LIC Policy of INR 500 Per Monthly Premium for 5 Years – Check Its LIC Plans Key Features & Benefits

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LIC is a public sector insurer that caters to the common people, including the rural population. LIC offers several cost-effective policies with attractive features and benefits to cover the different requirements of people, like the education and security of children, life cover, retirement cover, and so on.

Take a look at some of the LIC low premium policies with reasonable monthly premiums in the table below:

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LIC Plans with a Monthly Premium of INR 500

LIC is a public sector insurance company that offers low-premium insurance plans. Here are some LIC 500 per month plans that you can avail of to secure your future:

Plan Name 

Plan type  Minimum age of entry  Maximum age of entry Maximum maturity age  Policy term 

Minimum sum assured 

LIC Jeevan Tarun

Money-Back Policy

90 days 12 years 25 years 25 minus the age of entry

INR 75,000

LIC Jeevan Labh

Endowment policy

8 years 59 years 75 years 16 – 25 years

INR 2 lakh

LIC New Jeevan Anand

Endowment policy

18 years 50 years 75 years 15 – 35 years

INR 1 lakh

LIC New Endowment plan

Endowment policy

8 years 55 years 75 years 12 – 35 years

INR 1 lakh

1. LIC Jeevan Tarun:

Jeevan Tarun is a participating and non-linked LIC plan crafted to offer dual protection of life coverage and savings for your child. Your children can avail the benefits under the Jeevan Tarun plan for the purpose of higher education and other costs. The children under this plan are entitled to receive annual survival benefits from the age of 20 to 24 years, while the maturity benefit under the plan is paid on completing the policy duration of 25 years.

Here are some key features of LIC Jeevan Tarun Plan:

  • The plan allows policyholders to avail of loans
  • Death benefit under Jeevan Tarun is 10 times the annualized premium paid or 125% of the sum assured (whichever is higher)
  • In case the policyholder survives the duration of the policy or outlives the policy tenure, they are entitled to receive a maturity benefit as a particular portion of the sum insured. Further, the policy offers added benefits like bonuses, simple reversionary bonuses, etc., as and when applicable.

2. LIC Jeevan Labh Policy:

The Jeevan Labh policy of LIC is a highly profitable policy. It is a non-linked endowment plan that provides protection while maximizing your savings. This is a limited premium paying plan that allows the customers to gain monetary support for their families in the event of the death of the insured. The policyholders under this plan will likely gain from a lump sum payout if the person survives the policy till maturity or outlives the plan.

Here are some key features of LIC Jeevan Labh Policy:

  • Sum assured received as the death benefit is greater as compared to the total amount assured on death. In fact, it is 7 times greater as compared to the annualized premium. Further, the plan offers applicable bonuses (if any) in addition to the base sum assured
  • On surviving the plan till maturity or on outliving the policy duration, the insured receives a simple reversionary bonus along with the sum assured
  • With Jeevan Labh from LIC, Life Assured can avail of riders like Accidental Death and Disability Benefit and New Term Assurance Rider, etc. to avail greater protection.

Interested customers can use the LIC Jeevan Labh calculator to evaluate the LIC Jeevan Labh premium chart. You may note that using the LIC Jeevan Labh maturity calculator, one can estimate the maturity amount likely to be received by the life assured on surviving the plan beyond the policy term.

3. LIC’s New Jeevan Anand:

Another beneficial policy from LIC is the New Jeevan Anand policy, which is a participating and non-linked plan. This policy allows customers the dual benefit of savings and life coverage.

The New Jeevan Anand plan from LIC offers financial support to the family of the insured in the event of the death of the policyholder. In addition, it also pays the life assured a lump-sum amount at the end of the policy term if the insured survives the policy.

Here are some key features of LIC New Jeevan Anand policy: 

  • If the policyholder dies during the tenure of the policy, the nominee receives a death benefit equivalent to the sum assured. The amount paid by the insurer is 7 times the annual premium or 125% of the basic sum assured (whichever is higher)
  • If the insured survives the plan till maturity, they become eligible to earn the vested Simple Reversionary Bonuses along with the sum assured on maturity
  • The plan also comes with numerous optional riders
  • Premiums can be paid by the life assured on a yearly, quarterly, half-yearly, or even monthly basis

4. LIC’s New Endowment Plan:

The New Endowment Policy from LIC is an individual life insurance policy that is available with the benefits of protective life cover and savings.

The plan offers financial support to the beneficiary of the policy if the policyholder dies during the term of the plan. If the insured outlives the plan, the person can avail of a large sum assured refund together with guaranteed bonuses

Here are some key features of LIC New Endowment Plan:

  • The death benefit under this plan comprises a sum assured combined with a final additional bonus and simple reversionary bonuses
  • In case the policyholder survives the entire duration of the plan, they become eligible to receive maturity benefit that comprises of basic sum assured and vested bonuses
  • The policyholder can also avail of any of the below-mentioned riders by paying an additional premium:
    • Premium Waiver Benefit Rider
    • New Term Assurance Rider
    • Accidental Death and Disability Benefit Rider
    • Accident Benefit Rider
    • New Critical Illness Benefit Rider

On request of the family members of the policyholder, they can avail of the death benefit in instalments of 5, 10, or 15 years.

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To Sum Up

LIC offers some of the most economical insurance plans as compared to other insurers in the market. Most of the policies are loaded with multiple benefits that serve the various needs of the customers. However, it is suggested to read the terms and conditions of the plans and compare the policies before finally purchasing a plan.
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FAQs: LIC Plans of INR 500 Monthly Premium

Is there any LIC pension plan?

Yes, LIC offers many attractive pension plans at affordable premium rates.

Is the LIC Jeevan Tarun calculator and the LIC Jeevan Tarun maturity calculator the same?

Yes, the calculator can be used to estimate the premium amount to be paid and the maturity benefit that the life assured is eligible for under the LIC Jeevan Tarun plan.

Are there any LIC low premium plans?

Yes, this post talks about many of the LIC’s low premium plans that you may consider.

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Aug 29, 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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