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LIC Investment

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LIC Investment
Highlights
Claim Settlement Ratio98.62%
Customer Care24x7
In-House Claim SettlementAvailable
Inception1956
Presence2048 Branches
RenewabilityLifelong

About LIC Investment

Investment plans offer a financially secure future for you and your loved ones. They assist you in creating money and achieving all of your financial objectives. LIC of India offers a wide range of investment options to its customers. Continue reading to learn about the best LIC investment plans in detail!

What Is an Investment Plan?

An investment plan is a financial strategy that allows you to build wealth and maximize your long-term savings. Policyholders invest a set amount on a regular basis to build wealth. Many factors influence the proper investment decision, including affordability, risk tolerance, and future financial goals. LIC India offers a variety of investment options from which you can compare and choose the best one for you.

Benefits of LIC Investment Plans

In India, there are numerous possibilities for investment. Though you can invest in any program, if you have specific financial objectives, you can purchase LIC investment plans. Here are some of the advantages of investing with the Life Insurance Corporation of India (LIC of India):

  • Family Protection: If you are the sole earner in your family, you must have adequate savings to protect your family in the event of your untimely death. Investment plans can assist you in creating long-term wealth for your family, assuring their financial stability in your absence.
  • Achieve Financial ambitions: Your financial ambitions will alter as you progress through life. Because these financial goals must be met in the future, the inflation rate should be considered a significant aspect of financial planning.
  • Building Wealth: Depending on policy terms and market conditions, the various investment schemes offered by LIC of India contribute to wealth at varying rates. The greater the risk, the greater the potential to earn long-term returns.
  • Flexibility: It is one of the major advantages of LIC investment plans. You can choose an investment option based on your financial requirements. You can also invest in these schemes on a consistent basis at a convenient frequency, such as monthly, semi-annually, or annually.

Best LIC Investment Plans 2023

The table below shows the best LIC investment plans in India:

Investment plan

Entry age

Maturity age

Policy tenure

Sum assured

LIC Jeevan Pragati Plan

12-45 years

N/A- 65 years

12- 20 years

Rs. 1.5 lac- no limit

LIC Jeevan Labh Plan

8- 59 years

18- 75 years

16- 25 years

Rs. 2 lac- no limit

LIC Single Premium Endowment Plan

90 days- 65 years

18- 75 years

10- 25 years

Rs. 50,000- no limit

LIC New Endowment Plan

8- 55 years

N/A- 75 years

12- 35 years

Rs. 1 lac- no limit

LIC New Jeevan Anand Plan

18- 50 years

N/A- 75 years

15- 35 years

Rs. 1 lac- no limit

LIC Jeevan Rakshak Plan

8- 55 years

N/A- 70 years

10- 20 years

Rs. 75,000- Rs. 2 lac.

Let’s understand the features and benefits of each investment plan in detail:

LIC Jeevan Pragati Plan

It is a non-linked endowment life insurance plan that provides dual benefits of savings and protection to its policyholders. The key features of this plan are as follows:

  • The coverage automatically increases after every five years of the policy.
  • The policyholders receive maturity benefit that includes, sum assured+ simple reversionary bonus+ final additional bonus (if any).
  • A death benefit is paid to the nominee in case of the demise of the life assured.
  • The policyholders can select accidental death and disability benefit rider to enhance the policy coverage.
  • The policyholders can lend a loan against their LIC Jeevan Pragati Plan after the completion of 3 years of the policy.

LIC Jeevan Labh Plan

It is a non-linked endowment insurance plan that provides financial security for you and your loved ones. The plan is available with a limited premium payment option. During the unfortunate demise of the policyholder, a lump sum assured is paid to the nominee of the policy. The key features of this plan are as follows:

  • The plan provides a reversionary bonus plus a final bonus along with the sum assured upon maturity.
  • The policyholders have a limited premium payment option. That is you can either pay for only 10 years for a 16-year plan, 15 years for a 21-year plan, and 16 years for a 25-year plan.
  • A death benefit equivalent to the 10 times higher annual premium or sum assured is paid to the nominee.
  • Two rider options to select: accidental death and disability benefit rider and new term insurance rider.
  • Rebates for choosing a high sum assured insurance plan.

LIC Single Premium Endowment Plan

It is a participating endowment plan that provides an option to pay a premium in a lump sum at the beginning of the policy. The key features of this plan are highlighted below:

  • It's a participating LIC endowment plan that receives a bonus by sharing in the company's profits.
  • There is a waiting period for children under the age of eight. The risk cover will begin one day before the end of the second year of the policy or one day before the policy anniversary, which coincides with or follows the end of the eighth year of age.
  • In the event of death during the deferment term, the premium paid is refunded; in the event of death after the deferment period, the Sum Assured and any vested Simple Reversionary Bonus and Final Additional Bonus are paid under this LIC traditional investment plan.
  • On maturity, the Sum Assured and vested simple reversionary bonus, as well as any final additional bonus, are paid.
  • A loan can be borrowed against this LIC endowment plan.

LIC New Endowment Plan

It is a participating LIC endowment plan in which the policyholder receives both maturity and a death benefit. The following are the features of the LIC New Endowment Plan:

  • The higher of the Sum Assured or 10 times the yearly premium, vested bonus, and final additional bonus, if any, is paid in the event of death, subject to a minimum of 105% of all premiums paid till death.
  • This LIC endowment plan pays the Sum Assured, vested bonus, and final additional bonus, if any, at maturity.
  • The LIC Accidental Death and Disability rider is available to enhance the plan’s coverage.
  • The policyholders can avail of a loan against their policy.

LIC New Jeevan Anand Plan

It is a traditional endowment life insurance plan that will help you accomplish your financial goals. The key features of this plan are as follows:

  • The death benefits greater than 125% of the sum assured or 10 times the yearly premium+ vested bonus+ final additional bonus if any, subject to a minimum of 105% of all premiums paid till death.
  • The Sum Assured, vested bonus, and final additional bonus, if any, are paid to the insured upon maturity under this LIC endowment plan.
  • Accidental death and disability benefit rider options are available.
  • Premium rebates are available for purchasing a high sum assured plan of Rs. 2 lakhs or more.
  • Under this LIC endowment plan, the premiums paid are tax-free under Section 80C, and the claim received is tax-free under Section 10(10D) of the Income Tax Act.

LIC Jeevan Rakshak Plan

It is an endowment traditional life insurance plan that provides both maturity benefits for surviving the policy tenure and a death benefit upon the demise of the policyholder. The key features of this plan are as follows:

  • The higher of the Sum Assured or 10 times the yearly premium, vested bonus, and final additional bonus, if any, is paid in the event of death, subject to a minimum of 105% of all premiums paid till the death of the policyholder.
  • The sum assured and loyalty additions are paid to the insured upon maturity under this LIC endowment plan.
  • The Accident Benefit Rider from LIC can be purchased by paying an additional premium.
  • Loans can be borrowed through this LIC endowment plan.
  • Premium rebates are available under this LIC endowment plan for selecting a high Sum Assured level of Rs. 1.5 lakhs and above.

Process To Buy LIC Investment Plans

LIC of India is one of the best insurance companies in India. The company provides a smooth and hassle-free purchasing process for its policyholders. You can compare any investment plan and buy it online at your convenience. Here’s a comprehensive guide on how to buy LIC investment plans online:

Documents Required To Buy LIC Investment Plans

  • Age proof: Aadhar card, Passport, Driving License, voter ID, Birth certificate
  • Identity proof: PAN card, passport, Voter ID, A letter from a public servant or recognized public authority, along with a photograph
  • Address Proof: Ration card, Passport, bill of electricity, or telephone
  • Income Proof: a certificate from the employer, a recent salary slip
  • Cancelled Cheque
  • Passport size photograph

Steps You Need To Follow To Buy LIC Investment Plans

  • Visit the official website of LIC of India.
  • On the home page, click on the “Investment Plans” tab.
  • Fill out all the necessary details about yourself, such as name, age, gender, and others.
  • Select the investment scheme that best suits your financial needs.
  • Submit all the required documents online.
  • Pay a premium for your investment plan to complete the process.
  • Your LIC investment plan policy document will be shared to your registered email id.

About LIC Insurance Company

Parameters

Details

Established in

1956

Headquarters of the company

Mumbai

Official website

www.licIndia.in

Helpline number

022 6827 6827

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