Top 10 LIC Plan - 5 Years Double Money? [Update 2024]

Is there any LIC Plan - 5 Years Double Money available? Currently, there are no LIC plans available where you can double your money in 5 years. But with the right financial planning, you can increase your savings. Below, we have listed some of the best LIC plans for 5 years.

Is There Any Top Ten LIC Plan 5 Years Double Money?

As we already talked about above there is no LIC plan where you can double your money in 5 years. But, we have mentioned some of the best plans to invest which include LIC Term Assurance Plans, LIC Saral Jeevan Bima, LIC Endowment Plans, etc.

1. LIC Term Assurance Plans

LIC Term Assurance Plans are a popular choice for individuals looking for a simple and cost-effective way to secure their loved ones financially. These plans offer a high coverage amount at a low premium cost, making it an attractive option for those who want to ensure their family's financial stability in the event of their untimely demise. 

With a LIC Term Assurance Plan, policyholders can choose a coverage period that suits their needs, with options ranging from 5 to 30 years. Additionally, these plans offer flexibility in terms of payment frequency, allowing policyholders to make monthly, quarterly, half-yearly, or yearly premium payments. 

2. LIC Saral Jeevan Bima

LIC Saral Jeevan Bima is a simple and affordable life insurance policy offered by Life Insurance Corporation of India. This plan is designed to provide financial protection to individuals and their families at a very reasonable premium rate. 

The plan also provides a death benefit to the nominee in case of the policyholder's demise during the policy term. Additionally, the policy can be purchased by individuals aged between 18 to 65 years, making it accessible to a wide range of individuals looking for basic life insurance coverage.

3. LIC Endowment Plans

LIC Endowment Plans are popular investment options offered by Life Insurance Corporation of India. These plans provide a combination of insurance protection and savings to help individuals achieve their financial goals. With guaranteed returns, flexibility in premium payment options, and tax benefits under section 80C of the Income Tax Act, LIC Endowment Plans are a preferred choice for long-term investment. 

The maturity period for these plans typically ranges from 10 to 25 years, with the sum assured paid out to the policyholder on maturity. As of 2021, LIC offers a variety of Endowment Plans such as New Endowment Plan, Jeevan Anand, Jeevan Labh, and Jeevan Rakshak, tailored to suit the diverse needs of customers.

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4. LIC Dhan Sanchay

LIC Dhan Sanchay is a popular savings plan offered by LIC. It is a non-linked, with-profit, endowment assurance plan that offers guaranteed returns and bonuses. The plan provides a lump-sum amount at the end of the policy term along with bonuses accrued during the policy term. 

The policy term can range from 5 to 15 years, with the minimum sum assured being Rs. 2 lakhs. The plan also offers a loan facility after the completion of 3 policy years. LIC Dhan Sanchay is a great option for individuals looking to secure their financial future and build long-term savings.

5. LIC Pension Plans

LIC Pension Plans are a popular retirement savings option in India, offering individuals a secure way to plan for their golden years. With a wide range of plans to choose from, LIC caters to the different needs and preferences of individuals looking to secure their future. One of the most popular plans is the LIC Jeevan Akshay, which offers immediate annuity options with a guaranteed payout for life. 

Another popular plan is the LIC New Jeevan Nidhi, which combines savings and insurance coverage for individuals looking to build a retirement corpus. With a track record of strong performance and trust, LIC continues to be a preferred choice for retirement planning in India.

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6. LIC New Jeevan Shanti

LIC New Jeevan Shanti is a non-linked, non-participating, single premium annuity plan offered by Life Insurance Corporation of India. This plan provides guaranteed benefits in the form of immediate or deferred annuity payouts, and policyholders can choose from multiple options for receiving their annuity income. 

The minimum entry age for this plan is 30 years, with no maximum age limit, making it suitable for individuals of all ages. This plan offers tax benefits under section 80C of the Income Tax Act, making it a lucrative investment option for those looking to secure their financial future.

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7. LIC Jeevan Akshay VII

LIC Jeevan Akshay VII is a non-linked, non-participating immediate annuity plan offered by Life Insurance Corporation of India. This plan provides a guaranteed regular income for life and can be purchased by paying a lump sum amount. The minimum purchase price for the plan is Rs. 1,00,000 and there is no maximum limit. 

The plan offers multiple annuity options to choose from, allowing policyholders to customize their income stream according to their needs. Additionally, the plan also offers a loan facility after the completion of one policy year. 

 8. LIC Micro Insurance Term Plans

LIC Micro Insurance Term Plans offer affordable and flexible insurance options for individuals looking to protect their loved ones. These plans provide coverage for a specified time, with premiums starting as low as Rs. 100 per month. With coverage amounts ranging from Rs. 50,000 to Rs. 2 lakhs, policyholders can ensure financial security for their families in the event of their untimely demise. 

Additionally, these plans come with the option to add riders for enhanced protection, such as accidental death and disability benefits. LIC Micro Insurance Term Plans are a convenient and cost-effective way to ensure peace of mind for policyholders and their families.

9. LIC Bhagya Lakshmi Plan

The LIC Bhagya Lakshmi Plan is a non-linked, with-profit, regular premium payment endowment plan offered by the Life Insurance Corporation of India. This plan is specially designed to provide financial security and a guaranteed assured amount to the policyholder's family in case of the policyholder's unfortunate demise during the policy term. 

The plan also offers bonuses and maturity benefits to the policyholder upon survival till the end of the policy term. The minimum sum assured under this plan is Rs. 50,000. The plan also offers loan facility and surrender benefits to the policyholder.

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10. LIC New Jeevan Mangal Plan

The LIC New Jeevan Mangal Plan is a non-linked, non-participating term assurance plan that offers financial protection to the policyholder's family in case of unfortunate death during the policy term. This plan provides a lump sum payout to the nominee in case of the policyholder's death. The policy term ranges from 10 to 15 years, and premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis.

How to Choose the Right LIC Plan for a 5-Year Goal?

To choose the right LIC plan for a 5-year goal, you have to identify your financial goal, assess your risk tolerance, calculate the premium amount, understand the features of different LIC plans, etc.

• Identify your financial goal: Before choosing a LIC plan for your 5-year goal, you need to clearly define what that goal is. Whether it's buying a house, paying for your child's education, or saving for a major expense, understanding your financial goal will help you determine the right plan.

• Assess your risk tolerance: Consider your risk tolerance before choosing a LIC plan. If you are risk-averse, opt for a traditional LIC plan that offers guaranteed returns. However, if you are willing to take on some risk for potentially higher returns, a unit-linked insurance plan (ULIP) may be a better option.

• Calculate the premium amount: Calculate how much you can afford to invest in an LIC plan for your 5-year goal. Make sure to choose a premium amount that fits within your budget and won't strain your finances.

• Understand the features of different LIC plFamiliarize yourself with the various LIC plans available, such as Term Insurance, Endowment Plans, Money-Back Plans, and ULIPs. Each plan has its benefits and features, so choose one that aligns with your financial goals and preferences.

• Consider the tenure of the plan: Since you have a 5-year goal, make sure to choose an LIC plan with a tenure that aligns with your goal timeline. Consider plans with a flexibility of tenure to ensure you can adjust your plan if needed.

• Compare Once you have a clear understanding of your financial goal, risk tolerance, premium amount, and plan features, compare different LIC plans to find the one that best suits your needs. Look at factors such as returns, bonuses, and other benefits offered by each plan.

• Take advice from a financial advisor: If you are unsure about which LIC plan is best for your 5-year goal, you can contact “Our Experts” to identify the best plan according to your needs.

Why Buy LIC Plans for 5 Years?

There are several reasons why you may consider buying LIC plans for 5 years such as for long-term financial security, tax benefits, flexibility, etc.

• Long-term financial security: By investing in LIC plans for 5 years, you are setting yourself up for financial security in the long run. These plans offer a guaranteed assured amount, which will provide you with a lump sum or regular income after the completion of the policy term.

• Tax benefits: LIC plans offer tax benefits under Section 80C of the Income Tax Act, allowing you to save on taxes each year. By investing in these plans for 5 years, you can maximize your tax savings over the term of the policy.

• Flexibility: LIC plans offer a range of options to suit different financial needs and goals. By choosing a plan with a 5-year term, you have the flexibility to adjust your investment strategy and goals as your financial situation changes over time.

• Protection for your loved ones: In the event of your demise, LIC plans provide financial protection for your loved ones. By investing in a 5-year plan, you can ensure that your family is taken care of financially in case of any unforeseen circumstances.

Read More:

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Conclusion 

In conclusion, the LIC Plan - 5 Years Double Money offers an attractive opportunity for individuals looking to invest their money and receive double the amount at the end of the term. With guaranteed returns and the backing of a trusted insurance provider like LIC, this plan is a secure way to grow your savings over a relatively short time. For better guidance, you can connect with “Our Experts” now.