Life Insurance Corporation of India (LIC) is one of the most trusted names in the insurance sector, offering a wide range of products designed to meet various financial needs. With a legacy of over six decades, LIC provides comprehensive insurance solutions, including term insurance, endowment plans, and more. In this article, we’ll explore the top five best insurance policies from LIC, their features, and pricing to help you make an informed choice.
1. LIC Jeevan Anand
Overview
LIC Jeevan Anand is a combination of whole life insurance and endowment plans, providing both protection and savings. It offers a sum assured on the death of the policyholder and a survival benefit if the policyholder survives the policy term.
Key Features
- Coverage for Life: The policy offers lifelong coverage.
- Bonus: Participation in LIC’s profit-sharing, leading to bonuses.
- Flexible Premium Payment: Options for regular, limited, or single premium payments.
Pricing
- Sum Assured: Starting from ₹1 lakh
- Premium: Varies based on age, sum assured, and policy term; approximately starting from ₹5,000 annually for a basic sum assured.
2. LIC Tech Term Plan
Overview
The LIC Tech Term Plan is a non-participating, pure risk plan that offers financial protection to the family of the policyholder in the event of their untimely demise.
Key Features
- Flexible Policy Term: Coverage can be chosen from 10 to 40 years.
- High Sum Assured: Available in multiples, providing significant coverage at low premiums.
- Online Convenience: Easy online application and premium payment.
Pricing
- Sum Assured: Minimum of ₹50 lakh
- Premium: Approx. ₹500 to ₹1,000 annually, depending on age and sum assured.
3. LIC New Endowment Plan
Overview
The LIC New Endowment Plan is a traditional endowment plan that provides a combination of life cover and savings. It is designed to provide financial support for planned future expenses.
Key Features
- Death and Maturity Benefits: Offers financial protection during the policy term and a lump sum at maturity.
- Guaranteed Additions: Additional benefits accrue over time, enhancing the final payout.
- Loan Facility: Policyholders can avail of loans against the policy.
Pricing
- Sum Assured: Starting from ₹1 lakh
- Premium: Approximately starting from ₹4,500 annually, depending on age and policy term.
4. LIC Aadhar Shila Plan
Overview
LIC Aadhar Shila is a unique plan designed specifically for women. It offers a combination of insurance and savings, ensuring financial security for women and their families.
Key Features
- Special Premium Rates for Women: Lower premiums compared to other plans.
- Death Benefit: Provides a lump sum to the nominee in case of the policyholder’s demise.
- Flexible Terms: Policy terms range from 10 to 25 years.
Pricing
- Sum Assured: Starting from ₹1 lakh
- Premium: Approximately starting from ₹3,500 annually, varying with age and sum assured.
5. LIC Jeevan Lakshya
Overview
LIC Jeevan Lakshya is an endowment plan that not only provides insurance cover but also assists in achieving financial goals. It is ideal for those looking to secure their family’s future while planning for important milestones.
Key Features
- Maturity Benefit: A lump sum amount is paid at the end of the policy term.
- Death Benefit: In case of the policyholder's demise, the nominee receives the sum assured plus bonuses.
- Policy Term Options: Flexible terms ranging from 13 to 25 years.
Pricing
- Sum Assured: Starting from ₹1 lakh
- Premium: Approximately starting from ₹5,000 annually, depending on age and term chosen.
Conclusion
Choosing the right insurance policy is crucial for securing your financial future and that of your loved ones. LIC offers a variety of plans tailored to different needs, whether you’re looking for pure protection, savings, or a combination of both. When selecting a policy, consider your financial goals, coverage requirements, and premium affordability. It’s advisable to consult with an LIC agent or financial advisor to better understand the policies and make an informed decision. With LIC’s trusted reputation and a range of options, you can find a plan that best suits your needs.