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Top 5 LIC Policies to Invest - 2024

Looking into the world of investments might be stressful, especially for new ones. In such instances, the Life Insurance Corporation of India (LIC) policies are a wise alternative. The Government's backing of the best LIC policy for investment gives a reassuring degree of security, which is one of the main reasons why so many Indians choose it. 

As we explore the best LIC policies for investment in 2024, a few of them stand out for their possible high returns. So, continue reading to learn more about these exciting choices and gain a deeper grasp.

Best LIC Life Insurance Plans 

When looking for the best LIC policy for investment, evaluating and studying every aspect of each plan is critical. To provide a more in-depth understanding, we will explain some of the top LIC term insurance schemes below:

1. LIC SIIP Plan

The LIC SIIP Plan offers a dual advantage – growing your savings through market-linked returns and ensuring insurance protection. This means you can secure your family's financial future in case of unforeseen events. By investing in this policy, you not only maximise your savings but also create a safety net for yourself and your loved ones. That's why LIC SIIP is one of the best LIC plans to consider.

Key Features:

  • Choose from 4 fund options based on your risk tolerance
  • Switch between funds at no cost if needed
  • Enjoy tax savings under Sections 80C and 10(10D) of the Income Tax Act, 1961
  • Access a portion of your fund value in times of urgency

Benefits:

  • Death Benefit: Beneficiary gets the highest - unit fund value, 105% of the premium paid, or basic sum assured, as a lump sum or installments.
  • Maturity Benefit: Receive final fund value and refunded mortality charges on completing the policy term.
  • Rider Benefit: Accidental death rider offers added coverage in case of accident-related demise.

2. LIC Jeevan Umang

LIC Jeevan Umang offers lifelong insurance protection with combined income benefits. During the period after the premium-paying phase concludes and until the policy matures, this LIC best plan provides annual survival benefits. Additionally, it includes a one-time payment either upon maturity or in the unfortunate event of the policyholder's demise within the policy term. If you pass away during the procedure, your nominee receives the sum assured on death, bonuses, and more. 

Key Features:

  • Option for the death benefit in instalments
  • Various riders for extra coverage
  • Premium is paid through regular payments or salary deductions
  • Tax benefits under the Income Tax Act.
  • Rebates for higher sum assured

Benefits:

  • Death Benefit: Paid to the beneficiary and different scenarios determine the payout
  • Survival Benefit: You get annual payouts if you survive the premium paying term.
  • Maturity Benefit: If you live through the policy, a lump-sum payout occurs.
  • Rider Benefits: Multiple rider options for enhanced coverage.

3. LIC Jeevan Labh 

LIC Jeevan Labh combines insurance and savings, securing your family's future if you pass away. Surviving the policy term brings a maturity benefit with reversionary and final additional bonuses.

Key Features:

  • Flexible policy terms including 16, 21, or 25 years
  • Bonuses are declared based on LIC's profits
  • Premiums are paid for a limited period, but coverage extends
  • Premium discounts for sum assured over Rs. 5 Lakhs

Benefits:

  • Death Benefit: Sum assured is paid to the beneficiary, bonuses included
  • Maturity Benefit: On surviving the term, you receive a basic sum assured and bonuses if all premiums are paid

4. LIC New Pension Plus

LIC New Pension Plus is a ULIP plan that was introduced to help policyholders build retirement savings systematically. This plan by LIC ensures a secure post-retirement life. If you opt for this plan, make sure you choose to invest regularly or with a single premium for flexible growth options.

Key Features:

  • Generate regular pension income from savings
  • Flexibility with 4 fund options
  • Tax benefits under Sections 80C and 10(10D) of the ITA, 1961

Benefits:

  • Death Benefit: The higher of the following is paid to the beneficiary: Unit Fund Value or Assured Death Benefit on the insured's demise.
  • Maturity Benefit: On surviving the policy term, the policyholder will receive a maturity benefit equal to Unit Fund Value
  • Guaranteed Additions: Added to Unit Fund after specific policy years

5. LIC Bima Jyoti Plan

LIC Bima Jyoti Plan merges savings and protection. This LIC policy secures guaranteed payout if you live And, in case you don’t then the plan offers financial support to your family. MOreover, the LIC Bima Jyoti Plan provides flexibility in sum assured, policy term, and payout options.

Key Features:

  • Flexible sum assured and policy term
  • Guaranteed additions yearly
  • Option for instalment payout.
  • Convenient premium payment frequencies

Benefits:

  • Death Benefit: Family receives sum assured plus guaranteed additions, higher of - 125% Basic Sum Assured or 7 times annual premium
  • Maturity Benefit: Survivors receive a basic sum assured with guaranteed additions
  • Rider Options: Choose any of the riders from Accidental Death and Disability, Accident Benefits, and more

The Bottom Line

In conclusion, each of these best LIC policies is tailored to various financial capacities and goals. So, before deciding, take a moment to understand the basis of each and then choose a policy that best suits your requirements. Safeguarding your family's economic well-being through the right life insurance policy is paramount. Remember - “Informed choices lead to a more secure future.”

Frequently Asked Questions (FAQs)

  • What is the primary advantage of the LIC SIIP Plan?

The LIC SIIP Plan offers the dual benefit of market-linked returns and insurance protection. This ensures financial security for your family in unforeseen circumstances while maximising your savings through market investments.

  • How does LIC Jeevan Umang stand out?

LIC Jeevan Umang combines whole-life insurance coverage with income benefits for your family. It provides annual survival benefits, a lump-sum maturity payout, and death benefits, offering comprehensive financial protection.

  • What's unique about LIC New Pension Plus?

LIC New Pension Plus helps build a retirement corpus with disciplined savings. It also guarantees a regular pension post-retirement and allows you to choose between regular premium payments or a single premium.

  • What sets LIC Bima Jyoti Plan apart?

LIC Bima Jyoti Plan is a balanced plan that lets you save while providing life insurance protection. It offers a guaranteed lump sum on survival and financial compensation to your family in case of your demise.

  • Why consider LIC Jeevan Labh?

LIC Jeevan Labh is a reliable choice, combining insurance protection with future savings. It guarantees financial security for your family and offers a maturity benefit with reversionary and final additional bonuses.

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