Life Insurance Corporation of India (LIC) offers a wide range of insurance products to cater to the diverse needs of its customers. These plans are categorized into endowment plans, money-back plans, whole life plans, children’s plans, microinsurance plans, pension plans, unit-linked insurance plans (ULIPs), and term Insurance plans. Let’s dive into the details of these plans to understand what LIC has to offer.
LIC Endowment Plans
Endowment plans combine life insurance with savings, making them one of the most sought-after options. LIC currently provides seven types of endowment plans, which include:
- LIC’s New Endowment Plan (Table No. 714): A traditional plan offering financial protection along with maturity benefits.
- LIC’s New Jeevan Anand (Table No. 715): This is a limited premium payment plan that provides lifelong cover. Premiums can be paid in half-yearly, quarterly, or yearly modes.
- LIC’s Single Premium Endowment Plan (Table No. 717): A single-payment plan for those who prefer upfront investment.
- LIC’s Jeevan Lakshya Plan (Table No. 733): Designed for future financial goals, this plan also offers an income stream to dependents in case of the policyholder’s untimely demise.
- LIC’s Jeevan Labh Plan (Table No. 736): A limited premium-paying endowment plan suitable for long-term financial goals like children’s education or marriage.
- LIC’s Amrit Bal Plan (Table No. 774): A relatively new addition, this plan offers competitive benefits and is gaining popularity.
- LIC’s Bima Jyoti Plan (Table No. 760): A guaranteed addition plan with attractive returns and life cover.
These endowment plans cater to different needs, whether it’s saving for a specific goal or ensuring financial security for loved ones.
LIC Money-Back Plans
Money-back plans are designed for individuals who want periodic payouts during the policy term. LIC offers three money-back plans:
- LIC’s New Money Back Plan – 20 Years (Table No. 720): Provides periodic payouts during the term with maturity benefits at the end of 20 years.
- LIC’s Bima Shri Plan (Table No. 748): A plan that combines regular payouts with financial protection.
- LIC’s Jeevan Umang Plan (Table No. 745): Provides annual survival benefits from the end of the premium paying term till maturity.
These plans are ideal for meeting short-term financial needs while enjoying life insurance coverage.
LIC Whole Life Plans
Whole life plans provide insurance cover for the policyholder’s entire lifetime, offering security and peace of mind. LIC offers two whole life plans:
- LIC’s Jeevan Umang Plan (Table No. 745): Offers lifetime cover with periodic survival benefits.
- LIC’s Jeevan Utsav Plan (Table No. 771): Provides coverage up to 100 years, ensuring lifelong financial protection.
These plans are particularly suited for individuals who want to secure their family’s future for the long term.
LIC Children Plans
LIC offers policies specifically designed for children, ensuring a secure future for them. There are two plans under this category:
- LIC’s Jeevan Tarun Plan (Table No. 734): Provides financial support for education and other needs during critical growing years.
- LIC’s Amrit Bal Plan (Table No. 774): A comprehensive plan that focuses on financial security for children.
These plans are excellent choices for parents looking to build a financial corpus for their child’s future.
LIC Micro-insurance Plans
Micro-insurance is targeted at economically weaker sections, providing affordable insurance solutions. LIC’s Micro Bachat Plan (Table No. 751) is the only offering in this category.
Features of Micro Bachat Plan:
- GST-free, making it accessible to all.
- Affordable premiums suitable for low-income groups.
This plan is designed to make insurance accessible to all classes of society, from the rich to the underprivileged.
LIC Pension Plans
For those planning their retirement, LIC provides three pension plans:
- LIC’s New Pension Plus (Table No. 867): A unit-linked pension plan that helps build a retirement corpus.
- LIC’s Jeevan Akshay VII (Table No. 857): An immediate annuity plan offering a range of payout options.
- LIC’s New Jeevan Shanti (Table No. 758): A deferred annuity plan that offers guaranteed returns.
These plans help individuals plan for a financially secure retirement.
LIC Unit-Linked Insurance Plans (ULIPs)
ULIPs provide both investment and insurance benefits. LIC offers two ULIPs:
- LIC’s Index Plus Plan (Table No. 873): Tracks the performance of a selected index for returns.
- LIC’s Nivesh Plus Plan (Table No. 749): A single-premium plan suitable for those looking for one-time investments.
ULIPs are an excellent choice for individuals looking to grow their wealth while staying insured.
LIC Term Insurance Plans
Term Insurance plans offer high coverage at affordable premiums. LIC offers six term Insurance plans:
- LIC’s Digi Term (Table No. 876): A pure protection plan with a digital interface.
- LIC’s Digi Credit Life (Table No. 878): Designed for borrowers, ensuring loan repayment in case of the policyholder’s demise.
- LIC’s Yuva Credit Life (Table No. 877): Tailored for young policyholders seeking credit protection.
- LIC’s Yuva Term (Table No. 875): Provides extensive cover for young individuals.
- LIC’s New Tech-Term (Table No. 954): Offers comprehensive coverage with flexible premium payment options.
- LIC’s New Jeevan Amar (Table No. 955): A traditional term plan with high sum assured options.
These plans are ideal for ensuring financial stability for loved ones in case of any unforeseen events.
Choosing the Right LIC Plan
With such a wide array of options, choosing the right plan can be overwhelming. Here are a few tips:
- Understand Your Needs: Determine whether your primary goal is savings, protection, retirement planning, or wealth creation.
- Evaluate Premiums: Ensure the premium is affordable and aligns with your financial capabilities.
- Review Policy Benefits: Compare the benefits offered by different plans to find the most suitable one.
- Consult an Advisor: LIC agents can provide detailed guidance to help you make an informed decision.
Conclusion
LIC’s comprehensive portfolio of insurance plans ensures that there’s something for everyone, regardless of their financial goals or life stage. From endowment and money-back plans to term Insurance and pension plans, LIC’s offerings cater to diverse needs. With a strong legacy and a customer-centric approach, LIC continues to be a trusted name in the insurance industry. Choose wisely and secure your future with LIC!
FAQs
Q1. Which LIC plan is best for long-term savings?
LIC’s New Endowment Plan (Table No. 714) and Jeevan Labh Plan (Table No. 736) are ideal for long-term savings combined with life insurance benefits.
Q2. Are there any LIC plans specifically for children?
Yes, LIC offers Jeevan Tarun (Table No. 734) and Amrit Bal (Table No. 774), which are tailored for children’s financial needs.
Q3. What is the difference between money-back and endowment plans?
Money-back plans provide periodic payouts during the term, while endowment plans offer a lump sum payout at maturity.
Q4. Is there a microinsurance plan for low-income groups?
Yes, LIC’s Micro Bachat Plan (Table No. 751) is designed for low-income individuals and is GST-free.
Q5. How can I choose the right LIC plan?
Consider your financial goals, affordability, and consult an LIC advisor for tailored guidance.
Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial or investment advice. Readers are advised to consult with a licensed insurance advisor or financial planner to understand the terms, conditions, and suitability of LIC policies for their specific needs.