LIC Plan 5 Years Double Money: Strategic Financial Planning

A notable player in the safe investment space is the Life Insurance Corporation of India (LIC), which provides a unique plan that guarantees your money will double in just five years. We will examine the features, advantages, and underlying logic of LIC Plan 5 Years Double Money as we delve into its nuances in this piece.

What is LIC Plan 5 Years Double Money?

I spent a lot of time studying LIC and never came across any policies that would fit this requirement. Yes, depending on the value and returns of your investments, you could double your money in five or ten years. You can simply find more ways to double your money by using a formula known as the “formula of 72.”

Features and Benefits of LIC Plans

• Assured Returns: Although the LIC Money Back Plan guarantees you the stated Return on the maturity date, you should review all scheme-related documentation and policy terms to be sure and get all of your questions answered before purchasing the plan.
• Short-Term Investment: With this feature, the LIC Plan becomes even more unique. You only have to pay for the policy term for a brief period before waiting for it to mature.
• Tax Benefits: The money you pay for the LIC premium will be deducted from your income by tax regulations, and the Policy Sum Assured will be tax-free.
• Death and Disability Coverage: In addition to the investment return offered by LIC, you also receive life insurance. Should an accident occur and you are the primary provider for your family, your policy will cover your medical expenses, relieving your family of any financial burden.

Best LIC Plan 5 Years Double Money

LIC Amulya Jeevan II: Additionally, this plan ranks among the top LIC 5-year plans. The purpose of the policy is to give the insured’s family the necessary financial security if the policyholder passes away within the specified term. However, if the insured survives past the policy’s term, there will be no maturity benefit.

Eligibility Criteria	Minimum	Maximum
Age of Entry	18 years	60 years
Policy Tenure	5 years	35 years
Age of Maturity	–	70 years
Premium Paying term	5 years	35 years
Amount Assured	Rs. 25 lakhs	No upper limit
Premium Payment Mode	Half-yearly and yearly	–

LIC Anmol Jeevan II: One of the greatest five-year LIC plans with risk coverage is this one. The nominee receives a lump-sum death benefit if the insured dies during the term of the policy. This plan provides outstanding financial stability with an insured amount of up to Rs. 24 lakh.

Eligibility criteria	Minimum	Maximum
Age of Entry	18 years	55 years
Age of Maturity	–	65 years
Policy Tenure	5 years	25 years
Premium Paying term	5 years	25 years
Premium payment mode	Half-yearly and yearly	–
Amount Assured	Rs. 6 lakh	Rs. 24 lakh

LIC Saral Jeevan Bima: For the lives of insured clients, LIC Plans Double Money in 5 Years term assurance plan, also called LIC Saral Jeevan Bima, provides short-term risk coverage. Furthermore, if the insured policyholder dies during the insurance term of the LIC double-money scheme, LIC pays the insured’s family the sum assured. Here is a summary of the plan:

Eligibility Criteria	Minimum	Maximum
Amount Assured	Rs.5,00,000	Rs.25,00,000
Age of Entry	18 years	65 years
Age of Maturity	–	70 years
Policy Tenure	5 years	40 years

LIC Pension Plus Plan: A unit-linked pension plan that provides policyholders with a monthly income upon retirement, LIC Pension Plus is one of the best LIC plans with five years of double money. In addition, there is a five-year lock-in period—that is, you can only withdraw the funds after five years—because the LIC program doubles the money in five years. You have until then to step down and take the money out.

Policy period	10-42 years
Age limit	25-75 years
Minimum amount	1 lac
Maximum amount	No limit
Premium Payment term	Minimum 5 years

LIC Dhan Sanchay Plan: After the insurance expires, policyholders can create a source of income with the help of the LIC Dhan Sanchay Plan. In addition, if the policyholder dies during the policy’s term, the death benefit is paid to the policy’s nominee. On the other hand, the five-year LIC Dhan Sanchay Plan is restricted to the subsequent choices: There are two options: Single Premium Level Income Benefit and Single Premium Enhanced Protection with Level Income Benefit.

Eligibility Criteria	Minimum	Maximum
Age of Entry	3 years	65 years
Single Premium	Rs.2 lakh	No limit
Policy Tenure	5 years, 10 years, or 15 years
Amount Assured on Death	Rs. 2.5 Lakhs for Single Premium Rs. 22 Lakhs for Single Premium enhanced cover

LIC Bhagya Lakshmi Scheme: The LIC Bhagya Lakshmi Scheme is a non-participating, minimally protected program. This robust LIC 5-year plan is an excellent investment choice because it provides financial security to the policyholder’s loved ones.

Eligibility Criteria	Minimum	Maximum
Age of Entry	18 years	42 years for PPT 5 years 55years for PPT 6-13 years
Age of Maturity	–	65 years
Policy Tenure	PPT+2 Years	7 Years 15 Years
Premium Paying term	5 Years	13 Years
Amount Assured	Rs 20,000/-	Rs. 50,000/-
Premium payment mode	Monthly, Quarterly, Half yearly, Yearly Single Premium.

LIC MF Large and Mid-Cap Fund: The LIC MF Large and Mid Cap may be the best LIC plans for the next five years if we look at the LIC’s performance over the previous five years. It is one of the most popular funds; in the last five years, its value has doubled. Large and mid-sized company stocks make up 96% of the assets in this mutual fund offered by LIC. A mutual fund known as the LIC Large & Mid Cap Fund is in charge of managing an open-ended equity plan.

Goal of Investment	Long-term financial appreciation will be provided by investing in a combination of large-cap and mid-cap firms.
Type of Fund	Large and Mid-Cap Fund
Minimum Investment amount	Rs. 1,000/-
Investment Options	SIP and Lump Sum
Exit Load	1% if returned after one year of the allocation date

FAQ of LIC Plan 5 Years Double Money

Q1. What occurs if I am unable to make the premium payments for my five-year-old LIC policy on time?

LIC grants you an extension to pay the Premium and avoid paying late penalties. If you continue to miss it, your benefits could be decreased and your policy might expire. It is therefore advised that you pay your premiums on time.

Q2. For $1,000 a month, which LIC policy is the best choice?

Since the Jeevan Azad plan is an endowment that offers security and savings, you can apply for it as a LIC 1000 monthly policyholder for a ten-year term.

Q3. Can I purchase a 5-year LIC plan with just one premium?

Yes, if you’re looking for short-term financial security, you can pay a single premium for a 5-year LIC plan with the option of a lump sum payout.

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