Best LIC Policy for 5 Year 

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.

6 Best LIC Policy for 5 Years You Can Choose in 2022-23

If you want to choose the most trustworthy insurer, you can go for the Life Insurance Corporation of India (LIC).

1. LIC Bhagya Lakshmi Plan

2. LIC New Jeevan Mangal Plan

3. LIC Saral Jeevan Bima

4. LIC’s Dhan Sanchay

5. LIC Jeevan Akshay VII

6. LIC’s New Jeevan Nidhi

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.

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.

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.

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.

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.

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.

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