LIC Insurance Plans For 5 Years

Life Insurance Corporation (LIC) of India offers an array of insurance plans to their customers. These plans are mostly segregated on the basis of their most prominent features. For example, LIC offers health insurance plans, life insurance plans, child plans, retirement plans, etc. with various policy terms. Most of these policies allow the policyholders to select a convenient policy term. The central idea behind offering customers the flexibility to pick their policy term is to help them in making decisions as per their financial goals and capacity.

Customers may choose the five-year LIC policies for a variety of reasons. They generally have shorter premium paying period, easy to understand terms, an open option for converting the scheme to a longer-term policy in future, etc. Being one of the most popular insurance providers in India, LIC has substantial experience in this field. Let us closely study some of the most popular Five-year insurance plans that LIC of India company offers.

Retirement Plans

Retirement plans are excellent financial tools to take care of future financial needs, especially after the policyholder retires from work. These plans help in saving and investing so that the policyholder has a certain disposable income in hand post-retirement. A few popular retirement plans offered by LIC are:

Jeevan Akshaya VI: It is suitable for those customers who prefer to avail of retirement solutions by paying a lump-sum amount upfront. Thereby, the policyholder can choose the annuity payment interval from monthly, quarterly, half-yearly or yearly options

LIC’s New Jeevan Nidhi: It is a conventional insurance plan offering a substantial profit to policyholders. It can be purchased with a lump-sum and it offers both maturity and death benefit in the form of an annuity.

Micro-insurance plans:

These plans are considered as a perfect mix of insurance, savings and investment. Micro-insurance plans like New Jeevan Mangal Plan offers returns of premiums on the maturity of the policy. It also offers accidental coverage benefit. The policy term of 5 years is applicable only to the 5-year premium paying term.

Group Insurance Plans

Group LIC plans are best suited for companies or organizations that wish to provide insurance coverage to their employees as an added benefit or perk.  LIC’s Group Credit Life Insurance and Single Premium Group Insurance are the most popular group insurance plans with a 5-year policy term. The former scheme offers the insurance amount on the death of a group member while the policy is active, whereas, the latter offers a flat lump sum as the death benefit to the nominee any member of the group. An employer can avail these plans for its employees. Alternatively, a homogeneous group can also opt for these policies.

Purchasing an Insurance Policy from LIC

LIC policies can be purchased by customers either by visiting any of the LIC offices or online from the official website of LIC. The online application form is available on the LIC website. Potential policyholders can fill up and submit the form online through the same website. Submitting this form with the required details will notify the LIC representatives of interested customers. Subsequently, the LIC representatives will contact the person to obtain more information, check for eligibility and accordingly process the policy purchase request. Alternatively, LIC has offices in almost all Indian cities and towns. A potential customer can directly visit these offices to seek information and eventually buy LIC insurance schemes. LIC's customer care representatives and agents can also be contacted through the phone for inquiring and obtaining further details regarding the insurance policies offered by the company.

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