Top 10 Insurance Plans of LIC in India: A Comprehensive Guide
The Life Insurance Corporation of India (LIC) is the oldest and one of the most trusted insurance providers in India. Established in 1956, LIC offers a wide range of life insurance plans catering to different financial needs such as savings, retirement, protection, and investment. As of 2024, LIC continues to dominate the insurance market with innovative products and customer-centric services. This article will explore the top 10 LIC insurance plans available in India, highlighting their key features, benefits, and suitability for various customers.
1. LIC Jeevan Anand
One of the most popular plans from LIC, Jeevan Anand combines the dual benefits of life insurance and savings. It offers financial protection against death throughout the lifetime of the policyholder and a lump sum payout on maturity.- Features:
- Whole life coverage even after policy maturity.
- Bonus facility based on LIC’s profit.
- Loan facility against the policy.
- Eligibility:
- Entry age: 18 to 50 years.
- Policy term: 15 to 35 years.
- Benefits:
- Sum assured with accumulated bonuses.
- Continued life cover even after policy maturity.
- Tax benefits under Section 80C.
2. LIC Jeevan Labh
Jeevan Labh is a limited premium paying endowment plan that offers life insurance cover along with maturity benefits. This plan is ideal for individuals looking for wealth accumulation and protection at the same time.- Features:
- Limited premium payment, but policy benefits continue beyond the premium-paying term.
- Death benefits include sum assured plus bonuses.
- Simple reversionary and final additional bonus available.
- Eligibility:
- Entry age: 8 to 59 years.
- Policy term: 16 to 25 years.
- Benefits:
- Tax benefits under Sections 80C and 10(10D).
- Loan facility available after a specific period.
3. LIC Jeevan Akshay VII
This is an immediate annuity plan where the policyholder can choose from multiple annuity options to receive a pension for life. It's ideal for individuals seeking regular income post-retirement.- Features:
- Multiple annuity options like lifetime annuity, joint life annuity, etc.
- The policy starts annuity immediately after purchase.
- Available for single premium payment.
- Eligibility:
- Minimum purchase price: ₹1 lakh.
- Age: 30 to 85 years.
- Benefits:
- Regular income for the lifetime of the policyholder.
- Tax benefits under Section 80CCC.
4. LIC New Children’s Money Back Plan
Designed specifically for children's future financial security, the New Children’s Money Back Plan offers survival benefits at regular intervals. It’s an excellent way to plan for your child’s education or marriage.- Features:
- Money-back benefits at the ages of 18, 20, and 22 years.
- Life cover on the child even during the premium payment term.
- Maturity benefit along with bonuses.
- Eligibility:
- Entry age: 0 to 12 years.
- Policy term: 25 years.
- Benefits:
- Guaranteed survival benefits.
- Risk cover on the child's life even if the parent is paying the premium.
5. LIC New Endowment Plan
A classic endowment plan, LIC New Endowment Plan is a savings cum protection plan. It provides a lump sum amount on maturity or death during the policy term.- Features:
- Flexibility in choosing the premium payment mode.
- Guaranteed sum assured with vested bonuses on maturity.
- Loan facility available after the policy acquires a surrender value.
- Eligibility:
- Entry age: 8 to 55 years.
- Policy term: 12 to 35 years.
- Benefits:
- Death and maturity benefits along with bonuses.
- Tax deductions under Section 80C.
6. LIC Jeevan Umang
Jeevan Umang is a whole life insurance plan that provides annual survival benefits from the end of the premium-paying term until death, followed by a lump sum amount to the nominee.- Features:
- Whole life insurance coverage.
- Guaranteed survival benefits every year after the premium payment term.
- Participating in the corporation’s profit.
- Eligibility:
- Entry age: 90 days to 55 years.
- Policy term: 100 years minus entry age.
- Benefits:
- Lifetime income after premium payment term.
- Lump sum on maturity or death.
- Tax benefits under Section 80C and 10(10D).
7. LIC Tech Term
LIC Tech Term is a pure term insurance plan, which offers financial protection in case of the policyholder’s demise. It is available for purchase online, making it more convenient.- Features:
- Pure protection plan with no maturity benefit.
- Flexible premium paying options (regular, limited, or single premium).
- Option to increase cover by choosing an additional rider.
- Eligibility:
- Entry age: 18 to 65 years.
- Policy term: 10 to 40 years.
- Benefits:
- Higher sum assured at affordable premiums.
- Death benefit is paid to the nominee.
- Tax deductions under Section 80C.
8. LIC Jeevan Shiromani
This is a non-linked, money-back plan specifically designed for high-net-worth individuals (HNIs). Jeevan Shiromani offers life cover, guaranteed additions, and loyalty additions.- Features:
- Guaranteed payouts during the policy term.
- Critical illness rider available.
- Guaranteed additions during the first five years.
- Eligibility:
- Entry age: 18 to 55 years.
- Policy term: 14, 16, 18, and 20 years.
- Benefits:
- Guaranteed lump sum benefits.
- Tax benefits under Sections 80C and 10(10D).
- Critical illness cover for specified diseases.
9. LIC Saral Pension
This plan offers a simple and standardized annuity solution for policyholders seeking a post-retirement income. LIC Saral Pension is an immediate annuity plan, and policyholders can choose between two annuity options.- Features:
- Choice between single life and joint life annuity.
- The annuity starts immediately after the premium is paid.
- Single premium payment option.
- Eligibility:
- Entry age: 40 to 80 years.
- Minimum annuity: ₹12,000 per annum.
- Benefits:
- Guaranteed lifetime income.
- Option to choose joint annuity with a spouse.
- Tax benefits under Section 80CCC.
10. LIC Arogya Rakshak
A health insurance plan from LIC, Arogya Rakshak covers hospitalization expenses, offering financial protection in times of medical emergencies.- Features:
- Coverage for hospitalization, surgeries, and critical illness.
- Flexible premium payment modes.
- Guaranteed renewal up to 80 years of age.
- Eligibility:
- Entry age: 18 to 65 years for adults, 91 days to 20 years for children.
- Benefits:
- Coverage for various medical expenses.
- Lump sum benefits for specific surgeries.
- Tax benefits under Section 80D.
