LIC policies are a type of life insurance that provides financial protection and savings benefits to policyholders and their families. These policies offer a range of options that cater to the unique needs and preferences of different individuals. Some policies provide guaranteed income for life, while others offer a combination of protection and savings benefits. Depending on the policy, the premium payments can be regular, limited, or a lump sum. Overall, LIC policies are designed to provide a sense of security and peace of mind to individuals and their loved ones.
List of some of the most popular LIC policies:
- LIC Jeevan Akshay VII
- LIC New Endowment Plan
- LIC Jeevan Labh
- LIC Jeevan Anand
- LIC Money Back Plan- 20 years
- LIC e-Term Plan
- LIC Jeevan Amar
- LIC Jeevan Umang
- LIC Single Premium Endowment Plan
- LIC Tech Term Plan
LIC Jeevan Akshay VII:
This is an immediate annuity plan that provides a guaranteed income for life. The policyholder makes a lump sum payment to LIC, and in return, receives a regular income for the rest of their life.
LIC New Endowment Plan:
This is a traditional participating endowment plan that provides both savings and protection benefits. The policyholder pays a regular premium for a fixed period, and at the end of the policy term, they receive the sum assured along with bonuses, if any.
LIC Jeevan Labh:
This is a non-linked, participating, limited premium payment policy that provides both protection and savings benefits. The policyholder pays a fixed premium for a limited period, and at the end of the policy term, they receive the sum assured along with bonuses, if any.
LIC Jeevan Anand:
This is a traditional participating endowment plan that provides protection and savings benefits throughout the policy term and also continues to provide a regular income for the rest of the policyholder’s life.
LIC Money Back Plan- 20 years:
This is a non-linked, participating, limited premium payment policy that provides both protection and savings benefits. The policyholder pays a fixed premium for a limited period, and at regular intervals during the policy term, they receive a percentage of the sum assured as a survival benefit.
LIC e-Term Plan:
This is a pure protection plan that provides a high level of life cover at an affordable premium. The policyholder pays a fixed premium for a fixed term, and in the event of their death during the policy term, their nominee receives the sum assured.
LIC Jeevan Amar:
This is a non-linked, non-participating, term assurance plan that provides a high level of life cover at an affordable premium. The policyholder pays a fixed premium for a fixed term, and in the event of their death during the policy term, their nominee receives the sum assured.
LIC Jeevan Umang:
This is a non-linked, participating, whole life assurance plan that provides both protection and savings benefits throughout the policyholder’s life. The policyholder pays a fixed premium for a fixed period, and after the premium payment term is over, they continue to receive a regular income for the rest of their life.
LIC Single Premium Endowment Plan:
This is a non-linked, participating, single premium payment policy that provides both protection and savings benefits. The policyholder makes a lump sum payment to LIC, and at the end of the policy term, they receive the sum assured along with bonuses, if any.
LIC Tech Term Plan:
This is a non-linked, pure protection plan that provides a high level of life cover at an affordable premium. The policyholder pays a fixed premium for a fixed term, and in the event of their death during the policy term, their nominee receives the sum assured.
Summarizing the key features of the LIC policies:
| Policy Name | Policy Type | Premium Payment | Policy Term | Benefits |
|---|---|---|---|---|
| LIC Jeevan Akshay VII | Immediate Annuity | Lump Sum | Lifetime | Guaranteed income for life |
| LIC New Endowment Plan | Traditional Endowment | Regular Premium | 12-35 years | Sum Assured + Bonuses |
| LIC Jeevan Labh | Limited Premium Payment Endowment | Fixed Premium for 10-25 years | 16-25 years | Sum Assured + Bonuses |
| LIC Jeevan Anand | Traditional Endowment | Regular Premium | Up to Age 100 | Sum Assured + Bonuses + Regular Income for life |
| LIC Money Back Plan- 20 years | Limited Premium Payment Endowment | Fixed Premium for 15-25 years | 20 years | Survival benefits at regular intervals + Sum Assured |
| LIC e-Term Plan | Pure Protection | Fixed Premium for 5-35 years | 5-35 years | Sum Assured payable on death |
| LIC Jeevan Amar | Term Assurance | Fixed Premium for 10-40 years | 10-40 years | Sum Assured payable on death |
| LIC Jeevan Umang | Whole Life Assurance | Regular Premium for 15 years or more | Lifetime | Sum Assured + Bonuses + Regular Income for life |
| LIC Single Premium Endowment Plan | Single Premium Endowment | Lump Sum | 10-25 years | Sum Assured + Bonuses |
| LIC Tech Term Plan | Pure Protection | Fixed Premium for 5-40 years | 5-40 years | Sum Assured payable on death |
Please note that this table provides a brief summary of the policies and is not an exhaustive list of all their features and benefits. It is always recommended to read the policy documents carefully and consult with a licensed insurance agent or financial advisor before making a decision.