Life insurance is an important need for every employee. It is necessary for the salaried employees to choose the best LIC plans so that they can secure their families in the long run within the stipulated income. To secure the risk of early death, a salaried person needs the best LIC plans. These policies are required since the family members are dependent on the person. However, salaried employees need to consider certain parameters before choosing a LIC plan.
It is seen that best LIC policies have helped salaried employees in achieving the goals like child education, child’s marriage, etc. Salaried employees must safeguard investment components and earnings. When it comes to best lic schemes, salaried employees need to choose wisely for safeguarding oneself and his family.
Jeevan Akshay VI
As there is the lump sum amount paid upfront, a salaried professional can choose the Jeevan Akshay VI policy. The policy will provide immediate annuity ultimately guaranteeing a steady cash flow. Throughout the lifetime of the policyholder, the annuity under the policy will be paid. Known among one of the LIC best plans, the plan comes with a lot of options, regarding the type of payment modes and plan. Some salient features of this plan are:
- A sure annual amount is payable for 5,10, 15 and 20 years.
- Throughout the life of the insured, the annual payable amount should come at a fixed rate.
- The simple rate of 3% per annum is guaranteed for the lifetime annuity for the salaried employee.
- On the death of the insured person, there will be a lifetime yearly payment of 50% to the spouse.
- On the death of the insurer, there will be a lifetime yearly payment of 100% to the spouse.
- On the death of the last annuitant, the purchase price of the policy will be returned.
LIC New Children Money Back Plan:
To meet the marriage expenses, educational demands, and other financial requirements of the children, a salaried person can invest in the Children Money Back Plan. The plan is a non-linked money back plan. Throughout the policy term, the plan offers risk cover on the insured child. A salaried professional should purchase the plans if one has a small kid.
Some of the features that one should note are:
- Maximum basic sum assured – No limit
- Minimum basic sum assured- Rs 1 lakh
- Maximum entry age – 12 years
- Minimum entry age – 0 years
- Maturity age – 25 years
- Terms of Policy – 25 minus entry age
- Grace Period – Half-yearly, quarterly modes, half-yearly, fifteen days monthly mode.
- Premium – Through SSS mode, quarterly, monthly, half-yearly, yearly.
- The revival of Policy- From the date of first unpaid premium, the policy can be revived within 2 years.
- Optional Benefits – Disability Benefit rider and LIC accidental death
New Endowment Plan
The plan provides the salaried professional with an option to choose the premium payment mode and total guaranteed amount. In a new endowment plan, there are loyalty additions. In this policy, there is a sufficient amount of protection for the policyholder. While the maturity benefits are based on the policy holder’s age of entry, the sum assured on the death depends upon the premium paid.
- High Returns– The plan will not only develop the corpses for the future but will give financial safety to the dependent and policyholder at the same time.
- Flexibility In Return– To increase the cover, the salaried employee can add accidental disability, accidental death and critical illness to increase the life cover.
- Benefit For Tax– Under section 10 (10 D) and 80 C, the salaried person can get a tax benefit on both maturity and premium payments.
New money back plan for 20 years
With lots of features, the new money back plan is a notable LIC best plan for the salaried employees. Throughout the term, the policy provides a return at a specific time gap, apart from the death benefits. While it provides lump sum money on survival, it protects the family of the insured on his or her death. If the salaried professional has taken any loan, then it takes care of the financial needs of the person.
- Maximum basic sum assured – No limit
- Minimum basic sum guaranteed – Rs 1 lakh
- Maximum age at entry- 50 years
- Minimum age at entry – 13 years
- Maximum age of maturity – 70 years
- Premium payment term – 15 years \
- Policy term – 20 years
- Grace period – one month for yearly, quarterly and half-yearly modes
- Premium payment mode- Half-yearly, yearly, quarterly monthly
Jeevan Anand Policy
The Jeevan Anand Policy is one of the well known LIC policies. There are several benefits associated with this policy. The plan covers an additional coverage amount if the individual faces any accident. After the completion of the premium payment term, the insurance cover will be there for the policyholder.
Some features of Jeevan Anand Plan are:
- Along with the additional bonus, it will offer the assured sum.
- At the end of the selected term period, it will offer a lump sum amount.
Mentioned above are some LIC policies that can be availed by a salaried employee. It will not only give the person proper safety but also ensures security in life.