LIC Schemes, Details, Benefits
Here is a comprehensive guide on LIC schemes, covering interest rates, types of plans, benefits, and other key details (updated as of 2025):
🔰 About LIC (Life Insurance Corporation of India)
LIC is a government-owned insurance and investment corporation offering a wide range of insurance and saving schemes suited for individuals of all ages and financial goals.
✅ Major LIC Schemes in 2025
Below are the most popular LIC schemes across categories:
1. LIC Jeevan Anand (Plan 915)
- Type: Endowment + Whole Life
- Sum Assured: ₹1 lakh to no limit
- Policy Term: 15 to 35 years
- Entry Age: 18 to 50 years
- Maturity Benefit: Sum Assured + Bonus
- Death Benefit: Even after policy maturity, family gets death benefit
Interest / Bonus Rate: 4.5% to 6% (variable depending on bonus declaration)
2. LIC New Jeevan Shanti (Plan 858)
- Type: Deferred Annuity
- Single premium plan
- Entry Age: 30 to 79 years
- Annuity Options: Single life / Joint life
- Pension Starts: After 1 to 12 years (as per choice)
Interest Rate / Return: Effective returns between 5.5% – 6.5% annually
Best for: Retirement planning
3. LIC Jeevan Labh (Plan 936)
- Type: Limited Premium Endowment
- Policy Term: 16, 21, 25 years
- Premium Paying Term: 10, 15, 16 years respectively
- Bonus: Reversionary + Final Additional Bonus
Expected Return: 6% to 7%
Maturity Benefit: High returns with low premium
Ideal for: Mid-term savings + Life cover
4. LIC New Children’s Money Back Plan (Plan 932)
- Type: Child Education + Money Back
- Entry Age (Child): 0 to 12 years
- Survival Benefit: 20% of sum assured at age 18, 20, and 22
- Maturity at 25: Balance + Bonus
Effective Return: Around 5.5% to 6%
Best for: Child education and marriage planning
5. LIC Tech Term Plan (Online Term Plan – Plan 854)
- Type: Pure Term Insurance
- Entry Age: 18 to 65 years
- Policy Term: Up to 40 years
- Coverage: High coverage at low premium
- No maturity benefit
Premium Example: ₹20/month for ₹10 lakh sum assured (young age)
Best for: Family protection at lowest cost
💰 LIC Interest Rates Overview (2025)
| Plan Type | Expected Returns (p.a.) | Tax-Free? (u/s 10(10D)) |
|---|---|---|
| Endowment Plans | 5.5% – 6.5% | ✅ Yes |
| Pension (Annuity) | 5% – 6.5% | ❌ No (pension is taxable) |
| Term Insurance | No return (pure risk) | ✅ Yes |
| ULIP Plans | Market-linked (varies) | ✅ Yes (if sum assured >10x premium) |
🎁 Key Benefits of LIC Schemes
- Life Cover: All plans provide risk cover during the policy term.
- Tax Benefits:
- Premiums eligible under Section 80C up to ₹1.5 lakh
- Maturity amount tax-free under Section 10(10D) (except pension)
- Guaranteed Maturity: Most plans offer fixed or bonus-based maturity.
- Loan Facility: Loans available after 3 years on eligible plans.
- Bonus: LIC declares bonuses yearly for participating policies.
- Nominee Benefit: In case of death, nominee receives death claim.
- Online Payment and Services: Easy premium tracking and servicing.
📌 Things to Keep in Mind
- LIC plans are safe and backed by Government of India.
- Returns are low-to-moderate, but risk-free.
- Not suitable for aggressive wealth generation (like mutual funds).
- Ideal for conservative savers, senior citizens, or long-term planners.
📞 How to Buy LIC Policies?
- Through LIC official website: www.licindia.in
- LIC agents or branch offices
- Online aggregator portals
Would you like a comparison chart or a PDF guide of these schemes?