The Life Insurance Corporation of India (LIC) offers a wide range of insurance policies to cater to various financial needs. Here’s a list of some popular LIC policies:
1. LIC Jeevan Anand
- Type: Combination of endowment and whole life policies.
- Features: Offers both risk cover and savings benefits. Provides financial protection in case of death during the policy term and a lump sum benefit at the end of the selected policy term.
2. LIC Jeevan Akshay VII
- Type: Immediate Annuity Plan.
- Features: Offers a variety of annuity options to choose from. An ideal plan for individuals seeking a regular income after retirement.
3. LIC Jeevan Labh
- Type: Combination of endowment and term insurance.
- Features: Offers risk cover with the benefits of savings. Suitable for individuals looking for both financial protection and savings growth.
4. LIC New Jeevan Suraksha
- Type: Endowment Plan with risk cover.
- Features: Provides a combination of endowment and term insurance. Pays a lump sum amount in case of death or maturity.
5. LIC New Bima Bachat
- Type: Short-term endowment plan.
- Features: Offers life cover along with a lump sum payout at the end of the term. Has shorter policy terms ranging from 5 to 12 years.
6. LIC Jeevan Shanti
- Type: Deferred Annuity Plan.
- Features: Provides a steady income after a chosen deferment period. Suitable for people looking for a guaranteed income post-retirement.
7. LIC Endowment Plan
- Type: Pure Endowment.
- Features: Pays a lump sum amount on survival or in case of death during the policy term. Ideal for individuals looking for a long-term savings plan.
8. LIC Money Back Plan 20 Years
- Type: Money Back Plan.
- Features: Pays a percentage of the sum assured at regular intervals during the policy term, along with the lump sum payment at the end.
9. LIC Jeevan Tarun
- Type: Child Plan.
- Features: Designed for children, it provides financial protection for the child’s future needs, like higher education and marriage.
10. LIC New Children’s Money Back Plan
- Type: Money Back Plan.
- Features: Specifically meant for children’s education and marriage, it offers periodic payments during the policy term with a lump sum at the end.
11. LIC Jeevan Chetna
- Type: Endowment Plan.
- Features: Provides a combination of risk cover and savings benefits. It offers a lump sum amount in case of death or maturity.
12. LIC Jeevan Saral
- Type: Combination of Endowment and Risk Cover.
- Features: Offers a low premium and is ideal for individuals seeking risk cover along with savings benefits. The plan provides flexible benefits and premiums.
13. LIC Jeevan Vishwas
- Type: Endowment Plan with risk cover.
- Features: Offers a combination of insurance cover with savings benefits, providing lump sum benefits upon death or maturity.
14. LIC Jeevan Pragati
- Type: Progressive Life Insurance Plan.
- Features: Offers increasing sum assured every five years. The premiums remain constant throughout the policy term.
15. LIC Pradhan Mantri Vaya Vandana Yojana (PMVVY)
- Type: Pension Plan.
- Features: A government-backed scheme offering a regular pension to senior citizens (60 years and above). The plan offers a guaranteed interest rate and ensures financial security after retirement.
16. LIC Single Premium Endowment Plan
- Type: Single Premium Plan.
- Features: This is a single premium life insurance plan that provides life cover and also builds savings, with a lump sum payout on death or at the end of the term.
17. LIC New Jeevan Chhaya
- Type: Endowment Plan.
- Features: Aimed at women policyholders, this plan offers a combination of risk cover and savings benefits with flexible terms.
18. LIC New Gratuity Plan
- Type: Group Insurance Plan.
- Features: Designed for employers to provide their employees with group life insurance. The plan helps manage the payment of gratuity to employees at retirement.
19. LIC Group Insurance Schemes
- Type: Group Insurance.
- Features: Offers life cover to employees or members of a group at affordable premiums. These plans can be customized for companies, educational institutions, etc.
20. LIC Micro Insurance Plans
- Type: Micro Insurance.
- Features: Aimed at low-income individuals, these policies offer affordable premiums with basic life cover.
How to Choose the Right LIC Policy?
When choosing a policy, consider factors like:
- Purpose: What are you aiming to achieve with the policy—risk cover, savings, retirement income, etc.?
- Premium: How much can you afford to pay?
- Coverage Period: Do you want short-term or long-term coverage?
- Return on Investment: Some policies focus more on life coverage, while others may offer a return on the premium paid.
