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Home » Looking for the Best Policies to Invest In? LIC Policies Can Be Your Way to Go!

Looking for the Best Policies to Invest In? LIC Policies Can Be Your Way to Go!

LIC policies

Having insurance coverage has become essential for everyone due to the increasing level of uncertainty in life, particularly following COVID-19. Policies are like a helping hand that comes to rescue when one is under unfavorable circumstances related to finances. It wouldn’t be wrong to mention that “ A Policy in a lifetime can keep uncertainties at bay.”

However, before buying any policy, customers need to have a fundamental comprehension of it. It’s critical for working professionals to understand the various insurance policies and then select the one that suits them the best. To ensure that everything goes according to plan, it is crucial to select the plan’s outline carefully.

We all know that among the top policy providers, the State-run insurer LIC is the top and most preferred in the sector. It offers a range of life insurance plans to suit the needs and budgets of working professionals. So, in this article, we’ll walk you through the top LIC policies you can think of buying in 2022. Let’s get started with it!

Insight into Life Corporation of India (LIC)

The state-owned insurance company, LIC, was established in 1956 with the goal of strengthening and redefining India’s life insurance market. With products ranging from insurance and unit plans to microinsurance plans, it meets the needs of a wide customer base. LIC has 113 divisional offices, 2048 completely computerized branch offices, and a metro area network that connects them all.

Indeed, LIC is one of the most trustworthy insurers in the nation, with an average claim settlement percentage of 98.2%. It’s true that most of the Indian population chooses LIC schemes when it comes to choosing life insurance. The life insurance firm has consistently held a commanding position in the insurance market for the past 20 years, contributing 49% of the market in FY21.

The Best and Trending LIC policies to choose

So, here comes our main point of discussion. In the below sections, we’ll give you a detailed overview of the top LIC policies that you can think of buying for yourself:

  1. LIC New Jeevan Anand Plan

The LIC New Jeevan Anand life insurance plan offers its policyholders a combination of savings and protection. It offers insurance protection against the policyholder’s death, and in the event that the policyholders survive, it pays a lump sum amount at the conclusion of the policy’s term. The LIC’s New Jeevan Anand Plan’s features include the following:

  • A death benefit is offered in the form of an amount promised along with vested simple reversionary bonuses.

  • It promises to get the company’s announced bonus as well as a share of LIC’s earnings.

  • It offers maturity advantages in addition to the base sum assured, vested bonuses, and an additional bonus at the conclusion of the policy’s term.

  • The plan gives the insured person the choice of paying premiums on a regular basis.

  1. LIC Jeevan Amar Plan

A Non-Linked, Non-Participating, Offline Term Assurance Plan, the LIC Jeevan Amar plan, is created to offer financial support to the beneficiary’s family in the event of their sudden demise within the policy’s term. Two benefit options are available with the LIC Jeevan Amar plan: Level Sum Assured and Increasing Sum Assured. The LIC’s Jeevan Amar Plan’s features include the following:

  • It is a flexible plan that gives the insured the option of picking from a single premium, a limited premium, or a regular premium.

  • It enables the insured to select the policy’s term.

  • The option of receiving compensation in installments is available to the insured.

  • Women can purchase the LIC Jeevan Amar plan at discounted rates.

  • High Sum Assured Rebate is one of the appealing features of the LIC Jeevan Amar plan.

  • It provides a wide range of rider plans to extend the scope of the plan’s coverage.

  1. LIC Jeevan Umag Plan

It is probably the LIC plan, which provides insurance coverage until the policyholder becomes 100 years old. The plan provides income benefits in addition to financial protection for your family. The Jeevan Umang plan offers annual survival benefits from the end of the premium-paying term till maturity as well as a lump sum payment at maturity or in the event of the policyholder’s death during the policy term. The LIC’s Jeevan Umag Plan’s features include the following:

  • The plan offers moneyback on survival at the end of the policy term, equal to 8% of the cash assured each year.

  • Simple reversionary bonuses and final addition bonuses are given, but only under certain circumstances.

  • It’s the ideal choice for someone looking for a pension facility after retirement.

  • Only those policyholders who have paid their premiums for at least two years are eligible to apply for loans under the LIC Jeevan Umang plan.

  1. LIC Jeevan Labh Plan

This plan offers insurance protection in case of the sudden death of the policyholders and increases future savings for them. It is one of the best LIC policies since it offers bonuses to its insured whenever the Life insurance company earns a profit. The LIC’s Jeevan Labh Plan’s features include the following:

  • The policyholders enjoy the coverage even if they pay the premium for a fixed tenure.

  • The insured receives a discount on premiums if the insured amount exceeds Rs. 5 lakh.

  • This plan has riders that provide benefits for critical sickness, accidents, term assurance, and accidental and disability benefits.

  • It serves both the purpose of protection and financial savings.

  • Provides a death benefit, or the amount assured that will be paid to the beneficiary in the event that the policyholder passes away suddenly.

  • Consists of the Maturity Benefit, which is a lump sum payment made to the policyholder at the end of the plan.

  1. LIC Jeevan Shanti Plan

The policyholders can choose between an immediate or deferred annuity under this single premium plan. It is an ideal pick for policyholders with handicapped dependents (Divyangjan). The LIC’s Jeevan Shanti Plan’s features include the following:

  • The annuity rates are guaranteed at the inception of the policy for both types of annuity plans that are payable throughout the lifetime of the annuitant(s).

  • It provides nine different annuity options to choose from, as per one’s investment objectives.

  • Annuity rates are fixed at the inception of the policy term.

  • A loan facility, available after the completion of 1 policy year, ensures liquidity.

The Bottom Line

A consumer can choose the insurance plan from LIC’s extensive insurance plans that best meets their financial demands, liquidity needs, retirement needs, etc. There are numerous LIC policies available with the lowest prices, making it simple for you to pay the premiums with no financial strain. Therefore, it is advised that you assess your needs and requirements before you buy a plan so that you can make a better and wise decision.

FAQs

There are two categories in the LIC Jeevan Amar Plan, i.e., Smokers and Non-Smokers. You must submit a medical report, such as a urinary cotinine test, if you fall under the non-smoker category. The premium amount will be applied depending on the outcome of the medical exam.

The age requirements for LIC Endowment Plan applications are 8 years old and 55 years old, respectively.

In addition to the completely filled discharge form, the policyholder must also include the policy document, NEFT Mandate Form, and KYC document.

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