Lic 5 Years Plan with Calculation

 LIC (Life Insurance Corporation of India) offers several 5-year insurance plans that can be tailored to your financial needs. These short-term plans are ideal for individuals looking for coverage and savings over a relatively short period. Let's explore the details of a few LIC 5-year plans, assuming a yearly premium of ₹10,000, and calculate the potential benefits.

LIC New Jeevan Anand (Table No. 815):

Policy Type: Endowment Plan

Policy Term: 5 years

Premium Payment Term: Typically, the premium payment term is the same as the policy term.

Maturity Benefit: You receive the sum assured along with any accrued bonuses at the end of the policy term.

Sample Calculation for ₹10,000 per year:

Premium Payment Term: 5 years

Sum Assured: ₹1,00,000 (assuming a sum assured of ₹1 lakh)

Yearly Premium: ₹10,000

Total Premium Paid (5 years): ₹50,000

Maturity Benefit: Sum assured (₹1,00,000) + Bonuses (if any)

LIC Jeevan Labh (Table No. 836):

Policy Type: Endowment Plan

Policy Term: You can choose a policy term of 5, 10, 15, 16, or 21 years. For a 5-year focus, we'll consider a 5-year term.

Premium Payment Term: The premium payment term is shorter than the policy term. You can choose to pay premiums for 3, 4, or 5 years.

Maturity Benefit: You receive the sum assured, vested simple reversionary bonuses, and final additional bonus (if any) at the end of the policy term.

Sample Calculation for ₹10,000 per year:

Premium Payment Term: 5 years

Sum Assured: ₹1,00,000 (assuming a sum assured of ₹1 lakh)

Yearly Premium: ₹10,000

Total Premium Paid (5 years): ₹50,000

Maturity Benefit: Sum assured (₹1,00,000) + Bonuses (if any)

LIC Jeevan Shanti (Table No. 850):

Policy Type: Single Premium Annuity Plan (Pension Plan)

Policy Term: 5 years or more (flexible)

Premium Payment: Typically, you pay a lump sum premium, but you can consider paying ₹10,000 as a single premium.

Maturity Benefit: This plan is primarily designed for pension benefits. You receive regular pension payouts, but there's no lump sum maturity benefit.

Sample Calculation for ₹10,000 single premium:

Premium Payment: ₹10,000 (single premium)

Policy Term: 5 years

Pension Payouts: Starting after the policy term

Please note that LIC policies offer different benefits, and the actual returns, maturity benefits, and bonuses may vary based on factors such as age, premium payment frequency, and prevailing bonus rates. It's important to consult with an LIC agent or financial advisor to get personalized information based on your specific requirements and financial goals. Additionally, some LIC policies may have limited coverage periods, so it's crucial to select a plan that aligns with your financial needs and objectives.