People buy LIC policies for different reasons and keeping in mind their specific future financial goals. All LIC policies are good as they are created keeping in mind different purposes. Some policies are designed to cater for pension needs whereas some other policy ca be good for a short term investment plans and other policy could be an excellent choice for financial security.
Broadly speaking insurance planning should serve the following purpose and in that order of priority.
- Security: The first and foremost aim of policy should be to ensure financial stability and security for self and family. LIC’s Jeevan Lakshya policy serves this very efficiently. The policy ensures you set a financial goal for your future needs and the goals are met with assurance whether you are there or not.
- Future financial needs: Everyone in some point in life need a lump sum amount to take care of finance requirements of future it could be higher studies, marriage, house etc. LIC’s Jeevan Labh is a best policy in such case. The policy ensures you get a good return on your investment while saving for a smaller term.
- Pension: LIC’s Jeevan Umang policy is a unique concept that assures life cover till a person is 100 years old and a regular pension all this with investment of just 15 years.
We have discussed the details of the 3 best LIC policies of 2020 mentioned above:
1. JEEVAN LABH (Table No. 936)
Policy description: The policy is a limited period policy with lng term life cover. The policy has free waiting period built in wherein the policy holder does not have to pay anything but the policy benefits continues. The policy comes in 3 variants which are 10/16, 15/21 and 16/25. The shortest term is 10/16 wherein the policy needs to be paid for just 10 years and the policy term is 16 years.
Jeevan Labh Example:
Simple illustration of Jeevan Labh policy
2. JEEVAN LAKSHYA (Table No. 933)
Policy description: Jeevan Laskhya is a unique concept policy that assures you get your policy maturity at the end of the policy term whether you are there or not. Usually insurance plans give out death claim at the time of the death of the policy holder and then the policy is terminated. Jeevan Lakshya plan gives out yearly payouts in case of death of the policy holder till the end of the policy and finally a maturity claim is paid.
Jeevan Lakshya Example
|22/25||(in case of death of the policy holder)|
3. JEEVAN UMANG (Table No. 945)
Policy description: A 100 year pension and life cover plan. The plan can be taken for a minimum of 15 years and after the premium paying term ends the policy holder receives money back every year equivalent to the policy premium. These yearly money backs continue till the person is 100 years old. The life cover also continues till the policy holder is 100. The policy term can be 15, 20, 25 or 30 years.
Jeevan Umang Example