Life Insurance Corporation(LIC) of India Offering Highest Returns

• 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

LIC is a state-owned insurance company operating in India. The company provides a range of insurance services for people of all income groups and ages. In addition to various term life insurance plans, the company also has a lot of saving plans to help people with their investment needs. It is quite common for people to expect having an insurance policy that offers the highest returns on the premium paid. They can opt the following LIC highest return plans to maximize their investment.

1. LIC Jeevan Akshay VI

Jeevan Akshay VI by LIC is a pension plan designed to provide a steady cash inflow for the policyholder. This policy can be purchased for a lumpsum amount. Based on the purchase value of the policy, a periodic annuity payment is made throughout the lifetime of the insured. The returns offered by LIC Jeevan Akshay VI is tremendous. For an initial lump sum payment, a policyholder can enjoy retirement benefits throughout his or her life. Some of the key terms of this policy can be given as follows.

Minimum purchase price (on all channels except online)	Rs.1 lakh
Minimum purchase price (online)	Rs.1.5 lakh
Maximum purchase price	No limit
Minimum entry age	30 years
Maximum entry age	85 years
Maturity benefits	Not applicable

There is no medical examination required to enroll in this policy. However, it is mandatory to submit the proof of age for the insured. One of the benefits associated with this policy is the loan benefit offered. The premium amount paid toward this policy is exempt from income tax according to Section 80D of the Income Tax Act. Though the premium amount is exempted from tax, the pension amount received from the company is taxable.

There are different types of flexible annuity options for policyholders to choose. The specific annuity options that can be received from this company can be given as follows.

• Annuity amount payable for life at a fixed uniform rate
• Annuity amount payable for a term of 5 years, 10, years, 15 years, or 20 years
• Annuity payable for life with the option to get back the purchase price of the policy following the death of the annuitant
• Annuity payable throughout life with an increasing interest rate at 3% per annum
• Annuity payable throughout life along with an option to pay 50% of the annuity to spouse throughout his or her life (following the death of the annuitant)
• Annuity payable throughout life along with the option to pay 100% of the annuity to spouse throughout his or her life (following the death of the annuitant)
• Option for return of purchase price following the death of the insured in addition to the 100% annuity payment to spouse

Based on the preference of the insured, the annuity amount may be payable in monthly, quarterly, half yearly, or annual instalments. For monthly payment of premiums, payment can be done only through ECS mode.

2. LIC New Children’s Money Back Plan

This is a policy specifically designed for children, and the entry age is capped at 12 years. This is one of the highest return plans offered by LIC. In addition to taking care of the expenses related to higher education and marriage, this plan also ensures the future financial security of children. This is an ideal policy for parents to ensure that a child’s future financial requirements are protected. Some of the key features of the policy can be given as follows.

Minimum entry age	0 years
Maximum entry age	12 years
Minimum sum assured	Rs.1 lakh
Maximum sum assured	No limit
Maximum maturity age of the policy	25 years
Policy term	25 years - age of entry

Premium charges for this policy increase with the age of the insured. It is better for parents to enroll their children early in the policy to take advantage of the low premium costs. Premium amounts for this policy can be paid on a monthly, quarterly, half yearly, and yearly basis. A grace period of 30 days is available for paying premiums under the quarterly, half yearly, and yearly options. For monthly premium payment option, a grace period of 15 days is available. The sample premium charges for this policy can be given as follows.

Entry age of the child	Premium charges per Rs.1,000 basic sum assured
0	Rs.44.15
5	Rs.57.00
10	Rs.80.60
12	Rs.93.90

The high returns generated by this policy is typically a combination of maturity benefits, survival benefits, and profit participation. This policy also comes with an add-on option for coverage against death and disability. In case of death of the insured without the rider cover, the premium amount paid till date will be paid to the insured’s family. In case the insured dies after the commencement of the rider cover, the sum assured (under the rider cover) along with reversionary bonus and final bonus will be paid to the insured’s family. In this case, the death benefit cannot be less than 105% of the premium amount paid by the policyholder.

3. LIC New Endowment Plan

New Endowment Plan is another high return plan offered by LIC. Like all endowment plans, this policy offers a combination of both protection and savings to the policyholder. This is an ideal insurance policy for an individual to provide financial support for the family after his or her unexpected death. The savings benefit associated with this cover provides maturity benefit at the end of the policy term. Some of the key features of LIC’s New Endowment Plan can be given as follows.

Minimum age of entry	8 years
Maximum age of entry	55 years
Maximum maturity age	75 years
Policy term	12 years to 35 years
Minimum sum assured	Rs.1 lakh
Maximum sum assured	No limit

Premium charges for this policy can be paid in yearly, half-yearly, quarterly, and monthly terms. If monthly option is chosen, payment can be made only through ECS mode. Premium charges for this policy vary based on the entry age of the individual and the policy term. A sample of premium rates for Rs.1,000 basic sum assured can be given as follows.

Age of the insured	Policy term 15 years	Policy term 25 years	Policy term 35 years
20	Rs.71.20	Rs.40.10	Rs.28.10
30	Rs.71.50	Rs.40.75	Rs.29.40
40	Rs.72.85	Rs.43.25	Rs.33.15
50	Rs.77.10	Rs.49.40

Death benefit: Following the death of the insured person, the ‘sum assured on death’ described in the policy schedule will be provided to the nominee of the insured. This amount will include reversionary bonus and final bonus, if applicable. The death benefit under LIC’s New Endowment Plan shall not be less than 105% of the total premium amount paid towards this policy.

Maturity benefit: As an endowment plan, this policy offers maturity benefit for the policyholder. After the completion of the policy term, the maturity benefit described in the policy schedule will be paid to the insured. This benefit will also include reversionary bonus and final bonus.

4. LIC’s Accidental Death and Disability Rider:

This policy also has an optional rider cover that can be used to maximize the coverage offered. This rider cover protects the insured against accidental death and disability. In case of accidental death, the sum assured defined in the policy will be paid as a lumpsum. In case of permanent total disability, the sum assured will be paid in equal monthly instalments over a period of 10 years.

These are some of the highest return plans offered by LIC. In addition to the ones listed here, LIC also offers a range of other products in various categories including term assurance plans, pension plans, micro insurance plans, health insurance plans, etc. You can have your pick based on your specific insurance requirements.