Best LIC Plans for 10 Years: Top Features You Must Be Aware of
Best LIC Plans for 10 Years: An Overview
LIC (Life Insurance company) is one of the oldest and leading insurance companies in India having a market share of 68.57% as of July 2022. It was established in 1956 and is a popular name in every household when it comes to buying insurance. LIC offers different types of schemes to fulfill the needs of different customers. As of 2019, LIC has 290 million policyholders. The asset value of the company is worth more than Rs. 25 lakhs crores. LIC plans provide various benefits such as death benefits, extra benefits, guaranteed surrender value, the corporation's policy on surrender, maturity benefit, and surrendered value. Moreover, their claim settlement is 98.62%. In this article, we are going to learn about the LIC plan of 10 years double money, features, and benefits of the 10 years LIC policy.
Best 10-Year LIC Policy: Top Features
LIC single premium endowment plan
- LIC single premium endowment plan provides benefits of both insurance cover and guaranteed returns to an investor.
- The policyholders can avail of tax benefits under this plan.
- The policyholders pay the premium amount as a lump sum at the beginning of the plan.
- An individual between 90 days to 65 years can buy this plan.
- The insurance sum assured along with the accumulated bonus is given in case of the demise of the policyholder or at the end of the plan tenure.
- The premium starts from Rs. 50,000 and there is no maximum limit under this plan. However, the premium is determined by the age and the selected sum insured.
- You can get premium discount benefits ranging from 18 to 30% of the insurance sum assured if your insured sum is 1 lakh and above.
- The policyholders can get a loan from the second year of the policy.
- The tenure of the plan ranges from a minimum of 10 years to 25 years.
LIC New Bima Bachat Plan
LIC New Bima Bachat Plan is an endowment plan with a bonus option. The policyholder has to pay a single premium for the plan.
- The minimum entry age is 15 years and the maximum is 66 years.
- The policyholder has the option to choose tenure between 9 years, 12 years, and 15 years.
- The minimum sum assured is Rs. 35,000 and has no upper limit.
- The policyholders are paid 15 percent of the basic insurance sum insured as survival benefits at the end of every three years.
- The plan offers loyalty addition to its policyholders after the plan has ended a term of five years.
- In case of the demise of the policyholder, the nominee is entitled to get the entire sum insured with loyalty addition and in case of the survival of the policyholder, he/she is entitled to receive the entire premium paid with additional loyalty as maturity benefits at the end of the policy tenure.
LIC Aadhar Shila Plan
LIC Aadhar Shila Plan is a life insurance plan, particularly designed for females. It provides LIC plans for 10 years and the maximum term is 20 years for this plan. The policyholders are entitled to get the benefits of both insurance cover as well as savings.
- The minimum entry age to buy this plan is 8 years and the maximum is 55 years.
- The maturity age of the LIC policy for 10 years is 70 years.
- The minimum sum insured under this plan is INR 75,000 and the maximum is INR 3,00,000.
- If the policyholder survives till the end of the policy's tenure, he/she is entitled to receive basic insurance cover with loyalty addition.
- In case of the demise of the policyholder within the tenure of the policy, the nominee of the policy receives the death benefits.
- The policyholder has the option to surrender this LIC plan after completing two years from the commencement of the plan. The surrender value is equal to the total premium paid.
- The policyholders can avail of loans on this plan.
- It provides tax benefits to the policyholder.
LIC Tech Term Plan
LIC Tech Term Plan is a life cover policy. If the policyholder pays the premium on a regular basis, the insurance company pays the sum insured to the nominees in case of the demise of the life insured.
- The insurance sum remains constant until the 5th year of the policy and then insurance cover rise by 10% every year till the 15th year of the policy and after that insurance cover to be paid on the demise of the policyholder remains the same till th end of the tenure.
- The insurance company can pay the death benefits either in lump sum or installments in 5, 10, or 15 years. The installment can be paid monthly, quarterly, half-yearly, or annually.
- The policyholders are provided to choose premium payment options between single, limited, and regular.
- If the policyholder died by suicide in the first year, the LIC does not provide any death benefits.
- The policyholders can avail of accidental death benefits by paying additional premiums under regular and limited premium payment policies.
Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana is a pension insurance scheme. This plan is suitable for senior citizens who are 60 years or more can receive a regular pension. One can buy this plan directly from the LIC website and offline.
- This plan is provided by Life Insurance Corporation and gives a fixed return of 7.4% for 10 years.
- The policyholders can choose payout options monthly, quarterly, or annually. Let's say an individual has opted for annual payout options, he or she will receive the payment after the completion of one year of the policy.
- The LIC plan provides lump sum maturity benefits with the last payout in case of the survival of the policyholder until the end of the tenure of the plan.
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To conclude, the LIC plan for 10 years provides its policyholder's 360-degree protection. A 10-year LIC plan can be chosen after considering all your requirements. The company offers various schemes such as money-back plans or endowment plans, child plans, pension plans, and ULIPs for investment. However, one should always do their research about the policy, terms, conditions, and benefits covered by the plan, compare the plan offered by other insurance companies and check the claim settlement ratio before choosing any insurance plan.
Can I avail loan on LIC policies plans for 10 years?
You can avail loan based on the surrender value of the LIC 10-year policy plan. The policyholders can get a loan of up to 90% of the surrender value.
Which LIC plan is the highest selling?
The highest selling LIC plan is LIC Jeevan Anand Plan. It provides the benefits of both financial security and savings.
How can I check the details of my LIC for 10 years?
You have to log in to LIC India's official website by entering your LIC login credentials to check the details of the LIC plan for 10 years.
How long can I delay paying my LIC premium?
The beneficiaries have a grace period of 30 days and if they fail to pay their premium within this grace period, their policy lapses.
Can I buy a LIC 10 years plan directly from the website?
Yes, you can buy LIC policy 10 years plan directly from the website without the involvement of any agent.