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Best LIC Plans for 10 Years

Updated Sep 13, 2024

With a wide customer base, LIC, or Life Insurance Corporation of India has become a household name for those buying life insurance plans. Offering a variety of life insurance plans such as child plans, investment plans, endowment plans, and a lot more, LIC gives policyholders the flexibility to choose a suitable plan based on needs and budget. The company also offers life insurance plans which have a policy term of 10 years. In the section below, we will also talk about LIC plans for 10 years.

Defining LIC Life Insurance Plans for 10 Years

As the name suggests, an LIC life insurance plan for 10 years is like any other life insurance policy, but with a policy term of 10 years. This means that with such policies, you can enjoy life insurance coverage for a duration of 10 years, which can also be renewed.

Features of LIC life insurance plans for 10 years:

The premium payment term of this policy is 10 years
With LIC life insurance plans, the nominees of the policyholder will receive financial compensation in case the former meets an unfortunate event
There are a few life insurance policies that also provides maturity benefits which means that once the policy matures, a lump sum amount is paid out to the policyholder
You may also get additional reversionary bonus with your LIC policy

Best LIC Plans For 10 Years

Best LIC plans for 10 years have been mentioned below for all of your:

1. LIC Single Premium Endowment Plan:

The Endowment Plan for LIC Single premium is basically an individual and non-linked life insurance savings plan. The entry age of this policy is minimum 90 days old child and the entry age is minimum of 63 years old. The term of this policy is minimum of 10 years and maximum age of maturity is 75 years. The premium mode of payment is single premium only and the amount of money that is assured is minimum of 50,000 rupees. Additionally, this policy also provides a good amount of money to the policyholder if they survive till the policy ends. This policy also provides the facility to the policyholder to take loan facilities if they require any urgent liquidity needs.

2. LIC New Bima Bachat Plan

The LIC New Bima Bachat Plan is a plan which is a savings and protection plan along with providing benefits on both death and maturity. The minimum age to enter this plan is when you become 15 years old and the maximum age to enter this plan is the age of 66 years old. There is no fixed limit to the maximum amount of sum that you will get from this plan. This plan provides benefits like loyalty bonuses. It also offers liquidity benefits. The policy holder will get the sum amount which is assured after every three years. The policyholder will receive the original single premium along with the additional loyalty bonuses at the end of the term. If the person dies during the insurance term, the person whom the policyholder has made nominee will receive the assured money.

3. LIC Tech Term Plan:

The LIC Tech Term Plan is a plan which is not linked or participating but for an individual. It is purely a risk and premium life plan. It has two options which will be beneficial. One is the level sum assured and the other one is increasing sum assured. This plan has an entry age of minimum 18 years old and maximum of 65 years old. The minimum assured amount with this plan is 50,00,000 rupees. The term of this policy is 10 years and you can extend it up to 40 years. If any inconvenience happens, death of the policyholder will provide the benefits of this policy to the allotted nominee. The nominee can claim this policy money either in installments or as a full amount. The installments options include 5 years, 10 years and 15 years to claim the policy amount.

4. LIC Jeevan Akshay VII

The LIC Jeevan Akshay VII is a LIC plan which is not linked or participating but an individual immediate annuity plan. It can be purchased online as well as offline and offers the option to choose from 10 different funds. The minimum age to enter this plan is 25 years and the maximum age to enter is 85 years. You have the flexibility to choose the premium payment term and premium payment frequency, if you have this plan. The pension holder will get a pension lifelong based on the payment method chosen by them and the pension will increase each year by 3%. When the pension holder passes away then the LIC plan will end and the benefit will not be paid.

5. LIC Jeevan Umang

The LIC Jeevan Umang LIC plan offers guaranteed cover life insurance and multiplies your savings. You will get survival and death benefits with this plan. If you have paid at least 3 premium amounts of time then this LIC plan can be used as a loan collateral material. If you want then you can add extra features to your LIC plan which can be a waiver of premium or coverage of accidental disability. This LIC plan offers protection and profit of money both. It also offers a payout system on yearly basis after the premium-paying period has ended and pension holders will also get paid a lump-sum amount after the plan has matured.

6. LIC Jeevan Amar

LIC Jeevan Amar is another LIC plan that offers a policy term of 10 years. It is a not participating and not linked LIC plan. As we know the policy term of this plan is 10 years, it can also be extended up to 40 years. The minimum age to enter this plan is 18 years and the maximum age to enter this plan is till 65 years. The minimum amount that is assured in this plan is 25,00,000 rupees and there is no maximum amount assured in this plan. The regular or limited premium plans will pay the benefit of the highest of these three options: seven times of the yearly premium paid or 105% of the premiums paid till the date of the death or the assured sum amount to be paid on the date of death.

7. LIC New Money-back Plan

As the name of this plan is the LIC new money-back plan, it is basically a plan for money back and the minimum age to enter this plan is 13 years old. The maximum age to enter this plan is 45 years old. This plan also offers the policyholder with the bonus benefits. The minimum amount of money that comes with this plan is 1 lakh rupees whereas there is no maximum amount of money assured with this plan. 20% of the basic sum assured in this plan is paid as benefit of survival and policy will keep continuing if the life insurance policy is still alive at the end of the 5th, 10th and 15th years of the ongoing policy. You will receive the rest of the 40% of the assured amount as survival paid at the end of this policy plan along with the rest of the bonuses.

8. LIC Bima Jyoti

The LIC Bima Jyoti plan offers you both the benefit of protection and the benefit of investment. You can buy this plan offline and in online mode both. The minimum age to enter this plan is 18 years of old and the maximum age to enter this plan is 60 years of old. You also have the facility to add multiple riders to your LIC plan like Accidental Death and Disability Benefit Rider, New Term Assurance Rider, Critical Illness Rider, and many more. For this plan, the premium can be paid on a monthly basis, quarterly as in after every three months, after every six months or after one year. The premiums paid by the policyholder will be returned if they die before the coverage starts. If the coverage starts and the policy holder dies then the nominee will receive the assured money and additional bonuses.

Comparison Chart Of Top Plans

LIC Plans	Benefits	Features	Sum Insured	Duration
LIC Single Premium Endowment Plan	This policy also provides the facility to the policyholder to take loan facilities if they require any urgent liquidity needs.	The entry age of this policy is minimum 90 days old child and the entry age is minimum of 63 years old.	The amount of money that is assured is a minimum of 50,000 rupees.	The term of this policy is minimum of 10 years and maximum age of maturity is 75 years.
LIC New Bima Bachat Plan	This plan provides benefits like loyalty bonuses. It also offers liquidity benefits.	The minimum age to enter this plan is when you become 15 years old and the maximum age to enter this plan is the age of 66 years old.	There is no fixed limit to the maximum amount of sum that you will get from this plan.	The policy matures when the policyholder turns 75 years old.
LIC Tech Term Plan	If any inconvenience happens, death of the policyholder will provide the benefits of this policy to the allotted nominee.	This plan has an entry age of minimum 18 years old and maximum of 65 years old.	the minimum assured amount with this plan is 50,00,000 rupees.	The term of this policy is 10 years and you can extend it up to 40 years.
LIC Jeevan Akshay VII	The pension holder will get a pension lifelong based on the payment method chosen by them and the pension will increase each year by 3%.	The minimum age to enter this plan is 25 years and the maximum age to enter is 85 years.	The pension holder will get a pension lifelong based on the payment method chosen by them and the pension will increase each year by 3%.	It has multiple options. First option is for life, the second option is for 5 years and the third option is for 10 years.
LIC Jeevan Umang	If you want then you can add extra features to your LIC plan which can be a waiver of premium or coverage of accidental disability.	The minimum age to enter this plan is 90 days old baby and the maximum age to enter is 55 years.	There is no maximum sum assured for this plan.	The policyholder will reach maturity at the age of 100 years.
LIC Jeevan Amar	The regular or limited premium plans will pay the benefit of the highest of these three options: seven times of the yearly premium paid or 105% of the premiums paid till the date of the death or the assured sum amount to be paid on the date of death.	The minimum age to enter this plan is 18 years and the maximum age to enter this plan is till 65 years.	The minimum amount that is assured in this plan is 25,00,000 rupees and there is no maximum amount assured in this plan.	As we know the policy term of this plan is 10 years, it can also be extended up to 40 years.
LIC New Money-back Plan	You will receive the rest of the 40% of the assured amount as survival paid at the end of this policy plan along with the rest of the bonuses.	The minimum age to enter this plan is 13 years old. The maximum age to enter this plan is 45 years old.	The minimum amount of money that comes with this plan is 1 lakh rupees whereas there is no maximum amount of money assured with this plan.	It has a 20 year plan and a 25 year plan both for the LIC schemes.
LIC Bima Jyoti	You also have the facility to add multiple riders to your LIC plan like Accidental Death and Disability Benefit Rider, New Term Assurance Rider, Critical Illness Rider, and many more.	The minimum age to enter this plan is 18 years of old and the maximum age to enter this plan is 60 years of old.	The minimum amount of money that comes with this plan is 1 lakh rupees whereas there is no maximum amount of money assured with this plan.	It’s policy term is 15 to 20 years old.

How To Buy LIC Plans with InsuranceDekho?

Using InsuranceDekho, you can buy these LIC plans for yourself:

Click on the insurance tab on the top, when you visit InsuranceDekho Website.
After clicking on the insurance tab, you will see a new page where you have to enter details such as age, salary and other details.
After entering all details, you will be redirected to another page
You can choose LIC insurance plan for 10 years plan
After choosing plan, you have to make the payment for the premium amount
After doing payment, you will receive an email on your registered email regarding policy details.

FAQs

Question1: What is the minimum entry age of LIC life insurance plans?

Answer 1: The minimum age to enter a LIC plan can vary from one LIC plan to another. Every LIC plan has their own minimum age fixed by them.

Question 2: Can I buy a LIC life insurance plan on InsuranceDekho?

Answer 2: Yes, you can buy LIC plans on the website of Insurance dekho. Firstly, open the website then from the drop down menu choose the “Life Insurance” option. When the next page opens, enter your details like your name, gender, DOB (date of birth), and your mobile number. Then click on the option “View plans for free”

Question 3: What is the minimum sum assured available with the LIC Tech Term plan?

Answer 3: The minimum value assured with LIC life insurance Tech term plan is 50 lakh rupees.

Written by Saad Ahmad

Saad is a marketing guru and has some exciting knowledge to share about the motor and related industry. Read More

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.