LIC Plan - 5 years Double Money Plans

LIC's Term Assurance Plans

LIC's Term Assurance Plans offer life insurance protection to the policyholder's family at an affordable premium rate. If the policyholder or insured person passes away during the term of the policy, their beneficiary gets a death benefit. As a pure-term protection plan, there is no maturity benefit offered by the policy. LIC offers various term assurance plans with policy tenures starting from 5 years.

LIC Saral Jeevan Bima

LIC Saral Jeevan Bima is a life insurance plan that provides short-term risk coverage. In the unfortunate event of the policyholder's death during the coverage period, LIC will pay out the sum assured on death to the policyholder's family members, ensuring that they are financially protected. With this plan, the policyholder can have peace of mind knowing that their family will not face financial difficulties in their absence.

LIC Endowment Plans

LIC Endowment Plans are designed to provide dual benefits of savings and insurance. By paying a premium, you can choose a desired cover amount (sum assured). If you survive the policy term, you will receive the full sum assured as a guaranteed income, which can be utilized according to your needs. In case of your untimely demise within the policy term, your family will receive the sum assured as a death benefit.

LIC Dhan Sanchay Plan

LIC's Dhan Sanchay plan is designed to create a steady income stream after the policy matures. If the policyholder passes away during the period of the policy, their assigned nominee will receive the death benefit amount. This plan not only provides a safety net for your future but also secures the financial future of your family in case of your untimely demise. It is important to note that this 5-year LIC plan is only available under the Single Premium Level Income Benefit and Single Premium Enhanced Cover with Level Income Benefit options.

LIC Pension Plans

LIC Pension Plans are a great investment option for those looking to secure their future after retirement. These plans help create a financial cushion in the long term, ensuring a regular flow of income after retirement. LIC offers two different plan options under its Pension Plan, which we'll now explore in detail.

LIC New Jeevan Shanti:

LIC's New Jeevan Shanti is a type of annuity plan that offers a deferred payment option. This means that you can start receiving regular pension payments after a specific period, known as the deferment period. At the time of buying, you can select the pension amount that you want to receive. After the deferment period is over, the pension income begins and continues until your death. In the event of your death, the annuity payments will stop, and the death benefit amount will be paid to your family.

LIC Jeevan Akshay VII:

LIC Jeevan Akshay VII is a plan for an immediate annuity that can be purchased with a one-time lump-sum payment. The policyholder receives annuity payments on a monthly, quarterly, half-yearly, or yearly basis. Here are the eligibility requirements for the plan.

LIC's Micro Insurance Term Plans

LIC's Micro Insurance Term Plans are tailor-made for the low-income segment of the population in India. These plans offer a combination of insurance coverage and savings at an affordable premium rate. With these plans, the policyholders can ensure the financial security of their families and safeguard themselves against any unforeseen circumstances. It is essential to make a note that none of the LIC plans offers the benefit of money doubling, and the LIC 5-year double money calculator is not available on the official platform. Let's delve into the details of the LIC Micro Insurance Policy for 5 years.

LIC Bhagya Lakshmi Plan:

LIC Bhagya Lakshmi Plan is a protection plan with limited payment terms, which guarantees a return of 110% of the total premiums paid upon maturity. The premium payment term of the policy is 2 years shorter than the policy term. In the event of the policyholder's or insured person's death during the policy term, LIC Bhagya Lakshmi Plan provides a death benefit equal to the total sum assured amount. Now, let's examine the policy's eligibility requirements.

LIC New Jeevan Mangal Plan:

LIC New Jeevan Mangal Plan is a term protection plan that offers the benefit of the return of premium at the end of the policy term. The policyholder has the option to pay the premium as a lump sum or on a regular basis - yearly, half-yearly, quarterly, or monthly. The coverage provided under this plan is limited to the premium-paying tenure of the policy. Here are the eligibility criteria for this LIC plan for 5 years.

Benefits of 5-Year LIC Plans

Life Coverage: In the event of the policyholder’s death, the LIC plan will offer coverage to the family of the policyholder. The policyholder can be at ease knowing that their loved ones will have sufficient resources even if they are not around.

Assured Returns: Certain life insurance policies provide guaranteed returns, which guarantee that the policyholder will receive a specific amount at maturity or in the event of their death. This helps in stabilising the investment portfolio, particularly in times of market turbulence.

Riders and Extra Benefits: LIC policies can offer a range of riders in addition to extra benefits like disability riders, critical illness coverage, and accidental death benefits. You can increase the protection of your base policy by adding these.

Savings and Investment: A lot of LIC policies come with both investment and insurance elements. Throughout the course of the five-year period, investing in these policies will allow you to accumulate a corpus that you can use to meet a variety of financial objectives, including retirement, marriage, and education.

Loan Facility: A common feature of LIC policies is a facility to borrow money against the surrender value of the policy. If you require liquidity for emergency situations or other financial needs over the course of five years, this may be helpful.

Guide to Purchasing LIC's 5-Year Plans

can be bought by customers either online or by visiting any of the LIC offices. An online application form can be filled in the LIC website which will enable LIC representatives to contact you with regards to the insurance that you wish to avail. Also, LIC has offices in almost all cities and towns of the country; these can directly be contacted to obtain information and buy LIC insurance schemes.

Alternatively, LIC customer care representatives can be contacted via phone for details regarding insurance policies offered by the company.