Life Insurance Corporation of India commonly abbreviated as LIC is a life insurance policy of its own kind. LIC has so many products which it offers to the extent that settling on one may sometimes be difficult. With this in mind, we have decided to come up with the best insurance policy in India. Go through the options given below and be sure to get a health insurance policy which will look into all your needs.
LIC e-Term Plan
LIC e-Term plan solely offers life cover policy by providing financial assistance to the insured family whenever an unfortunate event occurs. To make use of this plan, you will have to fill and application form online since there are no agents involved. Any person who wants to rely on LIC e-Term plan will have to pay the agreed sum assured. The insured family then gets compensation in case of his/her demise. However, nothing is payable if you survive till the end of the policy term.
Features of LIC e-Term Policy
- It is accessible through the official website of LIC
- Smokers and Non-smokers have different premium rates
- LIC only considers an application of your own life.
- The minimum basic sum assured is Rs 250,000 for people choosing the aggregate category and Rs 500,000 for Non-smokers. There is no maximum basic sum assured when using LIC e-Term policy.
- LIC e-Term plan is available for people in the age group of 18 years to 60 years.
LIC Jeevan Akshay VI
LIC Jeevan VI is a life insurance plan which is purchased after paying a lump sum amount. With this plan, you will be able to enjoy annuity payment of a fixed amount and is usually extended through the insured life time.
Features of LIC Jeevan Akshay VI
- The plan offers immediate annuity plan starting as early as the following month.
- With LIC Jeevan Akshay VI, you only pay a single premium before enjoying life insurance forever.
- When using offline means, you can make a minimum purchase price of Rs 100,000 and Rs 150,000 when purchasing it online. There is no maximum limit when purchasing Jeevan Akshay VI plan.
- Annuity is payable for 5, 10, and 15 or 20 years regardless of whether the insured is alive or not.
- It covers life insurance for people from 30 years to 65 years.
LIC Jeevan Anand Plan
LIC Jeevan Anand Plan offers both protection and savings to the insured since it is a non-linked participating endowment plan. The good thing about this plan is that you will continue getting life coverage even after terminating the policy. In addition to this, the insured also has income tax benefits when using LIC Jeevan Anand plan.
Features of LIC Jeevan Anand Plan
- The minimum entry age of LIC Jeevan Anand plan is 16 years and extends to a maximum age limit of 50 years.
- An insured must pay the premiums during the entire policy tenure.
- In case of the policy holder’s death then the beneficiaries get 125% of the basic sum assured, 10 times the annualized premium and 105% of total premium paid.
These are just some of the best insurance policy in LIC. Make sure that you choose a plan which covers every feature that you need.