Life Insurance Corporation (LIC) is the most popular and trusted insurance provider in India and one of the oldest insurance providers with wide range of policy covers that suit every persons need. LIC is also popular as compared to peers as the claim ratio is extremely high.
There are many policies that have been launched by LIC leading to confusion when deciding on the policy.
Here is a glimpse of some of the best LIC policies which will help you choose the one that meets your need.
1) LIC Jeevan Akshay VI
LIC Jeevan Akshay VI is an immediate annuity plan which can be purchased by paying a lump sum amount.
The policy can be bought offline as well as online.
Online customers can enjoy a rebate of 1 percent by way of increase in the basic annuity rate. This is an extremely popular LIC policy.
2) LIC e-Term Plan
This policy is nothing but an online term plan from LIC of India. The policy is almost 30-32 per cent cheaper when compared to offline term policies. But it is marginally expensive than other peers. Note that there are no quarterly and half yearly payment options and one needs to look at the annual payment option only.
3) LIC New Children's Money Back Plan
LIC New Children's Money Back Plan is a non-linked money back plan, which aims to meet the child's multiple financial needs which includes education, marriage, further studies abroad etc.
In the money back plan, there is a risk cover on the life of child, which means that if anything were to happen to the child, the parent or the guardian will get the money.
4) LIC Jeevan Anand
This policy is a combination of endowment assurance and whole life plans, where there is a security for death of the life insured through out the life. Also there is a lumpsum amount paid towards the end of the nominated tenure incase of survival.
5) LIC Jeevan Saral
LIC Jeevan Saral is an endowment assurance plan, the plan offers to provide financial protection against death throughout the term of the plan. The maturity sum assured is payable on survival to the end of the policy term.
Note that many insurance advisors would suggest buying term plans, which provide more protection than endowment plans.
6) LIC Jeevan Sangam
Jeevan Sangam is a participating single premium plan that benefits those who are looking at taking cover by paying just a single premium.
7) LIC's New Endowment Plan
LIC's New Endowment plan is a participating non linked plan which offers financial protection with high returns. The sum assured as death benefit is 10 times the basic sum assured. New Endowment Plan by LIC can be chosen for any term between 12 and 35 years.