Life insurance is essential to living a secure and happy life. Many people in India would view it as an additional expense. But, it can provide your family members or loved ones with the necessary financial stability in the event of your passing. Check out the article with the best LIC Policies to invest in India for making a better decision.
LIC plans are backed by the government, they can be a smart investment option when buying a life insurance plan.
With its selection of insurance products, people can get comprehensive life insurance as well as possibilities to save income and build capital through market-linked gains.
10 Best LIC Policies to Invest in India 2023
Here is a list of the Best LIC Policies in India 2023.
| LIC Policies | Entry Age | Policy Terms | Maturity Age
( Max ) |
Sum Assured
(Min-Max) |
| LIC Tech Term Plan | 18-65 Years | 10-40 Years | 80 Years | 50 Lakhs to No Limit |
| LIC Jeevan Amar Plan | 18- 65 Years | 10-40 Years | 80 Years | 25 Lakhs to No Limit |
| LIC Jeevan Umang | 90 Days to 55 Years | 100 Years | 100 Years | 2 Lakhs to No Limit |
| LIC Jeevan Labh | 8 – 59 Years | 16- 21-25 Years | 75 Years | 2 Lakhs to No Limit |
| LIC New Children’s Money Back Plan | 0 – 12 Years | 25 Years | 25 Years | 1 Lakh to No Limit |
| LIC Jeevan Tarun Plan | 90 Days to 12 Years | 25 Years | 25 Years | 75,000 to No Limit |
| LIC Bima Jyoti Plan | 90 Days to 60 Years | 15-20 Years | 18 Years | 1 Lakh to No Limit |
| LIC Aadhaar Shila | 8 – 55 Years | 10 – 20 Years | 70 Years | 75,000 to 3 Lakhs |
| LIC Jeevan Bharti | 18- 55 Years | 20 Years | 70 Years | 50,000 to 25 Lakhs |
| LIC New Jeevan Anand Plan | 18 to 50 Years | 15 to 35 Years | 75 Years | 1 Lakh to No Limit |
LIC Tech Term Plan
The Tech Term plan from LIC is a single-risk premium, non-linked, non-participating online plan.
In the tragic event that the insured passes away during the policy term, this term plan offers financial protection to the insured’s heirs.
No benefits are provided if the policyholder lives through the expiration of the insurance plan’s term.
Entry Age: 18-65 years
Policy Terms: Min 10 Years to Max 40 Years
Maturity Age: 80 Years
Sum Assured: Min 50 Lakhs to No Limit
Benefits:
- In this plan, a higher sum assured is offered.
- The policy term can be as long as 40 years for the insured.
- The sum promised will be provided as a death benefit in the tragic event of the policyholder’s passing while the policy is still in effect.
- Benefits from income tax are available based on the sum of the premium.
- Accidental benefits are available for riders.
LIC Jeevan Amar Plan
One such insurance policy that provides financial assistance to families in the event of the covered person’s untimely death is the LIC Jeevan Amar Plan.
It is a non-linked, non-participating policy that guarantees the insured person’s life insurance. It is available for purchase offline.
Entry Age: 18- 65 Years
Policy Terms: Min 10 Years to Max 40 Years
Maturity Age: 80 Years
Sum Assured: Min 25 Lakhs to No Limit
Benefits:
- For women and non-smokers, the premium prices are significantly lower.
- Superbly high discount on the amount assured
- Riders who purchase additional insurance will receive accident benefits.
- Two types of death benefits such as level sum assured and increasing sum assured is available.
- Tax exemptions apply to the LIC Jeevan Amar policy premium payments.
- Flexibility to pay Premium terms as per policyholder’s coverage needs.
LIC Jeevan Umang
The Jeevan Umang policy from LIC is a full life insurance non-linked plan that offers the policyholder both safety and profit.
From the completion of the premium-paying period until maturity, this plan gives annual survivor benefits.
At the moment of maturity, the policyholder receives a lump sum payment.
A lump amount is given to the policyholder’s beneficiary or designated person if they pass away during the term of the plan.
Entry Age: 90 Days to 55 Years
Policy Terms: 100 Years
Maturity Age: 100 Years
Sum Assured: Min 2 Lakhs to No Limit
Benefits:
- A lump sum payment will be made to the beneficiary in the event of the policyholder’s death before the policy’s maturity date.
- 8% of the total is guaranteed each year as a survival bonus if the policyholder survives the policy term.
- Provide liquidity requirements as it provides the loan option.
- Serves as a retirement pension plan.
LIC Jeevan Labh
This non-linked limited premium endowment LIC Jeevan Labh policy offers customers both savings opportunities and security.
The plan provides profit participation bonuses as well as death and maturity benefits.
Entry Age: 8 to 59 Years
Policy Terms: 16- 21-25 Years
Maturity Age: 75 Years
Sum Assured: Min 2 Lakhs to No Limit
Benefits:
- The policyholder will receive the Amount Assured on Maturity, which is equal to the Basic Sum Assured with invested Simple Reversionary Additions and a Final Additional Bonus, if any, in a lump sum, when the policy matures.
- The “Sum Assured on Death” with “Simple Reversionary Additions” and “Final Additional Payment” are the components of death benefits (if any). The Basic Sum Assured plus 10 times the annual premium paid equals the maximum Sum Assured upon Death.
- At the time of death, the compensation may not be under 105% of the total amount of premiums paid.
- Tax benefits are available with this LIC policy.
Best LIC Policies For Children 2023
LIC Child Policies are child insurance plans created especially to help kids reach important life milestones and assure a financially secure tomorrow.
Here are the Best LIC policies for children.
LIC New Children’s Money Back Plan
The majority of parents work hard to give their kids the best opportunities possible so they can succeed in life since children are the legacy of our society.
A special plan from LIC called the New Child’s Money Back Plan was created to meet all of the needs of growing kids, including their schooling, wedding, and other expenses.
In addition to providing children with risk coverage, this contributing, non-linked money-returned scheme also provides survival advantages.
Entry Age: 0 to 12 Years
Policy Terms: 25 Years
Maturity Age: 25 Years
Sum Assured: Min 1 Lakhs to No Limit
Benefits:
- All accrued bonuses throughout this period, as well as a maturity benefit equal to the sum assured, will be paid.
- At specific age milestones, a survival reward equal to 20% of the basic sum promised will be given.
- Policyholders are qualified to share in LIC’s profits and get bonuses as a result.
- Under this LIC policy, one may apply for a loan, which will assist them in covering crises.
LIC Jeevan Tarun Plan
A constrained premium payment plan is LIC Jeevan Tarun provides kids with both life protection and savings benefits. This LIC policy is best for youngsters.
The plan has been specifically created to meet the economical and educational needs of developing youngsters.
Entry Age: 90 Days to 12 Years
Policy Terms: 25 Years
Maturity Age: 25 Years
Sum Assured: Min 75,000 to No Limit
Benefits:
- Death benefits and survival benefits are available with this LIC Policy
- A specified proportion of the cash insured will be paid upon maturity if the life guaranteed survives the policy term. The table below explains the fixed percentages for the various options.
| MATURITY AGE | OPTION 1 | OPTION 2 | OPTION 3 | OPTION 4 |
| 25 years | 100% | 75% | 50% | 25% |
LIC Bima Jyoti Plan
This LIC Bima Jyoti children plan is an investment insurance contract that provides death compensation for the family in the event of the policyholder’s passing as well as a fixed payout at maturity. When the policy expires, the policyholder can use this sum, plus any bonuses, to pay for their children’s education.
Entry Age: 90 Days to 60 Years
Policy Terms: 15-20 Years
Maturity Age: 18 Years
Sum Assured: Min 1 Lakhs to No Limit18 Years
Benefits:
- Given the advantages of insurance and savings used together, this can function as a LIC kid plan.
- The Maturity benefit may be paid to policyholders in monthly or quarterly or half-yearly or annual increments. Payments can be made in instalments for a child’s housing or tuition.
- Up to the policy’s maturity, guaranteed increases are added to the sum promised each year.
- The date of the policy’s maturity can be set by the policyholder to coincide with significant events in their child’s life. In this manner, LIC Bima Jyoti can provide a certain amount every month to cover their children’s unexpected requirements.
Best LIC Policies For Women’s 2023
Women’s insurance policies have been made available by LIC, one of the best and most reputable life insurance providers.
The LIC insurance for women is set up to take care of a woman’s interests even though she isn’t an experienced professional in the market.
Here is a list of the Best LIC Policies for women.
LIC Aadhaar Shila
The Aadhar Shila policy, which is only available to women is a mixture of protection and savings that offers financial support to the family in the event of the policyholder’s untimely death at any stage before maturity.
Additionally, the policyholder receives a lump sum payment upon maturity as compensation for surviving.
Through its auto coverage and loan facility, this LIC policy also addresses the requirement for liquidity.
Entry Age: 8 to 55 Years
Policy Terms: 10 to 20 Years
Maturity Age: 70 Years
Sum Assured: 75,000 to 3 Lakhs
Benefits
- The policyholder will receive a lump of the amount after surviving the maturity period.
- The death benefit will be paid to the beneficiary after the demise of the policyholder, and the amount of insurance sum and any applicable loyalty enhancement are paid to the beneficiary of the policy if the person assured passes away after the completion of the five years policy terms but before the date of maturity.
- Loyalty benefits, Tax benefits, and surrender benefits are also available in this LIC policy.
LIC Jeevan Bharti
The Jeevan Bharti Plan from LIC is a special product created for women and tailored to meet their needs. The plan can be altered as necessary by the policyholder.
This product is excellent for the lady who wants to guarantee her future because it has the opportunity to include riders, which increases its worth.
Entry Age: 18- 55 Years
Policy Terms: 20 Years
Maturity Age: 70 Years
Sum Assured: 50,000 to 25 Lakhs
Benefits:
- Death benefit and survival benefits available in this LIC policy
- You can also add on additional accidental benefits for the rider.
LIC New Jeevan Anand Plan
This is another excellent option for women is the LIC New Jeevan Anand. Speaking of the LIC Jeevan series, this plan’s ability to offer both savings and security makes it a popular option.
Entry Age: 18 to 50 Years
Policy Terms: 15 to 35 Years
Maturity Age: 75 Years
Sum Assured: Min 1 Lakhs to No Limit
Benefits
- The policy provides a dual benefit of savings and financial security in the event of the policyholder’s death.
- Death benefit and maturity benefit are available with a sum assured and an additional bonus after maturity will be received by the policyholder.
- This policy can be purchased hassle-free online as well.
Also, Read What Is Home Loan Insurance And Why It Is So Important?
FAQs
| Which LIC policy is best for a middle-class family?
New Jeevan Anand Policy is one of the best LIC policies offered which can support your family through any crises in the family. |
| Which LIC plan is best for saving?
LIC Jeevan Umang, LIC Bima Ratna, and LIC Jeevan Labh are the few best LIC plans for saving. |
| Does LIC give good returns?
LIC Policy has an average settlement ratio of 98% which is good returns. |
| Is it worth buying a LIC policy?
LIC plans give adequate benefits to protect your finances after your demise, but they do not generate adequate profits to allow asset growth. As a result, you ought to think about making investments in various financial products that serve diverse requirements. |
