Investment Plans 24806 views February 20, 2020

Best LIC Policy for 5 years

Life Insurance Corporation (LIC) of India is a leading insurance company which has its head office in Mumbai. LIC was founded by the government of India. LIC offers a wide variety of life insurance policy which includes ULIP plans, child plans, pension plans, term insurance and others. The aim of LIC of India is to enhance the living standards of the people by providing various financial products as well as services that offer competitive returns.

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Best LIC policy for 5 years

1. Anmol Jeevan II

Anmol Jeevan II by LIC is the reliable insurance plan and it offers financial security to the family of the policyholder on his/her unfortunate death. LIC Anmol Jeevan II policy pay-out the sum assured in the policy to the nominee of the policy as death benefit and enable the family of the policyholder to fulfil their basic financial need after the death of the insured.

Key Features of LIC Anmol Jeevan II

  1. This plan is a traditional and wholesome term plan but does not have participating benefits.
  2. This plan offers premium payments to be made either on an annual or half-yearly basis.
  3. This plan offers Death Benefit but there is no maturity Benefit offered on this plan

Benefits of Anmol Jeevan II

LIC Anmol Jeevan II offers various benefits. Some of them are stated below:

  1. This plan provides Death Benefit in which the insurer provides the sum assured which is pre-determined in the policy to the nominee of the policy in case of unforeseen death of the policyholder
  2. This plan is for a policy term of up to 25 years which decrease the burden of heavy premium amounts
  3. Tax Benefit is also offered on premium payments as well as death claims under the Income Tax Act under prescribed sections.
  4. For annual payment modes, discounts are also offered on premium payments.

Eligibility Criteria of LIC Anmol Jeevan II

  1. The minimum entry age is 18 years and maximum entry age is 55 years
  2. The minimum policy term is 5 years and the maximum policy term is 25 years (65 years is the maximum age for the ceasing of Risk Cover in the policy)
  3. Death benefit -Minimum sum assured is Rs.6, 00, 000 and maximum sum assured is Rs.24, 00, 000
  4. The mode is premium payment is annually and half-yearly

2. Jeevan Mangal Plan

Jeevan Mangal Plan by LIC is a term insurance plan which can be brought for a term of 5 years only through the single premium payment option that pays returns in the form of a premium on the maturity of the plan. The plan offers premium payments to be made either in a lump sum or on regular basis which can be yearly, quarterly, half-yearly, monthly, weekly intervals or fortnightly basis over the policy tenure.

Features of Jeevan Mangal Plan

  1. This plan is a pure protection policy as it provides life coverage at low rates of premium
  2. The holder of the policy can choose the term of the policy as per their requirement
  3. The payment of premium is to be made in a one-time single payment.
  4. In case of accidental death of the insured, basic sum assured in the policy is paid along with additional benefit to the nominee of the policy.
  5. The plan offers guaranteed returns on the paid premiums.

Benefits of the LIC Jeevan Mangal Policy

LIC Jeevan Mangal Plan provides numerous benefits which are stated below:

  1. Jeevan Mangal Plan provides guaranteed repayment of the premiums paid for the policy as maturity benefit if the insured survives the term of the policy.
  2. In case of the death of the policyholder other than due to accident then the sum assured which will be payable to the nominee of the policy on the death of the policyholder for single premium plans will be higher of 125 percent of single premium paid excluding the taxes and any extra premium paid on the policy.
  3. This plan provides additional tax benefits on the pay-out received through the plan either on death of the insured or on maturity of the policy as well as on premiums paid on the policy.

Eligibility Conditions of Jeevan Mangal Plan

  1. Minimum age at entry is 18 years and maximum age at entry is 60 years
  2. Maximum age of the policyholder at maturity is 70 years
  3. Policy term is 5 years for single premium.
  4. Minimum Instalment Premium is Rs 15
  5. Sum Assured in the plan- Minimum is Rs. 10,000 and maximum is Rs. 50,000. However, Sum assured in the policy shall be in multiples of Rs. 1,000

Conclusion

LIC being the oldest insurance provider in India has many insurance plans to serve the variant needs of its customers and each plan has unique benefits. The best LIC policy for 5 years is variable as per the need of the customer. If you want pure protection coverage then Jeevan Mangal is the best LIC policy to invest for you and if you want a reliable insurance plan for tenure of 5 years then you can buy Anmol Jeevan II plan. However before buying an insurance plan you must ensure that it fit your need and requirement.

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