Top 6 LIC Plans for 5 Years in 2022 | 5 Years Old LIC Planning India

LIC 5 Year Master Plan 2022 India

Investing is considered as important as earning money by many people. Keeping your hard-earned money in the bank will protect you, but it can make the days ahead of your life better if you put that money in the right place. Although there are many financial statements What you may experience, buying life insurance is the smartest thing you can do. Let’s discuss this at length in this article.

What is life insurance?

Life insurance is a contract between an insurance company and the insured. The insurance company pays the premiums from the policyholder, and in return provides other benefits. If the policy holder dies within the term of the policy, the beneficiary of the policy will be given the death benefit. If the owner of the plastic stays in the period of the policy, he will receive a fixed amount.

Also Read: Types of Life Insurance Policies in India

Which company should you buy life insurance from?

Many insurance companies in India offer life insurance. It would be very confusing to choose each of them. If you want to choose the most reliable life insurance, you can go to Life Insurance Corporation of India (LIC). Supported by the Government of India, LIC is one of the oldest life insurance companies in the country. Therefore, you can trust the company completely.

There are several LIC plans that you can choose from. However, if you are new to the financial world, you can opt for short-term insurance policies. Here are some popular LIC plans for 5 years that you can check out.

  • LIC New Jeevan Mangal Plan

Let’s review these LIC temporary plans for 5 years and find out what they offer.

1. LIC Bhagya Lakshmi Plan

This is one of the life insurance plans designed for the low income group in India. It has a down payment plan where the owner will get a refund of 110% of the paid up payment, upon maturity. The minimum term of payment of premiums is 5 years, while the maximum is 13 years. The minimum sum assured is INR 50,000 and the maximum is INR 2,00,000. The plan matures when the age of the depositor is 65 years. The value of the death benefit is equal to the sum assured. However, the death benefit is paid only if the policy holder dies within the term of the policy.

2. LIC New Jeevan Mangal Plan

LIC New Jeevan Mangal Plan is one of the best LIC policies for 5 years. It is a self-defense plan that comes with the benefit of refund of premium at the end of the policy. If you choose this plan, you will have two payment options; either with more money or more often. If you choose to make regular payments, you can pay monthly, quarterly, semi-annually, or annually. Till the time you pay the premium, the service will be provided to you. The minimum age to enter the scheme is 18 years and the maximum is 55 years. The minimum sum assured is INR 50,000 and the maximum is INR 2,00,000.

3. LIC Saral Jeevan Bima

By purchasing this 5-year insurance policy, you will get short-term cover for your life. If you die within the cover period of the policy, your family members will be assured that the amount will be fulfilled. This plan ensures that even if something bad happens to you, your family members will not have to struggle in their life to earn money. The minimum term of the policy is 5 years while the maximum is 40 years. The minimum age to purchase the plan is 18 years and the maximum is 65 years. And the minimum sum assured is INR 5,00,000 while the maximum is INR 25,00,000.

4. Dhan Sanchay of LIC

With this best LIC plan for 5 years, you can make travel money even after the plan matures. You must give the person selected when purchasing the plan. If you die within the term of the policy, the nominee will receive the death benefit of the policy. This means that, whether you are in good health or unfortunately not, the plan will still support your family. This scheme is applicable for only two options which include Single Premium supplementary cover with Level Income Benefit and Single Premium Level Income Benefit. The sum assured on death paid under the Single Premium Level Income Benefit is INR 2,50,000; while the sum assured on death paid under Single Premium plus Level Income Benefit is INR 22 lakhs. According to the entry age, the minimum age is 3 years and the maximum age is 65 years. The minimum age of maturity is 18 years, while the age of maturity is from 55 to 80 years.

5. LIC Jeevan Akshay VII

It is an immediate annuity plan and to buy this you have to pay the full amount. When you purchase this plan, you will receive an annuity monthly, quarterly, semi-annually, or annually. The minimum purchase amount for offline purchases is INR 1 lakh and there is no upper limit. The minimum entry age is 30 years, while the entry age is 85 years.

6. LIC’s New Jeevan Nidhi

Jeevan Nidhi from LIC has all the features of a traditional life insurance policy including benefits like life loss protection and end-of-policy savings. The policy provides an annuity nominee in the event of the death of the policyholder, and mature benefits as an annuity or pension for the policyholder if he survives the policy term.

Apart from these six, there are several other plans offered by LIC. You can go to their website and find all the plans and choose the one that suits your needs. You can also visit many other websites that will give you the opportunity to find life insurance plans offered by other companies and this way you can compare the plans and go in the right direction.

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