BEST LIC POLICY FOR CHILD

  • LIC New Children Money Back Plan (UIN 512n296V01) is the best LIC plan for the child.
  • It is a unique plan for children which makes provision for child’s education, marriage or any other financial need which is met through the outgoes of survival benefits paid from time to time during the term of the policy.
  • These payments are designed in such a way that they are receivable when child reaches the age of 18 years, 20 years,22 years and 25 years.
  • The plan is meant for children from 0 to 12 years of age and can be purchased by parent or grandparent of the child who become the proposer of the policy and the child is the life assured.
  • Since the plan is non-linked endowment type of policy it participates in the profits of the company and the bonuses are earned and added into the policy every year and are payable at the time of maturity.

Policy provides for Death benefit, Survival benefit and Maturity benefit. There is provision to defer the receipt of survival benefits. In such a case, the Survival benefit to be paid later earns interest benefit also. Another advantage of this policy is premium waiver benefit which provides for continuity of the policy even in the event of death of the proposer (parent/grandparent) In such a scenario the future premiums payable under the policy are waived and the policy benefits are intact.


BEST LIC POLICY FOR INVESTMENT

  • New jeevan Anand policy is one of the best available policy for risk cover as well as investment.
  • It combines the advantages of endowment insurance and a non-linked plan guaranteeing safe investment, secure returns and risk cover.
  • The policy is most suited to young persons who are starting their professional careers, providing for their risk cover as well as a decent return on their investment.
  • A person in his early twenties can get the policy at a comparatively cheaper premium rate because of their lower age.
  • The policy covers death risk throughout the life time of the policy holder, payment of maturity benefit if he survives the term of the policy and loan facility is available after three premiums are paid.
  • USP of the policy is continued coverage of death risk of the policy holder even after he takes the maturity amount under the policy. For instance, a policy holder who meets with unfortunate death after the maturity of the policy his nominee will be paid the sum assured under the policy as death benefit.
  • The premiums paid under this policy are eligible for tax benefit under section 80(c ) of the income tax act and Death and maturity benefit are also exempted from Income tax.

BEST LIC POLICY FOR AGE 28

  • LIC e-term plan is the best LIC policy for those between 25-30 years of age.
  • Most of the insurance plans till few years ago were insurance cum investment plans that is insurance product was seen as a saving-cum-investment product offering both return on investment as well as insurance.
  • But as the insurance evolves in India it will move towards pure insurance. Incidentally pure insurance products are much more popular form of insurance in developed countries.
  • This policy is pure insurance product exactly as your car insurance policy where annual premium covers against accidental damage to the car.
  • The only difference is that in this lic product sum assured is determined by policy holder himself, of course commensurate with his income.
  • Since it does not have an investment component it is the cheapest product available with lic with roughly 25 lakh risk cover at a premium as low as Rs.5000/- yearly for lower age groups.
  • This means that in case of death of the life assured his nominee will get 25 lakhs as death claim.
  • However, if life assured survives till maturity of the policy nothing is payable on maturity as premium paid is appropriated for risk cover only and not investment.
  • This Policy is available through online mode only and proposal for own life only will be considered.
  • Premiums paid under this policy is eligible for rebate under section 80(c ) of income tax act.
  • There are different rates of premium for smoker and Non-smoker lives, and minimum sum assured is 25 lacs for smoker and 50 lacs for non-smoker with no maximum limit.
  • Minimum term is 10 years and maximum term is 35 years. This policy can be given to a person of 18 years to 60 years of age. There is only yearly mode of payment and no riders are available under the policy.

BEST POLICY FOR AGE 31

  • Lic Jeevan Amulya 2(Table 823) is a pure term insurance plan giving an option of one of the cheapest insurance with high risk cover, in fact the highest sum assured coverage per thousand premium paid.
  • This is because it offers only insurance coverage and no return on investment.
  • Then why it is the best policy for a 31 years old person?  It is because a person of this age group is into his career and his income is stable.
  • He has the capacity to invest as well as to get himself insured for protection of his family.
  • Pure insurance like Jeevan Amulya provide high insurance coverage for comparatively lesser premium.
  • For instance, a premium of about Rs.11500/-  approximately on yearly mode for this age group will get an insurance cover of Rs.50 lakhs for the term chosen.
  • If   the proposer purchases a policy at 31 years of age his annual premium will be same throughout his term which can be between five to 35 years as per his choice.
  • After taking this cover for 50 lakhs with an annual outgo of Rs.11500 approximately he will not have to worry about insurance as he is adequately covered.
  • Now he can invest his surplus funds in more profitable avenues like a SIP in a mutual fund of even Fixed deposit to augment his income.
  • Thus, Jeevan Amulya policy gives him an opportunity to invest in alternative avenues.
  • This is different approach than the traditional approach of purchasing an endowment policy which although is an insurance cum investment plan but is not so paying approach in the current low interest scenario and its return may be lesser than even a bank fixed deposit although unlike a bank fixed deposit it provides risk cover also..

The basic features of Jeevan Amulya is .  :

  1. High risk cover with low premium.
  2. No maturity benefits.
  3. Eligible for tax rebate under section 80(c ) of income tax.
  4. Minimum sum assured is 25 lakhs and maximum no limit.

BEST LIC POLICY FOR 33 YEARS

  • Lic Jeevan Labh is an endowment plan that gives a good return as well as covers the life and accidental risk of the life assured during the term of the policy. This is a non-linked policy.
  • Although the eligibility age group is 8 to 59 years it is best suited to persons who are into middle of their career and can afford to take an insurance-cum -investment plan.
  • This age group can take a term suitable for their age when they would need the maturity amount and meet their financial obligations.
  • For example, a person of 33 years age can take above plan for 25 years term and it will give him maturity amount at the age of 59 years.
  • This amount can either be used to meet his financial obligations or alternatively he can take an annuity plan to make provision for old age pension.
  • Another USP of this plan is that it is limited period payment plan that is the premium paying term of the plan is much less than the term of the plan.
  • For instance, in the above example a 33 years old person taking a 25 years term plan will have to pay premium only for 16 years while he will enjoy risk cover for 25 years.
  • This plan has all the benefits of a conventional plan e.g. Death benefit, maturity benefit, accidental and disability benefit, loan facility and income tax rebate.

BEST LIC POLICY FOR 10 YEARS

  • LIC Jeevan Rakshak plan is an endowment plan with a minimum term of 10 years, meaning thereby that you can opt for a term of 10 years although you can choose a higher term up to 20 years also.
  • It gives you risk cover as well as a reasonable return on your investment.  It is a participative plan giving benefits on bonus declared by the company.  Premiums are to be paid for the entire term of the policy.
  • On maturity, basic sum assured plus loyalty addition will be paid. On death, Basic sum assured plus loyalty addition till date of death will be paid.  Accidental benefit is available as a rider.
  • No medical is required under the policy and a rebate for yearly and half yearly mode of payment of premium is available @ 2% and 1% respectively. Sum assured rebate of 1.5% is available for sum assured of more than 150000/-.

BEST POLICY FOR  2107

  • Jeevan Akshay VI is an immediate annuity plan (pension plan) which can be purchased by paying a lump sum at the time of purchase and pension starts from the next month following the purchase if opted as such.
  • Various options are available for payment of annuities like annuity payable for life at uniform rate, annuity payable for 5,10,15 and 20 years certain and thereafter as long as annuitant is alive, annuity for life and return of purchase price at death etc.
  • There are a total of seven options. An option once chosen cannot be changed.
  • No medical is required under this plan. Minimum purchase price is one lakh with no maximum limit.
  • Person of 30 years and above is only eligible for this plan. For example, a one lakh purchase price for a 30 years old person will fetch him a pension of 6750/- yearly, under option I.