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Things To Know About The Best LIC Policies In 2022

Updated On Dec 27, 2021

With rising uncertainties in life, especially after COVID-19, having an insurance cover has become imperative. However, customers should have a basic understanding of the product before they go ahead with the purchase. It’s important to know about different insurance plans, especially for working professionals. It’s key to wisely choose the contours of a plan right at the start for things to move on smoothly thereafter. Among many in the market, state-run insurer, and the leading player in the industry, LIC offers a variety of life insurance plans as per requirement and affordability of working professionals.

Best LIC Life Insurance Plans For Everyone

LIC offers different types of Insurance Plans with each having unique features and benefits to fulfil the variant needs of the people. You can choose a plan as per your requirement and needs. Let’s discuss the 5 best LIC plans to invest of different types offered by LIC.

1. Tech-Term Plan

Tech-Term, a pure risk premium plan, is an online term policy and therefore cheaper than other offline plans. In case a policyholder wants to double the sum assured under this plan, he can do so through payment of nearly 25 per cent to 30 per cent higher premium. The policy allows the policyholder to purchase an accident rider as an add on. The customer can also opt for options to receive death benefits in installments over the chosen period of 5 or 10 or 15 years instead of lump sum amount. The installments shall be paid in advance at yearly or half yearly or quarterly or monthly intervals

2. New Jeevan Anand

New Jeevan Anand is an endowment plan offered by LIC. It is a participating non-linked plan that offers a combination of protection as well as savings. It provides financial protection against death throughout the life of the insured and also provides the provision of a lump-sum payment at the end of the policy tenure in case of survival of the insured. This plan takes care of liquidity needs through the facility of loan. Features of the New Jeevan Anand plan are:

  • The death benefit in the form of sum assured along with vested simple reversionary bonuses is provided.
  • It offers to participate in the profits of LIC and receive bonus declared by the company
  • It provides maturity benefits as the basic sum assured and vested bonuses as well as an additional bonus at the end of the term of the policy.
  • The plan offers an option of regular payment of premium to the insured individual

3. Jeevan Umang

The Jeevan Umang plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term. It is among those very few plans in the sector that offer a life coverage of 100 years. The plan pays 8 percent of the sum assured every year as moneyback on survival at the end of the policy term. Simple reversionary bonus and final addition bonus is paid, subject to conditions. For someone looking for a pension facility after retirement, it’s a perfect pick.

4. Jeevan Shanti

It is a single premium plan that offers policyholders the flexibility to select between Immediate and Deferred Annuity. Its salient features and benefits are:

  • The annuity rates are guaranteed at the inception of the policy for both types of annuity plans that are payable throughout the lifetime of annuitant(s).
  • Offers nine different annuity options to choose from, as per one’s investment objectives.
  • Annuity rates are fixed at the inception of the policy term.
  • Loan facility, available after completion of 1 policy year, ensures liquidity.
  • Can be surrendered after three months from the completion of policy when the policyholder has opted for an annuity option with return of purchase price.
  • Especially suitable for policyholders with handicapped dependant (Divyangjan) life.
  • Available online as well as offline.

5. Jeevan Labh

LIC Jeevan Labh is a non-linked, with-profits endowment plan, limited premium paying investment plan. Here are its salient features and Benefits:

  • Serves the dual purpose of protection and savings.
  • Offers Death Benefit, which is the sum assured payable to the beneficiary on the unforeseen death of the policyholder.
  • Includes Maturity Benefit as a lump sum amount that is paid to the policyholder after the completion of the plan.
  • Ensures liquidity through its loan facility.
  • Policyholders are eligible for receiving Simple Reversionary Bonuses, provided the policy is in-force.
  • Final (Additional) Bonus is also payable during claim settlement in case of the policyholder’s death or maturity of the policy.
  • Riders for complete protection.


LIC offers a wide range of insurance plans which enables a person to easily choose one which best suits their financial needs, liquidity needs, retirement needs, etc. There are many LIC policies with the lowest premium which helps you to pay the premiums easily without any financial burden. Hence it is advisable that before you buy a plan access your need and requirement so that you can make a better and informed decision.

Do read - Mistakes To Avoid While Buying Life Insurance Policy

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.

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