Today we will talk about LIC Tech Term Plan, LIC Jeevan Amar Plan, LIC e-Term Plan, LIC New Children Money Back Plan, LIC New Jeevan Anand, LIC Jeevan Umang.
Currently, LIC is a brand that is at the top in the insurance market and the most trusted and reputed among all other similar companies. Since LIC has a very wide range of products/policies like whole life, term plan, money back, endowment, etc., it often becomes difficult for a person to choose the right one for himself. If you are looking for the best policy among all, here is a comparison for you which will help you to select the right fit.
How to identify Best LIC Policy?
In order to select the best insurance policy, one must know the purpose he is buying it for. The 2 main reasons for which people buy the insurance policy are, either to provide protection in terms of money to the surviving dependents after the death of the policyholder or some take it as an investment where the principle idea is to get capital appreciation or regular income from the policy.
Once the purpose is decided and finalized, next comes the identification of a suitable type of plan. LIC has many kinds of insurance policy, such as:
- Term Plan- It has pure risk coverage
- Endowment Plan- Includes insurance cover + Savings
- Money-Back Plan- It has insurance cover with periodic returns
- Child Plan- This is specially designed for a child’s education
- Whole Life Insurance- This gives life insurance coverage for a lifetime
Now after deciding the most suitable type of plan for yourself, have a look at the following aspects which is equally important to do-
- Check the unique features offered by the plan
- Insurance rider benefits
- Checking the exclusion of a life insurance policy is also important
- Make a cost & benefit analysis of the plan
Top 6 LIC Policies To Invest in 2021
1.LIC TECH TERM PLAN:
This plan is a pure term plan which was launched in 2019. It is one of the best plans from LIC. It is very cheap, or you can say the cheapest and another good thing about this is that it can only be purchased online and involves no agent intervention. It comes with 2 options that are- the level sum assured & increasing sums assured.
Eligibility Details of LIC TECH TERM PLAN:
|Sum Assured||50,00,000||No Limit|
|Premium Payment Term||Single/Limited/Regular||–|
|Premium Payment Frequency||Yearly / Half – Yearly or as Single-Premium||–|
2.LIC JEEVAN AMAR PLAN:
LIC is also a pure term plan again launched in 2019. A slight disadvantage to this can be that it can only be purchased in offline mode. This term plan also offers the same 2 options- the level sum assured & increasing sum assured.
|Minimum Age at entry|| years (Last Birthday)|
|Maximum Age at entry|| years (Last Birthday)|
|Maximum age at Maturity|| years (Last Birthday)|
|Maximum Basic Sum Assured||Rs. 25,00,000/-|
|Maximum Basic Sum Assured||
The Basic Sum Assured shall be in multiples of:
|Policy Term||[10 to 40] years|
|Premium Paying Term||
3.LIC e-TERM PLAN:
It is a pure term plan offered by LIC, which provides financial protection to the insured family in case of an unfortunate event. This policy can be bought online without and does not require any agents.
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Key features & benefits of the plan are as follows-
A negative point about this plan is that the premium amount that will have to be paid in this term plan is higher than other plans that are available in the market nowadays.
4.LIC NEW CHILDREN MONEY BACK PLAN:
It is something which is non-linked & has a regular premium payment policy in it. This plan helps in meeting the basic needs of the growing and upcoming children like education, their marriage, and other necessities. This plan also provides a risk cover to the insured child under the policy term.
One negative point for this plan is that the maximum expected return from this plan can be 5-6% which is very low to meet the requirements of children’s education & marriage.
|Minimum Basic Sum Assured||Rs. 100,000|
|Maximum Basic Sum Assured
(The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
|Minimum Age at entry for Life Assured|| years (last birthday)|
|Maximum Age at entry for Life Assured|| years (last birthday)|
|Minimum/ Maximum Maturity Age for Life Assured|| years (last birthday)|
|Policy Term||[25 – Age at entry] years|
5.LIC NEW JEEVAN ANAND:
This policy is a new or latest version of the old Jeevan Anand policy. This term plan is a participating & non-linked endowment plan.
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Following are its key features & benefits-
A negative point about this policy to be highlighted is that exit from this plan in an initial year is difficult as this plan offers lower returns of 4-6% initially.
|Minimum age at entry||18 years|
|Maximum age at entry||50 years|
|Minimum sum assured||Rs. 10,00,000|
|Maximum sum assured||No limit on the maximum basic sum assured|
|Minimum policy term||15 years|
|Maximum policy term||35 years|
|Maximum maturity age||75 years|
6.LIC JEEVAN UMANG:
This is a non-linked whole life insurance product. It provides complete coverage of up to 100 years of age. Another thing about this plan is that a lump sum amount is provided at the maturity of the term or death of the policyholder during the term of the plan.
Its key features & benefits are-
|Minimum Basic Sum Assured||Rs. 2,00,000|
|Maximum Basic Sum Assured||No limit (The Basic Sum Assured shall be in multiples of Rs. 25,000/-)|
|Premium Paying Term||15, 20, 25 and 30 years|
|Policy Term||(100 – age at entry) years|
|Minimum Age at entry||90 days (completed)|
|Maximum Age at entry||55 years (nearest birthday)|
|Minimum Age at the end of premium paying term||30 years (nearest birthday)|
|Maximum Age at the end of premium paying term||70 years (nearest birthday)|
|Age at maturity||100 years (nearest birthday)|
A negative point about this plan is that it is not a pure life plan & the returns from this plan are poor.
From the above comparison of top 6 LIC policies to invest your money in 2021, it can be concluded that a potential buyer or a potential investor has plenty of options with him to look upon. You can choose the term plan which suits their purpose of buying and the plan that suits your other requirements too.
It is recommended not to listen to an agent who will always try to sell the plan to you because he will be earning a lot of commission from it. So, the person who wants the insurance cover must research himself thoroughly & then decide the suitable plan.