Few Popular Plans of The Life Insurance Corporation Of India

Life Insurance Corporation of India (LIC) is a government-owned insurance company in India. It is one of the largest insurance companies in India and has a presence in almost every nook and corner of the country. LIC has been serving the insurance needs of Indians for over six decades and has become a trusted brand in the insurance sector.

Popular Plans:

LIC offers a wide range of life insurance plans to meet the diverse needs of its customers. Some of the popular plans offered by LIC are:

LIC Jeevan Anand: A Comprehensive Life Insurance Plan

LIC Jeevan Anand is a popular life insurance plan offered by Life Insurance Corporation of India (LIC). It is a non-linked participating endowment plan that offers a combination of protection and savings. This plan has been designed to provide financial protection to the policyholder and his/her family in case of an unfortunate event, and at the same time, help the policyholder accumulate savings for the future.

Key Features of LIC Jeevan Anand:

1. Dual Benefit: The plan offers both death benefit and maturity benefit. In case of the policyholder’s untimely death, the nominee will receive the sum assured along with any bonuses accumulated. If the policyholder survives the policy term, he/she will receive the sum assured along with any bonuses accumulated.
2. Flexible Premium Payment Options: The policyholder can choose to pay the premium annually, half-yearly, quarterly, or monthly. The premium payment term is flexible and can range from 5 years to the policy term.
3. Bonuses: The plan participates in the profits of the corporation, which means that the policyholder is entitled to receive bonuses declared by LIC from time to time.
4. Loan Facility: The policyholder can avail of a loan against the policy after it acquires a surrender value.
5. Surrender Value: The plan acquires a surrender value after the premium has been paid for at least three full years. The policyholder can surrender the policy and receive the surrender value.

Benefits of LIC Jeevan Anand:

1. Life Insurance Coverage: The plan offers life insurance coverage to the policyholder. In case of his/her untimely death, the nominee will receive the sum assured along with any bonuses accumulated.
2. Maturity Benefit: If the policyholder survives the policy term, he/she will receive the sum assured along with any bonuses accumulated.
3. Tax Benefits: The premiums paid towards the LIC Jeevan Anand plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the amount received on maturity or as a death benefit from the plan is also tax-free under Section 10(10D) of the Income Tax Act, 1961.
4. Savings: The plan helps the policyholder accumulate savings for the future. The bonuses declared by LIC can help in building a corpus over time.

LIC New Money Back Plan: A Unique Life Insurance Plan

LIC New Money Back Plan is a popular life insurance plan offered by Life Insurance Corporation of India (LIC). It is a non-linked participating plan that provides periodic payouts during the policy term and a lump sum amount at the end of the policy term. This plan has been designed to provide financial protection to the policyholder and his/her family in case of an unfortunate event, and at the same time, help the policyholder accumulate savings for the future.

Key Features of LIC New Money Back Plan:

1. Payouts: The plan offers periodic payouts during the policy term. The policyholder will receive 15% of the sum assured at the end of the 3rd, 6th, 9th, and 12th policy year. In addition, the policyholder will receive the remaining 40% of the sum assured along with any bonuses accumulated at the end of the policy term.
2. Maturity Benefit: If the policyholder survives the policy term, he/she will receive the remaining 40% of the sum assured along with any bonuses accumulated.
3. Flexible Premium Payment Options: The policyholder can choose to pay the premium annually, half-yearly, quarterly, or monthly. The premium payment term is flexible and can range from 10 years to the policy term.
4. Bonuses: The plan participates in the profits of the corporation, which means that the policyholder is entitled to receive bonuses declared by LIC from time to time.
5. Loan Facility: The policyholder can avail of a loan against the policy after it acquires a surrender value.
6. Surrender Value: The plan acquires a surrender value after the premium has been paid for at least three full years. The policyholder can surrender the policy and receive the surrender value.

Benefits of LIC New Money Back Plan:

1. Life Insurance Coverage: The plan offers life insurance coverage to the policyholder. In case of his/her untimely death, the nominee will receive the sum assured along with any bonuses accumulated.
2. Periodic Payouts: The plan offers periodic payouts during the policy term, which can help in meeting the financial requirements of the policyholder at different stages of life.
3. Maturity Benefit: If the policyholder survives the policy term, he/she will receive the remaining 40% of the sum assured along with any bonuses accumulated.
4. Tax Benefits: The premiums paid towards the LIC New Money Back Plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the amount received on maturity or as a death benefit from the plan is also tax-free under Section 10(10D) of the Income Tax Act, 1961.
5. Savings: The plan helps the policyholder accumulate savings for the future. The bonuses declared by LIC can help in building a corpus over time.

LIC Jeevan Umang: A Unique Plan for Guaranteed Income and Lifetime Coverage

LIC Jeevan Umang is a unique life insurance plan offered by the Life Insurance Corporation of India (LIC). It is a non-linked, with-profit, whole life insurance plan that offers guaranteed annual income to the policyholder, along with lifetime coverage.

Key Features of LIC Jeevan Umang:

1. Lifetime Coverage: The plan provides coverage for the entire lifetime of the policyholder, provided the premiums are paid regularly.
2. Premium Payment: The policyholder can choose to pay the premium for a limited period or throughout the policy term.
3. Guaranteed Annual Income: The plan offers guaranteed annual income to the policyholder, which is a percentage of the sum assured. The policyholder can choose to receive the income either on a monthly, quarterly, half-yearly or annual basis.
4. Bonus: The plan also participates in the profits of the corporation, which means that the policyholder is entitled to receive bonuses declared by LIC from time to time.
5. Death Benefit: In case of the policyholder’s untimely death, the nominee will receive the sum assured along with any bonuses and guaranteed annual income accumulated.
6. Maturity Benefit: If the policyholder survives the policy term, he/she will receive the sum assured along with any bonuses and guaranteed annual income accumulated.
7. Surrender Value: The plan acquires a surrender value after the premium has been paid for at least three full years. The policyholder can surrender the policy and receive the surrender value.

Benefits of LIC Jeevan Umang:

1. Lifetime Coverage: The plan provides lifetime coverage to the policyholder, which ensures that his/her family is financially secured even in his/her absence.
2. Guaranteed Annual Income: The plan offers guaranteed annual income to the policyholder, which can help in meeting regular expenses and maintaining a certain lifestyle.
3. Bonuses: The plan participates in the profits of the corporation, which means that the policyholder is entitled to receive bonuses declared by LIC from time to time.
4. Tax Benefits: The premiums paid towards the LIC Jeevan Umang plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the amount received on maturity or as a death benefit from the plan is also tax-free under Section 10(10D) of the Income Tax Act, 1961.
5. Savings: The plan helps the policyholder accumulate savings for the future. The bonuses and guaranteed annual income declared by LIC can help in building a corpus over time.

Income Tax Benefits:

Apart from the life insurance coverage, LIC plans also offer various tax benefits. The premiums paid towards the LIC plans are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The maximum deduction allowed under this section is Rs. 1.5 lakh per annum.

Additionally, the amount received on maturity or as a death benefit from the LIC plans is also tax-free under Section 10(10D) of the Income Tax Act, 1961.

Conclusion:

LIC has been a trusted brand in the insurance sector in India for over six decades. It offers a wide range of life insurance plans that meet the diverse needs of its customers. The plans offered by LIC not only provide financial protection but also offer tax benefits. Individuals looking for life insurance coverage should consider LIC plans as they provide a combination of protection and savings along with tax benefits.