List of Best LIC Plans for 5 Years
Updated On May 14, 2021
The Life Insurance Corporation (LIC) of India is a major insurance firm which sells a wide range of life insurance schemes, including ULIP plans, child plans, pension plans, term insurance and others.The goal of LIC India is to boost people's living standards by offering a range of financial products as well as services that deliver attractive returns.
LIC provides a host of insurance policies to consumers. The fundamental concept behind allowing customers the ability to select their coverage period is to help them make choices depending on their financial needs and abilities.
List of Best LIC Plans for 5 Years
LIC offers a wide range of plans. Below are the 2 top LIC plans for 5 Years.
Anmol Jeevan II
Anmol Jeevan II by LIC is a secure insurance scheme which gives financial protection to the policyholder's families for their unfortunate loss. LIC Anmol Jeevan II policies pay out the sum assured in the insurance to the policy nominee as a death benefit and allow the family of the policyholder to fulfil their basic financial needs after the demise of the insured.
Primary Features of Anmol Jeevan II LIC
- This package is a conventional, well-established term plan, but it does not include participating incentives.
- This package provides for insurance contributions to be paid on an annual or half-yearly basis.
- This package includes the death benefit, but there is no maturity benefit given by this plan.
Benefits of Anmol Jeeván II
LIC Anmol Jeevan II provides a range of advantages. Any of them are listed below:
- This plan provides the Death Benefits under which the insurer provides the sum guaranteed that is predetermined in the agreement to the policy nominee in the event of the accidental death of the policyholder.
- This policy is for a plan term of up to 25 years, which eliminates the burden of high premium numbers.
- Tax incentives are also applicable on premium payments as well as on death claims under the Income Tax Act under the prescribed sections.
- In the case of annual payment methods, discounts on premium fees are also given.
Eligibility Criteria For Anmol Jeevan II LIC
- Initial age of entry is 18 years and the mean age of entry is 55 years.
- The minimum policy term shall be 5 years and the overall policy term shall be 25 years (65 years is the maximum age for the ceasing of Risk Cover in the policy)
- Death benefit-The lowest amount guaranteed is Rs.6, 00, 000 and the highest amount assured is Rs.24, 00, 000.
- The mode of payment of the premium is periodic and half-yearly
Jeevan Mangal Plan
Jeevan Mangal Scheme by LIC is a term insurance plan that can be offered for a term of 5 years only by means of a single premium payment option that pays a refund in the form of a premium on the maturity of the plan. The scheme provides for premium payments to be made either on a lump-sum basis or on a daily basis, which can be on an annual, quarterly, half-yearly, monthly, weekly or fortnightly basis above policy term.
Primary features of the Jeevan Mangal Plan
- This package is a policy of pure security, as it pays for life insurance at low premium rates
- The holder of the policy can choose the term of the policy as required by the policy.
- The payment of the premium is to be done with a single payment.
- In the event of accidental death of the insured, the basic sum assured by the insurance shall be paid along with the extra benefit to the nominee of the policy.
Benefits of Jeevan Mangal Plan
LIC Jeevan Mangal Scheme offers various advantages, which are set out below:
- The Jeevan Mangal Scheme offers an assured redemption of the premiums charged for the insurance as a maturity advantage if the insured survives the policy period.
- In the event of the demise of the policyholder rather than as a result of an accident, the sum assured that will be owed to the policyholder on the death of the policyholder on single premium policies will be more than 125 percent of the single premium charged minus taxes and any supplementary premium paid on the policy.
- This plan includes extra tax incentives on the payout earned by the plan, either on the death of the covered individual or on the expiration of the plan, as well as on the premiums charged under the plan.
Eligibility Criteria For Jeevan Mangal Plan
- Initial age of entry is 18 years and the mean age of entry is 60 years.
- The median age of the policyholder at maturity is 70 years;
- The policy term shall be 5 years with a single premium.
- The minimum installation premium is Rs 15
- Sum Guaranteed in Plan – Minimum is Rs. 10,000 and limit is Rs. 50,000. However, Amount is already guaranteed in the policy in multiples of Rs. 1,000.
LIC being India's oldest insurance company has multiple insurance policies to satisfy the different needs of its clients, and each plan has specific benefits. The right LIC strategy for 5 years is variable according to the needs of the consumer. If you want a sole security coverage, then Jeevan Mangal is the best LIC scheme to invest for you, and if you want a stable 5-year life insurance plan, then you should go with Anmol Jeevan II. However, when buying an insurance plan, you must make sure it meets your expectations and criteria.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.