Best LIC Policies to Invest in 2024

LIC offers a wide range of policies designed to provide financial security and protection to individuals and their loved ones. With LIC, you can have different types of policies such as endowment plans, whole life plans, and retirement plans, all of which cater to diverse needs and goals.

With a focus on customer satisfaction and reliability, LIC policies offer benefits such as life coverage, maturity benefits, tax advantages, and the ability to customise plans according to individual preferences.

In this article, we have mentioned some of the top LIC investment plans in 2024 and their eligibility criteria.

List of Best LIC Plans for Investment in 2024

Here are some of the top LIC investment plans in 2024 -

LIC Bima Ratna

LIC's Bima Ratna is a life insurance plan designed for individuals seeking a combination of savings and protection. It is a non-linked, non-participating plan that offers financial assistance to the policyholder's family in the event of the policyholder's untimely death during the policy term.

Additionally, the plan provides periodic payments to the policyholder upon survival at specified intervals to fulfill various financial requirements. The plan also includes a loan facility to meet liquidity needs.

Eligibility Criteria

Minimum Basic Sum Assured	Rs. 5,00,000
Maximum Basic Sum Assured	No Limit
Term of the Policy	15, 20, or 25 Years 15 or 20 Years if the policy is procured through POSP-LI/CPSC-SPV
Premium Paying Term	11 Years for Policy Term of 15 Years 16 Years for Policy Term of 20 Years 21 Years for Policy Term of 25 Years
Minimum Age At Entry	5 Years (Completed) for Policy Term of 15 Years 90 Days (Completed) for Policy Term of 20 and 25 Years
Maximum Age at Entry	55 Years (Age Nearer Birthday) for Policy Term of 15 Years 50 Years (Age Nearer Birthday) for Policy Term of 20 Years 45 Years (Age Nearer Birthday) for Policy Term of 25 Years 65 Years (Age Nearer Birthday) minus Policy Term (if the policy is procured through POSP-LI/CPSC-SPV)
Minimum Age at Maturity	20 Years (Completed) for Policy Term of 15 and 20 Years 25 Years (Completed) for Policy Term of 25 Years
Maximum Age at Maturity	70 Years (Age Nearer Birthday) 65 Years (Age Nearer Birthday) -if the policy procured through POSP-LI/CPSC-SPV

LIC Jeevan Umang

LIC's Jeevan Umang is an individual, whole life assurance plan that provides both financial protection and income to your family. It is a participating, non-linked plan that offers annual survival benefits starting from the end of the premium paying term until maturity.

In addition, the plan provides a lump sum payment at maturity or in the event of the policyholder's death during the policy term.

Eligibility Criteria

Minimum Age at Entry	90 Days (Completed)
Maximum Age at Entry	55 Years (Nearer birthday)
Minimum Age at the End of Premium Paying Term	30 Years (Nearer birthday)
Maximum Age at the End of Premium Paying Term	70 Years (Nearer birthday)
Age at Maturity	100 Years (Nearer birthday)
Policy Term	(100 Minus Age At Entry) Years
Minimum Basic Sum Assured	Rs. 2,00,000
Maximum Basic Sum Assured	No Limit
Premium Paying Term	15, 20, 25, and 30 Years

LIC Jeevan Labh

The LIC Jeevan Labh plan provides financial security with increased future savings for the policyholder. Under this plan, the dependents or family members get covered in the event of the unfortunate death of the insured.

If the policyholder survives till the end of the policy tenure, they are liable to get the maturity benefit with a simple reversionary bonus and a final additional bonus.

Eligibility Criteria

Minimum Age at Entry	8 Years (Completed)
Maximum Age at Entry	59 Years (Nearest birthday) for Policy Term of 16 Years 54 Years (Nearest birthday) for Policy Term of 21 Years 50 Years (Nearest birthday) for Policy Term of 25 Years
Maximum Maturity Age	75 Years (Nearest Birthday)
Policy Term/ Premium Paying Term (in Years)	16/10, 21/15, 25/16
Minimum Basic Sum Assured	Rs. 2,00,000
Maximum Basic Sum Assured	No Limit

LIC Bima Jyoti Plan

The LIC Bima Jyoti plan is a life assurance savings plan. It is a non-linked and non-participating policy that provides financial protection to the dependents of the insured individual in case of their unfortunate death. The plan guarantees a lump-sum payment to the surviving policyholder at the time of policy maturity. 

Eligibility Criteria

Minimum Age at Entry	90 Days (Completed)
Maximum Age at Entry	60 Years (Age Nearer Birthday)
Minimum Age at Maturity	18 Years (Completed)
Maximum Age at Maturity	75 Years (Age Nearer Birthday) 65 Years (Age Nearer Birthday) for Policies Procured Through POSP-LI & CPSC
Policy Term	15-20 Years
Minimum Basic Sum Assured	Rs. 1,00,000
Maximum Basic Sum Assured	No Limit

LIC SIIP Plan

LIC SIIP plan is a non-participating, unit-linked, and regular premium plan. Fundamentally a combination of insurance and investment, this plan provides the insured with the option of investing premiums in one of the available four types of investment funds.   

Eligibility Criteria

Minimum Age at Entry	90 Days (Completed)
Maximum Age at Entry	65 Years (Nearer birthday)
Minimum Maturity Age	18 Years (Completed)
Maximum Maturity Age	85 Years (Nearer birthday)
Policy Term and Premium Paying Term	10-25 Years
Minimum Basic Sum Assured	Below 55 Years - 10 Times of Annualised Premiums 55 Years and Above - 7 Times of Annualised Premiums

LIC New Jeevan Anand Plan

With the LIC New Jeevan Anand Plan, family members of the policyholder get financial protection after the unfortunate death of the former. Notably, this LIC policy also offers maturity benefits to the insured if they survive till the end of the policy tenure. Additionally, individuals can avail of the loan facility offered with the plan to take care of their emergency financial requirements. 

Eligibility Criteria

Minimum Age at Entry	18 Years (Completed)
Maximum Age at Entry	50 Years (Nearer birthday)
Minimum Policy Term	15 Years
Maximum Policy Term	35 Years
Maximum Maturity Age	75 Years (Nearer Birthday)
Minimum Basic Sum Assured	Rs. 1,00,000
Maximum Basic Sum Assured	No Limit

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