Best LIC Policy for 5 Years
In the life insurance industry, one of the leading names are LIC life insurance plans as it is very famous amongst Indian policy holders and are very demanding plans in the market overall. It is very popular as it provides life insurance plans at an affordable price range and is one of the oldest companies in India to do so. LIC’s life insurance plans also come with a 5 year term policy. In this article, we will explain the top 5 LIC plans in India, why you should buy them and some frequently asked questions.
Table of Contents
Overview of LIC Policy for 5 Years
The lifestyle we live and the ever growing financial expenses has made it very important for us to be prepared for unpredictable circumstances as everything around us is very uncertain. A life insurance policy with the term of five years is like every other life insurance plan as it is a contract between the policyholder and the insurer. In this, the policy holder gets Life Insurance coverage for a term of five years and this plan is connected with the LIC life insurance plan. The plan also includes that if the policy holder faces any unfortunate event like death then whoever the policy holder makes the nominee before their death will receive the benefits of this plan after the policyholder's demise. This policy also provides the policyholder with the benefit to renew their policy if it gets expired. This can help in having a continued coverage.
The Best 5 Years Plans LIC Life Insurance
Mentioned below are the plans that provide coverage for 5 years for LIC life insurance plans
1. LIC Saral Jeevan Bima
The LIC Saral Jeevan Bima is a life insurance plan that is neither participating nor linked but is an individual pure risk life insurance plan. Whoever the policy holder made the nominee before their death, will receive the death benefits of this life insurance plan if the policy holder meets an unfortunate event. The LIC Saral Jeevan Bima policy provides a minimum sum in this plan is Rs 5 lakh and the maximum sum that would be provided in this plan is 25 lacs. Furthermore, in this policy, whoever has taken this plan can also enjoy the freedom to choose any mode of payment that can be monthly, after every 6 months, or after every one year.
2. LIC Term Assurance
There is another life insurance plan which is called the LIC Term insurance plan which comes with the policy term of 5 years. This is a plan that provides maturity benefits only and is a pure term insurance plan. This life insurance plan is purely for the basis if the policy holder meets any unfortunate event like the demise of the policyholder. In this case, the nominee receives the death benefit of this plan.
3. LIC Dhan Sanchay
Another LIC life insurance plan that you can consider buying for the term of five years is LIC Dhan Sanchay. This is a life insurance plan which is neither linked nor participating but it is purely for the basis of an individual's savings. This life insurance plan comes with an entry age of minimum 3 years and the maximum age to enter this plan is 65 years. There are four options in this life insurance plan option A, B, C and D. The features will vary according to the option that you have chosen. For example, for option A and B, on death the minimum sum assured will be 3,30,000 rupees whereas for option C it will be Rupees 2,50,000 and for option D it will be Rupees 22,00,000. You can choose from these four options based on your requirement and the amount you will be able to pay as policy premium.
4. LIC New Jeevan Mangal Plan
The LIC new Jeevan Mangal plan is another life insurance plan whose term of policy is 6 years and the entry age is minimum of 18 years and the maximum age to enter this plan is 55 years. The LIC new Jeevan mangal's premium amount can be paid either on a singular basis or on a regular basis. Furthermore, the benefit of this plan is that the policy holder will receive a minimum amount of Rs. 50,000 and the maximum amount is Rs 2 lakh.
5. LIC Bhagya Lakshmi Plan
Another LIC life insurance plan is specifically designed for the financially weaker sections of the society and it is called the LIC Bhagya lakshmi plan. This life insurance plan is a protection plan which provides benefits for both death and maturity. 110% of the returns of the premium amount is given to the policyholders after the maturity of this plan. However, for this plan the amount that is assured is minimum of Rs. 50,000 and the maximum is Rs. 2 lakhs.
Why Should You Buy Life Insurance Plans From LIC?
Reasons why everyone should buy Life Insurance plans with LIC are mentioned below:
- Trust: Trust and credibility are the two strong pillars of LIC. LIC is the only company that has been serving their policyholders life insurance for a very long period of time and it was established in 1956. Individuals require a variety of life insurance plans and LIC makes sure they provide a diverse range of life insurance plans to the people. LIC also offers a variety of plants to choose from so either you can look for a lifetime insurance plan or a fixed term insurance plan.
- Tax Benefits: Benefits of taxes under section 80C and section 10 (10D) of the Income Tax plan often come along with the Life Insurance plans that come under the LIC company. the premium amount that you pay for the life insurance policies for LIC are eligible for deducting from income that are taxable
- Claim Settlement Ratio: When you are choosing an insurance company then it is an essential factor to claim the settlement ratio. LIC settles a significant percentage of claims received, it also gives assurance to the policyholders or nominees which concludes to the fact that LIC has a high claim settlement ratio. The current claim settlement ratio of LIC is 98.62%
- Customer Service: Customer service and support are the two characteristics known about LIC. There are certain AIMS that LIC have towards their policy holders these are as follows: policy holders will get efficient services, addressing queries of the policyholders and solving concerns in a timely manner.
FAQs
Ques 1: Can I buy LIC life insurance plans with InsuranceDekho?
Ans: Yes, you can easily buy LIC life insurance plans with the help of InsuranceDekho website here: https://www.insurancedekho.com/life-insurance/lic
Ques 2: What are some of the LIC life insurance plans for 5 years?
Ans: Some of the LIC life insurance plans for the term of 5 years are LIC Saral Jeevan Bima, LIC Dhan sanchay, LIC Bhagyalakshmi plan, LIC Term insurance, etc.
Ques 3: What is the claim settlement ratio of LIC life insurance?
Ans: 98.62 % is the claim settlement ratio of LIC life insurance plans.
