Life Insurance Corporation was set up in India in the year 1956. This company id regarded to be synonymous to insurance plans, be countless commoners of the country. Today it has a high turnover and with assets of 14.17 lakh crore. The Policies of LIC has been and still is the best reliable policies till date. The most popular LIC Policies, among the people that I come across, are;
- LIC E-Term Plan
- Jeevan Akshay VI
- Jeevan Nidhi
- LIC Jeevan Ankur
- New Jeevan Mangal – a micro insurance plan
- LIC’s Jeevan Arogya
Post September 2013 many earlier Insurance plans have been withdrawn as per the directions of IRDA, but this move was not only for LIC but all the Insurance policies existing in the market. If one still wishes to apply for any of the earlier policies there will be additional taxes borne by the applicant.
The most popular Insurance Plans are as follows:(again among the people that I come across)
- Single Premium Endowment Plan
- New Jeevan Anand
Jeevan Akshay VI is an immediate annuity plan which can be purchased after paying an amount in totality. An annuity of a settled amount is paid throughout the life of the individual. There are options available with payment at 5, 10, and 15 or 20 years and thereafter as long as the annuitant lives, otherwise it may be transferred to his or her spouse.
LIC’s Jeevan Bharati I has an Accidental Benefit, Critical Illness Benefit and Congenital Disability Benefit as options that come with the main policy.
There are Term Insurance Plans with Death Benefit but no Maturity Benefit. LIC Policy for High Net worth Individual, called Jeevan Shree I. An Endowment Assurance Plan with financial protection in case of death of policy holder. It also ensures payment of maturity amount at the end of the policy tenure.
The best Insurance plans are:
- Single Premium Endowment Plan – In this plan the minimum and maximum entry age is 90 years and 65 years. Policy term is from 10 to 25 years. Minimum sum assured is 50,000.Payment mode Single premium only. There are no limits to maximum sum assured. Loans are available after 1 year of policy is completed.
- New Endowment Plan – This comes with a basic plan and also with Accidental Death and Disability Benefit Rider. Basic sum assured shall be in multiples of 5000. Loan may be acquired upon fulfillment of surrender value. Taxes are to be paid as per tax laws.
- New Jeevan Anand – This is a combination of savings and protection. It has loan facility. Premiums can be paid, monthly, yearly, quarterly or half yearly. It has death and maturity benefit. It participates in LIC profits and is taxable according to tax laws. This is an Endowment Plan with risk cover for life. Maturity benefit= Basic sum assured + Bonus. Optional Critical Illness Rider is available with this plan with extra payment. Housing loan security is available with this plan.
- LIC-New Money Back Plan 20 years – This has Death benefit and Maturity benefit. This also has participation in profits, and loan may be taken against this policy as the terms and conditions may ensure. Minimum basic sum assured is 100000. There is no limit to maximum basic sum assured. Basic sum are paid in multiples of 5000.
- LIC-New Money Back Plan 25 years – Ensures support to family member upon death of policy holder, and periodic payment if survives.There is also loan facility.Premiums can be paid through salary deductions over term of policy, half yearly, yearly, quarterly, and monthly, through ECS. The premium payments may vary between 290 to 50 years. This is payable together at the time when policy term comes to an end.
- LIC New Bima Bachat – A savings cum protection plan, this policy term may be for nine, twelve or hundred and fifteen years. There is loyalty addition in this policy in addition to other regular features, common with other policies. This loyalty acquired is payable upon death to the dependent.
- LIC Anmol Jeevan II – This is a Protection plan upon the death of the insured, financial protection is given to the dependents.
- LIC Amulya Jeevan II – This plan also provides protection to dependents upon the sudden death of the insured.
LIC slogan, “yogakshemam vahamyaha” means “Your welfare is our duty”. With a considerable asset base of around 8 lakh crores, it is one of the champions in the field of life coverage and benefits-a trusted name for generations. 51 year old company, owned by the government, it has the highest claim settlement record. More than 2050 LIC branches networking pan India has been awarded the No.1 trusted brand according to ET Brand Equity Survey. So if you are searching for the best policy company then LIC must be your first option.
