Life Insurance Corporation of India (LIC) is the largest and most trusted life insurance company in India. LIC offers a variety of life insurance plans to suit the needs and requirements of different individuals. Working professionals, who have multiple financial goals and responsibilities, need to choose a life insurance plan that can provide them with adequate coverage, savings, and flexibility. In this blog post, we will discuss 5 best plans that a working professional can buy from LIC.
1. Tech-Term Plan
Tech-Term is an online term insurance plan that provides pure risk protection at an affordable premium. This plan offers a high sum assured at a low cost, which can help the working professional to secure the financial future of their family in case of their untimely death. The plan also allows the policyholder to choose between two death benefit options: level sum assured or increasing sum assured. The policyholder can also opt for an accidental death benefit rider as an add-on feature. The plan also gives the option to receive the death benefit in installments over a period of 5, 10, or 15 years, instead of a lump sum amount.
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| Eligibility Conditions |
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| Instalment available |
Benefits
- It provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term.
- It offers flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
- It allows the option to pay premium in single, regular or limited mode, and to choose the policy term and premium paying term.
- It enables the option to take death benefit in instalments over a period of 5 years instead of lump sum amount.
- It gives special rates for women and high sum assured rebate for higher coverage.
- It also provides the option to avail LIC’s Accident Benefit Rider on payment of additional premium for the rider benefit.
Brochure Link: LIC's New Tech Term Plan
2. New Jeevan Anand
New Jeevan Anand is an endowment plan that offers a combination of protection and savings. This plan not only pays a lump sum amount to the nominee in case of the death of the policyholder during the policy term, but also pays the same amount to the policyholder as maturity benefit if they survive till the end of the policy term. The plan also participates in the profits of LIC and earns bonuses, which are paid along with the death or maturity benefit. The plan also provides a whole life cover to the policyholder, which means that even after the maturity of the plan, the policyholder will continue to enjoy life cover till their death.
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| Eligibility Conditions |
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| Installments Available |
- Death Benefit: Payable to the nominee if the life assured dies during or after the policy term.
- Maturity Benefit: Payable to the life assured if he/she survives till the end of the policy term.
- Participation in Profits: Eligibility to receive bonuses based on the Corporation’s experience and approval.
- Rider Benefits: Optional benefits that provide additional protection for extra premiums.
- Option to take Death Benefit in instalments: Choice to receive the death benefit in instalments over 5 or 10 or 15 years instead of a lump sum amount.
- Settlement Option for Maturity Benefit: Choice to receive the maturity benefit in instalments over 5 or 10 or 15 years instead of a lump sum amount.
- Policy Loan: Facility to avail a loan under the policy after paying at least two full years’ premiums.
- Rebates: Discounts on the premium payable for choosing a higher sum assured or mode of payment.
Brochure Link: LIC's New Jeevan Anand
3. Jeevan Umang
Jeevan Umang is a whole life plan that provides lifelong protection and income to the policyholder. This plan pays a survival benefit every year from the end of the premium payment term till maturity or death, whichever is earlier. The survival benefit is equal to 8% of the sum assured. The plan also pays a lump sum amount as maturity benefit at the age of 100 years or as death benefit to the nominee in case of the death of the policyholder before that. The plan also participates in the profits of LIC and earns bonuses, which are paid along with the maturity or death benefit.
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| Eligibility Conditions |
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| Installments Available |
- A lump sum or instalment payment to the nominee if the policyholder dies
- A yearly payment of 8% of the sum assured to the policyholder till maturity or death
- A lump sum payment of the sum assured plus bonuses to the policyholder at maturity
- Bonuses based on the corporation’s performance and government approval
- Five optional riders for extra benefits in case of accidents, illnesses or premium waiver
- Policy loan and surrender options
Brochure Link: LIC's Jeevan Umang
4. Jeevan Lakshya
Jeevan Lakshya is a limited premium payment endowment plan that provides financial support to the family of the policyholder in case of their death or survival. This plan pays an annual income benefit equal to 10% of the sum assured to the nominee from the date of death of the policyholder till one year before maturity, in case of death during the policy term. The plan also pays a lump sum amount as maturity benefit to the nominee or to the policyholder if they survive till maturity. The plan also participates in the profits of LIC and earns bonuses, which are paid along with the maturity or death benefit.
Some of the benefits and features of this plan are:
- Minimum sum assured: Rs. 1 lakh
- Maximum sum assured: No limit
- Policy term: 13 to 25 years
- Premium payment term: Policy term minus 3 years
- Premium payment mode: Yearly, half-yearly, quarterly, or monthly
- Annual income benefit: 10% of sum assured every year after death till one year before maturity
- Maturity benefit: Sum assured + accrued bonuses
- Death benefit: Sum assured + accrued bonuses
5. Jeevan Tarun
Jeevan Tarun is a children's money back plan that provides financial support to the child for their education and other needs. This plan pays a money back benefit every year from the age of 20 to 24 years to the child, which is equal to a percentage of the sum assured. The percentage can be chosen by the policyholder at the time of buying the plan. The plan also pays a lump sum amount as maturity benefit at the age of 25 years or as death benefit to the nominee in case of the death of the child before that. The plan also participates in the profits of LIC and earns bonuses, which are paid along with the maturity or death benefit.
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| Eligibility Conditions |
Benefits
- Death Benefit: A lump sum amount paid to the nominee if the life assured dies during the policy term.
- Survival Benefit: A fixed percentage of sum assured paid every year for five years from age 20 to 24.
- Maturity Benefit: A fixed percentage of sum assured plus bonuses paid at age 25.
- Participation in Profits: Simple reversionary bonuses and final additional bonus based on the corporation’s experience.
- Rider Benefit: An optional benefit that waives future premiums if the proposer dies during the rider term.
- Option to take Death Benefit or Maturity Benefit in instalments: An option to receive the benefits in instalments over 5 or 10 or 15 years instead of lump sum amount.
- Policy Loan: A facility to avail loan under the policy after paying two full years’ premiums.
Brochure Link: 60a90399-b615-438b-a5e7-3d395a5a947f (licindia.in)
These are some of the best plans that a working professional can buy from LIC to secure their financial goals and protect their family. However, before buying any plan, it is advisable to compare different plans, assess your needs and affordability, or you can contact me on my number or mail id or any of the given social media platforms I will be more than happy to assist you.