People these days are more aware of their personal and financial security. Structuring the financial needs in accordance with their living has become an essential criterion for the present generation. This is where LIC assists individuals by offering a wide range of insurance policy that helps them in fulfilling their varied insurance needs.
Among the various plans, there are some popular LIC plans which are considered best for family planning. So, before diving in to figure out the best LIC plans for your family, you can consider the guide that is given below:
A Guide to Get the Best LIC Plans for your Family
LIC’s New Endowment Plus Plan
It is a standalone unit-linked insurance plan that has been designed by the LIC for the ones who can be prone to risks to a certain extent. This plan is suitable for risk-takers whose approach is to have market-linked returns along with insurance. The policy period for this plan is between 10 – 20 years. Besides, the sum assured is generally higher or 105% of the total premium paid.
LIC’s Jeevan Shiromani Plan
If you are looking for a money-back plan and that too with a net worth, then opt for LIC’s Jeevan Shiromani plan. It provides easy liquidity and comes with the customizable option of four additional riders. This plan is best suited for risk-averse individuals who want to have substantial savings and also need liquidity during the tenure of the policy. The entry age for this policy is between 18 – 55 years and the sum assured for this policy is INR 1 crore onwards.
LIC’s Jeevan Lakshya Plan
It is an endowment plan that focuses on enhancing the death benefits. The death benefit includes huge payments on the completion of the term of the policy. If you are a risk-averse individual, then this policy is best for you as it helps you in creating savings along with insurance. Besides, availing this plan will give you the benefit of attractive premium discounts and will provide additional benefits for enhancing the plan benefits.
LIC’s Jeevan Tarun Plan
This plan is designed especially to meet the educational and other needs of the growing children. This plan falls under the money-back policy, and the maximum maturity age is 25 years. It is one of the traditional LIC plans and is still considered best for family insurance planning. Opting for this LIC plan will also give you the benefit of enhancing your coverage.
LIC’s Jeevan Shanti Plan
This plan is best for senior citizens. It is suitable for individuals who are about to retire as well as are planning to buy a plan that will give them a steady flow of income after retirement. The maturity age and policy tenure depend on the selected annuity option. Moreover, an individual under this policy is entitled to the loan benefits only under some annuity options.
Factors to consider while identifying the best insurance plans for your family
LIC offers various family life insurance plans, and each of them comes with different features and facilities. In order to determine the best suitable LIC plans for your family, consider some of the factors that are given below:
- Purpose and Productivity: Before opting for LIC plans for your family, understand its purpose and productivity. For instance, if you are emphasizing your child’s career, then opt for LIC’s New Endowment Plus Plan. Similarly, if you are looking for a pension plan, then opting for LIC’s Jeevan Shanti Plan would be a prudent choice for you.
- Sum Assured: When you are availing an LIC plan for your family, make sure that the sum assured is sufficient enough to cover your overall financial goal. To be sure about it, you can use different online tools or can take advice from the financial advisor.
- Type of Plan: LIC offers various types of insurance plans. Therefore, you need to make sure that you opt for one that provides you optimum benefit. It is always advisable that you should take some time before opting for any LIC plans for your family as it will give you a better perspective of your decision.
- Terms of the Policy: The policy terms of the LIC plan should match your investment. Select the term in accordance with your requirements so that the funds are available during the time of your utmost needs.
- Riders Benefit: If you are looking for additional coverage benefits, opt for a LIC plan for your family that offers the scope of increasing your coverage.
Step Ahead for a Safe and Secure Future
Planning out the financial goal is always a difficult task unless you step ahead with a specific approach. Before opting for any specific LIC plan for your family go through the guide as it will help you in having a better approach. Moreover, considering the determinant factors will not only help you in identifying the best LIC plan for your family but will also provide you with a safe and secure future.