List of Latest Lic Policies Details with Scheme chart and their Benefits

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list of lastest lic policy

Life insurance is one of the best ways to protect oneself from the unknown harms. Coming into 2018, there are a whole range of LIC policies to choose from if one were to decide on getting their life or the life of a loved one insured. In this article, we give you the rundown of the top 5 LIC policies of 2018 that you should invest in, along with the benefits they provide and also scheme charts.

LIC E-Term

This is one of the best policies to choose from in the market, mainly because it requires no agent. The LIC E-Term plan can be signed completely online and thus the name, E-Term.  This insurance policy is available for anyone between the age of 18 and 60, with a minimum policy term of 10 years to a maximum policy term of 35 years and thus, it serves as a regular premium policy, with no added bonuses, and no loan provisions.

If the insured person dies during the term then the promised amount will be payable to their family, but in the event that the person survives the whole tenure of the insurance, then no returns will be made. The LIC E-Term plan can be renewed within two years of its lapse, and it also provides you with ‘cooling off’ period during which the policy can be returned upon which the company will give back all the premiums paid minus any cost of stamp duty.

LIC E-Term Scheme Chart

Plan Type Age Maximum Maturity Age Policy term Minimum purchase Minimum returns Medical examination
Pure term plan 18-60 75 10-35 years INR 4600/- INR 25,00,000/- Required

LIC Jeevan Akshay

One of the most flexible plans available, the annuity for the Jeevan Akshay policy which can be paid monthly, quarterly, or even annually. This policy also allows the payment of a huge amount of annuity right at the start, in which case the plan will be effective immediately within a month. Also, this policy can be purchased for a single user or jointly with a spouse, and it holds no upper limit as to how much annuity should be paid. Basically the higher the price you choose the more returns you get. Thus, a huge benefit of this plan is that the premiums paid will be tax exempt.

LIC Jeevan Akshay Scheme Chart

Plan Type Age Maturity Age Policy term Minimum purchase Minimum returns Medical examination
Immediate Annuity Pension plan 30-85 N/A N/A INR 100000 INR 7910/- Not required

LIC New Children’s Money Back Plan

This is the best available policy for ensuring the life of a child below the age of 18. The insurance can be made right at birth and will be valid until the person turns 25 years of age. If the insurance was to be made at a different age, for example, 5, then the policy term would be of 20 years, i.e. 25-5 years. Also, after paying 3 years premium, this policy allows a holder to take a loan. Such a policy is usually made for children to secure their future in case of demise of their parents.

LIC New Children’s Money Back Plan Scheme Chart

Plan Type Age Maturity Age Policy term Minimum purchase Minimum returns Medical examination
Money back child plan 0-12 25 25 – entry age INR 24,000/- INR 1,00,000/- Not Required

LIC Jeevan Saral

This is a special plan also offering a range of flexible options. The LIC Jeevan Saral plan allows you to have a flexible monthly payment option while promising a return of 250 times the monthly payment. This plan also allows for the issue of loans.

LIC Jeevan Saral Scheme Chart

Plan Type Age Maturity Age Policy term Minimum purchase Minimum returns Medical examination
Endowment plan 12-60 70 10-35 years INR250/ (for age below 50years)
Rs. 400/- (for age above 50years)
250 times monthly premium Not Required

LIC Jeevan Anand

This serves as a whole life plan, as it continues to provide for the insured even after the plan matures. It works like any other regular LIC plan with monthly premium payments, however, if the person were to survive the term of the plan, the benefit acquired for the premium payments will be paid to the insured and the plan will continue to be in force. It also provides a benefit for accidental deaths and for disability up till the age of 75.

LIC Jeevan Anand Scheme Chart

Plan Type Age Maturity Age Policy term Minimum purchase Minimum returns Medical examination
Participating endowment plant 18-50 75 10-35 years N/A INR 1,00,000/- (on maturity) Required

LIC Basics : What Is Term Insurance And How Does It Work?

What Is Term Insurance?

Term insurance pays a death benefit to one’s assigned family member if one dies during the term of their policy. A term insurance is a type of insurance an individual can opt for a certain time period. 

Term insurances are provided by most insurance providers in India for terms like 10 years, 15 years, 20 years, etc. Some of the types of term insurances are, for example, regular term insurance plans, group term insurance plans, convertible term insurance plans, Term return of premium plan, joint term plan, decreasing and increasing term plan, etc.

How Does Term Insurance Work?

An individual can apply for a term insurance and this insurance works in the event of an unlikely death. A term insurance only comes into force (or effect) when the policyholder dies during the tenure of the policy term. The policyholder’s nominee/s (family) will get the insurance amount.

  • An individual buys a term insurance and makes payments(premium) every month/quarter/year etc. Consequently, the premium can be paid in one lump sum amount as well.   
  • The individual does not receive any maturity benefits. Thus, a term insurance can be redeemed only if the policyholder passes away during the policy tenure.
  • These Insurance plans are pure protection plans. No frills attached.  

Term Insurance Benefits

  • Term insurance policies are convertible to permanent life insurance policies. A policy is convertible irrespective of the health of the policyholder.
  • Term insurances have the lowest policy cost and the premiums are low as well. Thus, the payment plan is flexible for the policyholder.
  • Term insurance holders get tax exemptions for premiums under Section 80C of the Income Tax Act. Any benefits from the policy get tax exemption under Section 10(10D) of the Income Tax Act.
  • Some term insurance plans do offer survival benefits such as refund of premiums, etc.

Note: Non-smokers and tobacco consumers will have to pay a lesser premium than smokers and tobacco consumers.

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