Different types of LIC Policies for Investment in 2020

Life Insurance, Term Policies, Best Life Insurance Policy in 2020, Best LIC Plan, Life Insurance Plan, Best LIC Policy Scheme: As we see, everybody wants to invest in some other terms to save or secure their future. So, in this way, Life Insurance Policy has always come first to save money or invest for tomorrow. It is one of the best investment policies. And, an essential part of living life happily and securing our future. It plays a vital role in every single person’s lifestyle. It always offers or provides several benefits and financial security to our family when someone in the family, unfortunately, dies. We always thought that it was like another payment instead of thinking about this. First, they will have to prepare themselves to invest in Life Insurance to secure their families. Does it only depend on the two questions, such as what should their families do after their family members’ sudden demise? How do they manage it all alone? Here in this article, we will discuss everything related to the Life Insurance Term Plan, Best LIC Schemes, and Policies in 2020, and many more. Interested applicants should read this article very carefully.

Life Insurance Term Plan

Let’s inform you all that everyone thinks of Life Insurance Corporation of India [LIC] to secure their future in our country. This LIC includes a tagline that includes Zindagi ke saath bhi, Zindagi ke bad bhi. It is not like a fake marketing process; instead, it is the most trusted brand with a high number of policies. When we think about which policy is best for us, we always get confused and unable to decide. Here we will give you a table that mentions some of the best LIC Policy schemes that are available for all of us to secure our future. In this table, we will list six LIC Policy that covers all amount terms.


Best LIC Policies In India 2020

Name of LIC Policy Policy Type Age of Maturity (Max.) (in years) Entry Age (in years) Sum Assured (Min. – Max.) Term Policy (in years)
LIC New Jeevan Anand Endowment Policy 75 years 18 to 50 Rs. 1 lakh – No Limit 15 to 35
LIC Tech Term Policy Term Insurance policy 80 years 18 to 65 Rs. 50 lakhs – No limit 10 to 40
LIC Children’s money-back Policy Traditional child money-back Policy 25 years 0 to 12 Rs. 1 lakh – No Limit 25 years to Age at Entry
LIC Jeevan Umang Whole Life + Endowment Policy 100 years 90 days to 55 years Rs. 2 lakh – No Limit 100 to Age at Entry
LIC Jeevan Amar Term Insurance policy 80 years 18 to 65 Rs. 25 lakhs – No limit 10 to 40
LIC Jeevan Labh Endowment Policy 75 years 8 to 59 years Rs. 2 lakhs – No Limit 16, 21, 25

Let’s tell you all that before choosing the specific policy scheme, always understand it first. Then only you should have to buy this policy scheme. It consists of benefits, reasons, etc. Always make sure the proper reason behind your policy scheme or after the demise of a particular family member and think about the family’s savings or earnings.

Now, we will start discussing all LIC mentioned above Policy Plans in brief. All interested applicants should read this very carefully.

LIC Policy Plan

LIC Jeevan Amar

So, let’s begin. LIC Jeevan Amar was starting in August 2019 from the Life Insurance Corporation of India. It is a full-term plan policy. This scheme will not provide any type of returns to the insured. They will give a particular financial amount to the insured family if the insured person dies. From this scheme, personal life will become secured. This policy is a non-linked and non-participating life insurance scheme that will give you several options related to the other different insurance companies. 

LIC Jeevan Amar Pure Term Insurance Scheme
Payment Mode All premiums have to be paid on a single, regular, and limited basis.
Policy Term The total minimum policy term is for 10 years as long as the maximum is 40 years
Total Sum Guaranteed Minimum: Rs. 25 lakhs (multiples of Rs. 1 lakh when the amount is in between the Rs. 25 lakhs to Rs. 40 lakhs) and (multiples of Rs. 10 lakhs when the amount is greater than Rs. 40 lakhs)
Maximum- No Limit
Age of Entry 18 to 65 years
Medical Examination Urine cotinine is compulsory for all non-smoker people

Basic Features

Here we will discuss some of the basic features that can be applied for this LIC Policy. The parts are as follows:

  • LIC Jeevan Amar is not a linked market scheme or policy.
  • The total sum guaranteed has increased, and the level sum insured option will also be available.
  • Let’s inform you all that in this policy scheme, there will be no maturity amount.
  • The claim of the death amount is given to the nominee or beneficiary if the insured person dies at the time of policy tenure.
  • The rate of premium has divided into two different categories, such as Smoker and Non-Smoker.
  • The advantage of death has been paid in a total fixed amount or instalments for around 5, 10, and 15 years.
  • The insured person can choose the payment of premium term and poly term.
  • The insured person can pay the premium amount regularly or in a lump sum amount.
  • For all Non-smokers people, they have to undergo a Medical Cotinine Test for Urine.   


Advantages

  • There are around two ongoing advantages in this scheme, namely Level sum Assured and Increasing Sum Assured.
  • The maximum maturity is 80 years, and it covers a high-risk plan.
  • This scheme plan would be of the premium of the low rate for all non-smokers and women.
  • Both the category of non-smokers and smokers are available.
  • High rebate of handsome on Sum Guaranteed.
  • The advantage of an accidental plan can be select according to the extra cover from paying an additional premium.
  • Sum Guarantee has no limit.    

Sum Assured / Guarantee: In this, the insured person will be able to get the fundamental Sum Guarantee only during the buying process, and it should not be changed throughout the policy scheme.

Increasing Sum Assured / Guarantee: In this, the full death advantage would be the same as the General Sum Guaranteed that you have selected during the beginning from the insured. It has applicable for five years. After that, this scheme will keep increasing the in-force policy scheme from the total rate of 10% for around fifteen years. It will start from the sixth year and end until the policy’s tenure date or the insured person dies. If not, then this will become twice General Sum Assured.

Life Insurance Corporation


LIC Tech Term Policy

Let’s inform you that this LIC Tech Term Policy is pure secured and not linked with anyone policy. It is an Online Term Guaranteed Policy Scheme that always proposes financial help to the insured family members if there will be any unfortunate death occurs. This whole process would be possible through an online where there will be no intermediaries involved.

LIC Tech Term Policy Pure Term Insurance
Payment Mode All Premium amount will be paid yearly
Policy Term Policy term of minimum is of ten years while the maximum is of 40 years.
Sum Guaranteed Min.: Rs. 50 lakhs

Max.: No Limit

Age of Entry 18 to 65 years
Medical Exam Compulsory


Basic Features

Here we will discuss some of the basic features that can be applying for this LIC Policy. The parts are as follows:

  • Every one of you can buy this policy scheme through the online procedure without any third person.
  • The Premium amount will be low for all non-smoker people and women.
  • The LIC Policy scheme has a non-participating and regular policy.
  • There will be no maturity advantage, and coverage will give for risk as it is a type of pure term policy.
  • More Sum Guaranteed will be provided below this policy.
  • The total death advantage and income tax advantages also come below this policy scheme. 


Advantages

  • Every insured person can choose the scheme for up to forty years.
  • Below this scheme, the sum guaranteed will increase.
  • The full advantage of the policy should be paid after an unfortunate demise of the insured.
  • For all premium paid, all types of Income Tax advantages were applied.

 

LIC Children’s money-back Policy

LIC Children’s money-back policy is a simple money-back policy that cannot involve any of the linked third members. It has designed to fulfil the needs of education, marriage, others such as raising the child for survival, etc. Moreover, the insured person can get the life cover of their child and many other benefits until the policy’s end. It is informed to you all that the full payment can be paid at a regular premium, yearly, quarterly, monthly, or half-yearly from ECS or through SSS mode. It all depends on you. If you pay the premium amount for the starting three years, you can resign at any time during this policy.

LIC Children’s money-back Policy Traditional & Money-Back Child Plan
Policy Term 25 years (Age at Entry)
Premium Mode Yearly, Quarterly, Half-Yearly, or Monthly from ECS or through the mode of SSS only
Medical Exam Not compulsory
Age of Entry 0 to 12 years
Minimum Sum Guaranteed Rs.1 lakh


Basic Features

Here we will discuss some of the basic features that can be applied for this LIC Policy. The parts are as follows:

  • It has no limit for the total sum guaranteed amount.
  • The loan facility will become applicable only after the full payment of the premium of three successive years.
  • In terms of sequence advantage, this LIC policy is highly responsible in terms of money-back after a particular time.


Advantages

Death Advantage: If somehow, any of the insured people have died before the initiation of any risk, then death advantage will be payable. In other cases, if an insured person dies after the initiation of any trouble, then the total death advantage will be given in the form of Sum Guaranteed + Accrued bonus + Total bonus.


Survival Advantage: Only 20% of the total guaranteed will become payable as a type of money-back for the time interval of every two years when the insured person completes 18 years of age.

 

LIC New Jeevan Anand Policy

LIC New Jeevan Anand Policy is a type of not linked and participating policy scheme that gives savings and secure finance. When you see the statistics, you will see that this is the very generous and high selling LIC policy scheme. Because a lot of people can take benefit from this LIC Insurance scheme, it makes them unique. LIC Jeevan Anand Policy is a type of full endowment and an entire life insurance scheme that happens with bonuses. 

LIC Jeevan Anand Policy Participating in Traditional Endowment Policy
Facility of Loan Yes applicable
Sum Guaranteed (Min to Max) Rs.1 lakh to No Limit
Additional Benefits LIC Accidental death Advantage or disability Advantage.

LIC’s New Term Assurance Rider

Age of Entry 18 to 50 years
Tax Advantage Applicable below the Section 80C of the Income Tax Act, 1961


Basic Features

Here we will discuss some of the basic features that can be applied for this LIC Policy. The parts are as follows:

  • It provides full financial cover for the entire family.
  • It always provides the financial needs by giving the facility of loan.
  • Premium payments are discounted for all customers.
  • Availability of Premium payment rebates.
  • There is an advantage of disability and accidental death below the policy scheme by pay an additional amount.
  • On every premium paid, the insured can relish the gift of Income Tax.


Advantages

  • Below this scheme, there is given an advantage of double death to survival.
  • It includes an average premium policy, a bonus rate high, and a feature of liquidity.
  • Every insured person will get the payment of lump sum at the time of maturity.
  • The final bonus + Sum guaranteed on Death + Bonus of Simple Reversionary will be given if the insured dies before the term policy has been completing.
  • During the insured person’s survival, the Final bonus + Basic Sum Guaranteed + Bonus of Reversionary will be given to the survival.

The best and good thing is that when maturity has paid & the insured person is still alive, the full coverage continues with the premium amount. This policy benefits women who are always doing their responsibility, and it provides them helps, even after the maturity time.


LIC Jeevan Umang

LIC Jeevan Umang has always entered along with the double advantage of earnings and secure the family’s future. It provides the best LIC policy with great profit and is not linked with any third party plans. It always provides the offer of 100 years that covers an exceptional feature of the Insurance policy. A total fixed sum guaranteed that paid to the insured person at the end of the system.

LIC Jeevan Umang Policy Endowment and Whole Life Insurance Policy
Loan Facility Applicable
Sum Guaranteed (Min to Max) Rs.2 lakh to No Limit
Mode of Premium Payment Yearly, Quarterly, Half-Yearly, & Monthly (NACH and SSS Only)
Age of Entry 90 Days
Tax Advantage Applicable Below the Section 80C according to the Income Tax Act, 1961


Basic Features

Here we will discuss some of the basic features that can be applied for this LIC Policy. The parts are as follows:

  • Always try to handle out the need for liquidity and provide the facility of loans.
  • Giving the policy tenure, the plan will pay 8% of the sum guaranteed amount every year in a survival advantage.
  • It covers a comprehensive scheme that comes along with the secured method of 100 years.
  • In this scheme, disability riders, accidental death, and term are eligible for an additional payment.
  • It always serves as the pension scheme after the person retirement.
  • There are several options to pay a premium amount under the different terms & conditions below this LIC scheme.


Advantages

Death Advantage: If somehow, the insured person died before the risk commencement, then the full premium amount will payable below the scheme that excludes all interest. After the risk commencement, if the insurer died, then the total final bonus was given to the insurer’s nominee.

Maturity Advantage: In this, a person can get the sum guaranteed on maturity, including all reversionary bonus and final bonus.

Survival Advantage: It includes the advantage of 8% of the total sum guaranteed every year until the policy maturity.


LIC Jeevan Labh

LIC Jeevan Labh is an insurance scheme with a lot of profit, not linked with any third party, and participate in endowment schemes where you have to pay premiums for a short term. This scheme provides the advantage of death, maturity, and loan facility to all needy ones. This LIC Jeevan Labh always provides a mixture of all savings and financial protection below the single scheme.

LIC Jeevan Labh Endowment Plan
Loan Facility Applicable
Sum Guaranteed (Min to Max) Rs. 2 lakhs to No Limit
Mode of Premium Payment 16 years for 25 years policy term
10 years for 16 years policy term
15 years for 21 years policy term
Age of Entry 8 to 59 years
Tax Advantage Applicable below Section 80C and Section 10(10D) of the Income Tax Act, 1961


Basic Features

Here we will discuss some of the basic features that can be applied for this LIC Policy. The parts are as follows:

  • If an insured person can pay a premium amount for around three years, the loan facility will be given to them.
  • It provides different scheme options, namely Disability Advantage Rider, LIC Accidental Death, and LIC New Term Assurance Rider.
  • All Premium payment rebates can pay by choosing the option of half-yearly or yearly modes.
  • Policy surrender has been applicable after the premium of full payment of the initial three policy years.


Advantages

Death Advantage: If somehow, the insured person died before the term policy completed, then the sum guaranteed and complimentary bonus such as the Final bonus and the simple reversionary bonus has given to the nominee of the insurer.

Maturity Advantage: When the insurer is alive until the policy ends, the total sum is guaranteed on maturity time along with the bonus, such as the final bonus and the simple reversionary bonus given to the insurer after completing the maturity time.

I hope you will understand this article very well and are ready to take advantage of it. Suppose you face any problems related to the Life Insurance Term Plan, Best LIC Schemes, and Policies in 2020. In that case, you may ask your queries in the given comment box.


Frequently Asked Questions


Name all LIC Policies that have various advantages?

There are six necessary LIC Policies that cover good advantages such as LIC Jeevan Labh, LIC Jeevan Umang, LIC New Jeevan Anand Policy, LIC Children’s money-back Policy, LIC Tech Term Policy, and LIC New Jeevan Anand.


What will be the advantage of invest in LIC Policies?

The primary advantage of investing in LIC Policies is to secure the whole family financially after the insured person’s demise.


What will be the maturity age and Entry age of LIC Jeevan Labh Policy?

The maturity age of LIC Jeevan Labh Policy is 75 years, and the entry age is 8 to 59 years.


What will be the maturity age and Entry age of LIC Children’s money-back Policy?

LIC Children’s money-back Policy’s maturity age is 25 years, and the entry age is 0 to 12 years.


What will be the maturity age and Entry age of LIC
New Jeevan Anand Policy?

LIC New Jeevan Anand Policy’s maturity age is 75 years, and the entry age is 18 to 50 years.

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