LIC Short Term Plans With Calculation 2023

LIC (Life Insurance Corporation of India) offers a range of insurance plans, including short-term plans, to cater to the diverse financial needs of its policyholders. These short-term plans are designed to provide coverage for a limited period, offering specific benefits during that time frame. Let's explore some of the short-term plans offered by LIC:

LIC New Jeevan Anand (Table No. 815):

Policy Type: Endowment Plan

Policy Term: You can choose a short-term policy, such as 5 or 10 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: 10 years (assuming policy term is 10 years)

Sum Assured: ₹1,00,000

Yearly Premium: ₹10,000

Total Premium Paid (10 years): ₹1,00,000

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

LIC Jeevan Lakshya (Table No. 833):

Policy Type: Endowment Plan

Policy Term: You can choose a policy term of 15 to 25 years, but for a short-term focus, you might consider a 15-year term.

Premium Payment Term: Typically, the premium payment term is less than the policy term. You can choose a premium payment term of 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 (assuming policy term is 15 years)

Sum Assured: ₹1,00,000

Yearly Premium: ₹10,000

Total Premium Paid (5 years): ₹50,000

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

LIC New Money Back Plan - 20 Years (Table No. 820):

Policy Type: Money Back Plan

Policy Term: 20 years

Premium Payment Term: Typically, the premium payment term is less than the policy term. You pay premiums for 15 years.

Maturity Benefit: You receive a percentage of the sum assured as a money-back benefit at regular intervals during the policy term, and the remaining sum assured along with bonuses at the end of the policy term.

Sample Calculation for ₹10,000 per year:

Premium Payment Term: 15 years

Sum Assured: ₹2,00,000

Yearly Premium: ₹10,000

Total Premium Paid (15 years): ₹1,50,000

Maturity Benefit: Sum assured (₹2,00,000) + Bonuses (if any)

Please note that these are approximate calculations and the actual benefits may vary based on factors like age, premium payment frequency, and prevailing bonus rates at the time of policy issuance. It's important to consult with an LIC agent or financial advisor to get accurate and personalized information based on your specific requirements and financial goals.