5-year insurance policies can be chosen by customers for a variety of reasons like easy to understand terms, shorter premium paying period, an open option to convert the scheme to a longer one in future etc. LIC is one of the most popular insurance providers in the country and has substantial experience in the field of insurance. Let us look into some of the most popular 5-year insurance plans that the company offers in India.
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Retirement Plans:
Retirement plans are a great financial tool to take care of your future financial needs especially once you retire from work. These plans help you save and invest so that you have a certain disposable income or funds in hand. Retirement plans offered by LIC are –
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- Jeevan Akshaya VI: This plan is suitable for customers who wish to avail retirement solutions by paying upfront a lump-sum amount. Annuity payment interval can then be chosen by the policyholder and it can be chosen from monthly, quarterly, half-yearly and yearly options
- LIC’s New Jeevan Nidhi: A conventional insurance plan that offers profit to policyholders. It can be purchased in one lump-sum go and it offers death benefit in the form of an annuity to the nominee and also offers maturity benefit in the form of annuity after vesting of the amount.
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Micro-insurance plans:
Microinsurance plans are a perfect mix of insurance, investment and savings. The microinsurance plan from LIC for up to 5 years of policy term is listed as under.
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- New Jeevan Mangal Plan: A micro-insurance term insurance plan that offers returns of premiums on the maturity of policy and also covers the insured person for accident benefit. The policy period of 5 years is applicable only for the 5-year premium paying term.
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Group Insurance Plans:
Group Insurance plans are best suited for companies who wish to provide insurance to their employees as an added perk.
Following are the group insurance plans with a 5-year policy term that are being offered by LIC currently.
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- LIC’s Group Credit Life Insurance: This is a group insurance scheme that offers insurance amount on death of a group member while the policy is in force.
- LIC’s Single Premium Group Insurance: A single premium group insurance plan which offers a flat lump-sum amount as a death benefit to any member of the group. The plan can be availed by an employer for its employees or by a homogeneous group.
