Which LIC policy we can buy online?
You can buy various term, endowment, whole life, and pension plans directly through the LIC Online Portal.
🛡️ Popular LIC Policies Available Online
- LIC Digi Term: A pure protection online term assurance plan providing high coverage at lower rates.
- LIC New Tech-Term: An online-exclusive term plan offering level or increasing sum assured choices.
- LIC Jeevan Utsav: A non-linked, whole life savings plan offering regular survival or flexi income benefits.
- LIC Amritbaal: A specialized child plan featuring guaranteed additions and tailored maturity ages.
- LIC Index Plus: A unit-linked insurance plan (ULIP) with flexible monthly premium options.
- LIC Bima Kavach: A protection plan offering choices between different death benefit options.
- LIC Smart Pension / New Jeevan Shanti: Annuity and pension solutions for post-retirement financial stability.
Can a LIC policy be purchased online?
Yes, a Life Insurance Corporation of India (LIC) policy can be purchased online directly through the Official LIC Online Portal or via authorized aggregators like Policybazaar.
Available Online Plans
- Term Insurance: Tech-Term and Digi Term
- Endowment & Savings: New Bima Jyoti, Jeevan Utsav, and Amritbaal
- Pension & Annuity: Jeevan Akshay-VII and New Jeevan Shanti
Benefits of Buying Online
- Lower Premium Rates: Direct online purchases often feature rebate incentives or lower premium rates because there are no agent commission costs.
- Convenience: You can compare, select, and pay securely 24/7 using Net Banking, UPI, or Credit/Debit cards.
- Paperless Process: KYC and document verification are handled digitally.
Which plan of LIC is best?
The best Life Insurance Corporation of India (LIC) plan depends on your primary financial goal, such as pure protection, long-term savings, or retirement income.
Best for Pure Protection (Term Insurance)
- LIC Jeevan Amar or Tech Term: These are pure term assurance policies. They offer high life cover for affordable premiums. They do not give maturity returns, but they secure your family financially if an emergency happens.
Best for Long-Term Savings & Growth
- LIC Jeevan Labh: This is a limited-premium endowment plan. It helps build a large corpus over time through guaranteed benefits and bonuses. Many investors view it as a top choice to grow wealth.
- LIC New Jeevan Anand: This is a popular endowment cum whole-life plan. It provides a payout at maturity plus continuous risk coverage even after the term ends.
Best for Regular Income & Retirement
- LIC Jeevan Umang: This is a whole-life assurance plan that offers life cover up to age 100 and provides an annual survival benefit payout after the premium payment term ends.
- LIC New Jeevan Shanti: This is a deferred annuity plan that works well for a single-premium layout to secure guaranteed regular pension payments.
Best for Children's Future
- LIC Jeevan Tarun: This is a flexible savings and protection plan designed to fund a child's higher education and future needs.
You can review specific options or buy policies directly through the Official Life Insurance Corporation of India portal.
What is the LIC 3000 per month plan for 5 years?
An investment of ₹3,000 per month in a Life Insurance Corporation of India (LIC India) policy over a 5-year term totals an investment of ₹1,80,000, though traditional LIC endowment or money-back policies generally require longer minimum terms of 10 to 15 years or more.
Understanding 5-Year Commitments with LIC
- Limited Availability: Most traditional participating and endowment plans from LIC require a longer policy and premium-paying term (usually 10 to 25+ years) to generate optimal bonuses and maturity benefits.
- Short-Term Options: Short-term protection or specific limited-premium plans (like certain micro-insurance or specialized single/short-term plans) have rigid eligibility criteria.
- Total Contribution: Paying ₹3,000 monthly equals ₹36,000 per year, accumulating to ₹1,80,000 over 60 months (5 years).
Key Features of LIC Monthly Plans
- Savings and Protection: Combines life insurance cover with guaranteed or variable returns depending on the specific product.
- Tax Savings: Eligible for deductions under Section 80C and tax-free maturity/death benefits under Section 10(10D) as per income tax rules.
- Liquidity: Surrender or loan facilities usually unlock only after completing 2 full years of premium payments for standard policies.
To check exact plan availability matching a 5-year term, you can explore the Official LIC Plans Portal or use an independent LIC Plan Calculator to estimate specific returns.
What is the LIC 10,000 per month policy?
The LIC Monthly Investment Plans refer to pension or retirement schemes where an investor contributes ₹10,000 per month to build a steady, guaranteed cash flow after retirement.
Key Details of the Scheme
- Target Group: People who are age 60 or older looking for post-retirement financial security.
- Contribution: An investment of ₹10,000 paid every month.
- Payout: Provides a guaranteed monthly income stream, often structured for a duration like 10 years or lifetime depending on the exact annuity or pension variant chosen.
- Goal: Offers steady cash flow and financial independence during retirement years.
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Can NRI buy LIC policy in India?
Yes, Non-Resident Indians (NRIs) can buy LIC India NRI Corner life insurance policies in India.
Eligibility and Rules
- Citizenship/Residency: You must hold a valid Indian passport. You should not be a Green Card holder or plan to apply for foreign citizenship in the near future.
- Currency: All policies are issued and paid out strictly in Indian Rupees (INR).
- Purchase Methods: You can buy a policy either:
- On a visit to India: Treated at par with resident Indian procedures.
- Remotely via Mail Order Business: Completed from your current country of residence through approved medical/video medical examinations and designated questionnaires.
Required Documents
- Copy of your valid Indian passport (showing visa/pages of travel).
- Proof of income (such as foreign income tax returns, employment contract, or salary slips).
- Age proof and a filled-out NRI questionnaire.
- Medical reports or video medical examination results, if required.
How much money will I get after 3 years of LIC policy?
How much money you will get after 3 years depends entirely on whether your LIC policy has naturally reached its maturity date or if you are looking to surrender (close) the policy early.
The payouts vary dramatically based on these two paths:
1. If the Policy Matures in 3 Years (Short-Term Plan)
If you originally bought a short-term plan that has a 3-year term, you will receive the Full Maturity Value.
- The Payout: You will get the Full Sum Assured + Accumulated Bonuses (such as Simple Reversionary Bonuses and Loyalty Additions, if declared).
- Taxability: This payout is typically tax-free under Section 10(10D) of the Income Tax Act.
2. If You are Closing (Surrendering) a Long-Term Policy Early
If you have a 10, 15, or 20-year policy but want to stop it after just 3 years, you are surrendering the policy. Paying premiums for 3 full years makes you eligible for a cash payout, but you will lose a significant portion of the money you put in.
LIC offers two types of early exit values:
- Guaranteed Surrender Value (GSV): This is the minimum legally promised amount. For most standard policies, the GSV after 3 years is only 30% of the basic premiums paid.
- Important exclusions: The 30% calculation strictly excludes the first-year premium, tax charges, rider premiums (like accidental benefits), and already-paid survival benefits.
- Special Surrender Value (SSV): LIC will also calculate a special market-linked value based on your policy's "Paid-Up Value" plus accrued bonuses. LIC will automatically pay you whichever amount is higher between the GSV and the SSV.
Scenario Example (Surrendering a Policy)
If you pay an annual premium of ₹30,000 for 3 years (Total Paid: ₹90,000) and decide to surrender it:
- Year 1 premium is ignored (-₹30,000).
- Eligible premiums remaining: ₹60,000 (Years 2 and 3).
- Guaranteed Return (30%): You will only receive roughly ₹18,000 back from your total ₹90,000 investment.
How to Check Your Exact Amount
Because calculations depend on your specific plan number and premium amount, you can check your live value using these official options:
- Online: Log into your account on the LIC Customer Portal to check the current surrender or accrued bonus status.
- Calculator: Use a public tool like the Policybazaar LIC Surrender Value Calculator to get an estimated quote by typing in your specific plan details.
- Offline: Visit your nearest servicing LIC branch with your original policy documents.
Which LIC policy is best in India?
The best Life Insurance Corporation of India (LIC) policy depends on your financial goal, whether you want pure risk protection, long-term savings, or guaranteed retirement income. You can explore all options directly on the Official LIC India Website.
Top LIC Policies by Category
- Best Term Insurance (Pure Protection): LIC Jeevan Amar or LIC Tech-Term
- Best for: High life cover at low, affordable premium rates.
- Key feature: Offers smoker/non-smoker rates and level or increasing sum assured choices without maturity returns.
- Best Endowment Plan (Savings + Protection): LIC New Jeevan Anand (Plan 715/915)
- Best for: Dual benefits of a maturity lump sum and lifetime risk cover continuing even after the term ends.
- Key feature: Highly popular with bonus facilities and liquidity via policy loans.
- Best Whole Life Plan (Regular Income): LIC Jeevan Umang or LIC Jeevan Utsav
- Best for: Long-term wealth creation and annual survival payouts.
- Key feature: Provides yearly guaranteed percentage payouts (survival benefits) for life after the premium-paying term.
- Best Retirement / Pension Plan: LIC New Jeevan Shanti
- Best for: Securing a guaranteed stream of income post-retirement through a single lump-sum investment.
Is LIC better than fd?
Neither LIC (Life Insurance Corporation) nor an FD (Fixed Deposit) is universally "better"; they serve completely different financial purposes.
- Choose a Fixed Deposit if you want high liquidity, short-term parking of funds, and guaranteed, predictable interest.
- Choose an LIC savings or traditional policy only if you specifically need long-term life insurance coverage combined with forced savings.
Key Differences
| Feature | Fixed Deposit (FD) | LIC Traditional / Endowment Policies |
|---|---|---|
| Primary Purpose | Pure savings and wealth parking. | Life insurance protection + a modest savings component. |
| Returns | Fixed, guaranteed interest rate known upfront. | Lower or modest returns tied to bonuses, often yielding low XIRR (4%–6%). |
| Liquidity | High. You can break an FD anytime, though it may incur a small penalty. | Low. Heavy penalties or loss of capital if exited early; subject to long lock-in periods. |
| Tax Benefits | None, except for specific 5-year tax-saver FDs under Section 80C. | Premiums and maturity payouts may qualify for tax deductions under Section 80C and 10(10D). |
| Safety | Very safe, though bank FDs are insured up to ₹5 lakh by DICGC. | Highly secure as it carries sovereign backing from the Indian government. |
Which Should You Pick?
- When FD Wins: FDs are much better for short- to medium-term goals (1 to 5 years) or emergency funds because you can withdraw your money quickly without losing a large chunk of your principal.
- When LIC Wins: LIC provides a life cover payout to your family if something happens to you. Pure term insurance is vastly superior and cheaper for this, but traditional LIC plans bundle protection with a savings tool for disciplined, long-term investors.
- The Financial Consensus: Financial experts generally advise against mixing insurance with investment. It is usually wiser to buy a pure term insurance policy for protection and invest your surplus savings in higher-yielding options like Fixed Deposits or Mutual Funds rather than traditional LIC endowment plans.
What is LIC 5 lakh one time investment plan?
A LIC 5 lakh one-time investment plan refers to a single-premium life insurance and savings policy from the Life Insurance Corporation of India where you pay a lump sum of ₹5 lakh upfront.
Key Features
- Single Payment: You pay the entire ₹5 lakh amount just once at the start, removing the hassle of paying regular yearly, half-yearly, or monthly installments.
- Dual Benefit: It combines life insurance coverage (risk protection for your family) with guaranteed savings or returns.
- Plan Types: This type of funding is commonly mapped to plans like the LIC Single Premium Endowment Plan or unit-linked options like LIC's Nivesh Plus.
- Death and Maturity Benefits: If the policyholder survives till the end of the term, they receive a maturity payout. If an untimely death occurs during the term, a lump-sum death benefit goes to the nominee.
- Liquidity: Policyholders can typically secure a loan against the policy if they face emergency financial needs.