Life Insurance 102 views April 16, 2021

Life Insurance Corporation of India (LIC) is one of the largest insurance providers in India that people trust when it comes to securing their life with a life insurance policy. One of the reasons behind its popularity is that it understands the diverse requirements of people and offers products accordingly. For example, LIC Short Term Plans can be taken by those individuals who prefer a short-term insurance plan instead of investing in a life insurance plan for a longer period.

If you are one of such people, you can know some of the top LIC Short Term Plans on this page. Here, we will discuss some life insurance plans from Life Insurance Corporation of India (LIC) that have a policy term of 7 years or less along with their features and benefits. Keep reading to know more!

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Top LIC Short Term Plans that You Can Choose for Yourself

Short Term plans from LIC protect your family’s future in case something unfortunate like a death happens to you. All this at an affordable premium. You can choose from the following LIC Short Term Plans.

  1. LIC Amulya Jeevan II
  2. LIC Jeevan Akshay VI
  3. LIC New Jeevan Nidhi
  4. LIC Bhagya Lakshmi Plan
  5. LIC New Jeevan Mangal

Now we will discuss their features in detail so that you can understand them better and choose accordingly.

LIC Amulya Jeevan II

LIC Amulya Jeevan II is one of the popular short term plans offered by LIC with which you can secure your family’s financial future in case you die during the policy period. Have a look at its features mentioned below.

  1. In case a policyholder dies during the policy term, LIC Amulya Jeevan II will provide the sum assured as a death benefit. However, no maturity benefits shall be payable on survival until the end of the policy term.
  2. The minimum sum assured for this short-term plan stands at INR 25,000, which can be increased in the multiples of INR 1,00,000 with no maximum limit.
  3. The policy term ranges from 5 to 35 years from which policyholders can choose as per their convenience.
  4. Policyholders can pay the premium amount at yearly or half-yearly(2% of yearly premium) intervals. The grace period of 1 month is also allowed for the payment of premium towards your short term plan.
  5. The minimum entry age stands at 18 years, while the maximum can be 60 years.

LIC New Jeevan Nidhi

LIC New Jeevan Nidhi can be a suitable LIC Short Term Plan for you if you are looking to get dual benefits of protection and savings over a period. If you are making a single premium payment, you can choose the deferment period as low as 5 years that can go up to 35 years. In contrast, the deferment period ranges from 7 to 35 years under Regular premium payment. Let’s check some of its key features mentioned below.

  1. The minimum basic sum assured will depend on the choice of premium payment. For regular premium payment, it can go as low as INR 1 lakh, while under a single premium policy, it can be INR 50,000.
  2. There is no limit on the maximum basic sum assured and it can be increased in the multiples of INR 5,000.
  3. The minimum entry age stands at 20 years, while the maximum entry age can be 58 (Regular premium) or 60 years (Single premium).
  4. Policyholders can also choose LIC Accidental Death and Disability Benefit Rider to enhance their overall protection.

To know the death benefit provided by LIC New Jeevan Nidhi Plan, you can check the below table.

LIC Bhagya Lakshmi Plan

This short term plan from LIC is a non-linked, non-participating, individual term plan with which you can get your premiums back if you survive until the maturity of the policy. With LIC Bhagya Lakshmi Plan, you can get the following benefits.

Now that you have some information about its benefits, let’s look at some important things related to it mentioned below.

  1. The minimum sum assured for this plan stands at INR 20,000 which can go up to INR 50,000 in multiples of INR 1,000.
  2. The policy term stands at a premium paying term ( 5 to 13 years) + 2 years. Suppose you choose a premium paying term of 10 years, the policy term will be 12 (10+2) years.
  3. The minimum age at entry stands at 18 years, while the maximum age will depend on the premium payment term and range from 42 to 55 years.

LIC New Jeevan Mangal

This plan from LIC is a non-linked non-participating individual life protection-oriented plan. One of the best things about this LIC Short Term plan is it has an inbuilt accident benefit that provides for double risk cover in case a policyholder dies due to an accident. Let’s look at its key features mentioned below.

  1. The policy term can be as low as 5 years if you are paying the premium in single installments, while the maximum can be 10 years.
  2. In the case of regular premium payment, the policy term ranges from 10 to 15 years.
  3. The minimum sum assured for the LIC New Jeevan Mangal plan stands at INR 10,000, which can be increased in multiples of INR 1,000, up to INR 50,000.
  4. The minimum premium installment can be as low as INR 100 under the monthly mode, while there is no limit on other modes (Quarterly, Half-yearly or Yearly).
  5. The minimum age at entry stands at 18 years while it can go up to 55 years. An individual can be 65 years at the time of maturity.

The below table can help you understand the death and maturity benefits provided by this LIC Short Term Plan. Please check!

LIC Jeevan Akshay VI

One of the popular LIC Short Term plans is the LIC Jeevan Akshay Plan VI, which is an immediate annuity plan. An individual can purchase this plan by paying a lump sum amount as low as INR 1,00,000 (except online mode, where the minimum can be INR 1,50,000).

With this plan from LIC, individuals can choose from the following 7 types of annuity options. Have a look!

  1. Annuity for life at a constant rate
  2. Certain annuity payable for 5, 10, 15 or 20 years and thereafter as long as the annuitant is alive
  3. Annuity for life with return of purchase price in case annuitant dies
  4. Annuity payable for life increasing at a simple rate of 3% per annum
  5. Annuity for life with 50% of the annuity payable to spouse during his/ her lifetime on death of the annuitant
  6. Annuity for life with 100% of the annuity payable to the spouse during his/ her lifetime on death of the annuitant.
  7. Annuity for life with 100% of the annuity payable to the spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor.

Note: You can choose any one option and it cannot be changed.

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