Best Money Back Policy 2023 – Check Feature, Benefits and Eligibility for Money Back Policy
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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.
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.
LIC Policy Name | Plan type | Entry Age | Maturity Age | Policy Tenure | Sum Assured |
LIC Jeevan Jyoti | Endowment | 90 days to 60 years | 75 years | 15 to 20 years |
Min – INR 1 lakh Max – No Limit |
LIC SIIP | ULIP | 90 days to 65 years | 85 years | 10 to 25 years | 7 to 10 times of annual premium |
LIC Jeevan Labh | Traditional Savings | 8 to 59 years | 75 years | 16, 21, 25 years |
Min – INR 2 lakh Max – No Limit |
LIC Bima Ratna | Money Back | 90 days to 55 years | 70 years | 15, 20, 25 years |
Min – INR 5 lakh Max – No Limit |
LIC Jeevan Umang | Whole-life insurance | 90 days to 55 years | 100 years | 100 years |
Min – INR 2 lakh Max – No Limit |
LIC New Jeevan Anand | Endowment | 18 to 50 years | 75 years | 15, 35 years |
Min – INR 1 lakh Max – No Limit |
which lic policy is best for tax benefit
Let’s take a look at the plans in details:
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
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
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
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
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
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
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.
Browse Mahindra Paybima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra Paybima to Buy Insurance Online.
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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