These High Annuity Payment Schemes By LIC In 2023 Providing Lifetime Returns. Check Details and Benefits Here

At the beginning of December 2023, Life Insurance Corporation of India launched a new scheme to attract huge fund inflows as it was targeted towards the right consumers and their expected returns from policy holdings. The world's fourth largest life insurer, LIC this year launched around five new products for the large middle-income group population to enhance their saving habits and plan for future uncertainties. Investments in insurance policies have been one of the most sought-after options for working-class individuals to ensure they set aside a certain amount of their earnings towards future financial needs, medical emergencies, or kid's education.

Over recent years, LIC has aligned with customer expectations as it has one of the highest claim settlement ratios of 98.74%. The customer base of LIC breaches above 540 million customers nationally as well as internationally. The young generation of India understands the importance of insurance policies, fixed deposits, mutual fund SIP and stock investments with minimal consistent savings, which can accumulate exponential returns after a certain period. Understanding these major factors, LIC has launched the below insurance policies in 2023 to enhance its customer base and offer better returns and tax benefits to policyholders.

Jeevan Shanti Scheme

LIC's Jeevan Shanti is a non-linked, non-participating, single premium deferred annuity plan which offers a retirement alternative for policyholders as funds can be accumulated over time to gain regular payments once the policy hits maturity. There is no maximum limit for funds and ensures individuals can have lifetime income through annuity payments after making flexible premium payments. In January 2023, LIC raised annuity rates for Jeevan Shanti Plans (858) and the funds collected towards these schemes offer tax-deferred growth, to help enhance the compound effectiveness.

Jeevan Azad Policy

Launched on January 20, 2023, the Jeevan Azad Insurance policy (868) is a plan initiated by the LIC with a limited premium, designed to facilitate protections and investments. Jeevan Azad comes with a host of benefits like tax savings, better returns, maturity benefits and death benefits. Policyholders only need to pay 8 years earlier than the end of the policy term with a maximum maturity term of 50 years and up till the age of 70 years. Additional options in rider benefits are also available for this specific LIC scheme such as LIC accidental death & disability benefit, LIC premium waiver, and LIC accident benefit rider. Moreover, a policyholder can opt for a loan facility as well if the premiums are paid without fail for more than two years after starting the policy.

Dhan Vriddhi Scheme

LIC's Dhan Vriddhi (869) is a non-linked savings insurance scheme which offers minimal risks and instils a sense of saving discipline for policyholders with its tight endowment plans. There are options available for policyholders to decide the term they would like to invest and accumulate in the schemes along with multiple benefits like maturity benefits, life insurance protection, single premium and tax benefits. However, the minimum amount that can be assured is Rs. 1,25,000/- while the maximum can be anywhere in the multiples of Rs. 5,000/-. Launched in June 2023, investors can also opt for rider benefits along with this scheme and ensure higher returns are accumulated by the end of the decided maturity period.

Jeevan Kiran Policy

With a combined initiative of facilitating protection and savings, the largest insurance company in India launched the Jeevan Kiran scheme (870) in July 2023. Similar to other high-return policies, single premium payments as well as regular premium policy payments are allowed with deferring amounts, depending on the policy value. The minimum amount that can be assured is Rs. 15,00,000/- and on the other hand, there is no limit for the maximum amount. Benefits such as loan facility against the policy, guaranteed surrender value, death benefit rider, Accident benefit rider, settlement benefits and bonuses from profits if LIC declares such payouts to policyholders.