LIC New Plans 2020 | List Of New LIC Plans- Features & Comparison

LIC New Plans

A dependable brand name in the market of life insurance is LIC which stands for Life Insurance Corporation of India. LIC has a huge range of products to offer and it often becomes difficult to choose the right fit.  So, we considered making this easy for you by getting you informed about the LIC New Plans 2020 soon to be presented by Life Insurance Corporation of India in 2020. 

LIC New Plans

LIC Jeevan Akshay VI

LIC Jeevan Akshay VI Plan is a Single payment immediate Annuity Plan that can be procured by paying a lump sum amount. This policy offers for annuity compensation of a predetermined amount extend for a life time.

Prominent Features

  • Immediate Annuity Plan – Annuity starts as early as the next month
  • Single payment Plan – “Pay Once, Enjoy Forever”
  • Least purchase amount is Rs.1, 00,000 for offline while Rs.1, 50,000 for online procurement. There is no upper limit on procurement or annuity.
  • More pension alternatives – 7 Options of pension plans to choose from
  • Allowance to be paid for life at a consistent rate till the life assured is alive.
  • The purchase amount will be returned on the demise of last survivor.
  • Allowance for life with a reserve for 100% of the amount payable to the partner of the insured, for life on death of the insured, with return of procurement charge on the demise of last survivor
  • Covers wide range of age group – From 30 years to 85 years
  • Maturity gain – No maturity remuneration are offered in this plan.
  • No health check inspection is obligatory.
  • Income Tax assistance – Even though, premiums compensated under this plan are excused from tax under section 80C, but the annuity received will be chargeable.
  • No capitulate value shall be outstanding under this plan.
  • No loan is accessible under this plan.
  • Enticement for online – refund of 1% by way of increase in the basic allowance rate will be obtainable.

LIC E-Term Plan

LIC’s e-Term policy is a wholesome insurance policy that presents economic safety to the insured’s family after his demise. You could say that it is a standard payment non-participating (with no bonus), “on-line tenure insurance plan”. This term insurance plan will be accessible through on-line application procedure only and no agents are required.

Prominent Features

  • Different payment charge for Smokers/Non-Smokers.
  • Least amount assured should be Rs. 25, 00,000 for combined class and for Non-smoker class it should be Rs. 50, 00,000. There is no limit for Maximum amount insured.
  • Envelops wide range of age group – 18 to 60 years
  • Loan is not accessible in this policy; payment has to be done annually.
  • Least Policy tenure for this plan is 10 years.
  • Death Benefit: During the policy tenure if the death of the life insured occurs then the amount insured is to be paid.
  • Maturity gains: nothing shall be payable at the time of maturity.

LIC New Children’s Money Back Plan

New Children’s Money Back Policy is a non-connected, with-revenue standard payment plan mainly proposed to meet educational, matrimonial and further requirements of growing children. Furthermore, this policy also offers risk covers to the indemnified child throughout the policy tenure.

Prominent Features

  • Minimum critical amount insured ought to be Rs. 100,000 and Maximum has no upper limit. It must be noted down that the essential Sum insured shall be in multiples of Rs. 10,000/-.
  • Payments can be made regularly at monthly, quarterly, semiannual or annual mode (from first to last ECS only) or through SSS approach over the tenure of the plan.
  • Finance competence is accessible under this plan after the recompense of premiums for at least 3 years.
  • Capitulated Value: If the payment has been made for full policy tenure then the plan can be capitulated at any time throughout the policy tenure.
  • If death of insured occurs before the commencement of risk, a sum equal to the premium payments is payable.
  • If demise of the insured happens after the origination of risk, death benefit amount including “Sum Assured on death + Final Additional Bonus + Accrued Bonuses” will be paid.
  • On the child’s 25th birthday the policy gets matured and the amount which consists of 40 percent of the assured amount along with additional bonus is payable.

LIC Jeevan Anand Plan

LIC Jeevan Anand is a non-associated partake bequest policy that offers the double benefit of investments and protection. Even at the termination of the policy, the life coverage goes on till the demise of the policy owner. A blend of whole life and bequest policy, LIC Jeevan Anand offers Income tax reimbursement.

Prominent Features

  • Admission Age of the policy owner has to be from 18 to 50 years.
  • Maximum maturity age is 75 years.
  • Minimum and maximum policy tenures are 15 and 35 years respectively and the payments are supposed to be done throughout the tenure.
  • If the policy owner continues to exist till the conclusion of the policy tenure, the maturity gain is compensated.
  • If you die before the conclusion of the plan tenure, the amount insured is compensated to the entrant as the bereavement benefit.
  • The lowest amount security offered by the plan is Rs. 1,00,000/-
  • Refund is made available if a higher amount is assured.
  • Inadvertent demise benefits are the owner of this policy.
  • Regular payments comprise, quarterly, semi-annually, and annually.
  • If policy owner commits suicide within 1 year from the origination of the plan, 80 percent of the payments will be compensated back to the applicant.
  • Accumulated additional benefits are remunerated out along with the amount guaranteed.

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