Best LIC Policy: Compare and Choose the Ideal Policy

Best LIC Policy for Maximum Returns

LIC Policies	Plan Type	Entry Age	Maximum Maturity Age	Policy Term	Sum Assured
LIC SIIP Plan	Unit-linked insurance plan	90days(completed)-65 years	85 years	10-25 years	7 to 10 times the annual premium
LIC Bima Jyoti Plan	Endowment Plan	90days(completed)-60 years	75 years	15-20 years	Min- Rs.1,00,000 Max- No upper limit
LIC Jeevan Labh	Traditional savings plan	8 years-59 years	75 years	16, 21, or 25 years	Min-Rs.2,00,000 Max- No upper Limit
LIC Jeevan Umang	Whole Life Insurance	90days(completed)-55 years	100 years	100 years minus(-) the age at entry	Min- Rs. 2,00,000 Max- No upper Limit
LIC Bima Ratna	Money Back Policy	90days(completed)-55 years	70 years	15, 20, or 25 years	Min-Rs.5,00,000 Maximum- No upper limit
LIC Money Back 25 years	Money Back Policy	13 years-45 years	70 years	25 years	Min-Rs.1,00,000 Maximum- No upper limit
LIC New Jeevan Anand	Endowment Plan	18 years- 50 years	75 years	15 years-35 years	Min-Rs.1,00,000 Maximum- No upper limit
LIC New Jeevan Shanti	Annuity plan	Min – 30 years   Max – 79 years	Min – 31 years   Max – 80 years	Min – 5 years   Max – 15 years	Min – INR 1.5 lakh Max – No Limit
LIC New Pension Plus	Individual pension plan	Min – 18 years   Max – 75 years	Min – 35 years   Max – 85 years	Min – 10 years   Max – 42 years	Min – No limit Max – No Limit
LIC Jeevan Amar	Pure protection plan	Min – 18 years   Max – 65 years	Min – 65 years   Max – 80 years	Min – 10 years   Max – 40 years	Min – INR 25 lakhs   Max – No limit

Now, let us delve deeper to know a few of these plans at length.

1. LIC SIIP Plan

It is a unit-linked insurance plan and along with insurance protection, you will also be able to create a corpus. If you are wondering why this is considered the best LIC policy for maximum return, then here are the reasons mentioned below:

Features of LIC SIIP Plan:

• There are four fund options and you can choose the one that suits your risk-appetite
• If the one you chose is not performing as per your expectations, you can switch without spending a penny
• In case of urgent need of money, you can withdraw a certain amount
• Under Section 80C and 10(10D) of the Income Tax Act,1961, you will be able to save taxes
• You get the death benefit, maturity benefit, and rider benefit with this plan.

Eligibility criteria for LIC SIIP Plan:

	Entry Age	Maturity Age	Sum Assured	Policy Term
Minimum	90 days(completed)	18 years	7 times the annual premium	10 years
Maximum	65 years	85 years	10 times the annual premium	25 years

2. LIC Bima Jyoti Plan

With this policy, you will not only be able to stay protected under life insurance but can also systematically save money.

Features of LIC Bima Jyoti Plan:

• You will have the freedom to choose from the policy terms and sum assured
• At the end of each policy year, you will have guaranteed additions to the sum assured
• Instead of the lump sum, you will have the option to receive the maturity amount in installments and the nominees of the policy can get death benefits in installments
• At your convenience, you would be able to pay the premiums either monthly, quarterly, half-yearly, or annually
• You will get the death benefit, maturity benefit, and rider benefits such as LIC’s Accidental Death and Disability Benefit Rider such as LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider, LIC’s New Critical Illness Benefit Rider, LIC’s Premium Waiver Benefit Rider.

Eligibility criteria for LIC Bima Jyoti Plan:

	Entry Age	Maturity Age	Sum Assured	Policy Term	Premium Paying Term
Minimum	90 days(completed)	18 years	INR 1,00,000/-	15 years	Policy term minus 5 years
Maximum	60 years	75 years	No limit	20 years

3. LIC Jeevan Labh

This is yet another best insurance policies in India with high returns. In case of an unfortunate event, the family of the policyholder will get financial security. And if the policyholder survives, he/she will get the maturity benefit and also a revisionary bonus as well as a final additional bonus.

Features of LIC Jeevan Labh:

• You will be able to choose from policy terms such as 16, 21, or 25 years
• You are likely to get bonuses that LIC will be declared based on the profit of the corporation in a year
• You will pay premiums for a certain period while can enjoy benefits and coverage
• If the sum assured is more than INR 5 Lakh, you will get discounts on the premiums
• Along with death benefits and maturity benefits, you will get rider benefits such as Accidental Benefit Rider, Accidental Death and Disability Benefit Rider, Term Assurance Rider, Critical Illness Rider, and Premium Waiver Benefit.

Eligibility Criteria for LIC Jeevan Labh:

	Entry Age	Maturity Age	Sum Assured	Policy Term	Premium Paying Term
Minimum	8 years	N/A	INR 2,00,000/-	16, 21, or 25 years	10, 15, or 16 years
Maximum	59 years	75 years	No limit

4. LIC Jeevan Umang

LIC Jeevan Umang is a dual-benefit plan that comes with the option of income and savings to secure the future of your family. It allows whole-life coverage as well as the benefit of annual survival for the policyholder.

Features of LIC Jeevan Umang

• The plan allows the nominee to claim the death benefit amount in installments
• The plan offers several riders to enhance coverage
• The premium of the plan can be paid regularly as monthly deductions from the bank account during the policy payment term
• Policyholder can avail tax benefits u/s 80C and 10(10D) of the Income Tax Act

Eligibility criteria for LIC Jeevan Umang

	Entry age	Maturity age	Sum assured	Policy term	Premium paying term
Minimum	90 days	–	INR 2 lakh	15 years	15/20/25/30 years
Maximum	55 years	100 years	No Limit	30 years	15/20/25/30 years

5. LIC Bima Ratna

Being a non-participating and non-linked policy, Bima Ratna from LIC offers pure coverage to the insured against his/her sudden death. The nominee of the policy can avail of death benefits and if the policyholder outlives the plan, he/she is entitled to enjoy survival benefits.

Features of LIC Bima Ratna

• The plan comes with guaranteed additions with maturity or death benefits that increase the final payout amount
• The insured/nominee can choose to receive the maturity/death benefit as lump sum pay or in installments
• Premiums can be paid either monthly/quarterly/half-yearly/annually as per the convenience of the insured
• Policyholders can receive discounts on premiums by choosing annual or half-yearly payment terms for premium

Eligibility criteria for LIC Bima Ratna

	Entry age	Maturity age	Sum assured	Policy term	Premium paying term
Minimum	5 years for 15 years policy term, 90 days each for 20 years and 25 years policy term	20 years (for 15- and 20-years policy), and   25 years (for 25-years policy)	INR 5 lakh	15 years	11/16/21 years
Maximum	55 years for 15 years policy term, 50 years for 20 years policy term, and 45 years for 25 years policy term	70 years (for all policy terms)	No Limit	25 years	11/16/21 years

6. LIC Money Back 25 years

This is a non-linked, participating life insurance policy which is a great combination of protection and savings. Not only does the policy allow security against death in the form of the death benefit, but it also offers periodic survival benefits at particular durations during the policy term. The plan also helps policyholders manage the liquidity needs of people by offering loan facilities.

Features of LIC Money Back 25 years:

• This is a traditional endowment participating plan
• This is an effective money-back plan that comes with the benefit of bonus
• If the policyholder survives through the plan, he/she can receive survival benefits at the end of the 5th, 10th, 15th, and 20th years.

Eligibility criteria for LIC Money Back 

	Entry age	Maturity age	Sum assured	Policy term	Premium paying term
Minimum	13 years	Not applicable	INR 1 lakh	25 years	20 years
Maximum	45 years	70 years	No Limit	–	–

7. LIC New Jeevan Anand

This is another excellent LIC plan that allows monetary security to the beneficiary of the plan in the event of an unfortunate demise of the policyholder. The plan also offers maturity benefits if the insured outlives the term of the policy. Further, New Jeevan Anand presents a loan facility in the event of a monetary emergency.

Features of LIC New Jeevan Anand:

• The plan comes with a premium payment discount for customers
• Rebates on payment of premiums are also available
• It comes with riders like accidental death and disability rider
• Offers tax benefit to the insured

Eligibility criteria for LIC Jeevan Anand

	Entry age	Maturity age	Sum assured	Policy term	Premium paying term
Minimum	18 years	Not applicable	INR 1 lakh	15 years	15 – 35 years
Maximum	50 years	75 years	No Limit	35 years	–

8. LIC New Jeevan Shanti 

This is a deferred annuity plan that can be availed by paying a single premium. Under this plan, the insured has to pay the premium in a lump sum amount to avail of plan coverage. Moreover, the policyholder can opt between a single-life deferred annuity or a joint-life deferred annuity plan.

Features of LIC New Jeevan Shanti:

• The plan is flexible in terms of premium payout frequency. The insured can choose to pay the premium monthly, quarterly, half-yearly, or annually.
• The plan comes with several riders that can be availed by the insured for improved coverage
• The policy allows tax benefits u/s 80C and 10(10D) of the IT Act

Eligibility criteria for LIC Jeevan Umang

	Entry age	Maturity age	Sum assured	Policy term	Premium paying term
Minimum	30 years	31 years	INR 1.5 lakh	5 years	5/10/15 years
Maximum	79 years	80 years	No Limit	15 years	5/10/15 years

9. LIC New Pension Plus 

This is a ULIP plan crafted to support policyholders to accumulate corpus using systematic savings. The savings can be used later to receive a regular pension amount after retirement. The policyholder can invest in the plan by paying regular premiums throughout the term of the policy or they can choose to pay the premium amount in a single go as a lump sum amount.

Features of LIC New Pension Plus

• The plan allows the investors to avail of a regular pension income which is accumulated during the term of the plan
• It also offers the flexibility to choose one of the 4 available fund options
• Tax benefits can be availed u/s 80C and 10(10D) of the IT Act

Eligibility Criteria for LIC New Pension Plus

	Entry age	Maturity age	Sum assured	Policy term	Premium paying term
Minimum	18 years	35 years	Nil	10 years	Single premium payment (1 instalment)
Maximum	75 years	85 years	Nil	42 years	Regular premium (monthly, quarterly, half-yearly, and yearly)

10. LIC Jeevan Amar

Jeevan Amar is a pure-term plan by LIC, which doesn’t include any survival, maturity, or other benefit for the insured. However, the policy provides monetary benefits to the insured in the case of the sudden demise of the insured.

Features:

• This is a plan that is not linked to any market risks.
• The plan offers the option of increasing the sum assured
• The premium is charged in terms of two categories – for smokers and non-smokers

Eligibility criteria for LIC Jeevan Umang

	Entry age	Maturity age	Sum assured	Policy term	Premium paying term
Minimum	18 years	65 years	INR 25 Lakhs	10 years	Regular Limited or Single
Maximum	65 years	80 years	No limit	40 years	Regular, limited, or single

Why Choose LIC To Buy a Life Insurance Plan?

A life insurance policy is an important investment for people who want to secure the lives of their loved ones. There are several reasons to choose LIC to buy a life insurance plan. Some of them are as follows:

• LIC is a reliable insurance provider as it is a government-backed insurance company that gives a sense of security to the policyholders
• They allow policyholders to buy insurance plans at affordable premiums
• LIC policies can be easily purchased via online and offline mode
• Most policies of LIC offer loan facilities up to a certain percentage of the sum assured
• Policyholders can add riders to enhance LIC policy coverage
• They are also eligible for tax benefits under section 80C of income tax for up to 1.5 lakhs

How to Purchase an LIC Plan?

LIC plans are easily available for purchase through online and offline modes. For the comfort of their customers, LIC has started an online initiative to sell policies easily and effectively. Interested applicants can choose the best LIC plans sitting in the comfort of their homes eliminating the physical visit to the branches.

LIC policies are also available through LIC agents spread across the country. They guide the applicants in the buying process and help them choose a good policy to suit their needs. The agents are like personal guides or counselors for policyholders updating them about the policies now and then.   Besides, applicants can also buy LIC plans from the LIC branches by visiting the nearest branch personally.