Finance

Explain Affordable LIC Life Insurance Plans

lic-life-insurance

Life insurance policies are the most secure and safest way to provide protection to your family against any financial difficulties which may arise after your unfortunate dismissal. The life insurances are basically an agreement between the policyholder and insurance company, under which the company promises to pay a sum assured to the nominated beneficiary after unfortunate death of the breadwinner during the tenure of the policy. In exchange, the policyholders promise to pay stipulated money in the form of premiums to the insurance company.

LIC of India is the most trusted and reputed brand when it comes to life insurance. LIC of India offers a variety of LIC Policies to suit the individual needs and requirements of the customers. Most of their products and plans are affordable and easy to buy. Here are is the list of few affordable LIC Plans that you may consider buying to secure the life of your family and fulfill their financial requirements after your death.

LIC Jeevan Akshay VI

This is a single premium immediate annuity plan that can be purchased easily with a onetime lump sum premium. Since it is a non-linked pension scheme, the nominee receives a fixed annuity payment which is extended for a life time.

Highlights of the Plan:

  • More annuity options
  • Immediate annuity plan
  • Single premium plan
  • Minimum purchase rate of 100000 for offline and 150000 for online purchase
  • Annuity payable for lifetime
  • Increasing annuity where the pension is paid till the insured is alive @ increasing rate of 3% per year
  • Maturity benefits
  • Provide coverage for all age group ranging from 30 years to 85 years
  • No medical tests required
  • No surrender value and no loan available

LIC e-Term Plan

This LIC Life Insurance plan is totally a life cover policy that promises to offer financial aid to the family of the insured in cased of unfortunate death. In general, it is a non-participating regular premium policy with no bonus. This term policy is available to you through online medium. The insurer promises to pay the agreed sum assured to the nominee on premature death of the insured. If the insured survive till the maturity of the policy, then no bonus or sum assured is payable.

Highlights:

  • Different premium rates for non-smokers and smokers
  • Available through website of LIC
  • Minimum sum assured must be 2, 50, 000 for aggregate category and 50, 00, 000 for non-smokers
  • No loan is available
  • Provide coverage to age group ranging from 18 years to 60 years
  • Minimum policy term is 10 years and maximum is 35 years

LIC Jeevan Anand Plan

This is the most popular and widely purchased non-linked participating endowment plan by LIC. Under this plan, the policyholders enjoy dual benefits of protection as well as savings. The prime feature of this endowment plan is that, even after the policy tenure is over, the life coverage for the policyholder continues until the death of the insured. This is the perfect blend of endowment plan and whole life plan and it offers income tax benefits as well.

Highlights:

  • Maximum maturity age is 75 years
  • Entry age to the policy is 18 years to 50 years
  • Premiums must be paid for the entire tenure of the policy
  • If the insured is alive at the time of maturity, then they get maturity benefits
  • It is a whole life insurance plan
  • The minimum sum assured offered by the plan is 1, 00, 000/-
  • Disability and accidental benefits are in-built rider of this plan
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