Best LIC Policy 2023 – Which LIC Plans are best for the Investment in FY 2023?

When it comes to securing your family monetarily after you are gone, you can trust life insurance policies by LIC for sure. In this post, let us discuss the LIC best Policies for investment in 2023 that you can consider.

While considering plans to put your hard-earned money in a scheme, the name that comes to your mind first is LIC or Life Insurance Corporation of India. LIC is one of the most trusted brands of insurance providers in the country. Being a government backed insurer, it allows a policyholder the security and reliability of having their money saved in a safe option.

Let us take a look at the best LIC policy to invest in, in this post.

Which LIC policy is best for tax benefit in 2023

There is a wide range of insurance products being offered by LIC that caters to the different needs of insurance buyers. Depending on the particular need of a person, a policy seeker can choose to buy any LIC product ranging from pure protection plans, term insurance for whole life, ULIPs, endowment and money-back plans etc.

which lic policy is best for tax benefit

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Best LIC Policy and Scheme for Investment in 2023

Let’s take a look at the plans in details:

1. LIC SIIP Plan 

This plan allows the insured to grow their corpus by investing in market-linked funds and get insurance protection as well. This investment allows you to earn maximum savings and create monetary security for your family.

Features of LIC SIIP Plan

• The plan allows the insured to choose from 4 fund alternatives as per their risk appetite
• The investor can switch from one fund to another at zero cost if one fund doesn’t perform well
• You can save on taxes under various sections of Income Tax Act
• The plan allows the insured to withdraw a certain amount of money in case of urgent need

2. LIC Bima Jyoti Plan 

This is another good plan from LIC that allows the insured to have systematic savings and at the same time get life insurance protection. The plan offers guaranteed lump sum payment in case the insured outlive the policy term. Else, the family of the insured get death benefit in case of sudden demise of the insured.

Features of LIC Bima Jyoti Plan 

• The plan gives the insured the flexibility to select the tenure of the policy and the sum assured
• At the end of every policy year, the plan allows guaranteed additions to the sum assured
• The option to get the death and maturity benefit in instalments is also available
• You have the option to pay the premiums on monthly, quarterly, half-yearly, or yearly basis

3. LIC Jeevan Labh 

This LIC best return policy is another LIC product available with a combination of insurance protection with enhanced savings option to protect your family financially in case of any unfortunate event. The insured get a maturity benefit at the end of the term if they survive the plan duration along with a reversionary bonus.

Features of LIC Jeevan Labh 

• You can choose a policy term from among 16, 21, or 25 years
• The plan comes with bonuses declared by the insurer depending on yearly profits
• You pay premiums for a certain time period while enjoying coverage for long
• The plan offers discounts on premiums if the coverage amount is beyond INR 5 Lakh

4. LIC Jeevan Umang 

This LIC plan allows coverage for whole-life and comes with the combined benefits of income and protection. The plan comes with survival benefits that are offered to the insured annually till policy matures. Further, the insured also receives a lump-sum payment as maturity benefit if the person survives the plan. Else, the nominee receives death benefit in case of death of the insured.

Features of LIC Jeevan Umang 

• Death benefit can be received by nominee in instalments
• Allow the insured to avail rider benefits to enhance policy coverage
• You can pay the premium through regular payment or via salary deductions
• Tax benefits are also available along with the benefit of rebates on premiums in case of high SI

5. LIC Bima Ratna 

This LIC plan offers payouts to the insured at regular intervals to help them meet their key life milestones. Death benefit is offered to the family of the insured in case of any unfortunate incident. However, if the insured outlives the plan duration, he/she can get maturity benefit along with multiple survival benefits during different years of the policy term

Features of LIC Bima Ratna 

• In case of 15 years policy tenure, you can get survival benefits at 13th and 14th policy year
• Similarly, in case of 20 years policy term, you get survival benefits on 18th and 19th policy years
• Further, guaranteed additions up to INR 60 per INR 1000 of the sum assured is also paid to enhance savings of the insured
• The plan offers loan facility if required urgently

6. LIC New Jeevan Anand 

This policy offers financial protection as death benefit to the policyholder’s family in case of unfortunate death of the insured. It also offers a maturity benefit if the insured survives the tenure of the plan. In addition, you can get a loan facility if required due to any financial emergency.

Features of LIC New Jeevan Anand 

• The nominees get the option to receive death benefit in instalments
• You can pay the premium through regular payment or via salary deductions during PPT
• The benefit of rebates is also available for higher sums assured
• Plan also offers tax benefit
• It allows the insured to surrender the plan if the insured has paid the premiums for two full years

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To Conclude

As mentioned above, these are some lucrative LIC plans which the interested policy seekers can avail depending on their affordability and requirement. However, it is necessary to go through the plan details in advance before choosing a plan to make an informed decision. LIC is one of the best ways to secure the financial future of your dear ones. All you need is to ensure which policy is best for investment as per your needs.

Related Articles by PayBima

• 5 Retirement Saving Plans in India
• How to calculate LIC installment premium amount without tax using LIC premium calculator
• How to find surrender value of LIC policy and process to check the LIC surrender value of policies

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