Best LIC Policy: What are its Top Features?

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Best LIC Policy: What are its Top Features?

Insurance plans are an important aspect of your personal finance. Life is full of uncertainties and having life insurance lowers your stress as they provide financial security to your family. Having insurance prepares you for unexpected events such as accidents, illness, death, or disability. If you are the sole breadwinner of the family, you must opt for a life insurance plan that covers 15-20 times your annual income. With an increasing number of life insurance companies offering different schemes, one might get confused while choosing a life insurance plan. So, we have covered the best LIC policy 2023 in this article. 

When it comes to opting for life insurance, a major part of the Indian population opts for LIC schemes. For the last 20 years, the life insurance company has constantly been the dominant player in the insurance sector by contributing 49 % market share in FY21. In this article, we are going to learn about the LIC new plan 2023 list, the top LIC policy, the LIC savings plan, and its features. 

Best LIC Policy: Top Features

When it comes to buying a life insurance policy, the Life insurance company is the most trusted brand and has the largest market share in the insurance industry. It offers the best LIC plan

LIC best planType of planEntry ageTenure of the policyMaximum maturity ageSum insured
LIC Tech Term PlanTerm insurance plan18 to 65 10 to 40 years80INR 50 lakhs to no limit
LIC New Jeevan AnandEndowment plan18 to 50 15 to 35 years75 INR 1 lakh to no limit
LIC Jeevan AmarTerm insurance plan18 to 6510 to 40 years80 INR 25 lakhs to no limit
LIC Jeevan UmangWhole life plus Endowment plan90 days to 55 years100 years minus the entry age100 INR 2 lakhs to no limit
LIC Tech Term PlanTerm insurance plan18 to 65 10 to 40 years 80INR 50 lakhs to no limit 
LIC Jeevan LabhEndowment Plan8 to 5916, 21 or 2575INR 2 lakhs to no limit

Features of Best LIC Policy

LIC Tech Term Plan:

LIC Tech Term Plan is a term insurance plan that protects your family financially in case of the death of the policyholder. 

  • The premium rates are different for smokers, non-smokers, and women. 
  • Under this plan, the policyholder is not provided any maturity benefits. 
  • The policyholder has the option to select between single premium, regular premium, or limited premium and can choose the mode of payment with a half yearly or an annual. 
  • Policyholders are provided a 30 days free look period and within this period they have the option to return the policy if they are not satisfied with its features. 

LIC New Jeevan Anand Plan

LIC New Jeevan Anand is a life insurance plan by LIC which provides the policyholders a mixture of both savings and protection. It provides insurance cover against the demise of the policyholder and in case of the survival of the policyholders, it gives a lump sum payment at the end of the tenure of the policy. 

  • The policyholder is provided an option of premium payment regularly. 
  • If the policyholder commits suicide within 12 months from the beginning of the plan, the life insurance company will not provide any claim benefits. 
  • The policyholder can participate in the profit whenever the company declares bonuses. 

LIC Jeevan Amar Plan

LIC Jeevan Amar Plan is a term insurance plan that provides financial support to the policyholder's family in case of his or her demise during the tenure of the plan. 

  • This plan is a nonmarket linked plan. 
  • The premium rates are varied for smokers and nonsmokers. 
  • The beneficiary has the option to choose between a single premium payment, regular premium payment, and limited premium payment. 
  • The policyholder of the LIC Jeevan Amar Plan has the flexibility to choose the tenure of the plan. 
  • The policyholder has the option to receive the payment in installments. Also, the plan offers extra special rates for women. 

LIC Jeevan Umang

LIC Jeevan Umang is one of the LIC best plans as it gives insurance coverage till the insurance holder turns 100 years of age. The plan protects your family financially as well as offers income benefits. 

  • The policyholder gets annual survival benefits and a lump sum amount at the end of the tenure of the policy as a maturity benefit in case the policyholder survived. 
  • In case of the demise of the policyholder, life insurance cover or death benefits can be claimed during the tenure of the plan. The death benefits can be paid in regular installments or lump sums by the insurance company. 
  • The policyholders can avail loan under the LIC Jeevan Umang plan only if they have paid their premium for at least two years. 

LIC Tech Term Plan

LIC Tech Term plan is available online and is one of the LIC best term plans. Anyone having a restricted budget can invest in this plan. 

  • The premiums are varied for smokers, nonsmokers, and women. 
  • Policyholders can avail of premium discounts. 
  • You can get benefits of accidental death benefits under this plan by paying an additional premium. 
  • The policyholders can pay the premium by choosing regular, single, or limited payment options. 

LIC Jeevan Labh

This plan offers insurance protection in case of the demise of the policyholders and increases future savings for them. It is one of the LIC best policies which offers bonuses to its beneficiaries whenever the Life insurance company earns a profit. 

  • The policyholders enjoy the coverage even if they pay the premium for a specific tenure. 
  • If the sum insured is more than five lakhs, the insured gets a discount on premiums. 
  • This plan offers rider benefits such as critical illness rider, accidental benefits rider, term assurance rider, and accidental and disability benefit rider. 

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To conclude, LIC plans 2023 can be a good investment to protect your family from financial crises. However, before choosing the best LIC plan, you must assess the insurance cover that you need, look for the best policy that offers the best deal and affordable premium, read the terms and conditions of the insurance scheme carefully, and opt for a comprehensive plan. Also, it is advisable to compare the schemes offered by different insurance companies. 

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