LIC Plan 5 Years Double Money | Best LIC Plans with Highest Interest Rates to Invest in 2022 

LIC Plan 5 Years Double Money: LIC offers a variety of affordable 5-year plans. The public life insurance company’s 5-year plans include Micro Insurance, Group Insurance, Retirement Plans, Endowment plans, Unit Linked Insurance Plan, and LIC New Endowment Plus.

Customers can choose from a variety of insurance products provided by the Life Insurance Corporation. These plans are divided into categories based on their most notable characteristic. For example, the Life Insurance Corporation of India (LIC) provides health insurance, retirement plans, life insurance, and child insurance, among other things. Giving clients the option to choose their policy period is based on the idea of assisting them in making important decisions based on their financial goals and ability.

Customers may choose LIC 5-year insurance plans for a variety of reasons, including simple terms, a shorter premium payment period, and the ability to change the scheme to a longer one in the future. LIC is one of the country’s most well-known insurance companies, with a wealth of experience in the area. Let’s take a look at some of the company’s most popular 5-year insurance plans in India.

• Best 5-Year LIC Plans in India that Doubles the Money | LIC 5 Years Insurance Plans with Highest Return Rates.
  • Micro-Insurance Plan
  • Retirement Plan
  • Group Insurance Plans
  • LIC Endowment Plans
  • Unit Linked Insurance Plan
  • LIC New Endowment Plus
• Is purchasing a life insurance policy a good suggestion?
• Is FD preferable to LIC or vice versa?
• What happens if I don’t pay my LIC premiums for the next 5 years?

Best 5-Year LIC Plans in India that Doubles the Money | LIC 5 Years Insurance Plans with Highest Return Rates

1. Micro-Insurance Plan

Micro-insurance plans combine insurance, investment, and savings in a single package. The following is a list of LIC’s microinsurance plans for up to a 5-year policy duration.

New Jeevan Mangal Plan:

The New Jeevan Mangal Plan is a micro-insurance term insurance plan that pays out premiums at the end of the policy’s term and also covers the insured for accident benefits. Only the 5-year premium-paying term is covered by the policy period of 5 years.

2. Retirement Plan

Retirement plans are a terrific way to plan for your future financial needs, especially once you’ve left the workforce. Retirement plans assist you in saving and investing so that you can have a set amount of disposable income or funds. LIC offers the following retirement plans:

Jeevan Akshaya VI: 

This plan is for consumers who want to pay lump-sum money upfront for retirement solutions. The policyholder can then choose between quarterly, monthly, half-yearly, and yearly payment intervals under the LIC’s Jeevan Akshay VI Plan.

LIC’s New Jeevan Nidhi:

The LIC’s New Jeevan Nidhi is a traditional insurance plan that pays out a profit to customers while also providing savings and security. The LIC’s New Jeevan Nidhi can be purchased in one lump sum and provides the nominee with a death benefit in the form of an annuity as well as a maturity benefit in the form of an annuity when the amount has vested.

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3. Group Insurance Plans

Group Insurance Plans are ideal for businesses that want to offer insurance to their employees as a benefit. The LIC offers the following group plans:

LIC’s Group Credit Life Insurance:

This is a non-participating, non-linked group insurance system that pays out an insurance amount if a group member dies while the policy is in effect.

LIC’s Single Premium Group Insurance:

It is a non-participating, non-linked single premium group insurance plan that pays a lump-sum death benefit to any member of the group during the policy’s term. An employer or a homogeneous group can use the plan.

4. LIC Endowment Plans

Endowment life insurance plans combine savings with life insurance benefits to increase the value of the policy. Both death and maturity rewards are available through these plans. These are bonus programs that allow members to participate in insurance firms’ bonuses. It provides higher returns to the policyholder by paying simple accumulated reversionary bonuses and final additional bonuses in addition to the death or maturity payment.

5. Unit Linked Insurance Plan

Only one Unit Linked Insurance plan is available through LIC. Unit-linked insurance plans offer larger returns, but they do not guarantee them because the gains are subject to market fluctuations and carry a higher risk. These plans are best suited to people who are willing to accept greater risk.

6. LIC New Endowment Plus

The unit-Linked Insurance policy provides both life insurance and investment opportunities. The policyholder’s premiums are split between covering the insurance risk and investing in funds, which can be either equity, debt, or a balanced fund that includes both equity and debt. The premiums are placed in a fund that the policyholder chooses based on his or her risk appetite.

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FAQs on LIC Plan 5 Years Double Money

1. Is purchasing a life insurance policy a good suggestion?

Yes, LIC offers one of the best life insurance policies available. If you want life insurance and an investment component in one plan, you can choose between a ULIP or an Endowment, depending on your risk appetite and financial goals.

2. Is FD preferable to LIC or vice versa?

Fixed deposits are a good choice for medium- and short-term investments. On the other hand, The life insurance policy is meant to be a long-term investment. Unlike life insurance plans, where you must put your money in for at least 10 years, you can put money into an FD plan for as little as seven days.

3. What happens if I don’t pay my LIC premiums for the next 5 years?

The insurance policy will be terminated.

If you do it within five years of your policy expiring, some insurers might let you do it. For the reinstated insurance, you’ll almost certainly have to pass a physical exam and pay back the premiums you’d have paid, plus interest.

Conclusion

These are some of the most advantageous LIC plans from which insurance consumers can select based on their budget and financial needs. Make sure you read all of the facts of the strategy before making a decision. Don’t forget to secure your family’s financial future by purchasing life insurance.