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LIC, Life Insurance Corporation of India, is one of the largest insurers that was founded in 1956 to reinforce the life insurance structure of India. It fulfills all the requirements of a huge customer base with insurance products ranging from unit plans to micro-insurance plans. LIC offers a wide number of life insurance policies that are specifically designed to provide high returns and are for the long term. LIC yearly plans are the Tech1 term plan and Surabhi plan of 15 years.
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Let’s understand each plan in detail:
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. 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, 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:
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 premium 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:
The premium 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 |
|
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 |
|
A non-linked and non-participating plan 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.
|
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.
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 combination 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.
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 years premium payment term under this plan.
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 years, 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.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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