to invest in life insurance plans as they don’t understand their potential and benefits. For most people, it’s just an additional expense to their budget. However, before rejecting any prospect of buying life insurance, every breadwinner of a family should consider the after-effects of her/his sudden demise on his family members/loved ones.
Going forward, when we talk about life insurance in India, the first company that comes to our mind is, of course, LIC (Life Insurance Corporation of India). LIC plans are the most trusted when it comes to life insurance plans. However, the availability of too many options makes it a tedious task to choose an LIC policy that would work for you.
Top 6 LIC Plans & Policies in India 2024
Therefore, to help you make a better and more informed decision, we’ve enlisted 6 best LIC policies in the below table:
| Name of the LIC Policy | Type of LIC Policy | Entry Age (Min-Max) | Term of LIC Policy (Min-Max) | Maturity Age | Sum Assured (Min-Max) |
| LIC New Jeevan Anand | Endowment Plan | 18-50 Years | 15-35 Years | 75 years | INR 1 lac – No Limit |
| LIC New Children’s Money-Back Plan | Money-Back Child Plan | 0-12 Years | 25 Years (Entry Age) | 25 Years | INR 1 Lac – No Limit |
| LIC Tech Term Plan | Term Insurance | 18-65 Years | 10-40 Years | 80 Years | INR 50 lacs – No Limit |
| LIC Jeevan Pragati | Endowment Plan | 12 – 45 Years | 12 – 20 Years | 65 Years | INR 1.5 Lacs – No Limit |
| LIC Jeevan Umang | Endowment + Whole Life Plan | 90 days – 55 Years | 100 years | 100 Years | INR 2 Lacs – No Limit |
| LIC Jeevan Saral | Endowment Plan | 35 Years | 25 Years | N/A | N/A |
1. LIC New Jeevan Anand Plan
LIC New Jeevan Anand Plan is the LIC plan that offers the perfect blend of savings & financial protection. If you follow the statistics, you’ll find out that it’s the highest-selling LIC plan.
| LIC Jeevan Anand Plan | Traditional Endowment Plan |
| Entry Age | 18 to 50 Year |
| Sum Assured | 1 Lakh – No Limit |
| Optional Benefits | Accidental death benefit and disability benefit |
| Tax Benefits | Section 80c |
| Loan | Available |
Benefits of LIC New Jeevan Anand Plan
- In case the policyholder survives the maturity period, s/he will receive the Double Death Benefit under this LIC plan.
- This LIC policy has a higher bonus rate, affordable premium, and best of all, great liquidity.
- The policyholder will receive a lump sum amount once the LIC plan has attained maturity.
- In case of the unfortunate demise of the policyholder, before the policy term is completed, her/his nominee will receive a total sum of:
- Sum Assured on Death
- Simple Reversionary Bonus
- Final Additional Bonus
- If the policyholder survives the tenure of this LIC plan, s/he will be paid the survival benefit including:
- Basic Sum Assured
- Simple Reversionary Bonus
- Final Additional Bonus
- This LIC plan can work as an ideal choice for women as they’re never off duty and responsibilities. This plan will continue paying the benefits, even after attaining maturity.
2. LIC New Children’s Money-Back Plan
LIC New Children’s Money-Back Plan is specially designed to meet certain requirements of raising children such as their educational expenses, and marriage expenses by availing through Survival Benefits.
Also, the policyholder will receive a life risk cover for her/his child and other survival benefits for the chosen policy term. Policyholders can choose to pay premiums a monthly, quarterly, half-yearly, or yearly basis. This LIC Plan also offers the Surrender Value against the plan, if the policyholder has paid the premium for the first 3 years.
| LIC New Children’s Money-Back Plan | Traditional Money Back Child Plan |
| Entry Age | 0 to 12 Year |
| Policy Term | 25 Years |
| Premium Mode | Yearly, Half-Yearly, Quarterly & Monthly |
| Medical Examination | No |
| Sum Assured | 1 Lakh |
Benefits of LIC New Children’s Money-Back Plan
- In case of the policyholder’s demise before completing the policy term, her/his nominee will receive the Death Benefit amount. In case of the policyholder’s death after the policy term, her/his nominee will receive the Death Benefit as a total of:
- Sum Assured
- Accrued bonus
- Final Additional Bonus
- Once the nominee has completed 18 years of age, s/he will receive 20% of the Sum Assured as money-back at an interval of every 2 years.
3. LIC Tech Term Plan
LIC Tech-Term Plan is a non-linked and pure protection plan. This LIC policy is available for the applicants only via an online application process, wherein, no intermediaries are involved.
| LIC Tech-Term Plan | Pure Term Plan |
| Entry Age | 18 to 65 Years |
| Policy Term | Min 10 Years and Max 40 Years |
| Premium Mode | Annually |
| Medical Examination | Required |
| Sum Assured | Min 50 Lakhs Max No Limit |
Benefits of LIC Tech Term Plan
- This LIC plan offers a higher sum assured in return for a very reasonable (compared to other plans in the market).
- The policy term is as high as up to 40 years.
- The policyholder will get access to legitimate income tax rebates under this plan.
4. LIC Jeevan Pragati
LIC Jeevan Pragati is one of the best endowment policies when it comes to endowment plans offered by LIC. One of the best features offered by this LIC plan is that it auto-increments the risk coverage amount every 5 years. The aforementioned feature makes this LIC policy an ideal combination of savings & financial protection.
| LIC Jeevan Pragati | Endowment Plan |
| Entry Age | 12 to 45 Years |
| Policy Term | 20 Years |
| Premium Mode | Yearly, Half-Yearly, Quarterly & Monthly |
| Medical Examination | Required |
| Sum Assured | 1.5 Lakhs |
Benefits Of LIC Pragati Plan
- In case of the policyholder’s death before completing the policy term, her/his nominee will receive the sum assured along with complimentary bonuses such as Final Additional Bonus and Simple Reversionary Bonus.
- In case of the policyholder’s death after completing the policy term, her/his nominee will receive the sum assured along with different bonus amounts like Final Additional Bonus and Simple Reversionary Bonus.
5. LIC Jeevan Umang
LIC Jeevan Umang plan offers the perfect mix of savings and regular earnings for the policyholder’s family in case of her/his untimely demise. This exclusive feature establishes this plan as one of the best LIC policies
As it’s a whole life insurance plan, it offers a cover of 100 years wherein, a fixed amount of Sum Assured will be paid to the policyholder once the policy term is over.
| LIC Jeevan Umang | Endowment Plan |
| Entry Age | 90 Days Old Baby |
| Loan | Available |
| Premium Mode | Yearly, Half-Yearly, Quarterly & Monthly |
| Tax Benefits | Section 80 c |
| Sum Assured | 2 Lakhs |
Benefits Of LIC Jeevan Umang Plan
- In case of the policyholder’s death before completing the policy term, her/his nominee will receive the whole premium amount paid till the death date (excluding any interest amount).
- In case of the policyholder’s death after completing the policy term, her/his nominee will receive the sum assured along with the Accrued bonus and Final Additional Bonus.
- Once this LIC policy has attained maturity, the policyholder will receive the ‘Sum Assured on Maturity’ along with vested reversionary bonuses Final Additional Bonus.
- The policyholder will receive the survival benefit as 8 percent of the Basic Sum Assured amount every year until the policy reaches its maturity period.
6. LIC Jeevan Saral
LIC Jeevan Saral is an endowment plan that provides the policyholders and their dependents with much-needed financial protection throughout the policy term. The Sum Assured amount given on plan maturity depends upon the premium amount paid by the policyholder till her/his death date. This LIC plan also comes with exclusive features such as liquidity and flexibility in policy tenure.
| LIC Jeevan Umang | Endowment Plan |
| Entry Age | 12 to 60 Years |
| Policy Term | Min 10, Max 35 Years |
| Premium Mode | Yearly, Half-Yearly, Quarterly & Monthly |
| Tax Benefits | Section 80 c |
| Sum Assured | 62,500 |
Benefits of LIC Jeevan Saral Plan
- The death benefit will be paid as 250 multiplied by the monthly premium amount along with loyalty additions (if there are any).
- The nominee will receive the premium amount paid by the policyholder till her/his death date in case of the policyholder’s death in mid of the policy term.
- The sum assured amount on LIC policy maturity along with Loyalty additions, will be paid as a lump sum.
- Premiums paid in this LIC plan are income-tax exempted under Section 80 C. Also, the maturity amount is tax-exempt under Section 10 (10D).
- The benefit of Loyalty Additions makes it one of the best LIC policies in India. As it’s a with-profit plan, this LIC plan gets a share in the profits made by the organization in its life insurance business. The profit share is given as loyalty additions to the policyholders depending upon the company’s experience with them during their policy tenure.
- Loan facility and house loan surety are also available under this plan.
Conclusion
Now as you’re already aware of the best LIC plans in India to make your investments in 2020; according to experts, you should first focus on the reason behind purchasing a life insurance plan. Do you want it to offer financial support to your family regular earnings or both, in case of your unfortunate demise?
LIC plans are undoubtedly the most trustworthy and reasonable plans when it comes to life insurance. LIC offers 20+ life insurance plans depending on your affordability & requirements. Having said that, with a trustworthy reputation in the Indian insurance market & excellent benefits to offer, you don’t have to worry about investing your money in LIC plans in India.
