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Life insurance is as important as having a healthy and secured life. No one can overstated the importance of having a life insurance. It offers the required financial protection to your family or loved ones in the event of your demise.In India, some people may think of it just as another expense. The question you should ask to yourself that what your family and loved ones will do in case of your demise, how will they manage their life if you are a single breadwinner. If you are getting confused then the answer is a life insurance policy.
In India, whenever it comes to life insurance, the first company that comes in mind is none other than the Life Insurance Corporation of India. It is the most trusted brand that deals in a wider range of life insurance products. Among all the available options, it becomes quite hard to pick the best one. To provide ease to you, below is the list of 6 top life insurance products by LIC.
|LIC Plans||Plan Type||Entry Age||Policy Term||Maximum maturity age||Sum Assured(minimum--maximum)|
|LIC New Endowment Plan||Non-linked Endowment plan||8-50 years||12-35 years||75 years||1, 00, 000—No limit|
|LIC- e Term||Pure Term insurance plan||18-60 years||10-35 years||75 years||25,00,000—No limit|
|LIC Jeevan Anand||Participating Traditional Endowment Plan||18-50 years||15-30 years||75 years||15-30 years|
|LIC New Children Money Back Plan||Traditional Money Back Child Plan||Traditional Money Back Child Plan||25 years||25 years||Rs.1,00,000/--No limit|
|LIC Jeevan Saral||Endowment Plan||12 – 60 years||10 – 35 years||70 years||250 times monthly premium—no limit|
|LIC Jeevan Shanti||Annuity plan||30-85 years||Varies according to the variants of plan||Varies according to the variants of plan||Varies according to the variants of plan|
LIC New Endowment Plan- one of the most popular non-linked plan by LIC that offers a combination of protection and savings to the consumers. This effective insurance policy is attracting many consumer on a daily basis and the reason behind the same is that this plan provides the required financial assistance to the family of the insured any time before the maturity. Under the same, a good lump sum amount at the time of maturity for the surviving policyholder is there. This plan also takes care of liquidity needs of the customer through its loan facility.
You can surrendered this policy any time after 3 years of the policy.You must keep in mind that the surrender value of the same will depend upon the premium that the policyholder paid but this will not include the premium that you pay for optional benefits.
An important point that every policyholder should know that in case where the insured commits suicide within a year of the policy then the insurance company would not be liable to pay any assured benefits. Under the same, the nominees will get around 80 percent of paid premium till the death of the policyholder.
In case of death of the policyholder during the policy term provided all due premiums have been paid the Death benefit, defined as the sum of "sum assured on death" and vested simple reversionary bonuses and final additional bonus, if any, shall be payable. “Sum Assured on Death” can be defined as the higher of Basic Sum Assured or 10 times of the annualized premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death. You will get good maturity benefits.
|LIC New Endowment Plan-policy Type||Non-Linked Endowment Plan|
|Entry Age||8-50 years|
|Mode of Payment||Monthly, Quarterly, Half-Yearly, Yearly|
|Tax Benefits||Premium paid is tax exempt under Section 80C. However, the pension that you would receive would be taxable|
|Sum Assured||The minimum basic sum assured for the policy is Rs. 1, 00, 000 while there is no maximum limit for the sum assured.|
|Optional Benefit||Disability Benefit Rider. LIC Accidental Death.|
LIC's e-Term policy is a pure life cover policy that deals in providing complete financial assistance to the insured's family in case of any unfortunate or any unforeseen event. You can buy this term plan through online application process only and no agents are required.
Death Benefit- In case of unfortunate death of the life assured during the policy term Sum Assured shall be payable.
Maturity Benefit- On survival to the end of the policy term, nothing shall be payable.
Eligibility- The person must have own earned income.
One cannot propose for anyone other than self. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed.
|LIC e-Term||Pure Term Insurance|
|Entry Age||18-60 years|
|Policy Term||The minimum policy term for the policy is 10 years while the maximum is 35 years.|
|Mode of payment||Premiums are to be paid annually.|
|Sum Assured||Minimum Basic Sum Assured should be Rs. 25, 00,000 for the Aggregate category, for a non-smoker it is Rs. 50, 00, 000/- and no limits for maximum|
LIC Jeevan Anand Plan is also a participating non-linked plan which offers an attractive combination of protection and savings. If you check data then you will realize that this is the highest sold insurance policies from LIC. Because of its multiple benefits that includes Risk coverage even after the maturity of lifetime makes it most required one. LIC JeevanAnand is a complete endowment cum whole life policy that comes along with Bonus facility. Under the same, you will get Double Death Benefit in case of survival. This plan has average premium, high bonus rate, and great liquidity feature
1. The customer can enjoy the lump sum payment at the time of maturity.
2. This policy provides a good sum of financial protection against the death of the policyholder
3. The best thing about this policy is that even when the maturity is paid and the policyholder is surviving then the insurance coverage continues with the payment of premium amounts. This plan is ideal for women who are never off their responsibilities in life as it also continues its responsibility,even after the maturity period of the plan.
|LIC Jeevan Anand Plan||Participating Traditional Endowment Plan|
|Entry Age||18-50 years|
|Sum Assured||Rs.1,00,000/-no limits|
|Optional Benefits||LIC accidental death benefit or disability benefit.
- LIC's New Term Assurance Rider
|Tax Benefits||Available under Section 80C|
LIC New Children Money Back Plan is a participating non-linked money back plan. It is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits. Moreover, under the same, you will get the risk cover on the life of a child during the policy term and for a number of survival benefits on surviving to the end of the specified duration. You can pay premium regularly at yearly, half-yearly, quarterly or monthly mode through ECS only or through SSS mode. If you paid premium amount for initial three years, then the policy can be surrendered at any time during the policy term.
|LIC New Children Money Back Plan||Traditional Money Back Child Plan|
|Entry Age||0-12 years|
|Premium Mode||Yearly, half-yearly, quarterly or monthly mode through ECS only or through SSS mode|
|Policy Term||25 years|
|Medical Examination||Not required|
|Minimum Purchase Price||Rs.24,000/-|
This helpful insurance policy comes under the Special Plans section of LIC. It is an endowment policy that provides a lotof flexibilitieswhich people usually get under Unit linked insurance plans (ULIPs). With outstanding features of the traditional plans and the flexibility of ULIP plans, JeevanSaral insurance plan gives double death benefit of sum assured plus return of premium.
Premiums: Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.
Loyalty Additions: This is a with-profits plan and participates in the profits of the Corporation life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.
|LIC Jeevan Saral||Endowment policy|
|Entry Age||12-60 years|
|Minimum Premium/Purchase Price||Rs.250/- (for age below 50years) - Rs.400/- (for age above 50years)|
|Maximum Maturity Age||75 years|
|Tax Benefits||Available under Section 80C|
It is basically an Annuity plan that comes out with options of purchasing both Immediate and Deferred annuity. You can take the benefits of the same by paying a lump sum amount. The plan offers annuity payments of a fixed amount throughout the life time of the the insured.
|Single Premium||Pay - Once - Enjoy - Forever|
|Purchase Limits||Minimum purchase price : Rs.1,50,000/- No maximum limits for purchase price, annuity etc.|
|Incentive for High Purchase Price||If your purchase price is Rs. 5,00,000/- or more, you will receive higher amount of annuity due to available incentives.|
|Age Limits||Minimum age at entry: 30 years Maximum age at entry: 85 years and 79 for Deferred annuity Age proof is necessary|
|Medical||No medical examination is required.|
|Annuity Mode||Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals.|
With the above list, the whole process of choosing the best LIC plan that can go well with your needs will become easier. LIC is the best company to consider for your life insurance needs.