Top 5 Best LIC Plans - LIC Insurance Policy Review -

Advertisement - As we all know about LIC that it is a Life Insurance Corporation group which is a state owned and an investment group. LIC Plans offers a variety of insurance policies and products to its customers and here we are presenting you, 5 of the best plans offered by LIC and their benefits and special features.

Top 5 Best LIC Plans - 

Do check out top 5 best LIC Plans for you and your family which provides better Maturity benefit, income tax benefits, death benefit, high sum assured rates, and low premium rates at more benefits.


- It is the most sold plan of LIC. Providing a double accidental benefit till the age of 70 years, this one is a guarantee return endowment plan. The policy offers bonus facility also. 

- Life cover continues by the LIC, till the death of the policy holder. The paying mode of the premium will be yearly, half yearly, quarterly or even monthly. Age for applying to this policy will be 18 to 50 years.

- The policy terms will apply within 15 to 35 years. Loan sanctioned facility is also available but it can be sanctioned after 3 years of undertaken of the policy. 

- The policy also provides options to add the accidental death rider and disability benefit rider.
Minimum sum assured under this scheme is RS 100000/- and maximum has no limit.
Some of the other benefits of the plan includes-

- DEATH BENEFIT: Vested simple reversionary bonuses + sum assured on death + final additional bonus ( if any)
- TAX BENEFIT: On premiums, on death, on maturity amount
- MATURITY BENEFIT: Vested simple reversionary bonuses + sum assured on death + final additional bonuses (if any). [source]


- This one is a retirement plan policy and an immediate annuity plan. Means after retirement, it pays out immediate annuity after the premium payment.

- Premium under the policy should be given as a one time payment. The minimum purchased price amount is Rs 100000/- . There is no highest investment limit under the plan. The payment can be done yearly, half yearly, quarterly or monthly.

- There is also no loan option is available under this pension plan. Also surrender value is going to be given under this LIC retirement plan.

- The minimum entry age for holding the policy is 30 and maximum is 85.

- The annuity option can be chosen by the policy holder as single life (just for himself/herself) or for a joint life (ie for both the person and his or her spouse).

- Benefits will include payment frequency of the annuity payouts as per the chosen option. Also income tax benefits will be given as per section 80CCC of the income tax act. [Source]


- This policy ensures that the growing child will get all his/her needs to be fulfilled. LIC child plan is a money back endowment plan. It can be taken by any parent or any grandparent. The age of the child should be 0 to 12 years.

- The plan also provides the coverage of the risk during the active policy holding time and can be extended up to 7 years post maturity.

- The minimum sum assured under this policy is 1 lakh and maximum sum assured will be 1 crore. -

- The payment mode can be yearly, half yearly, quarterly and monthly as per the policy holder selection.

- The policy terms will go from 11 years to 27 years.

The various benefits include:

DEATH BENEFIT – In case, after the death of the child, the one who is the nominee of the policy will receive the sum assured plus the bonus.

MATURITY BENEFIT – On maturity, the child gets the remaining 15% of the sum assured plus some financial additional bonuses.

TAX BENEFIT - A range of amount is allowed for deduction depend upon the payment done.

SURVIVAL BENEFIT – On survival of the child, he receives 30% of the sum assured along with the vested bonuses, but only before 5 years of the expiry date of the policy.


- It is a regular premium retirement plan in which the premium needs to be pay till the end up of the accumulation time. But at the end, the maturity comprises of the sum assured, incremental bonus, certain amount of financial additional bonus which will be paid in the form of pension.

- The plan includes two types of premium modes i.e single premium and regular premium. In single premium, the one can buy the premium by paying all the amount only at once. And in regular premium, paying mode can be yearly, half yearly, quarterly and monthly as well.

- The minimum age for holding the policy is 20 years and maximum age differ from the single premium to regular premium. That is, for single premium, the holding age will be 60 years maximum and for regular premium, it will be 58 years, maximum. 

- The minimum sum assured under single premium is 1.5 lakh and under regular premium is 1 lakh. 

- 3.09 % service tax is also applicable under the scheme.

- Benefits include benefits on vesting, income tax benefit and certain other guaranteed additions (applicable only for the first years at the rate of 50 per thousand). [Source]


- This policy provides protection to both savings and insurances. Financial protection will be provided during the policy term to the holder of the policy.

- The minimum entry age for LIC new Bachat plan is 15 years and maximum age may vary. Also the minimum sum assured vary from the selected criteria and the maximum sum assured will have no limit. 15% of the sum is assured, paid after every 3 years in terms of survival benefit.

- The policy term is either 9 years, or 12 years or 15 years. And the maximum maturity age is 75 years. 

- The payment mode for this policy is single premium only. It does not offers many options.

- The benefits includes death benefit, survival benefits, maturity benefits and income tax benefits.

Thus, the given 5 are the best policies offered by life insurance cooperation of India and we suggest you to opt out for any one or more than one of them, as they all are really good in different terms and different fields. 

Have a safe time ahead!


Post a Comment