LIC, short for Life Insurance Corporation of India, has a variety of plans to cater to different needs of its customers. Currently, there are more than 20 types of insurance policies offered by LIC which can be categorized under various heads such as Endowment Plans, Term Assurance Plans, Money-Back Plans, Unit-Linked Insurance Plans (ULIP), Pension Plans, Children Plans, etc.
Endowment Plans are the most popular and traditional LIC plans that offer both insurance and savings. These plans include policies such as Jeevan Anand, New Endowment Plan, and Single Premium Endowment Plan. Term Assurance Plans, on the other hand, are simple and affordable plans that only provide life cover. Examples of these policies are Anmol Jeevan II, Amulya Jeevan II, and Bhagya Lakshmi.
Money-Back Plans are those that provide regular payouts as a percentage of Sum Assured throughout the policy term, and also give the balance sum assured on maturity. Some of the policies under this category include Jeevan Shiromani, Jeevan Tarun, and Jeevan Labh.
ULIPs are investment-based plans where the policyholder can choose to invest in different funds as per their risk appetite. Some well-known policies under this head are New Endowment Plus, Wealth Plus, and Future Plus. Pension plans, such as Jeevan Akshay VI, offer financial security during retirement by providing a regular income stream.
Lastly, LIC also offers plans specifically designed for the education and marriage of children, such as Jeevan Tarun, Child Career Plan, and New Children’s Money Back Plan.
With so many options to choose from, one can easily find a policy that fits their financial goals and budget. It is recommended to read the policy document carefully before opting for a specific policy to ensure that it meets all the requirements.
