LIC 5 Years Policy

• Premiums as low as Rs.18/day for sum assured of Rs.1 crore
• Paperless process available
• Choose between lump sum and monthly payout options

India’s largest life insurance service provider Life Insurance Corporation of India (LIC) is a company known for its different types of insurance products. Being the dominant player in the market, LIC has a range of products that meet the requirements of customers with different needs. The company offers insurance plans, health plans, micro insurance plans, pension plans, etc. for its customers.

There are many people who prefer short-term insurance plans over long-term ones. LIC has flexible terms in many of its products, and there are many policies with a 5-year term designed just for these customers. LIC’s 5 years policy comes with a range of advantages including short premium paying period, easy terms and conditions, etc. Moreover, most of these policies provide the option of converting to a longer term if required. Let’s take a look at some of the common LIC 5 years policies available in the market.

LIC Term Assurance Plans

LIC’s term assurance plans provide life insurance protection for the insured at a minimal premium charge. By paying a small insurance premium, the insured can protect the financial security of his or her family.If the insured dies within the policy term, dependent family members will get the full sum insured amount. However, there are no maturity benefits available for term assurance plans. The following two policies are available from a starting term of 5 years.

LIC Anmol Jeevan II

LIC’s Anmol Jeevan II provides financial protection for the insured’s family following his or her unfortunate demise. This policy is available for a 5-year term. Premium charges for this policy vary based on the entry age of the individual. The minimum sum assured for this policy is Rs.6 lakh and the maximum sum insured is Rs.24 lakh. Sample premium charges for a 5-year policy can be given as follows.

LIC Amulya Jeevan II

LIC’s Amulya Jeevan II is another term insurance cover that provides financial security against the unexpected demise of an individual. The minimum policy term for this cover is 5 years. The minimum sum assured for this policy is Rs.25 lakh. There is no upper limit on the maximum sum assured that can be opted by an individual. The premium charges for this policy can be given as follows.

LIC Pension Plans

Pension plans, or retirement plans, are ideal for people planning a secure future. By opting for a pension plan, you can be rest assured that your future financial requirements are taken care through periodic instalment payments. The following pension plans offered by LIC are available for a minimum policy term of 5 years.

LIC Jeevan Akshay VI

Jeevan Akshay VI by LIC is an immediate annuity pension plan that can be purchased by paying a lump sum. Under this policy, annuity instalments are payable in monthly, quarterly, half-yearly, and annual terms. The minimum entry age for this policy is 30 years, and the maximum entry age is 85 years.

LIC New Jeevan Nidhi

LIC’s New Jeevan Nidhi is a conventional insurance policy that offers a combination of both protection and savings benefit for the policyholder. This policy is available as a single premium cover as well as a periodic premium paying cover. As a single premium cover, New Jeevan Nidhi is available from 5 years to 35 years depending upon the choice of the policyholder. In addition to annuity benefits, this cover also provides death benefit for the policyholder.

This is a flexible cover that offers a lot of choices for policyholders. Based on their personal requirements, individuals can choose the policy terms, sum assured, premium charges, annuity payment, etc.

LIC Micro Insurance Plans

Micro insurance plans are mainly intended for the low-earning population of the country. For a small premium charges, these plans provide a combination of insurance and savings benefits for the insured. With the micro insurance plans offered by LIC, India’s low-income earners can protect themselves against certain risks and minimize the threat of financial insecurity. LIC’s 5 years micro insurance policies are as follows.

LIC’s Bhagya Lakshmi Plan

The minimum premium paying term of LIC’s Bhagya Lakshmi Plan is 5 years. For a 5-year premium paying term, the policy term is 7 years. The minimum entry age for this policy is 18 years, and the maximum entry age is 55 years. This policy offers death benefit to the extent of the full sum assured amount if the policyholder dies within the policy term. If the policyholder survives, maturity benefit is offered as per what is described in the policy schedule. Premium rates for this policy can be given as follows.

LIC’s Jeevan Mangal Plan

Jeevan Mangal Plan is a life insurance plan that returns the premium amount on maturity in addition to the life cover offered. In other words, the premium amounts are returned to the insured if the he or she survives the policy term. The coverage is offered only till the premium paying term. The minimum sum assured offered under this policy is Rs.10,000, while the maximum amount is Rs.50,000. This policy cover can be taken by anyone between the age of 18 to 55. Based on the age group of the insured, single premiums for a 5-year term policy can be given as follows.

When it comes to life insurance, 5 years is a relatively short period of time. Yet, there are many people who opt for these short-term plans rather than dealing with the uncertainty of a long-term plan. The plans listed above come with an optional term of 5 years. By opting for these LIC 5-year policy covers, individuals can enjoy insurance benefits within a short period. As mentioned earlier, there is an option for converting these short-term covers into long-term ones. The company can be contacted for more details about these policies.