LIC small best plans

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LIC small best plans

LIC offers a variety of attractive plans with a 5-year term. The public life insurance company offers three plans under its 5-year plans: Group Insurance, Micro Insurance, and Retirement Plans.

Life Insurance Corporation, or LIC, offers a variety of insurance plans to customers. These plans can be separated based on the most important feature. LIC of India, for example, offers a variety of insurance plans, including health insurance, retirement plans and life insurance plans. 


Customers have the option to choose their policy term. This is done to allow them to make financial decisions that are based on their financial goals.


Customers can choose LIC 5-year insurance plans for various reasons, including easy-to-understand terms, shorter premium payments period, and the possibility to convert the scheme into a longer plan in the future.


LIC is a well-known insurance provider in India and has a lot of experience in insurance. Let’s look at some of the most sought-after five-year insurance plans offered by LIC in India.


India’s Best 5-Year LIC Plans:

Retirement Plans

A great financial tool for planning your retirement, especially after you have retired from work. Retirement plans allow you to save money and invest to have some income or funds. LIC offers retirement plans that include:

Jeevan Akshaya VI:

  • Customers who want to retire early and pay a lump sum upfront can use this plan. The policyholder can choose the frequency of annuity payments. It can be selected from monthly, quarterly or half-yearly options under LIC’s Jeevan Akshay Vi Plan.

LIC’s New Jeevan Nidhi:

  • This is a traditional insurance plan that provides profit to policyholders. It also offers savings and protection features. LIC’s New Jeevan Nidhi is available in one lump-sum payment. It offers death benefit in the form of an annuity to the nominee and maturity benefit in annuity once the amount has been vested.


Plans for micro-insurance

Microinsurance plans combine insurance, savings and investment. Below is the microinsurance plan available from LIC for up five years.


New Jeevan Mangal Plan:

  • A micro-insurance term insurance plan offers returns of premiums on the policy’s maturity and covers the insured person for accident benefit. Only the premium-paying term of 5 years will apply to the policy.


Group Insurance Plans

Group Insurance plans are best suited for companies who wish to provide insurance to their employees as an added perk. LIC offers the following group plans:

LIC Group Credit Life Insurance

  • This group insurance policy, which is non-linked and non-participating, offers an insurance amount upon the death of a member of the group.

LIC Single Premium Group Insurance

  • This is a single premium, the non-linked group insurance plan that provides a lump-sum death benefit to all group members for the duration of the policy. Employers can offer the plan to their employees or a homogeneous group.


How do I purchase insurance from LIC?


Customers can purchase insurance online or in person at any LIC office. You can fill out an online application on the LIC website. This will allow LIC representatives to contact you regarding the insurance you are interested in.


LIC also has offices in most cities and towns across the country. These can be contacted directly to get information or to purchase LIC insurance plans. For information about insurance policies, LIC customer service representatives can be reached via telephone.

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