LIC of India 1415 views July 30, 2021

Life Insurance Corporation of India (LIC) provides you a wide range of insurance products and services to take care of your financial needs. You can protect your loved ones financially in your absence and build a corpus with a wide range of LIC plans. All you need to do is pay the premium fixed for the plan you choose. In case you want to buy a life insurance plan with a premium of INR 500 per month, check out here the LIC plans that offer the same.

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Best LIC Plans with a Minimum Premium of INR 500

The plans offered by LIC allow you to pay the premiums in monthly installments whether you purchase an endowment, money back, micro insurance, group or pension plan. Check out the plans below that will provide you the benefit of full life insurance at an affordable amount,

LIC New Endowment Plan

The LIC new endowment plan comes with a tenure ranging from 12 to 35 years, and there is no limit on the maximum sum assured. In case of the death of the life assured, the insurer shall pay the death benefit, which is higher of –

  1. Base sum assured
  2. 7X the annualized premium

And on survival till the maturity date, the insurer will pay a sum assured on maturity + simple reversionary bonuses + final additional bonus, if any.

You can also enhance your coverage by opting for the rider benefit. The following riders are available under this plan.

  1. Accidental Death and Disability Benefit Rider
  2. Accident Benefit Rider
  3. New Term Assurance Rider
  4. New Critical Illness Benefit Rider
  5. Premium Waiver Benefit Rider

LIC New Jeevan Anand Plan

LIC New Jeevan Anand Plan is a protection-cum savings plan that provides financial protection against death during the policy period. Upon survival, you will receive a maturity benefit that includes –

  1. Basic Sum Assured
  2. Vested Simple Reversionary Bonuses
  3. And Final Additional Bonus, if any

In case of death of the life assured, the insurer will pay higher of the following:

  1. 125% of the Basic Sum Assured
  2. 7X the Annualized Premium

This endowment plan has no limit on the maximum sum assured, and you can take it for 15 to 35 years.

LIC Jeevan Tarun Plan

LIC Jeevan Tarun is a participating life insurance plan with a minimum sum assured of INR 75,000. Under this policy, the insurer shall provide the following benefits:

On the death of the life assured before the date of commencement of risk, the insurer refunds the paid premiums, extra premium and rider premium (if any) without interest. Whereas, on death after the date of commencement of risk, the insurer shall pay the Sum Assured on Death and vested Simple Reversionary Bonuses and a Final Additional Bonus (if any). The Sum Assured on Death is higher of –

  1. 7X the annualized premium
  2. 125% of Sum Assured.

A fixed percentage of the sum assured shall be payable on each policy anniversary after the life assured turns 20 and thereafter on each of the next four policy anniversaries.

On surviving the policy term, the insurer shall pay the Sum Assured on Maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

LIC Money Plus Plan

LIC Money Plus is a unit-linked endowment plan where you can choose the level of cover, premium payment option from single or regular premium payment. The following fund options are available in this plan –

  1. Bond Fund
  2. Secured Fund
  3. Balanced Fund
  4. Growth Fund

You’ll get the following benefits under this LIC plan:

Death Benefit: In case of death of the life assured, the insurer will pay Sum Assured or the Fund Value of the units, whichever is higher.

Maturity Benefit: Upon survival till the maturity date, you will get an amount equal to the Fund value of the units.

LIC Jeevan Labh

LIC Jeevan Labh is a limited premium paying, non-linked, with-profit endowment plan that offers you the following benefits:

Maturity Benefit: If you survive the LIC Jeevan Labh policy term, you will get the Sum Assured on Maturity along with vested simple reversionary bonuses and final additional bonus if any.

Death Benefit: In case of death during the policy term, provided all due premiums are paid, the insurer shall pay the Sum Assured on Death plus vested Simple Reversionary Bonuses and a Final Additional Bonus (if any). The Sum Assured on Death is higher of –

  1. 10X the annualized premium
  2. Absolute amount assured to be paid on death

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