Life Insurance Corporation (LIC) is the most trusted life insurance brand in India. This public sector insurance company offers a high range of products to its customers. Formed in the year 1956, LIC enjoys a monopoly in the Indian insurance segment. It is known for maintaining a high claim settlement ratio and is the oldest insurance company in India.
LIC policies often act as a family’s guardian during the unforeseen circumstances. It offers a large variety of insurance policies that can fulfil the individual demands of the customers. Therefore, purchasing a policy that would serve ones needs can be time-consuming and difficult. The following are the top LIC policies in India that you can consider for investment in the year 2020.
Top LIC policies to invest in 2020
LIC Jeevan Anand
LIC Jeevan Anand is a whole life endowment plan that provides coverage until the insurer’s death, even if the plan matures by that time. As the name itself suggests, Jeevan Anand is a non-linked participating plan and offers the benefit of protection as well as savings. The following are the key features of LIC Jeevan Anand:
- The policyholder must lie between the age group of 18 to 50 years.
- The maximum age of maturity is 75 years.
- The premium has to be paid for the whole tenure of the policy.
- The policy term can be of 15 to 35 years.
- The term for paying the premium is equal to its policy term.
The LIC Jeevan Anand policy also offers the provision of tax exemption on the premium that is paid and added top-up covers.
LIC e-Term Plan
The e-Term policy of LIC is a life cover policy that offers financial security to the family of the insured. No agents are required during its application as it can be done through the online mode only. In this policy, the insured pays a certain sum assured for the event of his pre-matured death. The following are a few features of a LIC e-Term Plan:
- It is available in LIC’s official website.
- The application can be done only for one’s own life.
- There is no availability of loans in this plan.
- The policy term should be within 10 years to 35 years.
- The policyholder must fall within the age group of 18 to 60 years.
- The premium has to be paid on a yearly basis.
LIC e-Term Plan offers coverage at quite affordable premium rates along with a flexible mode of paying the premium.
LIC Jeevan Akshay VI
LIC Jeevan Akshay VI is a policy that can be bought by paying a round sum amount. This pension plan is non-unit linked and provides for the payment of the annuity of a fixed sum which extends for a lifetime. The following are the major features of a LIC Jeevan Akshay VI plan:
- It covers individuals from the age group of 30 years to 85 years.
- LIC Jeevan Akshay VI includes a single premium plan.
- There are no maturity benefits
- There is no loan option available.
- No medical examinations are required.
LIC Jeevan Akshay VI offers benefits such as annuity payment and tax benefits.
LIC Jeevan Saral
LIC Jeevan Saral is an endowment policy which is only available with insurance plans that are unit-linked. It is usually associated with a lot of flexibilities and double death benefits. The following are the main features of the LIC Jeevan Saral policy:
- The policyholder must lie between the age group of 12 to 60 years.
- The policy term can be from 10 years to 35 years.
- Payment for this policy can be done monthly, once a quarter, half-yearly or yearly basis.
- A loan can be availed on this plan.
- There is a provision for loyal additions after completing 10 years.
LIC Jeevan Saral has excellent features and provides numerous maturity benefits too.
LIC Amulya Jeevan 1
LIC Amulya Jeevan is an insurance policy whose primary function is to provide protection. In this policy, the nominee gets the entire sum after the death of the insured. On maturity of the plan, nothing is payable. The following are the key features of LIC Amulya Jeevan:
- The policy can be purchased for a term of 5 years to 35 years.
- The policyholder must lie within the age group of 18 years to 60 years.
- The policyholders can enjoy income tax benefits.
- The minimum value for which the policy can be taken is Rs 25,00,000 but there is no maximum limit.
LIC policies suit the individual needs of the person and provides lifelong financial assistance to the insured. It is the most trusted insurance company in India. As it offers a varied number of options to the people, one must make sure that they go through the features associated with every plan before opting for one. It will help an individual to choose a policy that will completely cater to their requirements and therefore, stay secured.