With insurance protection, LIC savings schemes and investment plans offer additional benefits to secure your financial future by recognizing your insurance needs. These plans are designed for diverse requirements, ensuring options that match each of your specific financial preferences.
Read further to understand LIC plans that include policy options, flexible premium payments, varying coverage benefits, bonus facilities, loan provisions, etc.
List of LIC Investment Plans
LIC saving plans are designed to understand various financial needs, including tax savings, wealth accumulation, and insurance coverage. These LIC saving schemes include Endowment Plans, Money Back Plans, Term Insurance Plans, and Pension Plans.
Here is the list of the major LIC investment plans. Choose what is best suited for your needs:
| LIC Policies | Entry Age | Maturity Age (Maximum) |
Policy Term |
|---|---|---|---|
| LIC SIIP | 90 days- 65 years | 85 years | 10-25 years |
| LIC Jeevan Umang | 90 days-55 years | 100 years | 15/20/25/30 years |
| LIC Bima Jyoti | 90 Days-60 years | 75 years | 15- 20 years |
| LIC New Jeevan Shanti | 30 years-79 years | 80 years | NA |
| LIC New Jeevan Amar | 18 years-65 years | 80 years | 10-40 years |
| LIC Jeevan Labh | 8 years- 59 years | 75 years | 16/21/25 years |
| LIC New Jeevan Anand | 18 years-50 years | 75 years | 15-35 years |
| LIC New Pension Plus | 25 years-75 years | 85 years | 10-42 years |
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Key Features of LIC Plans
LIC plans ensure a combination of savings, investment growth, and insurance coverage.
Here are the key features of each LIC investment plan:
LIC SIIP:
- Market-linked Returns: Invest in equity and debt funds for market-related returns.
- Life Insurance Cover: Provides insurance coverage while participating in market growth.
- Flexible Premium Payment: Offers single, limited, or regular premium payment options.
- Switch and Top-up: Allows fund switches and additional investments for better returns.
- Tax Benefits: Eligible for tax benefits on premiums and maturity proceeds.
LIC Jeevan Umang:
- Whole Life Coverage: Ensures lifelong financial protection for the insured's family.
- Guaranteed Survival Benefits: Provides annual survival benefits during the policy term.
- Maturity & Death Benefit: Pays sum assured along with bonuses on survival or death.
- Loan Facility: Offers loan options against policy after acquiring surrender value.
LIC Bima Jyoti:
- Guaranteed Returns: Adds guaranteed additions to the sum assured annually.
- Flexible Premium Payment: Offers choices in premium payment options.
- Maturity & Death Benefit: Provides sum assured with bonuses on maturity or death.
- Surrender Value: Allows policy surrender after a specific premium payment term.
LIC New Jeevan Amar:
- Flexible Premium Payment: Provides options for single, regular, or limited premium terms.
- High Sum Assured Rebate: Offers rebates on premiums for higher sum assured.
- Death Benefit Options: Choice between Level or Increasing Sum Assured.
- Policy Term Options: Flexibility in selecting the policy term as per needs.
- Optional Riders: Additional coverage through riders like Accidental Death Benefit.
LIC New Jeevan Anand:
- Guaranteed Returns: Lifelong Coverage: Covers the insured for their entire lifetime.
- Flexible Premium Payment:Maturity & Death Benefit: Pays sum assured with bonuses on maturity or death.
- Maturity & Death Benefit: Bonus Participation: Entitles policyholders to reversionary bonuses.
- Surrender Value: Loan Facility: Allows loans against policy after it acquires surrender value.
LIC New Jeevan Anand:
- Lifelong Coverage: Covers the insured for their entire lifetime.
- Maturity & Death Benefit: Pays sum assured with bonuses on maturity or death.
- Bonus Participation: Entitles policyholders to reversionary bonuses.
- Loan Facility: Allows loans against policy after it acquires surrender value.
LIC New Pension Plus:
- Retirement Corpus Building: Invests in market-linked funds for retirement.
- Flexibility in Investment: Allows switching between different investment funds.
- Loyalty Additions: Rewards long-term investments with loyalty additions.
- Vesting Benefit: Receives corpus as a lump sum or pension on reaching vesting age.
LIC Jeevan Labh:
- Lifelong Coverage: Limited Premium Payment: Options for limited premium payment terms.
- Maturity & Death Benefit: Maturity & Death Benefit: Pays sum assured with bonuses on maturity or death.
- Bonus Participation: Policy Term Options: Provides flexibility in selecting policy terms.
- Loan Facility: Loan Facility: Offers loan options against the policy after it acquires surrender value.
LIC New Jeevan Shanti:
- Single Premium Payment: One-time premium payment for the policy.
- Immediate & Deferred Annuities: Offers both immediate and deferred annuity options.
- Flexibility in Annuity Options: Provides various annuity choices for tailored income.
- Guaranteed Income: Assures fixed income stream throughout the annuity period.
- Surrender Benefit: Allows policy surrender for cash value in emergencies.
LIC New Jeevan Shanti:
- Single Premium Payment: One-time premium payment for the policy.
- Immediate & Deferred Annuities: Offers both immediate and deferred annuity options.
- Flexibility in Annuity Options: Provides various annuity choices for tailored income.
- Guaranteed Income: Assures fixed income stream throughout the annuity period.
- Surrender Benefit: Allows policy surrender for cash value in emergencies.
LIC's New Jeevan Amar:
- Flexible Benefit Options: Choose between Level or Increasing Sum Assured.
- Premium Flexibility: Offers Single, Regular, or Limited Premium Payment options.
- Flexibility in Annuity Options: Tailored Policy Terms: Select Policy/Premium Paying Term and benefit installment payments.
- Special Rates for Women: Provides women with special premium rates.
- High Sum Assured Rebate: Offers attractive rebates for higher sum assured.
- Distinct Premium Categories: Categories premium rates into
LIC's Jeevan Labh:
- Death Benefit: Pays Sum Assured on Death or 7 times the annualized premium, ensuring a minimum of 105% of total premiums paid on unfortunate demise during the policy term.
- Maturity Benefit: Offers Sum Assured on Maturity along with accrued bonuses upon policy completion.
- Participation in Profits: Entitles the policy to receive Simple Reversionary Bonuses, participating in the Corporation's profits.
- Final Additional Bonus: This may be declared upon claim settlement, excluding paid-up policies.
- Allocation Approval: The actual allocation of surplus to policyholders is as approved by the Central Government.
LIC's New Jeevan Anand:
- Death Benefit: The sum Assured on Death is higher than 125% of the Basic Sum Assured or 10 times the annualized premium, not less than 105% of premiums paid as of the date of death.
- Survival Benefit: At the end of the policy term, provided all premiums are paid, the Basic Sum Assured along with accrued bonuses is paid as a lump sum to the policyholder.
- Participation in Profits: The policy participates in the Corporation's profits, receiving Simple Reversionary Bonuses based on the Corporation's experience during the policy term.
- Optional Rider: LIC's Accidental Death and Disability Benefit Rider provides an additional lump sum payout in case of accidental death and monthly installments in case of accidental permanent disability.
- Loan Facility: Offers liquidity options through a loan facility against the policy.
Top Tax Saving LIC Saving Plans
LIC Saving Scheme offers various tax-saving plans that combine insurance coverage with wealth creation. These plans are designed to help individuals save taxes while securing their future financially.
Here are the Top Tax Saving LIC savings plans offered to make your financial future secured:
| LIC Plans | Entry Age | Maturity Age | Min. Sum Assured (in Rs.) |
|---|---|---|---|
| LIC Jeevan Umang | 90 days-55 years | 100 years | 2 Lakhs |
| LIC Jeevan Labh | 8-59 years | 75 years | 2 Lakhs |
| LIC New Jeevan Anand | 18-50 years | 75 years | 1 Lakh |
| LIC Jeevan Lakshya | 18-50 years | 65 years | 1 Lakh |
| LIC New Children’s Money Back | 0-12 years | 25 years | 1 Lakh |
LIC Schemes for Senior Citizens
LIC offers specific schemes or plans catering to the financial needs of senior citizens, providing them with options for secured income and financial stability during retirement. Some of these plans include:
- LIC Jeevan Akshay: An immediate annuity plan offering regular pensions to individuals above a certain age.
- LIC New Jeevan Nidhi: A pension plan that offers both protection and regular income post-retirement.
- LIC Varishtha Pension Bima Yojana: An immediate pension plan providing a guaranteed pension for senior citizens.
These LIC-saving senior citizens aim to provide financial security and regular income to senior citizens during their retirement years.
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Frequently Asked Questions
The LIC Jeevan Umang and LIC Jeevan Labh are considered among the policies offering comparatively higher returns.
LIC's Pradhan Mantri Vaya Vandana Yojana (PMVVY) provides a fixed return of 8% per annum.
LIC's New Jeevan Anand is a policy allowing monthly investment of around ₹5000, offering life coverage with savings benefits.
Yes, LIC policies offer life coverage, savings, tax benefits, and some plans yield good returns over the long term.
LIC's Jeevan Anand, Jeevan Labh, and Jeevan Umang are popular tax-saving plans eligible for tax benefits under Section 80C.
LIC's Jeevan Shanti and LIC Jeevan Akshay are considered among the best monthly income plans offering regular payouts.
Yes, LIC's Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme specifically designed for senior citizens.
LIC's Jeevan Labh or Jeevan Umang can be considered for investment with a time horizon of 5 years.
It depends on individual financial goals. PPF offers tax benefits and moderate returns, while LIC policies offer life coverage with potential returns, suited for different objectives.
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