9 Best LIC Policy for Middle Class Family

For middle-class families, financial security is paramount in the fast-paced world of today. For many years, the Life Insurance Corporation of India (LIC) has been a reputable brand in the insurance sector, offering a variety of plans to meet a range of requirements. We will examine the best LIC policy for middle class family in this post, taking into account aspects like cost, coverage, and long-term advantages.

How to Select the Best LIC Policy for Middle Class Family?

• Decide Soon: The customer needs to decide early on whether to purchase insurance because the premiums he will have to pay will rise as he gets older.
• Look into Needs: Clients need to decide what their objectives are, and then which tools will best help them reach those goals. With little initial investment, the customer can plan his future in every way with the help of the various plans provided by LIC SIPs, ULIPs, etc.
• Affordability: The customer must confirm that the plan they have selected is affordable. You should evaluate this worry in light of your needs and have a thorough conversation about it with your insurance agent. Since premium payments must also cover your ongoing regular expenses, they shouldn’t burn a hole in your pocket. The different premium values can be checked online if one has access to the LIC of India login.
• Medical Considerations: Employers take into account risk factors such as physical activity and smoking patterns in addition to underlying medical conditions, both serious and non-serious. ‘Preferred’ or ‘ super preferred’ rates may be available to customers in good health. Therefore, before choosing a provider or a policy, the customer must do extensive research and consider the terms of the coverage.
• Conversion: Customers should be aware that not all policies allow them to convert from term to permanent coverage or the other way around. The availability of such benefits under the policy can be inquired about by the client with their insurance representative.
• Payment Methods: The customer buys these policies to secure the future security of themselves and their families. To prevent coverage from ending due to a potential lapse, the customer must make sure that the policy he selects includes automatic withdrawal. They need to be certain about their preference for a limited premium payment method or a regular one.

Best LIC Policy for the Middle Class Family

LIC New Endowment Plan:

• Eight years old is the minimum age of entry and 55 years old is the maximum age.
• The 75-year-old maximum maturity age and 35 years is the maximum policy term.
• offers a death benefit equal to at least 105% of the policyholder’s entire premium amount until their passing.
• guarantees the maturity amount and provides a final additional bonus and any simple reversionary bonuses.
• There is no upper limit on the maximum sum assured, with a minimum basic sum assured of Rs. 1 lakh.

LIC New Children’s Money Back Plan:

• Entry age ranges from 0 to 12 years old, minimum and maximum, respectively. 
• The plan provides ridership for LIC’s Premium Waiver Benefit Rider, the ability to defer survival benefits, and the option to take death benefits in installments.
• For yearly, half-yearly, and quarterly payment methods, there is a grace period of thirty days; for monthly payment modes, it is fifteen days.
• If the premium is not paid within the grace period, it will expire but can be reinstated five years after the first unpaid premium date.
• There is no cap on the maximum amount assured, and the minimum sum assured is one lakh rupees.

LIC Jeevan Akshay VII:

• The policy may be canceled at any moment following the three-month mark following the policy’s completion or the end of the free-look period.
• Upon the annuitant’s death, the payout is made by the selected payout option.
• The minimum purchase price is Rs. 10 lakh, and the entry age is between 25 and 29 years old.
• For monthly, quarterly, annual, and half-yearly annuity payments, the minimum annuity amount is Rs. 1000 per month, Rs. 3000 per quarter, Rs. 12,000 per year, and Rs. 6000 per half-year, in that order.

LIC New Jeevan Shanti:

• Through guaranteed annuity payouts, the plan provides policyholders with a stable and secure income stream, thereby guaranteeing financial stability throughout retirement.
• Depending on when they plan to retire and how much money they need, customers can select from a range of annuity options offered by New Jeevan Shanti.
• Annuity benefits are obtained by policyholders with a single lump-sum premium payment, which streamlines the investment process and provides hassle-free access to regular income after retirement.

LIC’s New Jeevan Anand Plan:

• If the life assured passes away during the policy term before the policy matures, a death benefit equal to the sum assured on death will be paid.
• If the life assured passes away before the policy’s term, the basic sum assured will be paid.
• If the life assured survives to the designated Date of Maturity, the sum assured will be paid only as long as the policy remains in effect.
• The plan has no upper limit on the maximum sum assured, and the minimum sum assured is Rs. 1 lakh.
• Entry requirements have a minimum age of eighteen and a maximum age of fifty years.
• The minimum and maximum policy terms are 15 and 35 years, respectively, and the maximum maturity age is 75 years.

LIC Jeevan Umang:

• The plan has no upper limit on the maximum sum assured value, and the minimum sum assured is Rs. 2 lakhs.
• The age range for entry is 90 days for the minimum and 55 years for the maximum.
• After the premium-paying term, the minimum and maximum ages are 3 and 70 years, respectively.
• Depending on the method of premium payment, this plan offers a grace period of either 30 or 15 days.
• A policy that has lapsed may be reinstated within five years of the first unpaid premium date.
• After paying for two complete years’ worth of premiums, the policy can be surrendered. A policy loan can then be obtained.

LIC Jeevan Labh:

• Policyholders can feel secure about their finances because the plan guarantees returns on both the sum assured and the accumulated bonuses.
• Policyholders receive the sum assured and accrued bonuses upon policy maturity, resulting in a lump sum amount that can be used for a variety of financial needs or objectives.
• In the unfortunate event that the insured passes away within the policy’s term, the policy guarantees a death benefit that includes the sum assured and any accumulated bonuses, supporting the nominee monetarily through a trying period.

LIC’s New Money Back Plan- 20 years:

• Forty percent of the basic sum assured plus an additional bonus and a simple reversionary bonus will be paid if the life assured survives until the maturity date.
• One may elect to receive benefits from LIC’s Accidental Death and Disability Benefit rider.
• There is no upper limit on the maximum sum assured value, and the minimum sum assured is Rs. 1 lakh.
• The entry age ranges from 13 to 50 years old, minimum and maximum, respectively. And there is a 70-year-old maximum maturity age.

LIC Tech Term:

• The duration of the policy varies from 10 to 40 years.
• You can choose optional rider plans to get better coverage.
• If the life assured survives to the end of the policy term, there is no maturity benefit.
• Ages 18 and 65 are the minimum and maximum entry requirements, respectively.
• The maximum maturity age is eighty years old.
• There is no cap on the maximum amount assured, and the minimum sum assured is Rs. 50 lakh.
• The plan provides a 30-day grace period for annual and half-yearly premium payments starting on the date of the first unpaid premium.

FAQ of Best LIC Policy for Middle Class Family

Q1. What are the age requirements, both minimum and maximum, to apply for a LIC Endowment Plan?

Applying for a LIC Endowment Plan has minimum and maximum age requirements of eight years and fifty-five years, respectively.

Q2. How can I get my money back from LIC?

Together with the policy document, KYC document, and NEFT Mandate Form, the policyholder must return the properly completed discharge form.

Q3. Does the LIC Jeevan Amar Plan require a medical examination?

There are two categories in the LIC Jeevan Amar Plan: smokers and non-smokers. You must submit to a medical examination, such as a urinary cotinine test if you choose the non-smoker category. The outcome of the medical test will determine the applicable premium amount.

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