LIC Plan – 5 Years Double Money Plan in India

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Updated on Feb 15, 2024

LIC’s Best 5-Year Duration Plans 2024 India – An Overview

Investing money is considered as important as earning money by many people. Keeping your hard-earned money in the bank will certainly keep it safe, but what can make the coming days in your life even better is if you invest the money in the right place. While there are many best investment plans that you will come across, buying a life insurance policy is the wisest thing you can do. Let us discuss this at length in this piece of writing.

Is There any LIC Plan – 5 Years Double Money Feature?

You should be aware that LIC does not provide any such plan that doubles your money in five years. So, the LIC plan – 5 years double money is not a guaranteed feature. However, there are several LIC policy plans that offer greater returns at maturity through accrued bonuses and market-related investments.

What is Life Insurance?

Life insurance is essentially a contract between the insurance company and an insurance policy holder. The insurance company charges a premium for the policy from the policyholder, and in return offers certain benefits. If the policyholder passes away within the tenure of the policy, the beneficiary of the policy will be offered death benefits. If the policyholder lives through the policy tenure, he/she will get a maturity amount.

Also Read: Types of Life Insurance

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Which Company to Buy a Life Insurance Policy From?

Many insurance companies in India offer life insurance policies. It can be very confusing to choose any one of them. If you want to choose the most trustworthy insurer, you can go for the Life Insurance Corporation of India (LIC).  Backed by the Government of India, LIC is one of the oldest life insurance companies in the country. Therefore, you can totally trust the company.

There are several LIC plans for 5 years that you can opt for. However, if you are new to the world of investment, you can choose short-term insurance policies. Here are some of the best LIC policyfor 5 years that you can take a look at.

Also Read: How To Surrender LIC Policy Online

Let us examine these 11 LIC short-term plan for 5-years and find out the benefits they offer.

1. LIC Bhagya Lakshmi Plan

This is one of the life insurance plans that is designed for the low-income group of people in India. This is a limited payment protection plan in which the policyholder will get a 110% return of the premiums that they have paid, on maturity. The minimum term of premium payment is 5 years, while the maximum is 13 years.

The minimum sum assured is INR 50,000 and the maximum is INR 2,00,000. The plan matures when the age of the policyholder is 65 years. The death benefit amount is equal to the sum assured. However, the death benefit amount is offered only in case the policyholder dies within the tenure of the policy.

2. LIC New Jeevan Mangal Plan

LIC New Jeevan Mangal Plan is one of the best LIC policies for 5 years. It is a pure protection plan which comes with the benefit of a return of premium at the end of the policy tenure. As you choose this plan, you will have two ways to pay the premium; either in a lump-sum amount or at regular intervals. When you choose to pay the premiums at regular intervals, you can choose to pay them monthly, quarterly, half-yearly, or annually.

Till the time you pay the premium, the coverage will be offered to you. The minimum entry age of this plan is 18 years and the maximum is 55 years. The minimum sum assured amount is INR 50,000 and the maximum is INR 2,00,000.

3. LIC Saral Jeevan Bima

By buying this 5-year insurance policy, you will get short-term risk cover on your life. In case you pass away within the policy cover period, your family members will get the sum assured. This plan assures that even if something unfortunate happens to you, your family members will not have to struggle in their life for finances.

The minimum policy tenure of this plan is 5 years while the maximum is 40 years. The minimum age to buy this plan is 18 years and the maximum is 65 years. And the minimum sum assured amount is INR 5,00,000 while the maximum is INR 25,00,000.

Also Read: LIC Senior Citizen Scheme

4. LIC’s Dhan Sanchay

With this LIC best plan for 5 years, you can create an income flowing even after the plan matures. You have to assign a nominee while buying this plan. If you pass away within the tenure of this policy, the nominee will receive the death benefit of the plan. This means, that whether you are absolutely healthy or unfortunately you are not there anymore, this plan will still financially support your family. This plan is applicable under only two options which include Single Premium enhanced cover with Level Income Benefit and Single Premium Level Income Benefit.

The sum assured on death offered under Single Premium Level Income Benefit is INR 2,50,000; while the sum assured on death offered under Single Premium enhanced cover with Level Income Benefit is INR 22 lakhs. As the entry age is concerned, the minimum is 3 years completed and the maximum is 65 years. The minimum maturity age is 18 years, while the maximum maturity age ranges from 55 to 80 years. All these extraordinary benefits make this the best lic policy in 2024 for 5 years.

5. LIC Jeevan Akshay VII

It is an immediate annuity plan and to buy this you have to pay a lump sum amount. As you buy this plan, you will get an annuity on a monthly, quarterly, half-yearly, or annually basis. The minimum purchase cost offline is INR 1 lakh and there is no maximum limit. The minimum entry age is 30 years, while the maximum entry age is 85 years.

6. LIC’s New Jeevan Nidhi

Jeevan Nidhi from LIC has all the elements of a traditional insurance plan including benefits such as protection for loss of life and savings at the end of the policy term. The policy offers the nominee annuity in the event of death of the policyholder, and maturity benefit as an annuity or pension to the policyholder if they survive the policy term.

Also Read: LIC Premium Without Tax

7. LIC’s Micro Insurance Term Plans

The Micro Insurance Term Plans of LIC are crafted for people looking for low-cost LIC policies. Micro-insurance policies are a combination of savings cum insurance plans and are available at reasonable prices. These policies ensure the monetary security of the insured’s family against unpredictable situations in life. Some examples are the LIC Bhagya Lakshmi Plan and the LIC New Jeevan Mangal Plan.

8. LIC Pension Plans

If you are looking to secure your future after your retirement, the LIC Pension Plan would suit you the best. The pension plans assist in creating an emergency fund for the insured and his/her family in the long run. Further, it also helps to ensure that a regular flow of money comes after retirement to cater to the needs of the insured. Some options are LIC New Jeevan Shanti and LIC Jeevan Akshay VII.

9. LIC’s Term Assurance Plans

To purchase life protection for your family, you need the LIC Term Assurance Plans. These plans can be availed of at affordable premium rates and allow the nominee to receive death benefits if the insured dies during the policy term. This is a pure-term protection plan and doesn’t offer any maturity benefit to the insured. The tenure of term assurance plans starts from a minimum of 5 years.

10. LIC Endowment Plans

The endowment plans from LIC are double-benefit policies crafted to offer the benefits of savings and insurance to the insured. These plans come with a desired sum assured that can be chosen by the policyholder as per their need. In this case, if the policyholder outlives the endowment plan, he/she gets the complete sum assured paid during the term of the policy as guaranteed income. If the insured dies during the policy term, the family receives the sum assured as a death benefit.

11. LIC New Jeevan Shanti

This is one of the best annuity plans available with a deferred option of payment. Hence, under this plan, the insured can expect a regular annuity amount after the plan completes a certain amount of time called a deferment period. The pension that starts after the deferment period continues till the death of the insured. After the death of the insured, the regular pension amount ceases to come and the family of the person receives the death benefit.

Eligibility Criteria of the New Jeevan Shanti Plan:

  • Entry age – Min. 30 years, Max. 79 years
  • Deferment period – Min- 1 year, Max, – 12 years
  • Annual annuity – INR 12,000

Apart from these six, there are several other plans offered by LIC. You can visit their website and come across all the plans and even choose the one that suits your needs. You can also visit many other websites that will let you find life insurance plans offered by other companies and this way you can compare the plans and go for the suitable option.

Why Consider LIC Plans for 5 Years?

To cater to the varying short-term insurance requirements of policyholders, LIC of India offers some of the best 5-year policies. These short-term policies allow the insured to fulfill their short-term monetary goals.  These plans help cater to the financial needs of the policyholders such as support in buying a home by covering the down payment of the home loan, covering the education of your child, or accumulating wealth. These plans come with a wide range of advantages including the benefit of being able to convert and extend these plans to longer tenure if required.

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Aug 19, 2022
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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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