Top LIC Policies of India in 2016

A life insurance is a policy that serves as an agreement between a life insurance company and the policyholder, where the insurer is supposed to pay a pre-decided amount in case of the insured’s loss of life. The amount is paid to the beneficiary or the nominee of the insured individual. Some of the best life insurance plans in India are offered by Life Insurance Corporation of India. However, it offers a wide array of products to choose from and sometimes it may become difficult to choose the right one.

The best LIC policies in the country at present are:

LIC Jeevan Akshay VI:

LIC Jeevan Akshay VI is a non-unit-linked pension plan of LIC that offers annuity payment of a fixed amount. It is a single premium immediate annuity scheme that can be purchased by  one-time payment of a lump sum amount. The annuity can also be extended for a lifetime.

Features:

• It is an immediate annuity plan that enables the plan to start as early as the consecutive month.
• Up to 7 Annuity options available to choose from.
• It is a single premium plan which requires one-time payment for the entire duration.
• Offline, the minimum purchase price for an annuity is Rs.1,00,000, while online, the minimum purchase price for an annuity under this scheme is Rs.1,50,000. However, there is no maximum limit.
• The scheme covers a wide range of ages between 30 years and 85 years.
• The premiums paid under this policy are tax exempted under Section 80C. The pension earned, however, will be taxable.
• Provision of 50% or 100% of the annuity to spouse in case of death of the annuitant. The annuity is provided for the entire lifetime of the beneficiary.
• Rebate of 1% by increasing the basic annuity rate as an incentive for online.
• No medical examination is required.

LIC JeevanAnand Plan

JeevanAnand from LIC is a non-linked participating endowment plan offering dual savings and protection benefit. The plan provides life coverage even after the termination of policy, until the death of the policyholder. It is both an endowment as well as whole life plan.

Features:

• Minimum entry age is 18 years, while the maximum age is 50 years.
• Maximum maturity age is 75 years.
• A minimum sum assured of Rs.1,00,000.
• Policy terms are within the range of 15 years to 35 years.
• In case the policyholder survives until the date of policy term’s completion, the maturity benefit is paid out.
• In case the policyholder dies before the completion of policy term, the nominee gets the sum assured as the death benefit.
• In case the policyholder commits suicide within 12 months from the policy’s commencement, the nominee gets back 80% of the premiums.
• Provisions of death benefit, maturity benefit and bonuses.

LIC e-Term Plan:

It is a pure life cover policy offering financial protection to family of the insured in case of the death of the insured individual. The e-Term Plan from LIC can be purchased online.

Features:

• Different premium rates for smoker or non-smoker individuals.
• The minimum sum assured for aggregate category is Rs.25,00,000, while for non-smoking category is Rs.50,00,000.
• Age group of 18 years to 60 years.
• Policy term ranging from 10 years to 35 years.

LIC Jeevan Sangam:

LIC Jeevan Sangam is a Children’s money back plan offered by LIC. It is a single premium, non-linked plan which guarantees return. The premium for this return is decided by the insured’s age and the maturity of the sum assured.

Features:

• Policy offered to age group of 6 years to 50 years.
• Basic sum assured is ten times the single premiums.
• Loan option and surrender benefit available from the first year itself.
• Provisions of loyalty addition and death benefit.

LIC Jeevan Saral:

LIC Jeevan Saral is an endowment policy categorised under Special Plans. It offers a lot of flexible benefits that are usually available with ULIPs. This plan offers double death benefit of sum assured along with return of premium.

Features:

• Policy is offered to the age group of 12 to 60 years.
• Sum assured is 250 times the monthly premium amount.
• Policy term within the range of 10 to 35 years.
• Provision of loyalty additions after 10 years of policy completion.
• Death and maturity benefits.
• Loan available under the plan.
• Term rider, disability benefit as well as accidental death benefit as optional high cover.

With so much variety available in the market, it is a good idea to choose an LIC policy that fulfills your requirement criteria.