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Buying a LIC policy can be a little tricky, especially if you are planning to invest for the first time. Well, in that case, the best option to go for is Life Insurance Corporation of India. The most important reason why you should go for LIC is that it is government-backed; thus, is considered by many Indians to be more secure. And while we talk about the corporation, let us discuss the best LIC policy for investment.
LIC Policies | Plan Type | Entry Age | Maximum Maturity Age | Policy Term | Sum Assured |
LIC SIIP Plan | Unit-linked insurance plan | 90days(completed)-65 years | 85 years | 10-25 years | 7 to 10 times the annual premium |
LIC Bima Jyoti Plan | Endowment Plan | 90days(completed)-60 years | 75 years | 15-20 years | Min- Rs.1,00,000 Max- No upper limit |
LIC Jeevan Labh | Traditional savings plan | 8 years-59 years | 75 years | 16, 21, or 25 years | Min-Rs.2,00,000 Max- No upper Limit |
LIC Jeevan Umang | Whole Life Insurance | 90days(completed)-55 years | 100 years | 100 years minus(-) the age at entry | Min- Rs. 2,00,000 Max- No upper Limit |
LIC Bima Ratna | Money Back Policy | 90days(completed)-55 years | 70 years | 15, 20, or 25 years | Min-Rs.5,00,000 Maximum- No upper limit |
LIC Money Back 25 years | Money Back Policy | 13 years-45 years | 70 years | 25 years | Min-Rs.1,00,000 Max- No upper limit |
LIC New Jeevan Anand | Endowment Plan | 18 years- 50 years | 75 years | 15 years-35 years | Min- Rs.1,00,000 Max- No upper limit |
Now, let us delve deeper to know a few of these plans at length.
It is a unit-linked insurance plan and along with insurance protection, you will also be able to create a corpus. If you are wondering why this is considered the best LIC policy for maximum return, then here are the reasons mentioned below:
Entry Age | Maturity Age | Sum Assured | Policy Term | |
Minimum | 90 days(completed) | 18 years | 7 times the annual premium | 10 years |
Maximum | 65 years | 85 years | 10 times the annual premium | 25 years |
With this policy, you will not only be able to stay protected under life insurance but can also systematically save money.
Entry Age | Maturity Age | Sum Assured | Policy Term | Premium Paying Term | |
Minimum | 90 days(completed) | 18 years | INR 1,00,000/- | 15 years | Policy term minus 5 years |
Maximum | 60 years | 75 years | No limit | 20 years |
This is yet another best insurance policies in India with high returns. In case of an unfortunate event, the family of the policyholder will get financial security. And if the policyholder survives, he/she will get the maturity benefit and also a revisionary bonus as well as a final additional bonus.
Features of LIC Jeevan Labh:
Eligibility Criteria for LIC Jeevan Labh:
Entry Age | Maturity Age | Sum Assured | Policy Term | Premium Paying Term | |
Minimum | 8 years | N/A | INR 2,00,000/- | 16, 21, or 25 years | 10, 15, or 16 years |
Maximum | 59 years | 75 years | No limit |
Conclusion
Apart from these, the other LIC plans and policies are equally good and come with several benefits. No matter which one you are choosing, you are certainly going to make your family’s financial future secure. So, all that you need to do is to check out all the LIC plans and policies and pick the one that you prefer.
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There are several LIC policies that you can opt for to get high returns. Some of them are LIC SIIP Plan, LIC Bima Jyoti Plan, LIC Jeevan Labh, LIC Jeevan Umang, LIC Bima Ratna, LIC New Jeevan Anand, LIC Money Back 25 years, etc.
LIC policies are good for those who are risk-averse. With LIC policies, you will get coverage that can be helpful for the future of your family.
Buying a LIC policy towards the end of the fiscal year, i.e. March, is considered to be good.
Yes, LIC offers a bonus on the policy each year; however, it is subject to surplus. To calculate the yearly bonus, you can use the LIC bonus calculator.
PayBima Team
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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