LIC Plans for 5 Years

Life Insurance Corporation of India or LIC is one of India's largest life insurance policy providers. It is known for offering various types of plans like pension plans, ULIP, retirement plans, etc. Since LIC is a dominant player in the insurance market, it has introduced several LIC plans with a 5-year term to suit the requirements of various customers.  

LIC's 5-year insurance plans have various benefits for customers, such as a short period for premium paying, easy and simple policy terms, and an option to turn the 5-year plan into a long-term plan for greater benefits.  

Types of LIC Plans

 There are various LIC plans, which come with a term period of 5 years, let’s take a look at it. 

  • LIC Anmol Jeevan II
  • LIC Jeevan Akshay VI
  • LIC New Jeevan Nidhi
  • LIC Amulya Jeevan II
  • LIC Bhagya Lakshmi Plan
  • LIC New Jeevan Mangal Plan

The features, benefits, and eligibility of each plan are discussed below.

Features, Benefits, and Eligibility of LIC Plans

  1. LIC Anmol Jeevan II

    LIC Anmol Jeevan II is a term insurance plan which ensures financial security to the policyholder's family or nominee in case of the unfortunate death of the insured. The plan has a minimum tenure of 5 years. According to the entry age of the policyholders, the premium rates vary. 

    Eligibility criteria of the plan are:

    • The minimum age for entering the policy - 18 years
    • The maximum age for entering the policy - 55 years
    • Maturity age of the policy - 65 years 
    • Minimum policy term - 5 years
    • Maximum policy term - 25 years 
    • Sum assured - 6 lakhs to 24 lakhs
    • Premium frequency - Monthly, quarterly, semi-annually, and annually.

    Benefits of LIC Anmol Jeevan II are:

    • Death Benefit - On the death of the policyholder, the nominee is paid the death benefit as a sum assured amount by the insurer.
    • There is no maturity benefit of the policy
    • For a tenure of up to 25 years, there is some rebate of premium available
    •  Premium discounts can be availed on the yearly premium paid towards the policy. 
  2. LIC Jeevan Akshay VI

    LIC Jeevan Akshay VI is a retirement plan with an immediate annuity option. This policy can be bought by paying a lump-sum amount. In this plan, the policyholder can choose an annuity to be paid by LIC on a yearly, half-yearly, quarterly, and monthly basis.

    Eligibility criteria of the plan are:

    • The minimum age for entering the policy - 30 years
    • The maximum age for entering the policy - 85 years
    • Maturity age of the policy - Whole life covered
    • Minimum policy term - 5 years
    • Maximum policy term - No limit
    • Sum assured - Rs 1.5 lakh to no limit. 

    Benefits of the plan are:

    • The annuity option is available for single or joint policyholders
    • No medical check-ups required
    • There are 3 annuity options available. They are:
      • Annuity for life at a uniform rate
      • Annuity for life with return of purchase price of the policy
      • Annuity guaranteed for 20 years and afterward payable for life
  3. LIC New Jeevan Nidhi

    LIC New Jeevan Nidhi is a dual benefit life insurance policy. It provides a double benefit of protection and savings to the policyholder. This policy can be bought as a single premium or annual premium policy. For customers choosing a single premium payment option, this LIC plan can be bought for a 5-year term plan or 35-year plan accordingly.  

    Eligibility criteria of the plan are:

    • The minimum age for entering the policy - 20 years
    • The maximum age for entering the policy - 60 years
    • Maturity age of the policy - 55 years or 65 years
    • Minimum policy term - 5 years
    • Maximum policy term - 35 years
    • Sum assured - Rs 1 lakh to Rs 1.5 lakh
    • Premium frequency - Monthly, quarterly, semi-annually, and annually.

    Benefits of the plan are:

    The plan provides annuity benefit and death benefit to the nominee on the death of the policyholder. LIC New Jeevan Nidhi Plan is flexible to the insured, as it gives an option to choose the policy term, the sum assured, annuity payment, and premium charges as per the policyholder's request.  

  4. LIC Amulya Jeevan II

    LIC Amulya Jeevan II is a term insurance plan that can be availed under the LIC Term Assurance Policy option. The plan secures the financial needs of the insured's family on his death. The minimum term of the plan is 5 years.

    Eligibility criteria of the plan are:

    • The minimum age for entering the policy - 18 years
    • The maximum age for entering the policy - 60 years
    • Maturity age of the policy - 70 years
    • Minimum policy term - 5 years 
    • Maximum policy term - 35 years
    • Sum assured - Minimum 25 lakh
    • Premium frequency - Monthly, quarterly, semi-annually, and annually.

    Benefits of the policy are:

    • There are discounts available on premium rates for annual premium options
    • Flexibility for choosing tenure period from 5 to 35 years
    • There are provisions available for policy revival
  5. LIC Bhagya Lakshmi Plan

    LIC Bhagya Lakshmi Plan is a payment limited life protection plan. It offers 110% of the total premium paid to the policyholder on the maturity of the plan. The minimum premium paying period of the plan is 3 years for a policy of 5 years. LIC Bhagya Lakshmi Plan also pays a death benefit, which is equal to the total sum assured paid on the death of the insured during the policy period. 

    Eligibility criteria of the plan are:

    • The minimum age for entering the policy - 18 years
    • The maximum age for entering the policy - 55 years
    • Maturity age of the policy - 65 years
    • Minimum policy term - 5 years
    • Maximum policy term - 13 years
    • Sum assured - Rs 20,000 to Rs 50,000
    • Premium frequency - Monthly, quarterly, semi-annually, and annually.

    Benefits of the plan are:

    • Death benefit - On the death of the policyholder, the nominee is entitled to a death benefit. The sum assured will be paid in a lump sum
    • Maturity benefit - On survival of the policyholder on the policy maturity. A sum of 110% on the total premium paid will be paid to the policyholder
  6. LIC New Jeevan Mangal Plan

    LIC Jeevan Mangal is a protection plan with an added benefit; that is, LIC returns all the premiums paid on the policy's maturity. In this plan option, the policyholder can either pay the premium in lump-sum amount or at a regular premium paying frequently i.e., monthly, quarterly half-yearly, or yearly basis. The minimum term is 5 years for the policy.

    Eligibility criteria of the plan are:

    • The minimum age for entering the policy - 18 years
    • The maximum age for entering the policy - 60 years
    • Maturity age of the policy - 70 years
    • Minimum policy term - 5 years 
    • Maximum policy term - 15 years
    • Sum assured - Rs 10,000
    • Premium frequency - Rs 50,000

    Benefits of the policy are:

    • Maturity benefit – On survival of the policyholder on the policyholder's maturity, the policyholder gets a lump sum amount
    • Death benefit – On the unfortunate demise of the person insured, the nominee gets the sum assured
    • The accidental death benefit is also available in this plan

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Written By: Paisawiki - Updated: 12 April 2021