LIC Yearly Plan

Let’s understand each plan in detail: 

LIC Yearly Plan Types Offered in India

LIC offers a wide range of insurance products and services to cater to various requirements of its customers. A life insurance plan that offers coverage for a limited time is called a term insurance plan or LIC yearly plan. If the policyholder dies in an unfortunate event during the policy tenure, the beneficiary/nominee will receive the death benefit. 

LIC plans are the plans chosen by a variety of customers because they are easy to understand, have the longer and shorter premium payment time, and provide the option to convert the plan to a longer one in the future. LIC is one of the most trusted insurance companies in India and has considerable experience in the insurance field. Here are some of the LIC yearly plans that LIC offers in India:

1. LIC Jeevan Surabhi 15-year plan 

   This money-back plan is also called an anticipated endowment policy. A non-linked plan where the premium amount is paid at pre-determined and decided intervals. The policyholder pays the LIC policy yearly installment for 12 years and the cover remains for the complete term of 15 years. This plan is quite different from other money-back plans. The following are the major differences: 

   • Maturity term is more than the term of premium payment 

   • Early and higher survival rate benefit payment 

   • Risk coverage increased after every five years 

   The LIC policy yearly installment payment term and policy term for LIC Jeevan Surabhi 15-year plan are: 

   Plan Number	Premium Payment Term	Policy Term
   106	12 years	15 years
   107	15 years	20 years
   108	18 years	25 years

   1. Features of LIC Jeevan Surabhi 15-year Plan 

      • In this plan, the death benefit increases by 50 percent once in a regular interval of 5 years 

      • Upon the policy maturity, a simple reversionary bonus will be payable. 

      • Risk cover is extended for 3 years after the premium payment of 3 years 

      • Riders enhance the coverage

   2. Eligibility Criteria 

      	Minimum	Maximum
      Sum Assured	Rs. 50,000	No Limit
      Policy Term	15
      Premium Payment Term	12
      Entry Age	14	55
      Maturity Age	-	70
      Modes of paying the premium	Yearly/Half-yearly/Quarterly/Monthly

2. LIC Tech Term Plans 

   A non-linked and non-participating, pure online premium plan that offers financial protection to the family of the assured in case of his/her untimely death during the policy tenure. This LIC Tech term plan is only available through online medium and you can purchase it anywhere and anytime as per your requirements. 

   1. Key Features 

      • It offers flexibility to select from the 2 options of benefits – Level Sum Assured and Increasing Sum Assured 

      • Special premium rates for women 

      • Option to avail accidental benefit rider that helps enhance coverage of your existing plan

   2. Eligibility Criteria 

      	Minimum	Maximum
      Sum Assured	Rs.50,00,000	No Limit
      Policy Term	10 to 40 years
      Premium Payment Term	For Regular – Same as Policy Term  For Limited – PT minus 5 years for PT 10 to 40 years  PT minus 10 years for PT 15 to 40 years  For Single - NA
      Entry Age	18 years	65 years
      Maturity Age	-	80 years

      Even though most life insurers come with long-term policies but various buyers prefer to purchase short-term insurance plans over long-term policies. 

3. Retirement Plans 

   Retirements plans take care of your future financial requirements once you retire from your active work life. These plans save and invest your savings so that you have certain disposable funds/salary/income in your pocket during critical times. 

   LIC Jeevan Akshay VI – This type of policy is suitable for those individuals who want to avail retirement solutions by paying a lump sum amount. The policyholder can select annuity payment intervals and choose from monthly/ quarterly/half-yearly and yearly options under this plan. 

   LIC New Jeevan Nidhi Plan - A conventional plan that provides profits to the life assured and also a combination of protection and savings benefits. You can buy LIC New Jeevan Nidhi Plan in a one-time lump sum. It also offers death benefits in annuity form to the beneficiary/nominee. Maturity benefit is also provided in the form of the annuity after the maturity of the amount.

4. Micro-insurance Plans 

   Micro-insurance policies are a combination of savings, insurance, and investment. 

   New Jeevan Mangal Plan – This plan offers returns of premium prices on policy maturity and also provides accident benefit to the life assured. The policy tenure of 5 years is only appropriate for 5 year premium payment term under this plan. 

Wrapping It Up! 

When we talk about life insurance plans, then long-term policies offered by LIC are very important. LIC yearly plans are for those who want to avail long-term policy over short-term plans. The above-listed policies for 15, 10, and 40 years are the smart decision if you want protection for the long term. Short-term plans are also listed above as LIC provides you an option to convert the short-term policy to long-term as per your financial requirements.

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