LIC stands for Life Insurance Corporation of India or the Indian Life Insurance Corporation, a government institution that has been providing insurance related services to us Indians for years.
LIC is the largest life insurance company in India, and if you are watching this video, you must have heard about this company. In this blog, you will learn about LIC and LIC Top 5 Best Insurance Policies And Pricing.
Growth Of LIC in India
The development of LIC and the development of this country are intertwined. LIC was established in 1956 when the Indian government nationalized all private life insurance companies and formed a single life insurance company called Life Insurance Corporation of India, or LIC. LIC has prepared various insurance plans for Indians, including life insurance, savings plans, and retirement plans.
This company has taught Indians to buy insurance, and invest in insurance, and has helped millions of families achieve their financial goals. LIC has not only secured people’s futures but has also used its insurance policies to invest people’s money in children’s education and marriages over the past several years.
In addition to this, this company has made a significant contribution to the country’s economy. Yes, LIC is the largest shareholder of Indian companies, and with LIC’s money, roads, bridges, and railway lines have been constructed in India. Today, LIC is one of the largest institutional investors in India.
LIC Top 3 Best Insurance Policies
LIC has a list of their insurance policies, each very useful and very specified to their target users but here are the LIC Top 5 Best Insurance Policies:
#1 LIC New Life Anand Plan
LIC New Life Anand Plan, the minimum age of entry is 18 years. If you want to take LIC’s New Life Anand Plan and want to invest in this policy, the maximum age of entry is 50 years, meaning if you are over 50 years old, you cannot take this plan.
The minimum sum assured in this plan is ₹1 lakh, and you have to take at least ₹1 lakh sum assured in this plan. While there is no upper limit on the maximum sum assured. If policyholders wish, they can also take a loan against this policy.
#2 The LIC Term Plan or Plan Number 854
First, let’s look at the eligibility criteria for LIC Term Plan Or Plan Number 854-
The minimum entry age is 18 years and the maximum entry age is 65 years. The age of exit is after the age of 80 years. The minimum sum assured in this policy is ₹1 lakh and there is no limit to the maximum sum assured. The minimum term of the policy is 10 years and the maximum term is 40 years.
Policyholders can choose from 3 premium payment options:
- Single Premium
- Limited Premium
- Regular Premium Payment Options.
Now, let’s look at some of the eligibility criteria before buying this term plan. If the person is a non-smoker and has no previous medical history, they can buy this policy without a medical test between the ages of 18 and 35. People aged 36 to 45 can buy this plan if their annual income is more than ₹1 lakh, but the maximum sum assured can be up to ₹75 lakh. Individuals aged 36 to 45 can buy this plan if their annual income is more than ₹1 lakh and their maximum sum assured can be up to ₹50 lakh.
Now, let’s move on to the 3rd policy on our LIC Top 5 Best Insurance Policies
#3 LIC Endowment Plus Policy
Let’s take a look at the eligibility criteria for this policy-
The minimum entry age is 18 years, and the maximum entry age is 65 years. But, you can also get this policy for a child of 7 years, and the maximum entry age is 60 years. The minimum maturity age is 18 years and the maximum maturity age is 70 years.
