Life Insurance December 22, 2020

With the largest market share in the insurance sector and a strong customer base, Life Insurance Corporation of India (LIC) is a company with which everyone would be familiar. The reason behind its popularity is that it provides comprehensive Life Insurance coverage to the customers through its different policies. If you are looking to choose a LIC Life Insurance Plan but are confused about which plan to choose, this page can clear your confusion!

This page will throw some light on the LIC Policy List along with its features so that you can choose the most suitable one for you. Keep reading to know the same!

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Let’s Read LIC Policy List & its Features

The name of LIC has become a synonym for Life Insurance. Whenever we think of a life insurance plan, the first thing that comes to our mind is LIC. The reason behind this is the wide range of life insurance plans that individuals can choose according to their needs and financial status. LIC life insurance products can be categorized into Term Assurance Plans, Endowment Plans, Whole Life Plans and Money Back Plans. Let’s read their features below.

LIC Tech Term Plan

This plan from LIC Policy List is a pure online term assurance plan that protects your family in case of your unfortunate demise. LIC Tech Term Plan is a non-linked, without profit policy that can be the right choice for your family’s protection. Check out the features of this plan.

  1. Choose from two benefit options of Level Sum Assured and Increasing Sum Assured
  2. Choose from Single Premium payment, Regular Premium payment, and Limited premium payment
  3. Flexible Policy Term ranging from 10 to 40 years according to your convenience
  4. Minimum sum assured of INR 50 lakh
  5. The option of receiving benefit payments in installments
  6. Special rates for Women Policyholders
  7. Separate Categories of Premium rates for Smokers and Non-smokers
  8. Minimum entry age of 18 years for policyholders

LIC New Jeevan Anand Life Insurance Plan

With the New Jeevan Anand Plan from LIC, individuals can achieve both the protection of their families and their long-term savings goals. This plan is a participating, non-linked insurance plan with which you can also ensure liquidity. Some of the main features of this LIC Plan are mentioned below. Take a look!

  1. Financial Coverage to the Family
  2. Premium payment discount option
  3. Loan against policy facility available
  4. An option to choose from LIC Accidental Death and Disability Benefit Rider
  5. Lump-sum maturity benefits at the end of policy term upon survival
  6. The death benefit will include Sum Assured on Death, Reversionary Bonus, and Additional Bonus (if any)

LIC New Children Money Back Plan

This plan from LIC is one of the most popular money back life insurance plans as it provides a lucrative payout at crucial stages (education, marriage, etc.) during your child’s growth. New Children Money Back Plan from LIC is a non-linked, participating, individual, life assured money back plan that comes with the following features.

  1. Minimum basic sum assured of INR 1,00,000 with no maximum limit
  2. Purchases by any parent or grandparent for a child aged 0 to 12 years
  3. Minimum 105% of the total premium paid up to death as Death Benefit
  4. Survival Benefit of 20% of the Basic Sum Assured on the life assured’s completion of 18 years, 20 years and 22 years
  5. LIC Premium Waiver benefit Rider Option available
  6. An Option to take death benefit in installments over 5 or 10 or 15 years instead of the lump-sum amount

LIC Jeevan Labh Insurance Plan

LIC Jeevan Labh Plan is a limited premium paying, non-linked, with-profits endowment plan with which you can enjoy the combination of savings and protection. Here are some of the features of this plan that you should know.

  1. Option to choose between LIC Accidental Death and Disability Benefit Rider and LIC New Term Assurance Rider
  2. Entry age ranging from 8 to 59 years
  3. Policy term options – 16, 21 and 25 years
  4.  An option to choose between premium paying term of 10, 15 and 16 years
  5. Tax Benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961
  6. Discount on choosing half-yearly and yearly premium payment modes
  7. Opt for Loan Against Policy after premium payment for at least 3 years

LIC Jeevan Umang Insurance Plan

If you are looking for a life insurance plan that can help you achieve your income goal and protect your family in case of an unforeseeable event, LIC Jeevan Umang Insurance Plan could be the best fit for you! It is a non-linked, participating, individual, whole life assurance plan designed with the following features.

  1. Minimum sum assured of INR 2,00,000 with no maximum limit
  2. Premium payment term options of 15, 20, 25 and 30 years with a Policy Term of 100 minus age at entry
  3. An option to take death benefit in installments according to your choice
  4. Choose rider options from Death and Disability Benefit Rider, New Term Assurance Rider, Critical Illness Benefit Rider, Premium Waiver Benefit Rider, etc.
  5. Survival Benefits as 8% of the Sum Assured amount every year

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