What is short term?
Like everyone else we always look for a investment plan that is less in payments, gives a huge return and requires payment for just short terms. Reality check there is nothing perfect in this world and the investments are the least expected to be perfect.
The fact is the more you stay invested he more better results you can expect. Having said that everyone has their own plans and look out for options that suits them best. The insurance planning must be done by sitting with your LIC agent and discussing the life cover requirement and the term you can easily pay premiums for.
Insurance plans are suppose to cover your financial liabilities in case something happens to you. So ideally speaking all the plans that you buy should be for the maximum term. Still life insurance plans from LIC of India come is all terms from 1 year to 100 years.
The best short term LIC plan
LIC of India has plans for al purposes and all income groups. All plans from LIC are designed keeping in mind the investors requirements. If you are looking for a short term plan from LIC of India. Your LIC agent can guide you the best plan as per your premium and insurance cover requirement.
Should I buy short term plan or ‘perfect term’ plan?
Whether to buy short term plan or short term plan is not the real question. The real question is when you need your returns and what’s the liquidity being offered in the plan. Different plans should be bought as in the table below and with the priorities mentioned against them
|Term Plan – Amar Jeevan||40 years. Basically till retirement.||1|
|Life Long – Jeevan Umang||100 years||2|
|Short (5 – 10) – Jeevan Labh||10 years||3|
Every plan is short term and long term
The surrender rules have been recently changed by LIC of India. Every plan can now be surrendered after 2 years of premium payment.
Single Premium Plans
Jeevan Amar, the most popular term plan of India can also be bought as a single premium payment plan.
Plan for 5 years
Plan for 10 years
Single Premium Endowment Plan
Single Premium Jeevan Amar Term Plan
Yes. Amar Jeevan term plan can be taken with just one time premium payment.