What are The Best LIC Policies?
Life Insurance Corporation of (LIC) is a government organization which provides financial protection against any unfortunate event in life. It offers different investment plans and policies catering to the needs of individuals. So, here I am going to discuss about various LIC plans like Endowment Plans, Money Back policy, Whole Life Insurance Plans, Health Insurance Plans. Read here about how to check LIC Policy Status Online.
So let’s start discussing these policies briefly:
LIC Endowment Plans:
These plans provide a lump sum amount to the insured when he dies or at the maturity time. Some policies also offer coverage in case of critical illnesses.There are various endowment plans like new endowment plan, LIC Jeevan Rakshak, New Jeevan Anand, Single premium endowment, LIC Jeevan Sangam etc. The best among all these is LIC New Jeevan Anand. It is a combination policy having features of both Whole life and Endowment Insurance Policy.
- If the policyholder is alive till the maturity of the policy then he/she will be paid the maturity amount during the maturity time.
- In case of death of the policyholder, death benefit will be paid to the nominee.Risk Cover will be continued till 100 years or death of the proposer whichever is earlier.
Also check Out:
LIC Money Back Policy:
This plan is a form of investment that offers good returns in the future for multiple purposes.Like Endowment plans there are various Money Back Plans. But I am discussing here Money Back 20 and 25 years policy. It is considered to be the best money back policy from long term investment point of view. It is not like that the investor will get money only after maturity but it provides certain amount of money at regular intervals to meet the needs like children’s education, marriage etc.
- For LIC Money Back Policy 20 years, 20% of Sum Assured will be payable each after 5, 10 and 15 years. Balance 40% + accrued bonus will be payable at the 20th year.
- For LIC Money Back Policy 25 years, 15% of Sum Assured will be payable each after 5, 10, 15 and 20 years. Balance 40% + accrued bonus will be payable at the 25th year.
Also Check out :
- LIC Jeevan Tarun Policy
- LIC Jeevan Arogya Policy
- LIC Jeevan Bharti Policy for Women
- LIC Jeevan Sangam Policy
- LIC Child Plans
- LIC Bima Bachat Plan
LIC Health Insurance Plans:
Health Insurance plans allows one to take health cover not only for himself but also for his dependents. LIC Jeevan Arogya is the unique non-linked LIC Health Insurance Plan. There are various benefits associated with it:
- No claim benefit.
- It increases health cover every year.
- Provides financial protection in hard times like in case of hospitalization and surgery.
- Lump sum benefits regardless of actual medical costs.
- Premium payment option are flexible.
LIC Pension Plans:
LIC pension plans gives financial security after you take retirement from job. The best LIC pension scheme is Jeevan Akshay VI Policy. It is an immediate annuity plan. It can be purchased by paying a lump sum amount at a time. Its main features are:
- It provides pension throughout the life of the pensioner.
- Anyone one option can be chosen out of 6 provided by this policy. Once chosen the option cannot be altered as pension starts immediately without any delay.
Term Life Insurance Plans:
These are also protection plans. In this policy a fixed amount is paid to the nominee as per stated in the document after the death of the insured person to provide financial protection so that they can maintain their lifestyle.
LIC India Ulip & Nav Plans:
Unit Linked Insurance Plans offer dual benefits of insurance coverage and investment. Consumer is allowed to choose the investment option of his/her choice.
All the above plans and policies are offered by LIC of India. Under each category there comes a number of policies. We will be discussing them one by one in coming articles. For detail description about each one of the above plan you can visit the official website of LIC.