Life Insurance Corporation of India, also known as LIC, is an Indian sovereign mutual insurance company chartered by the government of the country. The objective of the Life Insurance Corporation of India, is to promote savings, better investment, and coverage for the people of the Indian states as well as the whole world. It also helps people who are already insured, in taking the policy renewal, at the most competitive rates available in the market. The main function of the Indian LIC is to extend insurance cover to all categories of people including the needy and the aged, who may not be able to afford an insurance policy of their own.
Here are the new plans for 2020 – 2021:
LIC Nivesh Plus – Single Premium ULIP Plan
LIC’s Nivesh Plus is launched in March 2020. LIC Nivesh Plus is a unit-linked, non-participating and single premium individual life insurance plan. It is a single premium plan that allows your money to grow and also provides you life cover. The minimum entry age is from 90 days to 70 years. The policy tenure is around 10 to 35 years. The minimum premium is 1 lakh and it has no maximum limit.
The plan offers death benefits where the nominee will receive a certain amount. This plan also offers guaranteed addition that will be of fixed percentage at the end of the year like 3% for 6 years, 4% for 10 years, 5% for 15 years, 6% for 20 years, and 7% for 25 years. It also allows partial withdrawal after 5 years of policy and after 18 years in the case of minors.
LIC SIIP is a unit-linked, non-participating and single premium individual life insurance plan. The minimum entry age for this plan is 90 days and the maximum entry age is 65. The minimum and maximum maturity age are 18 years to 85 years.
The policy Tenure is about 10 to 25 years. The yearly premium is around rupees 40000. It guarantees return at the end of certain years like 5% after 6 years, 10% after 10 years, 15% after 15 years, 20% after 20 years, and 25% after 25 years. This plan offers death benefits, maturity benefits, partial withdrawals, etc.
LIC Jeevan Akshay VII Pension Plan
This plan is a single premium, non-linked and non-participating immediate annuity plan. The minimum entry age is 35 years and the maximum entry age is 85 years. The minimum purchase price is 1 lakh and there is no maximum limit. This plan has a minimum annuity of 12000 rupees per year. The annuity payment modes are yearly, half-yearly, quarterly, and monthly.
This plan offers 10 annuity options such as immediate annuity for life, an immediate annuity for life with return of purchase price, an immediate annuity with guaranteed period and life, etc. This plan also provides incentives for a purchase price of 5 lakhs and above. It also provides Loans after 3 months of the policy issuance date.
LIC New Jeevan Shanti Pension Plan
This plan offers a minimum entry age of 30 years and maximum entry age of 79 years. The minimum and maximum vesting ages are 31 years and 80 years respectively. The minimum and maximum deferment period is 1 year and 12 years respectively. The minimum annuity is 1000 rupees for monthly, 3000 rupees for quarterly, 6000 rupees for half-yearly, and 12000 rupees yearly/annually. The minimum purchase price is 1,50,000 rupees whereas there is no maximum limit for the purchase price. This plan also offers a free look period of 15 days. Anyone can surrender the policy after 3 months of issuance of the policy.