Best 5 Years LIC Policies in India To Invest in 2021
Shortly known as LIC, Life Insurance Corporation of India is a leading public insurance company in India. It offers different types of insurance policies for customers who want to get protection from financial obstacles. The company provides ways to choose a plan which caters to the requirements of a person. On the other hand, people should know more about the plans in detail before investing money. LIC insurance policies are available with several features allowing policyholders to lead a trouble-free life. Therefore, it is wise to compare them from different sources that will help make the right decision.
Not only that, the premium rates are affordable, which satisfies the needs of policyholders to a large extent. Anyone who wants to buy a LIC plan should gather more details from various sources, which give ways to gain more advantages. Moreover, customers can select a policy that satisfies their requirements during difficult situations. Buying the right LIC plan shows ways to increase the income that will help to maintain a continuous cash flow.
4 Best 5 Year LIC Policies in India To Invest in 2021
Here is a list of the 4 best LIC 5-year policies in India for 2021 that come with different options and benefits as per the requirement of the policyholder as mentioned below:-
1. LIC Term Assurance Plans
LIC term assurance is a complete life insurance protection plan which starts from a tenure of 5 years. It offers two plans for customers to overcome unwanted problems in life. They include LIC Anmol Jeevan II and LIC Amulya Jeevan II, allowing policyholders to gain more advantages. The sum insured amount offered by LIC Anmol Jeevan II is a minimum of 6 lakhs and a maximum of 24 lakhs.
LIC Amulya Jeevan II covers a minimum sum insured amount of 25 lakhs and no maximum limit. The entry age for both plans is 18 years, and the maximum age for LIC Anmol Jeevan is 55 years. However, the maximum age for LIC Amulya Jeevan II is 60 years. Customers who want to buy a LIC policy for 5 years can choose them to help their families focus more on financial planning. Policy buyers can make monthly, quarterly, half-yearly, and annual payments while purchasing LIC term assurance plans.
2. LIC Pension Plans
LIC pension plans are suitable for those who want to live a secured life after the retirement age. They are available in two types that aim to satisfy customers’ requirements to ensure a regular flow of income after retirement.
LIC Jeevan Akshay VI is an immediate annuity plan that covers death benefit, annuity payouts, maturity benefit, and income benefits to policyholders. Policy buyers should pay the premium amount in a lump sum after choosing this plan. Moreover, there is no need to submit any medical check-up report while buying the policy. The minimum entry age for this plan is 30 years, and the maximum age is 85 years.
LIC New Jeevan Nidhi is a LIC pension plan that offers policyholders several benefits to live a protected life. The minimum sum assured amount is 1 lakh and has no maximum limit, which gives ways to lead a trouble-free life. It is one of the best LIC schemes for 5 years that cover death, annuity, etc. The minimum entry age for buying this policy is 20 years, and the maximum age is 58 years for regular pay and 60 years for single pay.
3. LIC Micro Insurance Plans
LIC Micro insurance plans are specifically designed for low-income families in India, which come with a combined benefit of savings cum insurance coverage. Two major types are available under LIC micro insurance plans.
LIC Bhagya Lakshmi plan is a limited payment protection plan that guarantees 110% of premium repayment on maturity. Those who are looking for LIC policy plans for 5 years with death benefit can choose this plan that will help meet exact needs. The minimum sum assured amount is Rs. 20000, and the maximum assured amount is Rs.50000.
LIC Jeevan Mangal plan provides the same benefits similar to LIC Bhagya Lakshmi plan. The minimum sum assured amount is Rs.10000, and the maximum assured amount is Rs.50000 that will help low-income families. The micro plans offered by LIC are ideal for those who want to overcome financial troubles in life. On the other hand, it is imperative to read the terms and conditions before purchasing a plan.
4. LIC Money Back 25
LIC money back 25 is a non-participating individual life insurance plan which covers both insurance coverage and money-back in the form of periodic payments. In addition, the plan offers the option to take a death benefit in installments. Apart from that, it provides rider advantages to policyholders. Some of them include accidental death, disability benefit, critical illness coverage, premium waiver benefit, new term assurance rider, etc.
The plan is suitable for customers who want to buy the LIC money-back policy for 5 years with a minimum sum assured amount of Rs. 2 lakhs and no maximum limit. Rebates are applicable for the higher-sum assured amount. Another thing is that it offers maturity benefits to policyholders. It is a simple money-back plan that comes with a bonus option. The tenure for this plan starts with 5 years which offers 15% of the sum assured amount.
Things to consider while buying LIC insurance policies
Those who want to buy LIC insurance policies should consider age, income, profession, and premium amounts. Policy buyers should read the terms and conditions before buying them. This, in turn, gives ways to select a plan that exactly suits a person’s needs.
Customers can purchase the best LIC policy for 5 years online or by visiting the nearest LIC branch offices. They can even compare the quotes online that will help select a plan at the best prices, which saves money to a large extent. Five years is relatively a short period when anyone wants to buy an insurance policy from an insurer. On the other hand, one should evaluate the features in detail when it comes to LIC policies. LIC offers the best customer care services for buyers to cater to their requirements.
