Best LIC Policy for 5 Years
Updated On Feb 08, 2024
One of the leading names in the life insurance industry, LIC life insurance plans are the most demanded plans amongst policyholders from all over. It is one of the oldest companies that provides life insurance plans at affordable premiums. With Life Insurance Corporation of India (LIC), you can choose the policy term and coverage of the chosen life insurance plan. LIC even offers life insurance plans that come with a policy term of 5 years. In the section below, let’s discuss the best LIC policy for 5 years.
Overview of LIC Policy for 5 Years
In today’s time, when everything around us is so uncertain, it becomes crucial to be prepared for unforeseen events. A LIC life insurance plan that comes with a policy term of 5 years is like any other life insurance plan and is a contract between the policyholder and LIC wherein the policyholder gets life insurance coverage for a period of 5 years. This means that if during the policy term, the policyholder meets an unfortunate event, then the nominee will receive death benefits. The policyholder can also renew their policy if it gets expired for continued coverage.
A List of LIC Life Insurance Plans for 5 Years
In the section below, here is a list of LIC life insurance plans that provides coverage for 5 years:
1. LIC Saral Jeevan Bima
The LIC Saral Jeevan Bima is an individual, non-participating, non-linked pure risk life insurance plan. It is a term insurance plan that provides the nominees with a death benefit in case the policyholder meets an unfortunate death. The minimum sum assured available with the LIC Saral Jeevan Bima policy is Rs. 5 lakhs and the maximum is Rs. 25 lakhs. Moreover, with this policy, policyholders can also enjoy the flexibility to choose premium payment mode which can be monthly, half-yearly, or yearly.
2. LIC Term Assurance
Another LIC life insurance that comes with a policy term of 5 years is the LIC Term Assurance plan. This is a pure term insurance plan that provides maturity benefits only. This means that only in case of an unforeseen demise of the policyholder will the beneficiary receive death benefits with this plan.
3. LIC Dhan Sanchay
The LIC Dhan Sanchay is another LIC life insurance plan that you can consider buying. It is basically a non-linked, non-participating, individual, savings, life insurance plan that comes with a minimum entry age of 3 years and maximum entry age of 65 years. This plan comes in four different options, A, B, C, and D and depending on the option you choose, the features may vary. For instance, the minimum sum assured on death with option A and B is Rs. 3,30,000 and option C has Rs. 2,50,000, on the other hand option D has Rs. 22,00,000.
4. LIC New Jeevan Mangal Plan
The LIC New Jeevan Mangal Plan has a policy term of 6 years and has minimum entry age of 18 years and maximum entry age of 55 years. The premium for the LIC New Jeevan Mangal Plan can be paid on a single or regular basis. Moreover, the minimum sum assured of this plan is Rs. 50,000 and the maximum sum assured is Rs. 2 lakhs.
5. LIC Bhagya Lakshmi Plan
The LIC Bhagya Lakshmi Plan is a life insurance plan designed for economically weaker sections of the society. It is a limited protection plan which provides both death and maturity benefits. Upon maturity of the plan, 110% return of premium is given to the policyholders. Moreover, the minimum sum assured is Rs. 50,000 and the maximum is Rs. 2 lakhs.
6. LIC Jeevan Akshay VII
The LIC Jeevan Akshay VII is a non-linked, non-participating, individual immediate annuity plan. There are 10 different annuity plans available with the plan Option A, Option B, Option C, Option D, Option E, Option F, Option G, Option H, Option I, and, Option J. The minimum entry age of the LIC Jeevan Akshay VII is 25 years and the maximum entry age of 85 years.
Why Buy Life Insurance Plans with LIC?
Here are some of the reasons why you should buy life insurance with LIC:
- Trust: LIC has a strong reputation of trust and credibility. Established in 1956, the company has been serving life insurance policyholders for a long time. It offers a diverse range of life insurance products to cater to the varied needs of individuals. So, whether you are looking for term insurance or life insurance plan, LIC provides a variety of plans to choose from.
- Tax Benefits: Life insurance plans offered by LIC often come with tax benefits under Section 80C and Section 10(10D) of the Income Tax Act. Premiums paid on life insurance policies are eligible for deductions from taxable income.
- Claim Settlement Ratio: The claim settlement ratio is a crucial factor when choosing an insurance company. LIC has a high claim settlement ratio, indicating that it settles a significant percentage of claims received, providing assurance to policyholders and their beneficiaries.
- Customer Service: LIC is known for its customer service and support. The company aims to provide efficient services to policyholders, addressing their queries and concerns in a timely manner.
How to Buy LIC Life Insurance Plans with InsuranceDekho?
Listed below are the steps in which you can buy LIC life insurance plans with InsuranceDekho:
- Go to the website of InsuranceDekho and click on life insurance
- Enter details such as your age, income, and others
- Once you enter all the details, you will be taken to life insurance quote page
- Select LIC life insurance plans and policy term as 5 years
- Proceed with premium payment
- Once you have completed the payment, you will receive policy details on your registered email address
Take Away
So, buy LIC life insurance plans for 5 years and ensure security for your loved ones. You can also extend the policy term of the LIC life insurance policy if required. Moreover, you can also contact the InsuranceDekho team if you face any queries while buying a life insurance plan.
FAQs
- Can I buy LIC life insurance plans with InsuranceDekho?
Yes, you can buy LIC life insurance plans with InsuranceDekho.
- What are some of the LIC life insurance plans for 5 years?
Some of the LIC life insurance plans for 5 years include LIC Saral Jeevan Bima, LIC Dhan Sanchay, LIC Jeevan Akshay VII, and more.
- What is the claim settlement ratio of LIC life insurance?
The claim settlement ratio of LIC life insurance is 98.62%.
