7 Best LIC Policies to Invest for Higher returns in 2019
When we start chalking out plans for the future, not only of our own but also of our near and dear ones, the first and foremost thing that comes in our mind is the probability and the uncertainty attached to the question: “What if?”.
What if I decide to quit my job and start a business? What if I want to send my daughter abroad for completing her higher studies? What if I am needed to support my son to have his own chamber for practising medicine? What if something happens to me, and I am the only breadwinner in the family?
All these apprehensions regarding future, take us to one destination, where we actually don’t but at least gain the satisfaction of finding our answer to the question: “What if?”. And that one common destination is nothing but insurance.
Best LIC Plans - Policy Details
|LIC Policies||Plan Type||Entry Age||Maximum Maturity Age||Policy Term||Minimum Premium/Purchase Price||Minimum Sum Assured||Medical Examination||Policy Status|
|LIC Jeevan Akshay||Immediate Annuity Pension Plan||30 – 85 years||N/A||N/A||Rs.100000/- ,|
|Rs. 7190/- (annually||Not required||Active|
|LIC e-term Insurance||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/-|| |
|LIC Jeevan Anand||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|
Living in a country like India, where life has both its dark and bright shades equally prominent, insurance here has another name for LIC– Life Insurance Corporation. LIC is an investment company as well as an insurance group which is owned by states. The company is headquartered in Mumbai.
Just like other insurance companies across the globe, LIC also has policies. And let’s face it, most of us judge the LIC policy by looking for the best LIC policy with high returns. We consider only those LIC policies as the best LIC policy for investment. In addition to paying heed to the best LIC policy for child education, people also keep in mind the best tax saving LIC plans. When we talk about returns, most of us crave to make more money with the least investment, both in terms of principal amount and time. So we look for the best LIC policy with short term investment. In short, when we want to choose a policy that we can call the best LIC policy for us.
Just as the best cannot be determined without any competition, selecting the best is also not possible without comparison. From the best LIC policy for the girl child to the best LIC policy pension plan, LIC truly has a lot of products to offer. From here, we need to choose the best money-back LIC plans, that is the best LIC policy with high returns.
In order to make this process of choosing what is the best LIC policy for good return easier, the following policies that can be considered the best LIC policy 2019 are featured.
LIC Jeevan Akshay VI Plan is known to be a Single Premium Immediate Annuity Plan. Coming to the best part of the policy, LIC Jeevan Akshay VI Plan can be bought just by paying a lump sum amount in the beginning. This plan doesn’t have a system of unit linking. This plan is known to provide an annuity payment of a fixed amount that extends for a lifetime.
Now, coming to the features that make this policy perhaps the best LIC policy with the best return. The plan is known for its “immediate annuity feature”. This means that annuity begins right from the next month of purchase. Coming to the point of a single premium plan, one who is acquainted with the business of insurance is well aware of the fact that a single premium plan means the policy of “Pay Once, Enjoy Forever”. Like all other policies, this one also has a minimum cost price of Rs. 100000 (applicable for offline) and Rs. 150000 (applicable for online).
For those who want to increase the limits of purchase, they will be contented to know that there is no upper limit assigned for purchasing. Coming to options, LIC Jeevan Akshay VI Policy has a lot to offer. It features seven options for annuities that the buyer can choose from. Till the time the life assured continues to live, the rate of payment of annuity remains uniform. The fact that the annuity remains payable for Five, ten, fifteen or twenty years by the annuitant irrespective of whether the life assured is alive, makes this plan not only the best LIC policy for five years or the best LIC policy for ten years but also the best life insurance policy in LIC.
As in cases of maximum insurances, the annuity for life is received with the return of the purchase price after the death of the annuitant. There is an increasing annuity for the period in which pension is paid at an enhanced rate of 3% per annum, till the life assured remains alive. There is a lucrative provision of 50% of the payable annuity for the spouse of the annuitant after the annuitant dies. On death of the last survivors, 100% of the payable annuity along with the purchasing price is received by his or her spouse, that means the spouse of the annuitant.
Covering a wide range of age group, from 30 years to 85 years, LIC Jeevan Akshay VI Policy requires no medical examination prior to the investment. There is absolutely no mention of maturity benefit in the list of features of this policy. The premiums paid in this policy are free from tax charges. But the pension that will be received will definitely be chargeable for tax. There is also no mention of payable surrender value in this policy. It is needless to say that no loan will be available under this policy.
As evident from the range of ages, the minimum entry age for this plan is complete 30 years and the maximum entry age for this plan is complete 85 years. One of the chief advantages of this plan is that it allows four modes of annuity payment– monthly, quarterly, half-yearly, and annually.
When it comes to absolute financial protection to the members of the life insured’s family, then a pure life cover policy is what people actually seek for. And the LIC e-Term Plan Policy is undoubtedly the perfect one in such cases. LIC e-Term Plan Policy can also be elucidated in the form of “on-line term assurance policy”. The best part of this plan is that the only of getting into it is through online application. There is no need of consulting agents.
Agents try to sell the customers the plans for which they get more commission from the company. They seldom keep in mind what the requirements of the customer are. So, most of the time they tend to give wrong suggestions on purpose. This LIC e-Term Plan Policy is a regular premium non-participating policy. Now, the term non-participating implies that this policy doesn’t have any involvement of bonus.
In this policy, the insurer agrees to pay a certain amount of money that his or her annuitants will receive in the event of sudden death of the insurer for a fixed policy period. But if the insurer continues to survive even after the policy period, no amount is payable. Now that fact is that this might not seem to fall under the category of the best LIC policy for new born babies or the best LIC policy for salaried employees, but it is definitely the best LIC policy for maximum return. The other salient features of the LIC e-Term Plan Policy begin with the availability of the policy on the official website of the company. One of the main important features of this policy that surely makes an alarming mark in the society is that there premium rates for the Smoking and Non-Smoking life insurers are different, the former being Rs. 2500000 and the latter being Rs. 5000000. No application apart from one’s “own” life will be considered in this case. However, like most of the policies, there is no upper limit for the maximum basic sum that is assured. This policy is also known to cover a broad range of age group, that is from 18 years to 60 years.
With minimum policy term of 10 years and maximum policy term of 35 years, this plan doesn’t allow any sort of loan. Premiums are needed to be paid on an annual basis. This LIC e-Term Plan Policy has a grace period of 30 days from the due date of premium and can be revived within two years from the due date of first unpaid premium payment.
While searching for the best LIC policy for investment, what we can never ignore is the best LIC policy for the child. Whenever the question comes in our mind that which is the best LIC policy, then automatically we first think of which LIC policy is the best for our children.
People who work as agents for LIC often become very familiar to the question of what is the best LIC policy for my daughter or what is the best LIC policy for my son. Best LIC policy for ladies is a query that comes second in this line. But as far as parents are concerned, they are always after choosing the best LIC policy for the child’s future.
After being launched on March 4, 2015, LIC New Children’s Money Back Plan Policy became an answer to all such questions. For those who are seldom aware of the basic feature of this plan, LIC New Children’s Money Back Plan Policy is a non-linked, profitable regular premium payment policy. This policy has been designed by LIC specially to meet the basic needs of a growing child. These needs include almost everything from education to marriage along with a risk cover provided to the insured child during the entire term or period of the policy. So this is not only considered to be a plan of savings, but can also be treated as a plan of protection.
Like all other policies, this one also has a minimum Basic Sum Assured of Rs. 100000. For those who want to increase the limits of purchase, they will be contented to know that there is no upper limit assigned for purchasing. However, there is one constraint. The Basic Sum Assured must be in multiples of Rs. 10000. Through Electronic Clearing Service, the premiums can be made on a monthly, quarterly, half-yearly or on an annual basis. Based on the term of the policy, the premiums can also be paid via the mode of Social Security System.
LIC New Children’s Money Back Plan Policy can also be designated as the best LIC policy with loan facility. In this policy, loan is available after the complete payment of premiums for at least three years. It is to be noted that the minimum entry age for this plan is 0 years and the maximum entry age for this plan is complete 12 years. The age of maturity for the life assured is not more than 25 years. Thus the policy term or premium paying term can be calculated by subtracting the age at entry by 25. After paying complete premium for full three years, then the policy can be surrendered at any point of time during the period of the policy.
The death benefit system attached to this policy might sound a little complicated, but is advantageous at the same time. If the death of the life insured occurs before the completion of the period (before the commencement of the risk), then the payable amount becomes equivalent to the premium payments. If the death of the life insured occurs before the completion of the period (after the commencement of the risk), then the payable amount becomes equal to the total of Sum Assured on death, Final Additional Bonus and Accrued Bonuses.
This policy also has lucrative survival benefits linked to it. The survival benefits include mostly the money back payments. After the child reaches the age mark of 18 years, 20% of the sum assured is paid. After the child reaches the age mark of 20 years, 20% of the sum assured is paid. After the child reaches the age mark of 22 years, 20% of the sum assured is paid. After the child completes 25 years, the policy gets matured and the remaining 40% of the sum assured is paid along with accrued bonuses and final additional bonus (if any). However, this policy doesn’t fulfill the need for the best single premium LIC policy for child.
Just like worrying about children people are also worried about their own future after retirement. Therefore, the search of best LIC policy for retirement benefits is another common question for those who keep interest in having insurance policies and again best endowment LIC plans are also in need these days. Now, what if both of them combined together to give a dual benefit of savings and protection? Well, the primary advantage of investing in such a well-structured plan is that, after the termination of the policy the coverage of life continues till the demise of the holder of the policy. Thus the LIC Jeevan Anand Plan Policy is the best combination of whole life as well as endowment plan as it offers income tax benefits.
The features of this policy are no doubt very interesting and require room for careful study, explanation and understanding. The minimum entry age for this plan is 18 years and the maximum entry age for this plan is complete 50 years. The maximum age of maturity for the life assured is not more than 75 years. However, the minimum policy term for this plan is of 15 years while the maximum policy term for this plan is of 35 years. Throughout the entire tenure of the policy, the premiums have to be paid. The benefit of maturity gets paid out if the holder of the policy survives till the termination of the term of the policy. Unlike other plans, this is a whole life insurance plan. The sum assured is paid to the nominees as death benefits in the event the holder of the policy dies before completion of the policy term.
The LIC Jeevan Anand Plan Policy offers a minimum sum assured of not less than Rs. 100000. If the policy holder opts for higher sum assured, rebate is definitely provided. The inbuilt riders of this plan contain the clauses for accidental death and benefits for disability. If the customer wishes to go for some additional benefits, then he or she can definitely purchase the Critical Illness Rider. The term of premium paying differs in no way from the policy term.
One of the main advantages of this plan is that it allows four modes of annuity payment– monthly, quarterly, half-yearly, and annually. Based on the term of policy, the premiums can also be paid via the mode of Social Security System. If it is found that the policyholder has committed suicide within 12 months from the commencement of the policy, then the nominee will be paid back with nothing less than 80% of the premiums. Along with the sum assured, accrued bonuses are also paid.
The death benefit system attached to this policy is simple and hence, easy to comprehend. In the event of the demise of the holder of the policy, the death benefit paid out is higher of 125% of the basic sum assured, almost ten times of the yearly premium and 105% of the net premium paid till the insured event. Coming to the system of the maturity benefit linked to this policy, it can be well comprehended that if the policyholder survives till the entire policy term, then sum assured is paid out by the company as the maturity benefit.
Accrued bonuses that are paid out with the sum assured consist of simple reversionary bonus and terminal bonuses (if any). Loan facility in this plan is available after the complete premium payment for more than three years.
5. LIC Jeevan Saral Plan Policy
If you are looking for the best LIC policy for age 30, then your choice should be none other than the LIC Jeevan Saral Plan Policy. Want to know why? Here is an overview of the entire LIC Jeevan Saral Plan Policy that will convince you that it is the best LIC policy for age 27 or the best LIC policy for age 28.
Coming to the details of the LIC Jeevan Saral Plan Policy, the most unique feature of this plan is that the policyholder is given the freedom to decide the monthly premium amount. It must be noted that, at the end of the term of the policy, the sum assured is 250 times of the monthly premium amount. So this is one of the most lucrative offers for the young blood. The policy term is of the duration of a minimum of ten years and a maximum of 35 years.
An extended risk over one year can jolly will be expected in the event that the payment of premium has been completed for the first three years. However, the loyalty additions are provided in this policy from the 10th year. LIC Jeevan Saral Plan Policy, which is the best LIC policy for money back, offers an elementary and profitable death benefit. The death benefit includes the sum assured, return on premium excluding the riders and the first year’s premium along with the loyalty addition. After three years of complete payment of the premium, an extended risk cover for one year can be expected.
So, This was the list of our 5 Best Selling LIC Policies.
Please do share your views and experience with these best selling plans from LIC in the comments.
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Other Popular LIC Plans
- LIC E Term
- LIC Aadhaar Stambh
- LIC Anmol Jeevan II
- LIC Amulya Jeevan II
- LIC Jeevan Rakshak
- LIC Bima Diamond
- LIC Micro Bachat
- LIC Jeevan Shagun
- LIC Jeevan Umang
- LIC Jeevan Utkarsh
- LIC New Bima Bachat Plan
- LIC New Money Back Plan 25 Years
- LIC New Money Back Plan 20 Years
- LIC New Endowment Plus Plan
- LIC Jeevan Arogya
- LIC Jeevan Pragati Plan
- LIC Jeevan Shikhar Plan
- LIC Jeevan Labh Plan
- LIC Jeevan Lakshya Plan
- LIC Limited Premium Endowment Plan
- LIC Jeevan Sangam
- LIC New Jeevan Anand Plan
- LIC New Endowment Plan
- LIC Single Premium Endowment Plan
- LIC Navjeevan Plan
- LIC Jeevan Tarun Plan
- LIC's New Children Money Back Plan
- LIC Varishtha Pension Bima Yojana
- LIC Jeevan Akshay Plan
- LIC New Jeevan Nidhi Plan
- LIC Jeevan Saral
- LIC Jeevan Shanti
- LIC Jeevan Shiromani
- LIC Jeevan Saathi
- LIC Komal Jeevan
- LIC New Term Assurance Rider
- LIC's Critical Illness Benefit Rider
- LIC Pradhan Mantri Vaya Vandana Yojana