2021
10 min read
Updated on Oct 17, 2023
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.
Here are some of the best LIC policy 2023 that offer high returns. Keep reading to know about them.
1. LIC SIIP Plan
2. LIC Bima Jyoti Plan
3. LIC Jeevan Labh
4. LIC Jeevan Umang
5. LIC Bima Ratna
6. LIC Money Back 25 years
7. LIC New Jeevan Anand
8. LIC New Jeevan Shanti
9. LIC New Pension Plus
10. LIC Jeevan Amar
A life insurance policy is an important investment for people who want to secure the lives of their loved ones. There are several reasons to choose LIC to buy a life insurance plan. Some of them are as follows:
LIC plans are easily available for purchase through online and offline modes. For the comfort of their customers, LIC has started an online initiative to sell policies easily and effectively. Interested applicants can choose the best LIC plans sitting in the comfort of their homes eliminating the physical visit to the branches.
LIC policies are also available through LIC agents spread across the country. They guide the applicants in the buying process and help them choose a good policy to suit their needs. The agents are like personal guides or counselors for policyholders updating them about the policies now and then. Besides, applicants can also buy LIC plans from the LIC branches by visiting the nearest branch personally.
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 |
LIC New Jeevan Shanti | Annuity plan | Min – 30 years
Max – 79 years |
Min – 31 years
Max – 80 years |
Min – 5 years
Max – 15 years |
Min – INR 1.5 lakh Max – No Limit |
LIC New Pension Plus | Individual pension plan | Min – 18 years
Max – 75 years |
Min – 35 years
Max – 85 years |
Min – 10 years
Max – 42 years |
Min – No limit Max – No Limit |
LIC Jeevan Amar | Pure protection plan | Min – 18 years
Max – 65 years |
Min – 65 years
Max – 80 years |
Min – 10 years
Max – 40 years |
Min – INR 25 lakhs
Max – No 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:
Features of LIC SIIP Plan:
Eligibility criteria for LIC SIIP Plan:
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.
Features of LIC Bima Jyoti Plan:
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 |
LIC Jeevan Umang is a dual-benefit plan that comes with the option of income and savings to secure the future of your family. It allows whole-life coverage as well as the benefit of annual survival for the policyholder.
Features of LIC Jeevan Umang
Eligibility criteria for LIC Jeevan Umang
Entry age | Maturity age | Sum assured | Policy term | Premium paying term | |
Minimum | 90 days | – | INR 2 lakh | 15 years | 15/20/25/30 years |
Maximum | 55 years | 100 years | No Limit | 30 years | 15/20/25/30 years |
Being a non-participating and non-linked policy, Bima Ratna from LIC offers pure coverage to the insured against his/her sudden death. The nominee of the policy can avail of death benefits and if the policyholder outlives the plan, he/she is entitled to enjoy survival benefits.
Features of LIC Bima Ratna
Eligibility criteria for LIC Bima Ratna
Entry age | Maturity age | Sum assured | Policy term | Premium paying term | |
Minimum |
5 years for 15 years policy term, 90 days each for 20 years and 25 years policy term |
20 years (for 15- and 20-years policy), and
25 years (for 25-years policy) |
INR 5 lakh | 15 years | 11/16/21 years |
Maximum |
55 years for 15 years policy term, 50 years for 20 years policy term, and 45 years for 25 years policy term |
70 years (for all policy terms) | No limit | 25 years | 11/16/21 years |
This is a non-linked, participating life insurance policy which is a great combination of protection and savings. Not only does the policy allow security against death in the form of the death benefit, but it also offers periodic survival benefits at particular durations during the policy term. The plan also helps policyholders manage the liquidity needs of people by offering loan facilities.
Features of LIC Money Back 25 years:
Eligibility criteria for LIC Money Back
Entry age | Maturity age | Sum assured | Policy term | Premium paying term | |
Minimum | 13 years | Not applicable | INR 1 lakh | 25 years | 20 years |
Maximum | 45 years | 70 years | No limit | – | – |
This is another excellent LIC plan that allows monetary security to the beneficiary of the plan in the event of an unfortunate demise of the policyholder. The plan also offers maturity benefits if the insured outlives the term of the policy. Further, New Jeevan Anand presents a loan facility in the event of a monetary emergency.
Features of LIC New Jeevan Anand:
Eligibility criteria for LIC Jeevan Anand
Entry age | Maturity age | Sum assured | Policy term | Premium paying term | |
Minimum | 18 years | Not applicable | INR 1 lakh | 15 years | 15 – 35 years |
Maximum | 50 years | 75 years | No Limit | 35 years | – |
This is a deferred annuity plan that can be availed by paying a single premium. Under this plan, the insured has to pay the premium in a lump sum amount to avail of plan coverage. Moreover, the policyholder can opt between a single-life deferred annuity or a joint-life deferred annuity plan.
Features of LIC New Jeevan Shanti:
Eligibility criteria for LIC Jeevan Umang
Entry age | Maturity age | Sum assured | Policy term | Premium paying term | |
Minimum | 30 years | 31 years | INR 1.5 lakh | 5 years | 5/10/15 years |
Maximum | 79 years | 80 years | No limit | 15 years | 5/10/15 years |
This is a ULIP plan crafted to support policyholders to accumulate corpus using systematic savings. The savings can be used later to receive a regular pension amount after retirement. The policyholder can invest in the plan by paying regular premiums throughout the term of the policy or they can choose to pay the premium amount in a single go as a lump sum amount.
Features of LIC New Pension Plus
Eligibility Criteria for LIC New Pension Plus
Entry age | Maturity age | Sum assured | Policy term | Premium paying term | |
Minimum | 18 years | 35 years | Nil | 10 years | Single premium payment (1 instalment) |
Maximum | 75 years | 85 years | Nil | 42 years | Regular premium (monthly, quarterly, half-yearly, and yearly) |
Jeevan Amar is a pure-term plan by LIC, which doesn’t include any survival, maturity, or other benefit for the insured. However, the policy provides monetary benefits to the insured in the case of the sudden demise of the insured.
Features:
Eligibility criteria for LIC Jeevan Umang
Entry age | Maturity age | Sum assured | Policy term | Premium paying term | |
Minimum | 18 years | 65 years | INR 25 Lakhs | 10 years | Regular Limited or Single |
Maximum | 65 years | 80 years | No limit | 40 years | Regular, limited, or single |
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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