Many people believe that investing money is a crucial part of improving their lives. Although keeping your hard-earned money in the bank will undoubtedly keep your money safe to meet future challenges, it is prudent to invest the money in the proper spot like in LIC Plans Double Money in 5 Years.
Furthermore, there are other investment options to choose from, but purchasing a life insurance policy such as LIC Plans Double Money in 5 Years is the most prudent investment you can make. Keeping this in mind, the Life Insurance Corporation of India (LIC) offers a variety of LIC double money schemes with varying levels of flexibility for different customers.
LIC provides numerous schemes that are for policyholders who desire a short-term insurance plan, although the LIC Plans Double Money in 5 Years is not a guaranteed feature. Furthermore, no LIC scheme guarantees that money would be doubled in five years, although many plans offer higher returns on maturity through bonuses and marked-in-ink investments.
In this piece, we’ll explore some of the top LIC Plans Double Money in 5 Years.
LIC 5 Year Plans to Double Money
Customers benefit from a variety of LIC Plans Double Money in 5 Years, and you can convert these policies to a longer term if necessary. Let’s take a closer look at some of the top LIC Plans.
1. LIC Term Assurance Plans
A LIC term assurance plan is a form of insurance plan that provides financial protection to the policyholder’s family at a low premium rate. A term assurance plan additionally provides death payments to the policy’s beneficiary in the event of the policyholder’s untimely death during the LIC double money scheme policy term. However, because this is a term protection policy, there is no maturity benefit.
2. LIC Saral Jeevan Bima
The LIC Saral Jeevan Bima is a term assurance plan with 5-year policy tenure under the LIC Plans Double Money in 5 Years. It provides short-term risk coverage for insured clients’ lives. Furthermore, if the insured policyholder dies during the insurance term of the LIC double money scheme, LIC pays the sum assured to the insured’s family. The following are the eligibility requirements for LIC Saral Jeevan Bima:
| Eligibility Criteria | Minimum | Maximum |
| Sum Assured Amount | Rs.5,00,000 | Rs.25,00,000 |
| Entry Age | 18 years | 65 years |
| Maturity Age | – | 70 years |
| Policy Tenure | 5 years | 40 years |
3. LIC Endowment Plans
The LIC endowment plans provide the policyholder with two major benefits: savings and insurance. The policyholder must pay a premium amount about the chosen coverage amount, and if the policyholder lives to the end of the policy term, the LIC will pay the entire sum promised as guaranteed income. Furthermore, if the policyholder dies during the insurance term, his family receives the sum assured on death.
4. LIC Dhan Sanchay Plan
The LIC Dhan Sanchay Plan allows policyholders to build an income stream after the insurance matures. In addition, if the policyholder dies during the policy term, the death benefit amount is paid to the policy’s nominee. The LIC Dhan Sanchay Plan for 5 years, on the other hand, is only available in the following options: Single Premium Level Income Benefit and Single Premium enhanced cover with Level Income Benefit.
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 3 years | 65 years |
| Single premium | Rs.2 lakh | No limit |
| Policy term | 5 years, 10 years, or 15 years | |
| Sum Assured on Death | Single Premium – Rs. 2.5 Lakhs Single Premium enhanced cover – Rs. 22 Lakhs |
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LIC Pension Plans
Customers who want to have a secure future after retirement can consider investing in LIC pension plans under the LIC Plans 5 years double money. You can build long-term financial aid with the help of a LIC retirement plan under the plan, allowing you to have a consistent flow of income after retirement.
The two different plans under the LIC pension plan for LIC Plans 5 years double money are as follows:
1. LIC New Jeevan Shanti Policy
The LIC’s New Jeevan Shanti Policy is an annuity plan under the 5 years LIC Plan double money, which means you will begin receiving the pension amount after a set length of time known as the deferment period. However, you must fix the pension amount at the time of policy purchase under the LIC Plans Double Money in 5 Years, and the income will begin once the deferment term finishes and will continue until your death. Following your death, the pension payment will cease, and the death benefit amount will be paid to your family.
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 30 years | 79 years |
| Deferment period | 1 year | 12 years |
| Annual annuity amount | Rs. 12,000 | |
2. LIC Jeevan Akshay VII Plan
The LIC Jeevan Akshay VII plan is an immediate annuity plan under the LIC Plans Double Money in 5 Years that you can acquire with a lump sum payment. In addition, LIC pays the annuity amount to the policyholder on a monthly, quarterly, semi-annual, and annual basis.
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 30 years | 85 years |
| Purchase Cost | Rs.1 lakh (offline) | No limit |
| Payment Mode | Monthly, quarterly, half-yearly, yearly | |
LIC Micro Insurance Term Plans
The LIC micro insurance term plans are the best LIC Plans 5 years double money for the country’s low-income people. The policyholder receives the combined benefits of savings and insurance coverage at an affordable premium rate.
1. LIC Bhagya Lakshmi Plan
The LIC Bhagya Lakshmi plan is a restricted payout protection plan under the 5 years LIC Plans double money that pays 110% of total premiums paid. Furthermore, the premium-paying tenure is two years less than the policy term. This LIC 5 Years Plan additionally provides a death benefit equal to the total sum assured amount in the event of the policyholder’s death during the policy term.
| Eligibility Criteria | Minimum | Maximum |
| Sum Assured Amount | Rs.50,000 | Rs.2,00,000 |
| Entry Age | 18 years | 42 years |
| Maturity Age | – | 65 years |
| Policy Tenure | Premium paying tenure + 2 years | |
| Term of Premium Payment | 5 years | 13 years |
2. LIC New Jeevan Mangal Plan
The LIC New Jeevan mangal plan is a pure protection plan under the LIC Plans 5 years double money that provides a premium refund at the end of the policy term. You can pay the premium amount in a lump sum or regularly under this plan.
| Eligibility Criteria | Minimum | Maximum |
| Sum Assured Amount | Rs.50,000 | Rs.2,00,000 |
| Entry Age | 18 years | 55 years |
| Maturity Age | – | 65 years |
| Policy Tenure | 10-15 years for regular premium payment. 5-10 years for a single premium payment. |
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Read More: What are the Different Types of Life Insurance Policies in India
Conclusion
By selecting one of the finest LIC Plans Double Money in 5 Years, you can benefit from insurance coverage for a certain time. The LIC 5 Years Plan, on the other hand, does not guarantee a LIC Plans 5 years double money for a 5 year plan or longer. However, these plans include several benefits in addition to the maturity amount at the time of the policy’s maturity.
LIC Plans Double Money in 5 Years – FAQs
How long does it take for money to double in LIC?
Ans. It depends on the plan/scheme you choose; some plans will double your money in 5 years, while others may require a longer time, such as 8 or 9 years. As a result, estimating the exact time is challenging.
Which LIC insurance provides the best returns?
Ans. Numerous plans provide the maximum return, such as the LIC Jeevan Amar Plan, the LIC Jeevan Umang Plan, and the LIC New Endowment Plus Plan
Is LIC a better investment than FD?
Ans. If you were to ask which is better, a fixed deposit or life insurance, and which is best for you, what would you say? Fixed deposits are usually preferable to LICs because they are designed to give you investment and savings opportunities.
Is there a bonus given by LIC every year?
Ans. Yes, LIC provides you incentives every year, but the amount is determined by LIC.
Can I withdraw my LIC funds after a year?
Ans. It depends on the program you choose because some enable you to withdraw your money after one year while others do not allow you to do so until three years.
