Buy LIC policy online hassle free
LIC 5-Year Plans: Secure Your Future with Short-Term Policies
Life Insurance Corporation (LIC) of India offers 5-year plans tailored for individuals seeking affordable premiums and short-term financial security. These plans are ideal for achieving immediate financial goals while ensuring life coverage. Whether planning to save for a milestone or secure your family's future, LIC's 5-year plans can help you achieve your objectives efficiently.
Benefits of LIC Plans —
Tax saving under Sec 80C & 10(10D)^
High returns market link plans
Sovereign guarantee as per Sec 37 of LIC Act
We are rated~
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Now Available on Policybazaar
Grow your wealth with LIC
Why Choose a LIC Plan for 5 Years?
Short-term plans offered by the LIC of India provide a strategic blend of life insurance and savings, making them ideal for financial planning with a clear timeline. Here's why they stand out:
-
Affordable Premiums: Pay manageable premiums while securing significant coverage.
-
Flexible Goals: Perfect for short-term objectives like education savings, home renovations, or emergency funds.
-
Convertible Options: Many policies can be extended for longer terms if needed.
Key Benefits of LIC 5-Year Policies
-
Life Coverage: Ensures financial security for your family during the policy term.
-
Savings & Investments: Combines insurance with investment components to build a corpus.
-
Guaranteed Returns: Offers stability in volatile financial markets with assured payouts.
-
Loan Facility: Some policies allow loans against their surrender value, providing liquidity during emergencies.
-
Optional Riders: Enhance coverage with add-ons like accidental death or critical illness riders.
Types of LIC 5-Year Policies
LIC offers various policy types catering to diverse needs:
-
Term Plans: Provide life insurance with affordable premiums and a death benefit.
-
Endowment Plans: Combine savings with life insurance, offering maturity benefits and death coverage.
-
Pension Plans: Help build a secure post-retirement financial cushion with regular payouts.
How to Select the Right LIC 5-Year Plan?
-
Define Your Goal: Identify the financial objective, whether saving for an event or creating an emergency fund.
-
Assess Affordability: Choose a premium that aligns with your budget without straining finances.
-
Policy Features: Compare coverage, returns, and additional benefits to find the best fit.
-
Add Riders: Opt for riders to address specific needs, such as critical illness coverage.
Wrapping It Up:
LIC 5-year plans are excellent for those seeking short-term financial solutions and life insurance benefits. These policies cater to diverse goals, from creating a financial safety net to saving for immediate needs. By offering guaranteed returns, flexible options, and life coverage, LIC helps secure your financial future easily.
LIC Resources
|
LIC Online Services |
LIC Investment Plans |
LIC Other Plans |
FAQs
-
Q: What is the LIC money-back policy after 5 years?
Ans: The LIC Money Back Policy after 5 years is a life insurance plan offered by the Life Insurance Corporation of India. After the initial 5-year period, policyholders receive a percentage of the sum assured at regular intervals as survival benefits. These payouts continue until the end of the policy term. If the policyholder dies during the term, the full sum assured is paid to the nominee. This plan provides life cover and periodic payouts, offering financial security and liquidity at predefined intervals, making it a popular choice for individuals seeking insurance and investment benefits. -
Q: Can I extend or renew my LIC policy after the 5-year term?
Ans: It depends on the specific policy you choose. Some policies may offer the option to renew or extend coverage beyond the initial term, while others may not. It is important to review the policy's terms and conditions to understand the renewal options available. -
Q: Are the premiums for 5-year policies higher compared to longer-term policies?
Ans: Generally, premiums for shorter-term policies tend to be lower than longer-term ones. However, the premium amount will depend on various factors such as the sum assured, age, policy type, and individual risk profile. -
Q: Can I avail of loan facilities against my short-term LIC policy?
Ans: Loan facilities may be available against certain short-term LIC policies. The loan amount and conditions may vary depending on the specific policy's terms and provisions. -
Q: Can I surrender my policy before the completion of the 5-year term?
Ans: Most LIC policies have a surrender value that allows policyholders to surrender their policies before the completion of the policy term. However, surrendering a policy may have financial implications, such as a reduced surrender value or loss of benefits. -
Q: What happens if I miss paying premiums during the 5-year policy term?
Ans: If you fail to pay the premiums within the grace period mentioned in the policy, the policy may lapse or become void. In such cases, you may lose the insurance coverage and any associated benefits. Ensuring timely premium payments is essential to keep the policy in force.
Different types of Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†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. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
LIC of India articles
Recent Articles
Popular Articles
10 Dec 2024
4 min read
Prime Minister Narendra Modi has launched the Bima Sakhi Yojana
10 Dec 2024
3 min read
The Bima Sakhi Yojana, launched by Prime Minister Narendra Modi
20 Nov 2024
3 min read
LIC Yuva Term Plan Calculator is an online tool designed to
15 Oct 2024
2 min read
The LIC Index Plus plan is a ULIP offered by the Life Insurance
15 Oct 2024
3 min read
The LIC Index Plus combines the benefits of insurance and
