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Top 5 LIC policies for your investment plans

HomeBusinessTop 5 LIC policies for your investment plans

LIC is the most trusted name in the insurance market. It is a state-owned insurance company and is the largest insurer on account of selling maximum policies. It is found in each and every state of India for making it easily accessible to all. The LIC money back policy is awesome in every respect. The money back policy refers to the policy where the insurer gets some percentage of the assured amount regularly instead of getting the entire amount as lump sum on maturity of the policy. In this way its is an endowment plan.

For all those planning to invest in LIC in 2022, here are the best policies of LIC in 2022:

1. LIC Jeevan Pragati Plan: LIC Jeevan Pragati Plan is a non-linked insurance plan, which besides offering financials security comes with additional saving and advantages. The key feature of this plan is that the risk covered is raised after every five years. This plan also helps in meeting the immediate needs by offering loan option.

Advantages of LIC Jeevan Pragati Plan:

• The minimum death benefit under the plan is 105 percent of the premium amount.
• In case the policy is in force, the death benefits will comprise the assured amount on death along with revisionary bonuses as well as final additional bonus.
• There is tax exemption on premiums and there are no additional charges for rider premium, if it is there.
• The assured amount on maturity consists of the basis assured amount along with revisionary bonuses as well as final additional bonus.
• The policy will be benefitted by the corporation profits and will regularly upgrade the bonus amount as per the LIC guidelines.
• The policyholder is also entitled to get Accidental death benefit and Disability Benefit Rider.

Salient structures of LIC Jeevan Pragati Plan:

• Minimum basic assured amount is Rs.1, 50,000; however, there is no upper limit.
• The term of the policy is 12 to 20 years.
• The minimum entry age is 12 years and maximum entry age is 45 years. The maximum age at maturity is sixty-five years. The premium can be paid on quarterly, half yearly, yearly on monthly basis.
• The nonpayment of the premium within grace period can lead to lapse of policy.

2. LIC Jeevan Labh Plan: LIC Jeevan Labh Plan is a low premium endowment policy, or in other words it is a LIC money back policy. It offers financial protection as well as savings. However, in case of unfortunate incident of death of the policy holder, the nominees will be paid death benefits and bonuses along with additional benefits as mentioned in the policy.

Advantages of LIC Jeevan Labh Plan:

• As in case of Jeevan Pragati, the minimu death benefist in case of Jeevan Labh is 105 percent of the total premium.
• Death benefit will offer assured amount along with revisionary bonus and final additional bonus.
• The premiums are tax exempted and there are no additional charges for benefit riders.
• The policy will get the share of corporation profist and will get bonuses as per regular declaration by LIC.
• The policy holder will be entitled to get Accidental death benefits, Disability Benefit Rider along with LIC’s New Term Assurance Rider.
The salient structures of LIC Jeevan Labh Plan:
• Minimum basic assured sum is Rs. 2,00,000 and there is no upper limit.
• The policy term can be 21 years, 25 years, or 61 years.
• The minimum entry age is 8 years and maximum entry age is 59 years.
• The maximum age at maturity is seventy-five years.
• The premium can be paid on yearly, half yearly, quarterly or monthly basis.
• The policy will lapse due to non-payment of premium within the grace period.

3. LIC New Jeevan Anand Plan: LIC New Jeevan Anand is a participating endowment plan which offers numerous benefits. It is a saving and protection plan which offer huge sum on maturity. However, the primary purpose of the plan is to offer financial security of the dependents of the policy holder. It also offers loan facilty for meeting the liquidity need of the insurer.

Benefits of New Jeevan Anand:

• In case of death of insured person before the expired term, the death benefits will include assured amount, revisionary bonus and final additional bonus.
• The assured amount at death is above 125% of the basic amount or about 10 times the annualized premium sum.
• At maturity, the insurer will get basic assured amount along with simple revisionary bonus as well as final additional bonus in form of lump sum.
• LIC accidental death benefit rider can be availed by paying some extra money along with the premium.

Salient structures of LIC New Jeevan Anand Plan:

• Minimum basic assured amount is Rs. 1,00,000 and there is no maximum limit (the basic assured sum will be in multiples of Rs. 5000).
• The minimum entry age for this plan is 18 years and maximum entry age for it is 50 years.
• The minimum term of the policy is 15 years and maximum term for the policy is 35 years.
• The maximum age at maturity is seventy-five years.
• The premium can be paid per month, per quarter, per year, per half year.
• The policy will lapse in case of non-payments. The grace period for monthly premium payment plan is 15 days and for rest of others, it is 30 days.

4. LIC Jeevan Rakshak Plan: LIC Jeevan Rakshak Plan is a participating endowment plan which offers savings as well as protection. The insurer can enjoy loyalty benefits after completion of five eyars term. It is considered to be a comprehensive plan due to additional benefit of Accidental Death Benefit Rider.

Advantages of LIC Jeevan Rakshak Plan:

• The policy will be eligible to get Assured Sum at death which is:
o More than basic assured sum, or
o Ten times the annualized premium amount, or
o 105 percent of the premiums paid till death.
• In case of survival of the insurer, Basic assured sum along with the revisionary bonuses and final additional bonuses will be paid, if all premiums have been paid.
• The policy will get the profist of LIC and will enjoy additional benefits regularly.
• LIC death benefit rider can be opted by paying an additional small amount. If the insurer dies due to accident, accidental benefit assured amount will be paid along with the basic sum assured.
Salient structures of LIC Jeevan Rakshak Plan:
• Minimum assured amount is Rs. 75.000 and the maximum assured sum is Rs. 2,00,000.
• The minimum term for policy is ten years and maximum term is 20 years.
• The minimum entry age is 8 years and maximum entry age is 55 years.
• The maximum age at maturity is 70 years.
• The premiums can be paid monthly, quarterly, half yearly or yearly.
• The policy can lapse in case of non-payments. However, the lapsed policy can be revived within two years.

5. LIC Jeevan Lakshya Plan: LIC Jeevan Lakshya Plan is a traditional saving plan which offers protection by yearly payments after the death of the insurer for fulfilling the needs of his/her family. Moreover, the beneficiaries will also entitle to get 110% of the sum assured at the end of initial policy term. In this plan the insurer can opt for two more benefits, viz. New Term Assurance Rider and Accidental Death and Disability Rider.

Advantages of LIC Jeevan Lakshya Plan:

• In case of unfortunate incidence of death of the insurer, the death benefits will include assured simple, along with revisionary bonuses as well as final additional bonuses.
• The death benefits will comprise of:
o Annual income benefit equivalent to ten percent basic assured amount.
o Assured absolute amount equivalent to 110 percent basic assured sum.
• In case of survival of insurer, an lump sum amount will be paid which will include the basic assured amount along with final additional bonuses as well as simple revisionary bonuses.
• The policy will receive LIC profist and its regular additional benefits.
• The insurer can also avail accidental death benefit rider on payment of extra small amount with the premiums.
• The death benefits should be at least 105% of the total premium amounts paid till death.

Salient structures of LIC Jeevan Lakshya Plan:

• Minimum assured amount is Rs. 1,00,000, however, there is no upper limit but the assured amount should be in multiples of Rs. 10,000.
• The term of policy is of 13-25 years.
• The minimum entry age is 18 years and maximum entry age is 50 years.
• The maximum age at maturity is sixty-five years.
• The premiums can be paid on monthly, yearly, quarterly or half yearly basis.
• Nonpayment of premium leads to lapse of policy. However, it can revive within 2 consecutive years.

As we have seen above, these were the best LIC policies to be invested in 2022. Each policy has its own benefits and features. The insurer can select the policy by thoroughly analyzing each policy and then comparing and contrasting. A through market research can help in bringing in heavy returns for the hard earned money. Moreover, LIC is not only an investment but a financial security for you and your family, hence; always take cautious strides in this direction.

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Aditi Singh
Aditi Singh
Aditi Singh is an independent content creator and money finance advisor for 5 years. She is recently added with Investment Pedia. Internet users are always welcome to put comments on her contributions.

1 COMMENT

  1. I’ve recently started a web site, the information you provide on this site has helped me greatly. Thanks for all of your time & work.

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