A Complete LIC Policy List: Plans and Tax Benefits

Insurance policies provide you with financial security at the much-needed moments of life. The Life Insurance Corporation of India has been of the most trusted life insurance providers in the country.

LIC offers several insurance plans as per the policyholder’s requirement. However, selecting the right plan from the comprehensive LIC policy list takes a bit of work. So, this article will provide you with a detailed idea of different policy plans and help you choose the perfect one.

How many LIC policies are there?

LIC offers a wide range of policies. Generally, there are 5 basic plans in LIC. They are as follows:

• Endowment Plans
• Whole Life Plans
• Money Back Plans
• Term Assurance Plans
• Rider

Under each of these plans, there are different products with multiple benefits. You can choose according to the budget and preferences. Here is the list of plans with their products for a better interpretation: 

Endowment Plans

Whole Life Plans

Money Back Plans

Term Assurance Plans

Rider

Which LIC plan is best for a child?

If you are looking for LIC best child plan, consider LIC New Children’s Money-back Plan. This is one of LIC’s participating non-linked money-back plans. Under this policy, you can get educational, marriage and other coverage for raising a child through Survival Benefits. 

Besides, you can avail life risk cover for the insured child and other survival benefits within the specified insurance period. You can surrender the policy anytime within the tenure after paying the premium for the initial three years. Premiums can be paid through SSS or ECS modes on a monthly, quarterly, half-yearly or yearly basis.

LIC policies are applicable for both girls and boy child. It helps secure the future of every child in India. Here are some of the benefits offered by the LIC child plans:

• Covers their school fees
• Provides funds for higher education
• Other expenses like marriage or medical emergency, etc.

Which LIC policy is best for tax benefits?

LIC offers a wide list of policies that provides tax benefits. Here are some of the tax-saving policy plans to choose from:

LIC Jeevan Umang

This policy offers you earnings and savings benefits for a secure future for your family. It is one of the non-linked and with-profit life insurance plans with 100 years of coverage. In addition, the policyholder or the nominee receives a fixed sum assured after the policy tenure. The tax benefits for the premium paid for this policy are available under Section 80C of the Income Tax Act, 1961.

LIC Jeevan Labh

It is a participating endowment, non-linked and with-profit insurance plan, you need to pay its premiums for a certain period. This plan provides financial protection and tax savings at the same time. Moreover, it offers other benefits such as death benefits, loan facilities, etc. The tax benefits for this policy are available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

LIC New Jeevan Anand

Besides being a tax-saving policy, LIC New Jeevan Anand is the best LIC policy for middle-class family. As a participating and non-linked policy, this plan financially covers the policyholder and provides savings. This policy provides coverage for risks to the insured person even after maturity. It is a whole life insurance policy that offers a bonus facility. You will get tax deduction for the premium that you pay as per Section 80C. 

There are also several other LIC policies that can offer tax benefits. 

Which is the best pension plan in LIC?

If you are looking for the best LIC policy for senior citizens, consider their pension plans. LIC offers the following pension plans to ensure a secure life after retirement:

LIC Bima Jyoti

It comes with the benefits of insurance and savings for the security of a retired policyholder. Under this plan, you choose the maturity benefits in yearly, half-yearly, quarterly and monthly instalments. This endowment policy also offers death benefits besides a guaranteed maturity benefit.

LIC Pension Plus Plan

This retirement plan is a unit-linked insurance plan and comes with 4 different fund options, including debt, equity and a combination. You can either invest a huge single premium amount or choose to invest a fixed amount on a yearly, half-yearly, quarterly or monthly basis.

LIC New Jeevan Shanti

In this single premium payment policy, you can receive the annuity payments once the deferment period is over. You can get a life-long monthly income against a one-time investment. Moreover, you can apply for a loan against this policy up to 80% of the surrender value.

So, if you want to know which LIC policy is best, this article can help you. You can choose from ample policy plans that come with multiple benefits. Besides, you can compare the features and benefits of each policy plan and choose according to your requirement.