LIC Plans: It doesn’t always take a large sum of money to start saving for the future. Many people gradually build a substantial corpus by regularly setting aside a small portion of their income. If you want to achieve this savings while also providing life insurance coverage for your family, consider the various LIC plans.

LIC doesn’t have a one-size-fits-all policy. Some plans focus on long-term savings, some require premium payments for a limited period, and some offer regular payments in the future. Therefore, it’s important to understand your needs before choosing a policy.

1. New Jeevan Anand: Long-term life cover with savings

New Jeevan Anand is for those who want to combine long-term insurance with savings. Upon completion of the policy term, a maturity benefit is available as per the policy terms. Bonuses may also be added if eligible.

The unique feature of this plan is that life insurance coverage can continue even after the policy term, subject to the conditions. This means it’s not just about savings, but also offers long-term protection.

2. Life Goal: Preparing for Big Expenses for Children

If you’re looking to build up funds for your children’s education, career, or other future needs, consider the features of Jeevan Lakshya. It combines savings with the benefits of life insurance.

In the event of the policyholder’s death, the family can receive benefits according to the policy terms. This plan can help create financial security for future responsibilities.

3. Jeevan Umang: Regular amount option after premium

Some people prefer a policy that offers a provision for receiving premiums over a period of time. Jeevan Umang is a plan designed to address this need.

A survival benefit is available after the completion of the premium-paying term, depending on the policy terms. Therefore, those looking to create an additional source of regular income around retirement may want to understand the rules.

4. Bima Jyoti: Guaranteed Addition with Savings

Bima Jyoti combines life insurance with a savings aspect. The highlight of this plan is its Guaranteed Addition, which is added according to the policy terms.

That is, before taking a policy, instead of deciding only by looking at the premium, it is important to see how much has to be paid during the entire period and how much benefit can be obtained at the end under the prescribed conditions.

5. Jeevan Labh: Limited premium, long term policy

If you don’t want to pay premiums for the entire policy term, a limited premium payment plan like Jeevan Labh may be of interest to you. Premiums are paid for a fixed period, while the policy continues for the specified term.

Maturity benefits may be available depending on the policy terms and bonuses may also be added if eligible. Life insurance protection continues throughout the policy term.

Do not buy a policy just by looking at the low premium.

When choosing an insurance plan, the first thing to consider is whether it fits your needs. A low premium doesn’t necessarily mean that the policy is the best one for you.

Before purchasing a policy, carefully review the premium term, total payout, maturity benefit, death benefit, bonuses, and policy terms. If necessary, it’s best to consult LIC’s official documentation or an authorized representative.