Best LIC Policies To Invest

The Life Insurance Corporation of India, popularly known as LIC, is one of the most trusted and oldest life insurance companies in India. Since almost 6 decades, this company has been efficient in offering excellent customer service and claims settlement process. The range of products that LIC offers caters to customers all over the country. Here, we talk about the top 5 best LIC policies in the year 2019:

I. LIC e- Term Plan

LIC e-Term plan, as the name suggests, is a pure term plan provided by LIC of India. In case of an uncertainty, this plan helps by offering a financial shield to the insured’s family. The LIC e-Term Plan is an online policy and this is the reason why no agents are essential to buy this plan.

Mentioned below are some of the key features and benefit of the LIC e- Term Plan.

• Since this plan is an online plan, it can be purchased only through the online mode. Therefore, no intermediaries will be involved.
• You can choose any policy tenure up to 35 years
• This plan offers discounted rate for non-smoker as well as female lives.
• It is a traditional and a non-participating plan.
• Since this is a pure term plan, this plan offers only risk coverage. There is no maturity amount receivable.
• This plan offers high sum assured
• The plan also offers income tax benefit on the premium amount paid
• This plan provides Sum assured in the form of death benefit to the bereaved family members (nominees) of the plan

II. LIC New Children’s Money Back Plan

The LIC New Children’s Money Back Plan is a plan that offers risk cover to the child who is insured during the policy period. This is a non-linked, with-profit regular premium payment plan that is customized to meet educational, marriage as well as other needs of growing children.

Mentioned below are some of the key features and benefit of the LIC New Children’s Money Back Plan.

• In case the life assured survives, the plan offers Money back at regular intervals
• There is no limit on the maximum amount of the basic sum assured
• The plan offers facility to apply for a loan post completion of three years
• This plan returns the premiums paid on the insured person’s death before the commencement of risk.
• In case the insured suffers death post commencement of risk, then the payment of Sum assured + Final additional bonus + Accrued bonus will be done
• Once the child attains 18, 20 and 22 years of age, then the Money back payment, which is 20% of sum assured, will be paid post 2 years.

III. LIC Jeevan Umang

LIC Jeevan Umang is a non-linked whole life insurance product offering coverage up to 100 years of age. An amount in lump sum is offered on the maturity of policy period or on death of the policyholder during the policy period. Mentioned below are some of the key features and benefit of the LIC Jeevan Umang:

• Offers maximum coverage up to 100 years.
• Offers riders such as Term rider, Accident Benefit Rider, New Critical Illness Benefit Rider and accidental death and disability rider with this policy.
• Offers facility to apply for Loan
• Offers Tax benefits for the premiums paid under Section 80C of the Income Tax Act, 1961
• The LIC Jeevan Umang plan pays the premium in case the insured suffers death before the commencement of risk.
• In case the insured person suffers death post the commencement of risk, then the Sum assured + Accrued bonus as well as the would be payable.
• As survival benefit, the LIC Jeevan Umang plan offers an amount which is equal to 8% of basic sum assured after the completion of the premium payment term to the policyholder, every year till the maturity of the plan.
• This plans pays the Sum Assured on Maturity plus the vested reversionary bonuses as well as the final additional bonus on maturity of the policy.

IV. LIC Jeevan Pragati

LIC Jeevan Pragati is a plan which is non-linked & participating endowment plan. This plan offers an increase in risk coverage automatically every five years within the policy period Mentioned below are some of the key features and benefit of the LIC Jeevan Pragati.

• This plan offers an increase in life cover automatically every 5 years.
• You can enhance your base plan by adding riders such as accidental death & disability rider.
• In case of regular premium payment for three years, the loan facility can be availed
• This plan offers a rebate on premium in case you opt for an annual/semi-annual mode
• Offers tax benefits as per the Income Tax Act, 1961.
• In case of unfortunate demise of the life insured prior completion of the policy term, Sum Assured on Death, vested Simple Reversionary Bonuses and Final Additional Bonus is payable.
• In case the policyholder survives the policy term, the basic sum assured plus the vested Simple Reversionary Bonuses as well as the Final Additional Bonus would be payable.

V. LIC New Jeevan Anand

The new version of the Jeevan Anand Policy is the LIC New Jeevan Anand, which is a participating and a non-linked endowment plan. Mentioned below are some of the key features and benefit of the LIC New Jeevan Anand.

• Offers facility to apply for a loan
• Offers discounts on premium
• Income tax benefit on the premium paid can be availed
• If the life insured passes away before the policy term completion, then the Sum Assured on Death, Final Additional Bonus as well as vested Simple Reversionary Bonuses is payable.
• In case the policyholder survives throughout the policy period, then the insurer will pay the basic sum assured, Final Additional Bonus as well as vested Simple Reversionary Bonuses.
• This plan offers a rider named Accidental death and disability rider at an additional premium.

Conclusion

LIC being the oldest in the Indian Insurance Industry, is quite popular among the masses. It gave some of the best policies in the year 2019 and will continue to give in future too. However, it is advisable to read the policy document before opting for one thoroughly to understand what the plan covers and what it doesn’t and other terms and conditions.