LIC Plans Launched in 2015 – Which is the best one among them?

LIC Plans launched in 2015-Which is bestLIC Plans Launched in 2015 – Which is the best one among them?


LIC has launched several life insurance plans in 2015 till now. While some are single premium plans, some are meant for children education/ marriage , etc. Among the plans launched by LIC, are there any Best LIC Plans in 2015? Who can invest in LIC Plans which are launched in 2015 till now? In this article, I would provide some insights about LIC Plans launched in 2015, its features and major positive points and summary against each of them.

LIC Plans Launched in 2015 – Which ones are best?


Till now, LIC has launched several plans in 2015, however, there are 4 major life insurance plans launched by them in this year.

LIC Jeevan Sangam – Single Premium Plan – Table No. 831


LIC Plans in 2015-Jeevan Sangam

This is a single premium plan launched by LIC which was open from 3rd March, 2015 for 90 days period i.e. it got closed in the last week. Here are the quick features of LIC Jeevan Sangam Single Premium Plan.
  • Single Premium Plan, which has been active for 90 days only from 3rd March, 2015.
  • Risk cover is several times of annual premium paid.
  • Minimum sum assured is Rs 75,000 and maximum is no limit.
  • If death happens before 5 years from policy date, all premiums paid would be refunded to nominee.
  • If death happens after 5 years from policy date, Sum assured (10 times of premium paid) would be paid to the nominee.
  • On maturity, Maturity Sum Assured along with loyalty additions (if any) would be paid.

Summary: Not that exciting LIC plan. If death occurs before 5 years, the nominee would just get only premiums paid. This is the major risk. This was brought especially during financial year end for tax benefit's purpose. Better to invest in term plans and should stay away from such plans.

Also Read: What are various best ways to invest for Children Education and marriage? 

LIC New Children Money Back Plan – Table No. 832


LIC New Children Money Back Plan

This is child plan launched by LIC. Here are the quick features of the LIC New Children Money back Plan.

  • Non linked money back plan to meet Child’s financial need like education, marriage, higher studies etc.
  • Risk cover is for the child. Means anything happens to a child, parents or guardian would end up in getting sum assured.
  • Minimum sum assured is Rs 1 Lakh and maximum is no limit.
  • Policy term is 5 to 20 years and the maximum maturity of the child is 25 years.
  • If death happens before 2 years from policy date or child attains 8 years (whichever is later), all premiums paid would be refunded.
  • If death happens after 2 years from policy date or child attains 8 years(whichever is later), the sum assured along with bonuses would be paid to the nominee.
  • Survival benefit is 20% of Basic Sum assured is paid at child attaining 18 years, 20% at 20 years, another 20% at 22 years and the balance of 40% is paid at 25 years of age.
  • The premium waiver benefit is available.
  • Complete review about LIC New Children money back plan can be seen in this article.

Summary: No parent would expect their children to die and get a life insurance amount. This is a ridiculous plan of LIC. Better to invest in other child investment plans where you can get higher returns and protect your children’s future.

LIC Jeevan Lakshya Plan – Table No. 833


LIC Plans in 2015-Jeevan Lakshya

This is another endowment life insurance plan from LIC. Here are the quick features of the Jeevan Lakshya Plan of LIC.
  • Typical endowment insurance plan.
  • Accidental death benefits available
  • Minimum sum assured is Rs 1 Lakh and maximum is no limit.
  • Premiums payment is shorter than policy term which is a big positive point here.
  • In Case of death during the policy term, an amount equal to the “Accident Benefit Sum Assured” will be payable to the nominee.  In case of accidental permanent disability, an Accident Benefit Sum Assured will be paid in the form of dividing the amount in equal monthly installments spread over 10 years and all the future premiums for the Accident Benefit rider are waived off. The maximum SA under this rider rider is Rs 1 Crore.

Summary: Compared to other LIC plans launched in 2015, this is somewhat good plan where you have accidental death benefit available along with Disability benefit. While the reversionary bonus and additional bonuses cannot be guessed in advance, you can expect a return of 5.5% to 7%. Compared to all other plans, this is best LIC Plan in 2015 launched by them.

LIC Jeevan Tarun Insurance Plan – Table No. 834


LIC Plans in 2015-Jeevan TarunThis is another child plan from LIC after launching Children Money back plan earlier. LIC indicates that this plan is aimed to meet children education, marriage, other needs, etc. Here are the quick features of LIC Jeevan Tarun Plan.

  • Non linked with profits plan.
  • Limited premium payment plan.
  • Maximum maturity age of child would be 25 years.
  • Premium waiver benefit rider available.
  • The minimum sum assured is Rs 75,000 and maximum is no limit.
  • Policy term is 0-25 years. Means the maturity of the policy would be matured at 25 years of age of the child.
  • If death happens before 2 years from policy date or child attains 8 years, all premiums paid would be refunded.
  • If death happens after 2 years from policy date or child attains 8 years, the sum assured along with bonuses would be paid to the nominee.
  • There are 4 options available in this plan.
  • Option 1 – At maturity, 100% of Sum Assured + Bonus + Final additional bonus would be paid. No survival benefit.
  • Option 2 – At maturity, 75% of Sum Assured + Bonus + Final additional bonus would be paid. In addition, as survival benefit, 5% of Sum Assured would be paid every year for 5 years.
  • Option 3 – At maturity, 50% of Sum Assured + Bonus + Final additional bonus would be paid. In addition, as survival benefit, 10% of Sum Assured would be paid every year for 5 years.
  • Option 4 – At maturity, 25% of Sum Assured + Bonus + Final additional bonus would be paid. In addition, as survival benefit, 15% of Sum Assured would be paid every year for 5 years.
  • Unique review about LIC Jeevan Tarun Policy can be read here.

Summary: Such child plans would provide 5.5% to 7% returns. With cost inflation, increasing day by day and is more than 10% per annum, such plan may not be effective in the long run. The better way is to invest in good mutual funds through SIP to beat the education inflation.

Conclusion: My article is not about criticizing LIC plans which got launched in 2015. This article is to give insights about plans launched in this year and dig out positives and negatives in such plans. There is good trust on LIC and its products. However choosing the right plan would help investors to plan their financial life in a better way.

Readers, what are your views about Insurance plans launched by LIC in 2015? Which one do you feel are the best Investment Plans in LIC?

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Suresh
LIC Plans Launched in 2015 – Which is the best one among them

11 comments

  • Dhruv

    Hi Suresh,

    I am 27 married and looking for term plans.
    Can you suggest me the strategy in terms of policy term?

    ie Buy for 10 yrs term and then buy for 35 years .. like that

  • Ramakrishna

    Hi Suresh,

    Your articles are really helpful.

    Here is my portfolio: I have 3 LICs. 1. Jeevan Anand ( sum 5000 and 33000 premium) and have taken this plan in 2009.

    2. Jeevan saral ( sum 6000 and 24000 premium) and have taken this plan in 2011.

    3. Jeevan chaya ( sum 4000 and 24000 premium) and have taken this plan in 2013.

    I have also SIPs in Madcaps :- HDFC mid cap -3500 and Franklin India 3000,

    Large caps :- ICICI Pru focused blue chip and UTI Euity (4000 each SIP),

    Balanced :- ICICI Pru balanced fund- 2500, HDFC Balanced fund-2500.

    suggest me on my LICs and portfolio.

    Thank you.

    Ramakrishna.

    • Hi Ramakrishna, LIC policies are money back policies, consider taking term insurance which comes to you at less cost and high sum assured. Your mutual fund portfolio is good. Stay investing.

  • Sathish

    Sir appreciate your feedback, the greatest advantage I get reading your comments is, you give a unbiased recommendation, if I talk to a LIC agent he would say this is best scheme in the world because he is getting monetary benefit, but you are giving a correct feedback which is much appreciated from our end.

  • Vignesh

    As far as i have learnt from my experience, one should keep away from the Insurance Products and invest in Mutual Funds or Equity Market, which is having the same risk and loss compared to an insurance product. But, if everything goes well, the returns are multiple times compared to the Insurance products. A non risk taker can opt for Safest products like FD, RD, Power Finance FD etc.

  • Pavani

    nice one suresh garu

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