Best LIC Guaranteed Return Plans in India 2024 – Check Features, Benefits, and Eligibility

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Updated on Jan 11, 2024

The Life Insurance Corporation of India came into existence in the year 1956 and has been offering a wide range of insurance plans to the citizens of India. Among the most popular plans issued by the company are Guaranteed Return Plansthat offer the best coverage benefits at minimum risk. As the name suggests, a guaranteed return investment plan allows you to save money with guaranteed returns for the future.

Let us dig deeper to understand the benefits of buying a guaranteed return investment plan from LIC. We will also guide you to choose the best guaranteed return plans along with their features and respective benefits.

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Why Buy a Guaranteed Return Plan from LIC?

Guaranteed investment return plans from LIC offer a host of benefits such as:

1. Guaranteed Returns: 

Irrespective of market fluctuations, these investment plans offer a guaranteed maturity benefit or a death benefit to the policyholder

2. Maturity Benefits: 

Most of the LIC plans offer maturity benefits, which makes the policyholder eligible to get a lump sum payment when the policy ends

3. Death Benefits: 

The nominee chosen by the policyholder gets a guaranteed sum assured, in case of the death of the policyholder during the policy term

4. Fixed Policy Tenure: 

All the LIC guaranteed investment return policies come with a fixed policy term that ranges from 10 to 30 years

5. Additional Benefits: 

Some guaranteed return plans from LIC also provide additional benefits or bonuses based on the insurer’s performance.

How can you say LIC is guaranteed?

Best Guaranteed Return Investment Plans from LIC

The table below shows the best-guaranteed return plansfrom LIC:

Name of LIC Plan

Type of Plan

Max. – Min. Sum Assured

LIC Tech Term Plan

Pure Term Insurance Policy

Minimum: Rs. 50 lakhs

Maximum: No Limit

LIC Jeevan Amar Plan

Pure Term Insurance Policy

Minimum: Rs. 25 lakhs

Maximum: No Limit

LIC Jeevan Umang Plan

Whole Life cum Endowment Plan

Minimum: Rs. 2 lakhs

Maximum: No Limit

LIC Jeevan Labh Plan

Endowment Plan

Minimum: Rs. 2 lakhs

Maximum: No Limit

LIC New Jeevan Anand Plan

Endowment Plan

Minimum: Rs. 1 lakh

Maximum: No Limit

LIC New Children’s Money-Back Plan

Traditional Child Money-back Plan

Minimum: Rs. 1 lakh

Maximum: No Limit

1. LIC Tech Term Plan:

It is a non-linked LIC policy that can be purchased only online. LIC Tech Term plan can be availed at concessions on premiums by non-smokers and women.

Some features of the LIC Tech Term Plan are:

Entry Age: 18 – 65 years

  • Offers a high sum assured
  • Comes with tax benefits and death benefits

Eligibility criteria 

Entry age (minimum) 18 years
Entry age (maximum) 65 years
Maximum maturity age 80 years
Policy tenure 10 – 40 years
Sum insured (minimum) INR 50 lakh
Sum insured (maximum) No limit
Premium payment term single /limited/regular

Features and Benefits:

  • The plan offers high insurance coverage at a low premium price
  • This is a financial protection plan
  • It allows flexible payment options
  • It allows special rates for women and non-tobacco users
  • Offers accident benefit rider options

2. LIC Jeevan Amar Plan: 

It is a pure-term LIC plan that offers guaranteed returns and financial assistance to the family of the insured in case of an unfortunate death incident. It doesn’t offer maturity amounts but only death claims.

 Some features of LIC Jeevan Amar Plan are:

Entry Age: 18 – 65 years

  • Premiums can be paid on a single, limited, or regular basis
  • Offers high-risk coverage and two death benefit coverage such as Level Sum Assured and Increasing Sum Assured

Eligibility criteria 

Entry age (minimum) 18 years
Entry age (maximum) 65 years
Maximum maturity age 80 years
Policy term 10 – 40 years
Sum insured (minimum) INR 25 lakh
Sum insured (maximum) No limit

Features and Benefits

  • Increasing sum assured and Level sum assured are two options for this plan
  • Plan presents the flexibility of choosing Single, Limited, and Regular Premium Payment
  • Insured can choose the policy term
  • The plan offers special premium prices for women
  • The plan comes with a high Sum Assured Rebate
  • It comes with a host of riders to increase coverage

3. LIC Jeevan Umang Plan: 

It is an endowment cum whole life insurance plan that offers the dual benefits of savings as well as earnings. Considered as one of the best guaranteed return investment plans, LIC Jeevan Umang Plan offers up to 80% of the sum assured as a survival benefit to the policyholder.

Some features of the LIC Jeevan Umang Plan are:

Entry Age: 90 days

  • Offers maturity benefits, death benefits, and survival benefits
  • Serves as an ideal pension plan post-retirement

Eligibility criteria 

Entry age (minimum) 55 years
Entry age (maximum) 90 years
Policy tenure 100 years minus the age at entry
Sum insured (minimum) INR 2 lakh
Sum insured (maximum) No limit

Features and Benefits

  • Plan offers annual survival benefits from the end of the premium payment term till maturity
  • A lump sum amount is offered at maturity if the insured survives the plan
  • The death benefit is offered to the nominee as a lump sum payment or in regular installments if the insured dies during the policy term
  • The plan offers discounts for choosing a half-yearly or yearly premium payment mode

 4. LIC Jeevan Labh Plan: 

It is a non-linked endowment plan wherein you need to pay the premiums only for a limited period.

 Some features of the LIC Jeevan Labh Plan are:

Entry Age: 8 – 59 years

  • Main benefits in the form of the loan facility, death benefit, and maturity benefit
  • Tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961

Eligibility criteria 

Entry age (minimum) 8 years completed
Entry age (maximum) 50, 54, 59 years
Maximum maturity age 75 years
Policy term 16, 21, 25 years
Sum insured (minimum) INR 25 lakh
Sum insured (maximum) No limit
Premium payment frequency Monthly/quarterly/half-yearly/yearly

Features and Benefits

  • Under this plan, the insured pays premiums for a limited period to avail of protection for a long time
  • Loan facilities are available in this plan after 2 years of paying a premium
  • The death and maturity benefits are available in installments
  • Rebates on the premium amount are available on a sum assured of INR 5 lakhs and above.

5. LIC New Jeevan Anand Plan: 

This new LIC plan offers guaranteed returns on investments with sturdy financial protection for the future. It is at present the highest-selling LIC plan.

 Some features of LIC New Jeevan Anand Plan are:

Entry Age: 18 – 50 years

  • Optional benefits like death benefits, disability benefits, new term assurance rider benefits
  • Tax benefits under Section 80C of the Income Tax Act, 1961

Eligibility criteria 

Entry age 18-50 years
Maturity age 75 years
Premium payment mode monthly/quarterly/half-yearly/yearly
Policy duration 15-35 years
Premium amount Depends on the sum insured, policy term, and other factors
Loan Available after 3 years
Sum insured (maximum) INR 1 lakh
Sum insured (minimum) No limit

Features and Benefits

  • Along with assured benefits, this plan provides profits to the policyholders
  • The policyholder receives a regular premium payment option under the plan
  • Additional covers in the form of riders are also available at a nominal extra premium amount
  • Bonus is also offered which increases the corpus amount

 6. LIC New Children’s Money-Back Plan:

It is a non-linked money-back plan that offers financial coverage for your child and offers several interesting benefits. LIC New Children’s Money-Back Plan is one of the guaranteed return plans from LIC that can be surrendered any time after paying the premium amount for 3 years.

 Some features of LIC New Children’s Money-Back Plan:

Entry Age: 0 – 12 years

  • Beneficial to meet the future expenses of your child like marriage, and education through a Survival Benefit that is 20% of the sum assured
  • Premium can be paid on a monthly, half-yearly, and yearly basis

Eligibility Criteria:

Entry age (minimum) 0 – 12 years
Maximum maturity age 25 years
Policy term 25 years
Sum insured (minimum) INR 1 lakh
Sum insured (maximum) No limit

Features and Benefits

  • Maturity benefits and survival benefits are available
  • Plan offers a death benefit to the nominee
  • Rebate and loan facility is also under the plan

Who Should Purchase Guaranteed Income Plans?

LIC Guaranteed income plans are suitable for everyone who wants to build a corpus for the future or plan regular income after retirement. People within the age group of 18-60 years can avail of a guaranteed income plan to enjoy its benefits. Depending on the policy you choose, the term of the guaranteed income plan may range between 10 to 30 years.

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Conclusion

It is important to note the features, and benefits along with the terms and conditions of aGuaranteed Return Investment Planfrom LIC. Also, ensure reviewing the policy documents and seeking professional advice to understand the specific details of a plan you want to purchase from LIC.

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FAQs: Best LIC Guaranteed Return Plans their Features and Benefits

Should I invest in a LIC Guarantee Return Policy?

LIC or Life Insurance Corporation of India is a government-based insurance company that offers guaranteed returns on investments. Besides getting higher returns on such plans, you can also expect tax benefits under Section 80C of the Income Tax Act 1961 from LIC guaranteed return plans.

Which LIC plan gives the maximum returns?

There are several guaranteed return investments offered by LIC. Some of these policies to consider are:

~ Jeevan Amar Plan
~ New Endowment Plan
~ New Jeevan Anand Plan

Which is the best LIC policy for 2024?

Different individuals have different financial goals, hence no one LIC plan can be considered best for everyone. Some of the best options to consider for 2024 are LIC Jeevan Amar, LIC New Endowment Plan, and LIC Jeevan Anand.

What is the process of buying a new LIC plan?

Follow these steps to buy a LIC policy:

~ Visit the official LIC portal
~ Choose the “Buy Policies Online” option under the term plan
~ Click the “Buy Online” tab and choose the sum assured premium payment option, and policy tenure, and fill in other details
~ Make the premium payment online

Is a LIC policy better than a mutual fund?

Although a LIC policy might not give you high returns as compared to a mutual fund, they are 100% safe to secure your future financially for a long-term investment. LIC policies are less risky as compared to mutual fund investments.

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Jul 03, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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