LIC Top 5 Insurance Plans for 2018

LIC Top 5 Insurance Plans for 2018 with Premium Calculator

LIC Top 5 Insurance Plans

LIC Top 5 Insurance Plans for 2018 with Premium Calculator

If You are thinking to buy an insurance policy, here is the list of LIC top 5 insurance plans for 2017 with premium calculator:

  1. LIC Jeevan Labh Plan (836):

LIC Jeevan Labh Plan is limited premium paying, non-linked, with profits endowment plan of LIC. This plan is also one of the  most popular plan of LIC,  in which premium paying term is less than the terms of the policy. For example  if policy term for 16 years has been selected than the policy holder has to pay premium for 10 years only and the policy amount is paid at the maturity i.e. after 16 years.

The LIC Jeevan Labh Plan offers a combination of protection and savings. The Plan provide financial support for the family in case of unfortunate death of  the policyholder any time before maturity and a lump sum amount at the the time of maturity for the surviving policyholder.

This Plan also takes care of the liquidity needs through its loan facility.

Jeevan Labh Plan is similar to Jeevan Shree Policy of LIC, which is now closed, and it is one of the highest bonuses attracting Policy of LIC.

Key Features of LIC  Jeevan Labh Plan (836):

Jeevan Labh Plan is one of the highest bonus attracting Plan of LIC.

  • Premium needs to be paid for less number of years than the policy term.
  • This is a  participating plan.
  • Accidental death and disability riders makes this plan more beneficial.
  • Rebate is also offered to policy holder if he opt for higher sum assured.
  • Premium Paid are exempted from income tax under section 80C.
  • Amount received on maturity or on death is exempted under section 10 (10D).
  • This Plan ideal for planing child’s education and marriage.
  1. Benefits of LIC  Jeevan Labh Plan (836):

    Death Benefits:

    On the death during policy term policyholders nominee will get Sum Assured on death, vested Simple Reversionary Bonuses and Final Additional Bonus if any.

    Maximum Sum Assured on Death can be absolute amount assured on death i.e. basic sum assured  or 10 times of annualized premium which ever is higher. The death benefit shall not be less than 105% of all the premium paid till the date of death.

    Maturity Benefits:

    If the policy holder survive till the end of policy term he will get Sum Assured, vested Simple Reversionary Bonuses and Final Additional Bonus if any provided all the premiums have been paid.

    Participation in Profit:

    The policy also participate in the profit of the corporation. The policy holder is entitled to receive bonuses declared by LIC from time to time provided the policy is in full force.

    Optional Benefits:

    Accidental Death and Disability Benefits Rider and LIC’s New Assurance Rider  are also available on the payment of additional premium during the policy term. However  Rider sum assured can not exceed the basic sum assured.

    Tax Benefits:

    Premium paid is exempted u/c 80C and the amount received on death or maturity is also exempted u/s 10 (10D).

    Loan Facility: Loan facility is also available after the completion of 3 years.

    Eligibility and other restrictions:

    • Minimum age of entry   :    18 years
    • Maximum age of entry : 59 years for policy terms 16 Years, 54 years for policy terms 21 Years and 50 years for policy terms 25 Years
    • Maximum Age of  Maturity: 75 years
    • Basic Sum Assured  :   Minimum Rs. 200000 and Maximum no limit (in multiple of Rs.10000).
    • Policy Term/Premium Paying Term: (16/10), (21/15), (25/16)

    Mode of Payment of Premium:

    Premium can be paid monthly, quarterly, half yearly and yearly.

    Rebate on mode and high sum assured:

    • Quarterly and monthly mode  nil
    • Half yearly mode      1%
    • Yearly mode               2%

    Basis sum assured rebate:

    • 200000 to 490000         Nil
    • 500000 to 990000        1.25% of Basic Sum Assured
    • 1000000 to 1490000        1.5% of Basic Sum Assured
    • 1500000 and above       1.75% of Basic Sum Assured

    Lapse, Revival and paid up value: If the premium is not paid within the grace period the policy will lapse. Lapsed Policy can be revived within a period of two consecutive years from the date of first unpaid premium on the payment of all the arrears of premium with interest. However if at least three full years premium have been paid and any subsequent premium be not duly  paid, this policy shall continue  as a paid up policy.

    Surrender Value:

    The policy can be surrendered for cash provided at least three full years premiums have been paid. The surrender value percentage will depend on the policy term and the policy year in which surrendered.

    Premium Calculator: For the calculation of  premium of LIC  Jeeevan Labh Plan (836), LIC Premium Calculator can be used. To calculate premium click on Premium Calculator

    For more details of the Plan visit: LIC Jeevan Labh Plan.

  2. 2. LIC Jeevan Anand Plan (815):

  3. LIC New Jeevan Anand is endowment plus whole life insurance plan of LIC. This plan is most popular plan of LIC, which provide risk cover even after maturity for life time.

    LIC New Jeevan Anand is plan is participating non-linked plan which offers an attractive combination of protection and savings.

  1. Key Features of LIC New Jeevan Anand Plan (815):
    • New Jeevan Anand is the most sold plan of LIC.
    • This is a guaranteed returns participating plan.
    • Life cover continue even after maturity of the plan till the death of the policy holder.
    • Accidental death and disability riders makes this plan more beneficial.
    • Rebate is also offered to policy holder if he opt for higher sum assured.

    Benefits of LIC New Jeevan Anand Plan (815):

    Death Benefits:

    On the death during policy term policyholders nominee will get Sum Assured on death, vested Simple Reversionary Bonuses and Final Additional Bonus if any.

    Maximum Sum Assured on Death can be 125% of basic sum assured  or 10 times of annualized premium which ever is higher. The death benefit shall not be less than 105% of all the premium paid till the date of death.

    Maturity Benefits:

    If the policy holder survive till the end of policy term he will get Sum Assured, vested Simple Reversionary Bonuses and Final Additional Bonus if any.

    Participation in Profit:

    The policy also participate in the profit of the corporation. The policy holder is entitled to receive bonuses declared by LIC from time to time.

    Optional Benefits:

    Accidental Death and Disability Benefits Rider is also available on the payment of additional premium during the policy term.

    Tax Benefits:

    Premium paid is exempted u/c 80C and the amount received on death or maturity is also exempted u/s 10 (10D).

    Loan Facility: Loan facility is also available after the completion of 3 years.

    Eligibility and other restrictions:

    • Minimum age of entry   :    18 years
    • Maximum age of entry : 50 Years
    • Maximum Age of  Maturity: 75 years
    • Sum Assured  :   Minimum Rs. 100000 and Maximum no limit (in multiple of Rs.5000)
    • Minimum Policy Term: 15 years
    • Maximum Policy term:  35 years

    Payment of Premium:

    Premium can be paid monthly, quarterly, half yearly and yearly.

    Rebate on mode and high sum assured:

    • Quarterly and monthly mode  nil
    • Half yearly mode      1%
    • Yearly mode               2%

    Basis sum assured rebate:

    • 100000 to 195000         Nil
    • 200000 to 495000        1.5% of Basic Sum Assured
    • 500000 to 995000        2.5% of Basic Sum Assured
    • 1000000 and above       3.0% of Basic Sum Assured

    Lapse, Revival and paid up value: If the premium is not paid within the grace period the policy will lapse. Lapsed Policy can be revived within a period of two consecutive years from the date of first unpaid premium on the payment of all the arrears of premium with interest. However if at least three full years premium have been paid and any subsequent premium be not duly  paid, this policy shall continue  as a paid up policy.

    Surrender Value:

    The policy can be surrendered for cash provided at least three full years premiums have been paid. The surrender value percentage will depend on the policy term and the policy year in which surrendered.

    Premium Calculator: For the calculation of  premium of LIC New Jeeevan Anand  Plan (815), LIC Premium Calculator can be used. To calculate premium click on Premium Calculator

    For more details of the Plan visit: LIC New Jeevan Anand Plan

    3. LIC New Bima Diamond Plan (841):

  2. LIC Bima Diamond (841) is a limited premium paying, non-linked, with profits money back plan of LIC. This plan is also one of the  popular plan of LIC,  in which premium paying term is less than the terms of the policy. For example  if policy term for 24 years has been selected than the policy holder has to pay premium for 15 years only. Money back will be provided at the end of every 4th year  and the maturity amount is paid at the end of policy term.

  1. The LIC Bima Diamond  Plan (841) offers a combination of protection and savings. The Plan provide financial support to the family in case of unfortunate death of  the policyholder any time before maturity, not only during the policy term but also beyond the policy term, during the extended cover period. Periodic payments are also made on the survival of the policyholder, at a specified interval during the policy term.

    This Plan also takes care of the liquidity needs through its loan facility.

    Key Features of LIC  Bima Diamond Plan (841):

    • LIC Bima Diamond Plan (841) is a money back plan.
    • Premium needs to be paid for less number of years than the policy term.
    • This is a  participating plan.
    • Extended Risk Cover Benefit is available after maturity.
    • Accidental death and disability riders makes this plan more beneficial.
    • Rebate is also offered to policy holder if he opt for higher sum assured.
    • Premium Paid are exempted from income tax under section 80C.
    • Amount received on maturity or on death is exempted under section 10 (10D).

    Benefits of LIC  Bima Diamond Plan (841):

    Death Benefits:

    On the death of life assured during first 5 year of the policy term policyholder’s nominee will get Sum Assured on death.

    On the death of life assured after the completion of 5 year of the policy but before maturity policyholder’s nominee will get Sum Assured on death and loyalty addition, if any.

    Maximum Sum Assured on Death can be absolute amount assured on death i.e. basic sum assured. The death benefit shall not be less than 105% of all the premium paid till the date of death.

    In case of death during extended cover period, a sum equal to the 50% of the basic sum assured will be paid.

    Survival Benefits:

    If the policy holder survive till the end of policy term he will be paid as given below:

    • 15% of the Basic Sum Assured at the end of each 4th year, 8th year and 12th year, if the policy term is 16 years.
    • 15% of the Basic Sum Assured at the end of each 4th year, 8th year, 12th year and 16th year, if the policy term is 20 years.
    • 12% of the Basic Sum Assured at the end of each 4th year, 8th year, 12th year, 16th year and 20th year, if the policy term is 24 years.

    Maturity Benefits:

    If the life assured survive till the end of the policy term, he will be paid sum assured on maturity along with loyalty additions, if any. Sum assured on maturity will be 55% of the Basic Sum Assured for a policy term of 16 years and 40% of the Basic Sum Assured for a policy term of 20 years and 24 years.

    Participation in Profit/ Loyalty Addition:

    The policy also participate in the profit of the corporation in the form of loyalty addition. The policy holder is entitled to receive loyalty additions at such rates and on such terms as may be declared by the Corporation.

    Optional Benefits:

    Accidental Death and Disability Benefits Rider and LIC’s New Assurance Rider  are also available on the payment of additional premium during the policy term. However  Rider sum assured can not exceed the basic sum assured.

    Tax Benefits:

    Premium paid is exempted u/c 80C and the amount received on death or maturity is also exempted u/s 10 (10D).

    Loan Facility: Loan facility is also available after the completion of 3 years.

    Eligibility and other restrictions:

    • Minimum age of entry   :    14 years
    • Maximum age of entry : 50 years for policy terms 16 Years, 45 years for policy terms 20 Years and 41 years for policy terms 24 Years
    • Maximum Age of  Maturity: 66 years for the policy term of 16 years and 65 years for the policy term of 20 years and 24 years.
    • Basic Sum Assured  :   Minimum Rs. 100000 and Maximum Rs.500000 (in multiple of Rs.20000).
    • Policy Term/Premium Paying Term: (16/10), (20/12), (24/15)
    • Extended Cover Period: (Policy Term/2) years after elapsation of the policy term.

    Mode of Payment of Premium:

    Premium can be paid monthly, quarterly, half yearly and yearly.

    Rebate on mode and high sum assured:

    • Quarterly and monthly mode  nil
    • Half yearly mode      1%
    • Yearly mode               2%

    Basis sum assured rebate:

    • 100000 to 180000         Nil
    • 200000 to 480000        2.5% of Basic Sum Assured
    • 500000 and above       3% of Basic Sum Assured

    Lapse, Revival and paid up value: If the premium is not paid within the grace period the policy will lapse. Lapsed Policy can be revived within a period of two consecutive years from the date of first unpaid premium on the payment of all the arrears of premium with interest. However if at least three full years premium have been paid and any subsequent premium be not duly  paid, this policy shall continue  as a paid up policy.

    Surrender Value:

    The policy can be surrendered for cash provided at least three full years premiums have been paid. The surrender value percentage will depend on the policy term and the policy year in which surrendered.

    Premium Calculator: For the calculation of  premium of LIC  Bima Diamond Plan (841), LIC Premium Calculator can be used. To calculate premium click on Premium Calculator

    For More Details of the Plan visit: LIC Bima Diamond Plan

    4. LIC New Money Back Plan (821):

  2. LIC New Money Back Plan (821) 25 years is a participating, non-linked plan. This plan is also one of the  most popular plan of LIC.

    The LIC New Money Back  Plan (821) offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified duration during the term. This Plan provide financial support for the family in case of unfortunate death of  the policyholder any time before maturity and a lump sum amount at the the time of maturity for the surviving policyholder.

  1. This Plan also takes care of the liquidity needs through its loan facility.

    Key Features of LIC  New Money Back Plan (821):

    • Premium needs to be paid for less number of years than the policy term.
    • Money is paid back to policyholder at specified interval.
    • This is a  participating plan.
    • Accidental death and disability riders makes this plan more beneficial.
    • Rebate is also offered to policy holder if he opt for higher sum assured.
    • Premium Paid are exempted from income tax under section 80C.
    • Amount received on maturity or on death is exempted under section 10 (10D).
    • This Plan is ideal for children education and marriage planning.

    Benefits of LIC  New Money Back Plan (821):

    Death Benefits:

    On the death during policy term, the policyholder’s nominee will get Sum Assured on death, vested Simple Reversionary Bonuses and Final Additional Bonus if any.

    Maximum Sum Assured on Death can be 125% of basic sum assured  or 10 times of annualized premium which ever is higher. The death benefit shall not be less than 105% of all the premium paid till the date of death.

    Survival Benefits:

    If the policy holder survive till the end of policy term he will be paid 15% of Basic Sum Assured at the end of 5th, 10th, 15th and 20th  policy year.

    Maturity Benefits: In case the Policyholder surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with the vested Simple Reversionary Bonuses and final additional bonus, if any, shall be payable.

    Participation in Profit:

    The policy also participate in the profit of the corporation. The policy holder is entitled to receive bonuses declared by LIC from time to time provided the policy is in full force.

    Optional Benefits:

    Accidental Death and Disability Benefits Rider is also available on the payment of additional premium during the policy term. However  Rider sum assured can not exceed the basic sum assured.

    Tax Benefits:

    Premium paid is exempted u/c 80C and the amount received on death or maturity is also exempted u/s 10 (10D).

    Loan Facility: Loan facility is also available after the completion of 3 years.

    Eligibility and other restrictions:

    • Minimum age of entry   :    13 years
    • Maximum age of entry : 45 years
    • Maximum Age of  Maturity: 70 years
    • Basic Sum Assured  :   Minimum Rs. 100000 and Maximum no limit (in multiple of Rs.5000).
    • Policy Term  25 years
    • Premium Paying Term 20 years

    Mode of Payment of Premium:

    Premium can be paid monthly, quarterly, half yearly and yearly.

    Rebate on mode and high sum assured:

    • Quarterly and monthly mode  nil
    • Half yearly mode      1%
    • Yearly mode               2%

    Basis sum assured rebate:

    • 100000 to 195000         Nil
    • 200000 to 495000        2.0% of Basic Sum Assured
    • 500000 and above       3.0% of Basic Sum Assured1

    Lapse, Revival and paid up value: If the premium is not paid within the grace period the policy will lapse. Lapsed Policy can be revived within a period of two consecutive years from the date of first unpaid premium on the payment of all the arrears of premium with interest. However if at least three full years premium have been paid and any subsequent premium be not duly  paid, this policy shall continue  as a paid up policy.

    Surrender Value:

    The policy can be surrendered for cash provided at least three full years premiums have been paid. The surrender value percentage will depend on the policy term and the policy year in which surrendered.

    Premium Calculator: For the calculation of  premium of LIC  New Money Back Plan (821), LIC Premium Calculator can be used. To calculate premium click on Premium Calculator

  2. 5. LIC New Children Money Back Plan(832):

  3. LIC New Children’s Money Back Plan is a participating non-linked,  with profit and regular premium payment money back plan. This plan is also one of the  most popular plan of LIC. This Plan is specially designed to meet the educational, marriage and other needs of the growing child through survival benefits.

    This Plan provides risk cover on the life of the child during the policy term and a number of survival benefits to meets various financial needs of the children.

  1. The Plan can be purchased by any of the parent or grand parent for a child aged 0-12 year.

    This Plan also takes care of the liquidity needs through its loan facility.

    Key Features of LIC New Children’s Money Back Plan:

    • The Plan is aimed to meet children’s education, marriage and other needs.
    • Life Risk in this Plan is child and not the parent.
    • This is a  participating plan.
    • LIC’s premium waiver riders makes this plan more beneficial.
    • Rebate is also offered to policy holder if he opt for higher sum assured.
    • Premium Paid are exempted from income tax under section 80C.
    • Amount received on maturity or on death is exempted under section 10 (10D).

    Benefits of LIC  New Children’s Money Back Plan:

    Death Benefits:

    On the death of the child before commencement of the risk i.e. within 8 years of age, all premium paid (excluding taxes, extra premium, and rider premium if any) will be returned

    On the death of the child after the commencement of the risk i.e. 8 years of age, Sum Assured on death, vested Simple Reversionary Bonuses and Final Additional Bonus if any will be paid.

    Maximum Sum Assured on Death can be absolute amount assured on death i.e. basic sum assured  or 10 times of annualized premium which ever is higher. The death benefit shall not be less than 105% of all the premium paid till the date of death.

    Survival Benefits:

    If the Life Assured survive till the policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years, 20% of the basic sum assured on each occasion will be paid, provided the policy is in full force.

    Maturity benefits: 

    If the policy holder survive till the end of policy term he will get Sum Assured on Maturity (which is 40% of the basic sum assured), vested Simple Reversionary Bonuses and Final Additional Bonus if any provided all the premiums have been paid.

    Participation in Profit:

    The policy also participate in the profit of the corporation. The policy holder is entitled to receive bonuses declared by LIC from time to time provided the policy is in full force.

    Optional Benefits:

    Option to Defer the Survival Benefits: Policy holder will have option to defer his survival benefits to after due date and get increased survival benefits.

    Premium Waiver Benefit Rider: LIC’s premium waiver benefit rider is available as an optional rider on the life of the proposer aged between 18 to 55 years by payment of additional premium. In case of the death of the proposer, the premium under the basic plan falling due after the death shall be waived.

    Tax Benefits:

    Premium paid is exempted u/c 80C and the amount received on death or maturity is also exempted u/s 10 (10D).

    Loan Facility: Loan facility is also available after the completion of 3 years.

    Eligibility and other restrictions:

    • Minimum age of entry   :    0 years
    • Maximum age of entry : 12 years
    • Policy term: (25- age at entry) years
    • Maximum/ Maximum Maturity Age: 25 rears
    • Basic Sum Assured  :   Minimum Rs. 100000 and Maximum no limit (in multiple of Rs.10000).

    Mode of Payment of Premium:

    Premium can be paid monthly, quarterly, half yearly and yearly.

    Rebate on mode and high sum assured:

    • Quarterly and monthly mode  nil
    • Half yearly mode      1%
    • Yearly mode               2%

    Basis sum assured rebate:

    • 100000 to 190000         Nil
    • 200000 to 490000        2 per thousand of Basic Sum Assured
    • 500000 and above       3 per thousand of Basic Sum Assured

    Lapse, Revival and paid up value: If the premium is not paid within the grace period the policy will lapse. Lapsed Policy can be revived within a period of two consecutive years from the date of first unpaid premium on the payment of all the arrears of premium with interest. However if at least three full years premium have been paid and any subsequent premium be not duly  paid, this policy shall continue  as a paid up policy.

    Surrender Value:

    The policy can be surrendered for cash provided at least three full years premiums have been paid. The surrender value percentage will depend on the policy term and the policy year in which surrendered.

    Premium Calculator: For the calculation of  premium of LIC New Children’s Money Back Plan, LIC Premium Calculator can be used. To calculate premium click on Premium Calculator

    For Detail information of the plan visit: LIC New Children Money Back Plan

    For other updates and information Click here

 

 

 

 

 

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