Best LIC Policy – Plans Details

Best LIC Policy – Plans Details

LIC is the most trusted brand when it comes to life insurance. LIC has a huge range of products to offer and it often becomes difficult to choose the right fit.  So, we thought of easing this for you and bring the best 5 policies offered by Life Insurance Corporation of India.

You can pick your cues from below.

Best LIC Policy – Plans Details 

LIC Policies	Plan Type	Entry Age	Maximum Maturity Age	Policy Term	Minimum Premium/Purchase Price	Minimum Sum Assured	Medical Examination	Status
LIC JeevanAkshay	Immediate Annuity Pension Plan	30 – 85 years	N/A	N/A	Rs.100000/- , Rs. 150000/-(online)	Rs. 7190/- (annually	Not required	Active
LIC e-term Plan	Pure Term Plan	18 – 60 years	75 years	10 – 35 years	Rs. 4600/-	Rs. 25,00,000/-	Required	Active
LIC New Children’s Money Back Plan	Traditional Money Back Child Plan	0 – 12 years(for child) 18 – 55 years (for proposer)	25 years	25 – entry age	Rs.24,000/-	Rs.1,00,000/-	Not required	Active
LIC JeevanAnand	Participating Traditional Endowment Plan	18 – 50 years	75 years	15 – 35 years	N/A	Rs.1,00,000/- (on maturity)	Required	Discontinued
LIC Jeevan Saral	Endowment Plan	12 – 60 years	70 years	10 – 35 years	Rs.250/- (for age below 50years) Rs. 400/- (for age above 50years)	250 times monthly premium	N/A	Discontinued

In the above table, we have included both active and discontinued life insurance plans. Though Jeevan Anand and jeevan Saral (as mentioned in the table above) have been discontinued, they have been among the top selling policies offered by LIC. 

1. LIC Jeevan Akshay VI

LIC Jeevan Akshay VI Plan is a Single Premium Immediate Annuity Plan which can be purchased by paying a lump sum amount. It is a non unit-linked pension plan. This plan provides for annuity payment of a fixed amount extending for a life time. 

Salient Features

• Immediate Annuity Plan – Annuity starts as early as the next month
• Single Premium Plan – “Pay Once, Enjoy Forever”
• Minimum purchase price is Rs.1, 00,000 for offline and Rs.1, 50,000 for online purchase. There is no maximum limit on purchase or annuity.
• More Annuity Options – 7 Options of Annuities to choose from
• Annuity payable for life at a uniform rate till the life assured is alive.
• Annuity payable for 5, 10, 15 or 20 years no matter if the insured person is alive or not, and thereafter as long as the annuitant is alive.
• Annuity for life with return of purchase price on death of the annuitant.
• Increasing Annuity in which the pension is paid till the life assured is alive at an increasing rate of 3% p.a.
• Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant. The purchase price will be returned on the death of last survivor.
• Annuity for life with a provision for 100% of the annuity payable to the spouse of the annuitant for life on death of the annuitant, with return of purchase price on the death of last survivor
• Covers broad range of age group – From 30 years to 85 years
• Maturity Benefit – No maturity benefits are available in this policy.
• No medical examination is required.
• Income Tax Benefit – Although, premiums paid under this policy are exempted from tax under section 80C, but the pension received will be taxable.
• No surrender value shall be payable under this policy.
• No loan available under this plan.
• Incentive for online – Rebate of 1% by way of increase in the basic annuity rate will be available.