LIC 500 Per Month Policy: Planning for the Future

Insurance is an essential tool for safeguarding oneself and one’s loved ones against unanticipated events in a society where financial security is of utmost importance. A reputable brand with a variety of solutions catered to different demands, LIC (Life Insurance Corporation of India) stands out among the many insurance products on the market. The LIC 500 per month policy is one such product; it’s an affordable choice that offers financial stability without breaking the bank.

LIC 500 Per Month Policy Plan

Plan Name	Plan type	Minimum age of entry	Maximum age of entry	Maximum maturity age	Policy term	Minimum sum assured
LIC Jeevan Tarun	Money-Back Policy	90 days	12 years	25 years	25 minus the age of entry	INR 75,000
LIC Jeevan Labh	Endowment policy	8 years	59 years	75 years	16 – 25 years	INR 2 lakh
LIC New Jeevan Anand	Endowment policy	18 years	50 years	75 years	15 – 35 years	INR 1 lakh
LIC New Endowment plan	Endowment policy	8 years	55 years	75 years	12 – 35 years	INR 1 lakh

LIC Jeevan Tarun

The Jeevan Tarun plan from LIC is a participating non-linked insurance plan that is intended to provide your kids with savings and safety. Your child can use these benefits to pay for other expenses, such as schooling. Between the ages of 20 and 24, your children are eligible to collect survival benefits every year. When 25 years have passed, the maturity benefit is paid.

• Through this plan, policyholders can obtain loans.
• The death benefit is equal to 125% of the sum assured or 10 times the annualized premium, whichever is greater.
• The life assured is entitled to a maturity benefit, which is a certain proportion of the money promised if they live out the policy term. Where appropriate, further bonuses and straightforward reversionary bonuses are applied to the amount guaranteed. 

LIC Jeevan Labh Policy

The LIC’s Jeevan Labh policy is a very successful one. It’s an endowment plan that isn’t linked and maximizes your investments while offering security. If the insured person passes away, subscribers of this restricted premium payment plan can provide financial help for their family. If the policyholder lives to maturity or outlives the plan, they will probably get a lump sum payout.

• The amount assured that is received as the death benefit exceeds the total amount guaranteed upon death. It is seven times higher than the yearly premium. In addition, the plan provides the base amount guaranteed along with any applicable bonuses.
• The insured receives the money assured plus a basic reversionary bonus upon plan survival until maturity or policy outliver.
• To obtain further security, Life Assured can use Jeevan Labh from LIC to access riders such as Accidental Death and Disability Benefit and New Term Assurance Rider, among others.

LIC New Jeevan Anand

As a participating, non-linked individual life insurance plan, it provides consumers with both protection and savings. A lump-sum payout after the policy term is provided if the policyholder survives, as part of the financial assistance against death that LIC’s New Jeevan Anand plan offers during the policyholder’s lifetime.

• A death benefit equal to the amount guaranteed upon death is payable to the policyholder in the event of their passing while the plan is in effect. This value is equal to seven times the annualized premium or 125% of the basic sum assured, whichever is higher.
• The policyholder will be entitled to collect the maturity payout along with vested Simple Reversionary Bonuses if they live over the plan’s specified date of maturity. Bonuses are contingent upon LIC’s participation in profits.
• For the duration of the policy, premiums in this plan may be deducted from an employee’s paycheck or paid at yearly, half-yearly, quarterly, or monthly regular intervals (via NACH only).

LIC New Endowment Plan

An individual life insurance policy that combines the advantages of savings and defensive life insurance is the New Endowment Policy from LIC. If the policyholder passes away within the plan’s term, the beneficiary will receive financial support from the plan. In addition to guaranteed incentives, the insured can receive a significant sum promised refund if they outlast the plan.

• The death benefit is made up of basic reversionary bonuses, a last supplementary bonus, and the amount guaranteed at death.
• The “Sum Assured on Maturity,” which consists of the basic insured amount and vested bonuses, will be paid to the policyholder if they survive for the full duration of the policy.

Conclusion

The article offers a perceptive synopsis of the LIC 500 per month policy, showcasing a range of choices including Jeevan Tarun, Jeevan Labh, New Jeevan Anand, and New Endowment Plan. These plans provide a range of financial aid, protection, and savings options catered to various age groups and needs. LIC‘s cost-effective insurance products cater to a wide range of policyholder needs, from financing children’s education to guaranteeing family stability and delivering lump-sum payouts at maturity or death. 

These plans provide flexible premium payment options together with complete coverage, enabling you to obtain loans, receive death benefits, and accumulate maturity payouts with bonuses. All things considered, the LIC 500 per month policy is a strong option for anyone looking for dependable insurance without sacrificing their capacity to maintain their financial security.

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