LIC Investment Plans
LIC Investment Plans
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LIC Investment Plans

The Life Insurance Corporation of India is the oldest player in the insurance sector of India. LIC has been serving the insurance needs of the entire country over a long period of time. Being the best players in the market, the corporation has seized most of the stocks and has maintained its reputation as the largest insurance company in India.

LIC Investment Plans are tailor-made as per the financial and investment needs of the customers such as education, health, life cover, marriage of children, retirement purposes, etc. These plans are designed in a way to ideally deal with the financial burden during emergencies and uncertainties of life.

Let us discuss some of the most popular investment plans offered by LIC.

Types of LIC Investment Plans

1. LIC New Endowment Plan (Plan No: 914)

LIC New Endowment Plan is a non-linked participating plan which offers savings as well as protection features to the life insured. The plan serves as financial support to the family of the policyholder by providing a lump sum amount at maturity and before maturity. The plan offers a loan facility to take care of the liquidity needs of the insured.

Features & Benefits of LIC New Endowment Plan:

  • The death benefit is paid as "Sum Assured on Death" along with vested Simple Reversionary Bonuses.
  • If the policyholder survives the policy term, the maturity benefit is paid at maturity.
  • The policy participates in the profits of the company.
  • As per the company’s performance, the vested Simple Reversionary Bonus and final additional bonus are provided to the customers.
  • Accidental Death Benefit and Disability Benefit Rider are also available under the plan.

Eligibility Criteria:

Age at Entry8-55 years (completed)
Age at Maturity75 years (nearest birthday)
Policy Tenure12 to 35 years
Sum AssuredRs. 1 lakh (minimum)

2. LIC New Jeevan Anand (Plan No: 915)

LIC New Jeevan Anand is a non-linked participating plan which offers protection in addition to savings. The combination is responsible for the security of the family in case of death of the policyholder by providing death benefit and payout in the event of surviving the policy term. Also, it helps in meeting liquidity needs as it provides loan facility. The plan participates in profit and declares bonuses according to the experience of the corporation.

Features & Benefits of LIC New Jeevan Anand:

  • The guaranteed survival benefit is applicable under the plan.
  • A death benefit is paid if any mishap will take place with the policyholder.
  • If the life insured survives until the policy term ends, the maturity benefit is paid.
  • Accidental death and disability rider options together with tax benefits are also available.

Eligibility Criteria:

Age at Entry18-50 years
Policy Tenure15-35 years
Maturity Age75 years
Sum AssuredRs. 1 lakh (minimum)
No limit (maximum)

3. LIC Single Premium Endowment Plan (Plan No: 917)

LIC Single Premium Endowment Plan, as the name suggests, is a limited pay non-linked participating plan which is helpful during the death of the policyholder and pays a lump sum benefit at maturity if the policyholder survives the policy tenure.

Features & Benefits of LIC Single Premium Endowment Plan:

  • If the policyholder dies on or before the risk commencement date of the policy, a single premium will be paid exclusive of any tax or extra charges.
  • Similarly, if the insured person dies after the risk commencement date, the sum assured in addition to final additional bonus and vested bonus (if applicable) is paid.
  • The plan participates in profits where the company pays reversionary bonuses that depend on the performance of the corporation.
  • The sum assured together with a reversionary bonus (if the policyholder is eligible for any) will be paid as a maturity benefit.

Eligibility Criteria:

Age at Entry90 days-65 years
Policy Tenure10 years
Maturity Age75 years (maximum)
Sum AssuredRs. 50,000 (minimum)

4. LIC Jeevan Lakshya (Plan No: 933)

LIC Jeevan Lakshya is a participating and non-linked plan that pays the customer on death and on surviving the policy tenure. The plan helps to boost savings and provides protection for your loved ones.

Features & Benefits of LIC Jeevan Lakshya:

  • Sum assured on death shall be payable on the unfortunate demise of the life insured.
  • 10% of the basic sum assured will be received as an ‘Annual Income Benefit’.
  • Maturity benefits can be expected upto 110% of the basic sum assured.
  • LIC’s New Term Assurance Rider is available under the plan.
  • The policyholder shall be rewarded with additional bonuses (if eligible for the same).

Eligibility Criteria:

Age at Entry18-50 years
Policy Tenure13-25 years
Premium Paying Term (PPT)(Policy Term – 3) years
Maturity Age65 years (maximum)
Sum AssuredRs. 1 lakh (minimum)

5. LIC Aadhaar Shila (Plan No: 944)

LIC Aadhaar Shila is a combined form of protection along with savings. The plan pays for death and maturity benefit. The plan offers loyalty additions during the policy term that depends on the performance of the corporation.

Features & Benefits of LIC Aadhaar Shila

  • On death after 5 policy years but prior to the maturity date, the sum assured with any applicable loyalty bonus is paid.
  • The company is liable to pay the entire sum assured even if the policy owner dies within 5 policy years.
  • Guaranteed loyalty additions along with the sum assured on maturity can be availed on the maturity of the policy.
  • Various rider options together with tax benefits are also available.

Eligibility Criteria:

Age at Entry8-55 years
Policy Tenure10-20 years
Premium Paying Term (PPT)10-20 years
Maturity Age70 years (maximum)
Sum AssuredRs. 75,000 (minimum)

6. LIC Aadhaar Stambh (Plan No: 943)

LIC Aadhaar Stambh is a non-linked participating plan in which the company pays out death and maturity benefit to the beneficiary on the sudden death of the policyholder. The policyholder must have an aadhaar card to take advantage of this plan.

Features & Benefits of LIC Aadhaar Stambh:

  • On completion of the policy term at the date of maturity, a lump sum benefit is paid to the policyholder.
  • Even if not paying premiums for 2 years; LIC will renew your lapsed policy within these 2 years.
  • Unlike other plans, this plan pays loyalty bonus upon sum assured amount despite the fact that the death occurs within 5 years of the commencement of the policy.
  • Loan facility is available to meet the liquidity needs of the insured.

Eligibility Criteria:

Age at Entry8-55 years
Policy Tenure10-20 years
Premium Paying Term (PPT)10-20 years (20-year policy term)
Maturity Age70 years (maximum)
Sum AssuredRs. 75,000 (minimum)

7. LIC Jeevan Umang (Plan No: 945)

LIC Jeevan Umang provides a combination of protection along with income for your loved ones. Annual survival benefits are paid until maturity (after the premium paying term ends) and a lump sum benefit on maturity or death of the life insured.

Features & Benefits of LIC Jeevan Umang:

  • It offers life cover to the insured person upto 100 years.
  • 90% of the surrender value can be availed as a loan through an exclusive loan benefit of this policy.
  • A desirable option can be selected from different available premium paying terms.
  • 4 various rider alternatives are applicable for additional security.

Eligibility Criteria:

Age at Entry90 days-55 years
Policy Tenure(100 – age at entry) years
Premium Paying Term (PPT)15, 20, 25 and 30 years
Maturity Age100 years (maximum)
Sum AssuredRs. 2 lakhs (minimum)

8. LIC Jeevan Labh (Plan No: 936)

LIC Jeevan Labh is a protection cum savings plan that will help you save a corpus along with financial security for the future. The plan is a limited premium paying, with-profits endowment plan that acts as a support for the family.

Features & Benefits of LIC Jeevan Labh:

  • The plan serves special perks to its policyholders in the form of rebates.
  • LIC is liable to pay death benefit which is not less than 105%.
  • 10x of annual premiums is paid as Vested Simple Reversionary Bonus.
  • The life insured will get the maturity lump sum benefit on surviving the maturity period.
  • Loan facility can be availed for premiums paid at least for 3 years on a regular basis.

Eligibility Criteria:

Age at Entry8-55 years
Policy Tenure(16/10), (21/15), (25/16) years
Premium Paying Term (PPT)(16/10), (21/15), (25/16) years
Maturity Age75 years
Sum AssuredRs. 2 lakhs (minimum)

9. LIC New Bima Bachat (Plan No: 916)

LIC New Bima Bachat is a participating and non-linked plan that comes with the combination of savings and protection. The plan is a one-time premium payment plan that offers money back benefits so as to meet financial goals and security against death.

Features & Benefits of LIC New Bima Bachat:

  • If the policyholder dies within 5 policy years, the sum assured on death will be paid to the life insured.
  • Similarly, on death after 5 policy years, loyalty bonus in addition to the sum assured is payable.
  • 15% of the sum assured shall be received as survival benefits in the event of surviving until the end of the policy term.
  • LIC participates in profit and declares loyalty additions as per the company’s experience.
  • The company also provides liquidity facilities to its customers.

Eligibility Criteria:

Age at EntryMinimum: 15 years
Maximum:
66 years (policy term 9 years)
63 years (policy term 12 years)
60 years (policy term 15 years)
Policy Tenure 9, 12 or 15 years
Premium Payment ModeOne-time premium only
Maturity Age75 years (maximum)
Minimum Sum AssuredRs.35,000 for term 9 years
Rs.50,000 for term 12 years
Rs.70,000 for term 15 years

LIC Investment Plans: FAQs

You'll need to fill in a claim form and call the financial adviser from whom to procure the policy. You must submit the relevant files to help your claim. If the claim application is accepted, you may get a cheque within 7 working days. If the claim is rejected, then you'll be receiving a letter explaining the reason for rejection.

The sum assured for the policy is reduced than the one which is chosen at the time of inception of the policy due to non-payment of premiums for consistently 3 years. The company will not pay reversionary bonus and profit bonus under a paid up policy.

LIC provides a grace period of 15 days for monthly premium payments and 30 days for any other premium payment frequency. The policy will lapse if you do not make the payment within the grace period. However, you will be able to renew the policy within 2 years from the initiation date.

No, LIC pays the surrender benefit only if the policyholder pays the premiums for at least 3 full policy years.

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Last updated on 25-02-2020