10 Best LIC Plans & Policies with Higher Returns to Invest in 2023, India

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5 min read

Updated on Jan 23, 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 policies that offer high returns. Keep reading to know about them.

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

3 Best LIC Policies with High Returns 2023

Now, let us delve deeper to know a few of these plans at length.

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1. LIC SIIP Plan

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:

  • There are four fund options and you can choose the one that suits your risk-appetite
  • If the one you chose is not performing as per your expectations, you can switch without spending a penny
  • In case of urgent need of money, you can withdraw a certain amount
  • Under Section 80C and 10(10D) of the Income Tax Act,1961, you will be able to save taxes
  • You get the death benefit, maturity benefit, and rider benefit with this 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

2. LIC Bima Jyoti Plan

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:

  • You will have the freedom to choose from the policy terms and sum assured
  • At the end of each policy year, you will have guaranteed additions to the sum assured
  • Instead of the lump sum, you will have the option to receive the maturity amount in installments and the nominees of the policy can get death benefits in installments
  • At your convenience, you would be able to pay the premiums either monthly, quarterly, half-yearly, or annually
  • You will get the death benefit, maturity benefit, and rider benefits such as LIC’s Accidental Death and Disability Benefit Rider such as LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider, LIC’s New Critical Illness Benefit Rider, LIC’s Premium Waiver Benefit Rider.

Eligibility criteria for 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

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3. LIC Jeevan Labh

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:

  • You will be able to choose from policy terms such as 16, 21, or 25 years
  • You are likely to get bonuses that LIC will be declared based on the profit of the corporation in a year
  • You will pay premiums for a certain period while can enjoy benefits and coverage
  • If the sum assured is more than INR 5 Lakh, you will get discounts on the premiums
  • Along with death benefits and maturity benefits, you will get rider benefits such as Accidental Benefit Rider, Accidental Death and Disability Benefit Rider, Term Assurance Rider, Critical Illness Rider, and Premium Waiver Benefit.

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

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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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FAQs: Best LIC Plans & Policies with Higher Returns, 2023

Which LIC policy should I go for to get more returns?

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.

Is LIC policy better than Mutual Funds?

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.

Is there any specific month good for buying a LIC policy?

Buying a LIC policy towards the end of the fiscal year, i.e. March, is considered to be good.

Will I get a bonus on my LIC policy every year?

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.

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Jan 18, 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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