This is a non-linked participating endowment plan by the LIC of India, which gives the benefit of saving and protection. Under this plan, if the policyholder survives till the end of policy term, then the Sum Assured is paid. If the policyholder dies during the policy term, then the amount is paid to the nominee.

Its main features include:

• The minimum sum assured is Rs. 1,00,000 and subsequently in multiples of Rs. 5,000.
• There is no limit on the amount of maximum sum assured.
• The entry age is minimum 18 years and maximum 50 years.
• The policy term should range between 15 years and 35 years.
• The maximum age on maturity is 75 years.
• The insured can pay premiums either half-yearly, yearly, monthly or quarterly.
• A period of 30 days is given for all modes of premium payment and 15 days in case of monthly payment.
• Loan can be availed under this policy.
• Accidental death and disability benefits are also available under this plan as optional benefit.
• The premium paid under this policy is allowed as deduction under section 80C of the Income tax act.

LIC New Children’s Money Back Plan

The Life Insurance Corporation designed this plan mainly for the purpose of meeting the education, marriage and other needs of children. This participating money back plan by LIC is a savings and protection plan for the insured child. Its features are:

• The minimum sum assured is Rs. 100,000, thereafter in multiples of Rs. 10,000. There is not maximum limit.
• Minimum entry age is 0 years and maximum age limit is 12 years.
• The policy term is 25 years. It can also be calculated by subtracting the entry age by 25.
• Life Insurance Corporation offers a premium payment done at half-yearly, yearly, monthly or quarterly intervals only through ECS or SSS mode.
• The tax benefit of premium paid is given under section 80C, the death and maturity benefit under section 10(10D) of the Income Tax Act, 1961.
• LIC gives a grace period of 30 days for payment of premium for all modes, whereas for premiums paid monthly it is 15 days.
• Loan facility is available against this plan.
• The premium waiver rider benefit is available.

LIC Jeevan Labh Plan

The Jeevan Labh policy by Life Insurance Corporation is its bestseller policy. This is a non-market linked, profit plan that offers many benefits to the policy holder. A limited premium paying endowment policy, this LIC policy ensures death and maturity benefits for its policyholder and nominee. The features of this plan are as under:

• The minimum sum assured in Rs. 2,00,000, thereafter in multiples of Rs. 10,000 and there is not maximum limit.
• The policy is available for three policy terms; 16, 21 and 25 years.
• The minimum entry age is 8 years whereas the maximum age is 59 (for 16 year policy) 54 (for 21 year policy) and 50 (for 25 year policy).
• The policy holders can avail a loan on the policy after paying a regular premium for three years.
• The maximum maturity age is 75 years.
• The premium payment can be made half-yearly, yearly, monthly or quarterly intervals only through ECS or SSS mode.
• The tax benefit of premium paid is given under section 80C, the death and maturity benefit under section 10(10D) of the Income Tax Act, 1961.
• The Life Insurance Corporationgives a grace period of 30 days for payment of premium for all modes, whereas for premiums paid monthly it is 15 days.

LIC Jeevan Lakshya Plan

This with profit endowment assurance plan by Life Insurance Corporationis particularly favorable for minors. In the event of unfortunate death of the insurer, the sum assured provides annual income benefit for the children to fulfil family needs. Some of its exquisite features are:

• The minimum and maximum entry age is 18 years and 50 years respectively.
• The minimum sum assured is Rs. 1,00,000 and there is not maximum limit.
• A policyholder can pay premium half-yearly, yearly, monthly or quarterly. This payment must be done using through ECS or SSS only.
• The policy term ranges from 13 years to 25 years.
• The premium paid is exempt under section 80C whereas the maturity amount is free from tax under section 10D of the Income Tax Act, 1961.

A policyholder should be aware that the limit of deduction allowed according to the Income Tax Act, under section 80C is Rs. 1,50,000.

The Life Insurance Corporation of India offers insurance plans that can get you tax benefit under section 80CCC, 80D and 10 (10D).

However, you should keep in mind your requirements before selecting an appropriate plan for yourself.

Conclusion

We hope you were able to find the plan you were looking for, from the above article. If you’d like to explore more on how these plans work for customers, their pros and cons, etc. you can also go through different review websites related to insurance such as Policybazaar reviews, etc.

Let us know in the comment section, which one did you find most suitable for you.