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  • 5 Best LIC Policies For Everyone In 2023

    5 Best LIC Policies For Everyone This December 2022

    5 Best LIC Policies For Everyone In 2023

    Unforeseen events can unfold at any point of time in life. Preparing for any unforeseen event in advance is essential in today’s time. Having a life insurance policy is the most important of them all. However, buying life insurance policies can be challenging at times. It is important to understand the terms and conditions along with the eligibility criteria of an insurance policy. It is to gain the most benefit from the insurance policy. Also, it is important to compare the best insurance plans available in the market. Comparing policies can help to determine the one most suitable insurance policy that you should buy.

    Buying life insurance will provide you with the required coverage and thus can help you in living a stress-free life. LIC is the most popular name in the market when it comes to life insurance and offers numerous life insurance plans. You can choose the plan that suits you the most and is the best insurance policy according to you.

    The plans offered by LIC are according to the affordability of working professionals. Moreover, you can download the GroMo mobile app to compare different life insurance policies offered by LIC and buy the most suitable life insurance plan.

    List Of Best 5 LIC Policies

    Here is a list of the 5 best LIC policies that you can compare and select the best policy based on your requirements. However, LIC plans its life insurance policies to meet the needs of everyone, and thus, it has a wide range of life insurance policy options. The 5 best LIC policies are as follows:

    1. New Jeevan Anand

    A financing plan offered by LIC that enables the policyholder to have protection and savings at the same time. New Jeevan Anand by LIC is a participating non-linked plan that can provide savings if the policyholder lives to the end of the policy tenure. The policyholeder will receive a lump sum amount if he lives till the end of the policy term

    However, if the policyholder does not live till the end of the policy tenure, then LIC provides financial protection against the death of the policyholder. This life insurance policy can also take care of your liquidity needs throughout the facility of loans. Some of the interesting features of the New Jeevan Anand policy are as follows:

    • LIC offers death benefits of a sum assured
    • It also offers reversionary bonuses along with death benefits
    • Buying the policy will entitle the policyholder to get the bonus declared by the company
    • Additional bonus at the time of maturity along with the basic benefits and sum assured death insurance
    • Insured regular payments are offered along with this plan

    2. Jeevan Shanti

    Jeevan Shanti is a single premium plan offered by LIC that provides the benefit of choosing between immediate and deferred annuities. In other words, it is a non-linked single premium deferred annuity plan. Also, it enables the policyholder to choose between single life and joint-life annuity. Moreover, some of the common features of Jeevan Shanti policy are as follows:

    • Both types of annuity have guaranteed annuity rates at the time of incorporation of the policy
    • These rates are payable throughout the lifetime of the annuitant or annuitants
    • 9 different annuity options to choose from, so that you can fulfill your investment objectives by selecting one
    • The annuity rates at the incorporation are fixed and do not change during the tenure of the policy
    • Liquidity or loan facility is ensured after the completion of 1 policy year
    • Policyholders can surrender the policy after 3 months if they opt for an annuity and have the purchase price returned
    • You can buy this policy by both online and offline methods
    • This insurance policy is also suitable for individuals that have a handicapped dependent life

    3. Tech-Term Plan

    A pure protection non-linked without-profit plan offered by LIC. You can invest your money if you want to double your investment under this plan. However, you will have to pay a higher premium of around 25%-30% to double your investment. LIC Tech term provides a sum assured to the beneficiaries in the event of the unfortunate demise of the policyholder.

    Also, the death benefits can be received over a selected period of 5, 10, or 15 years instead of a lump sum amount. However, it is important to note that you can only purchase this policy through online method.

    4. Jeevan Umang

    Jeevan Umang is a non-linked profitable whole-life insurance plan that provides a lump sum payment at the time of maturity or death of the policyholder during the policy tenure. Along with this it also offers annual survival benefits. These benefits are offered after the end of the premium paying period till maturity. Jeevan Umang is one of the few policies available in the market that offers a life coverage of 100 years.

    Also, the plan pays 8% of the sum assured every year as money back on survival. However, this sum assured will be payable at the end of the policy term. Along with this, the simple reversionary final addition bonuses are paid as subject to conditions. Jeevan Umang is the most suitable insurance policy for individuals looking for a pension facility after retirement.

    5. Jeevan Labh

    A with-profit endowment plan with limited premium paying facility. LIC Jeevan Labh is a nonlinked insurance policy that comes with multiple benefits. Some of those benefits are as follows:

    • Dual benefits of protection and savings
    • Death benefits, includes a sum assured that is payable to the beneficiary on the unforeseen death of the policyholder
    • Policyholders will receive maturity benefits as a lump sum amount at the end of the policy tenure
    • Liquidity facility is ensured through their loan facility
    • When the policy is in force, reversionary and additional bonuses are offered
    • The final bonus is payable during claim settlement in case of death of the policyholder or maturity of the insurance policy
    • You can add or customize riders to enhance the benefits of the insurance policy

    Conclusion

    These are the 5 best insurance policies that are offered by LIC. It is advisable to compare the insurance policies that are available in the market before buying an insurance plan. Moreover, to compare the insurance policies you can download the GroMo mobile app on your smartphone. GroMo enables you to download and register on their application platform and sell insurance policies to potential customers to earn commissions. You can register on the GroMo app and become a GroMo Partner. Then you can sell insurance policies and earn commissions. GroMo is the most popular solution for how to make money online with 0 investment.

    FAQ

    Which is the LIC best policy?

    New Jeevan Anand, Jeevan Shanti, and Jeevan Umang are among the LIC best policy available for individuals this December.

    Which LIC policy gives more return?

    LIC's New Jeevan Anand Plan provides the highest return amonth the top LIC policies. However, the minimum age at entry is set at 18 years by LIC.

    Which LIC plan best for monthly income?

    Jeevan Akshay is a monthly income plan offered by the LIC in which the investor may deposit a lump sum of as little as ₹1,50,000 and earn a regular income in the form of a periodic annuity paid monthly, quarterly, half-annually, or yearly.

    Which is better LIC Jeevan Labh or PPF?

    Both LIC Jeevan Labh and PPF provide the opportunity to increase one's savings corpus. While your PPF account is a standard savings plan with a high interest rate, LIC Jeevan Labh provides life insurance with extra returns as a method of increasing your profits. The rate of return for LIC insurance, on the other hand, is lower.

    Is Jeevan Umang a good policy?

    Jeevan Umang is one of the best LIC policies that offers the best health coverage and assured returns. It also provides a survival benefit equivalent to 8% of the Basic Sum Assured from the end of your Premium Payment Term until you attain the age of 99.

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