Explore LIC 1000 Per Month Policy for 10 Years—an affordable life insurance option with comprehensive coverage and guaranteed returns.
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LIC 1000 Per Month Policy for 10 Years
Here are 5 plans of LIC 1000 Per Month policy for 10 Years, 5 Years and 20 Years.
- LIC Jeevan Anand
- LIC Jeevan Labh
- LIC Single Premium Endowment Plan
- LIC Limited Premium Endowment Plan
- LIC New Endowment Plan
Know about each detailed plan below–
1. LIC Jeevan Anand (1000 per month policy)
LIC Jeevan Anand is a 1000 per month plan of life insurance policy, best for 10 years that provides coverage for your entire lifetime. It offers both protection and savings benefits. It is one of the highest selling LIC policy which is good for beginners.
Here’s an example to help you understand how it works:
Let’s say you are a 30-year-old individual looking to secure financial protection for your loved ones while also saving for the future. You decide to opt for the LIC Jeevan Anand policy with a monthly premium of 1000 per month for a 10-year policy term.
Important details of the policy:
| Policy Details | Example |
|---|---|
| Premium Amount | ₹1000 per month |
| Policy Term | 10 years |
| Maturity Benefit | Payable at the end of the policy term |
| Death Benefit | Payable to the nominee in the event of the insured’s death during the policy term |
| Survival Benefit | Payable to the insured upon surviving till the end of the policy term |
| Additional Features | Participating plan (may be eligible for loyalty additions, if applicable) |
To take this policy, you would typically need to follow these steps:
- Contact LIC: Reach out to your nearest LIC branch or LIC agent to express your interest in the LIC Jeevan Anand policy.
- Understand the Policy: Discuss the policy details, benefits, and premium payment options with the LIC representative. Ensure that you comprehend all aspects of the policy, including the premium amount, policy term, and benefits.
- Provide Documentation: Furnish the necessary documents, such as identity proof, address proof, age proof, and other relevant documents as required by LIC.
- Medical Examination (if applicable): Depending on your age and the sum assured you choose, LIC may require you to undergo a medical examination to assess your health condition.
- Premium Payment: You would need to pay the premium amount of RS 1000 per month for the selected policy term (in this case, 10 years) as per the payment schedule provided by LIC. Ensure timely premium payments to keep the policy active.
It’s important to note that the actual premium amount, policy details, and documentation requirements may vary. To obtain accurate and personalized information about LIC Jeevan Anand or any other LIC policy, it is advisable to contact LIC directly or visit their official website.
2. LIC Jeevan Labh Policy
LIC Jeevan Labh is a non-linked participating endowment plan. In this plan you pay Rs 1000 per month for 16 Years not 10 years which offered you financial protection and help you save for the future.
Also you can choose other plan depending on your age, policy term and sum assured amount.
Let’s break down the key features and benefits:
| Policy Details | Example |
|---|---|
| Premium Payment | Regular premiums throughout the policy term |
| Policy Term | 16 to 25 years |
| Death Benefit | Sum assured + applicable bonuses paid to the nominee in case of the insured’s demise during the policy term |
| Maturity Benefit | Sum assured + accumulated bonuses payable to the policyholder on surviving till the end of the policy term |
| Additional Bonuses | Simple reversionary bonuses and final additional bonuses (if applicable) |
| Loan Facility | Option to avail a loan against the policy’s surrender value (subject to terms and conditions) |
- Premium Payment: You will need to pay regular premiums throughout the policy term. The premium amount will depend on factors such as age, sum assured, and policy term.
- Policy Term: The policy term is typically longer, ranging from 16 to 25 years, providing you with extended coverage and savings benefits.
- Death Benefit: In the unfortunate event of your demise during the policy term, the death benefit will be paid to the nominee. The death benefit usually includes the sum assured and any applicable bonuses.
- Maturity Benefit: If you survive till the end of the policy term, you will receive the maturity benefit. This benefit includes the sum assured, along with any bonuses that have accumulated over the policy term.
- Additional Bonuses: LIC Jeevan Labh is a participating plan, which means it is eligible to receive bonuses declared by LIC. These bonuses, such as simple reversionary bonuses and final additional bonuses, enhance the overall returns of the policy.
- Loan Facility: You may also have the option to avail a loan against the policy’s surrender value, provided it has acquired a surrender value and subject to certain terms and conditions.
To consider LIC Jeevan Labh or any other insurance policy from LIC:
- Research: Understand the policy features, benefits, premium payment options, and eligibility criteria. You can visit LIC’s official website, contact LIC directly, or consult an LIC agent to gather detailed information.
- Consultation: Speak with an LIC representative or an authorized agent who can guide you through the policy and help you make an informed decision based on your needs and financial goals.
- Application: Once you have chosen LIC Jeevan Labh, you will need to fill out the application form and submit the required documents, such as identity proof, address proof, age proof, and others as specified by LIC.
- Medical Examination: Depending on your age and sum assured, you may be required to undergo a medical examination to assess your health condition.
- Premium Payment: After completing the necessary paperwork and fulfilling the requirements, you will need to pay the premiums regularly as per the chosen payment mode (monthly, quarterly, semi-annually, or annually).
Now move on to third policy–
3. LIC Single Premium Endowment Plan
LIC Single Premium Endowment Plan is a type of life insurance policy offered by LIC (Life Insurance Corporation of India) where the premium (1 Lakh) is paid as a lump sum at the beginning of the policy. It provides both protection and savings benefits.
This policy is not for monthly or yearly payment because it is a lumpsum or one time payment policy that you can buy if you do not want to pay 5000, 2000 or 1000 per month on regular basis.
Here’s an explanation using a simple example:
Suppose you are a 35-year-old individual looking for a life insurance plan that offers a one-time premium payment. You opt for the LIC Single Premium Endowment Plan with a lump sum premium payment of Rs 1,00,000
Here’s a table highlighting the important details of the policy:
| Policy Details | Example |
|---|---|
| Premium Payment | One-time lump sum premium payment |
| Policy Term | Varies based on the policy |
| Maturity Benefit | Lump sum amount payable on maturity |
| Death Benefit | Sum assured payable to the nominee in the event of the insured’s demise during the policy term |
| Loan Facility | Option to avail a loan against the policy’s surrender value (subject to terms and conditions) |
In the example provided, you make a one-time lump sum premium payment of Rs1,00,000. The policy term for the LIC Single Premium Endowment Plan can vary depending on the specific policy you choose.
If you survive till the end of the policy term, you will receive the maturity benefit, which is a lump sum amount. In the unfortunate event of your demise during the policy term, the sum assured will be paid to the nominee as the death benefit.
Additionally, LIC offers a loan facility against the policy’s surrender value, which allows you to avail a loan if needed, subject to certain terms and conditions.
4. LIC Limited Premium Endowment Plan
LIC Limited Premium Endowment Plan is one of the best 1000 per month life insurance policy for 20 Years offered combines protection and savings benefits.
This policy will provide you fixed amount between 2 lakhs and 5 lakhs. It requires premium payments for a limited period, which is shorter than the policy term.
You can say this policy is 100% safe.
Here’s a simplified explanation:
Suppose you are a 25-year-old individual looking for a life insurance policy that offers both protection and savings benefits. You decide to opt for the LIC Limited Premium Endowment Plan with a policy term of 20 years and a premium payment term of 10 years. Let’s illustrate this with an example:
DETAILS OF THE POLICY:
| Policy Details | Example |
|---|---|
| Premium Payment Term | 10 years |
| Policy Term | 20 years |
| Premium Amount | Rs 1000 per month |
| Maturity Benefit | Payable at the end of the policy term |
| Death Benefit | Payable to the nominee in case of the insured’s demise during the policy term |
| Survival Benefit | Not applicable |
| Additional Features | Participating plan (eligibility for bonuses, if applicable) |
In this example, you would make premium payments of 1000 per month for a period of 10 years. After completing the premium payment term, you would continue to enjoy the benefits of the policy for the remaining 10 years.
If you survive till the end of the policy term (20 years), you would receive the maturity benefit, which includes the sum assured and any applicable bonuses.
In the unfortunate event of your demise during the policy term, the death benefit, comprising the sum assured and bonuses, would be paid to the nominee.
5. LIC New Endowment Plan (2000 per month LIC Plan)
LIC New Endowment plan is a Rs 2000 per month policy for 20 years. It is a good traditional participating scheme provides financial protection and savings benefits. Here’s a simplified explanation:
Suppose you are a 30-year-old individual looking for a life insurance policy that offers both protection and a savings component. You decide to opt for the LIC New Endowment Plan with a policy term of 20 years. Let’s illustrate this with an example:
POLICY DETAILS:
- Premium Payment Term: Regular premium payments throughout the policy term
- Policy Term: 20 years
- Premium Amount: RS 2000 per month
| Policy Details | Example |
|---|---|
| Premium Payment | Regular premiums throughout the policy term |
| Policy Term | 20 years |
| Premium Amount | Rs 2000 per month |
| Death Benefit | Sum assured + applicable bonuses paid to the nominee in case of the insured’s demise during the policy term |
| Maturity Benefit | Sum assured + accumulated bonuses payable to the policyholder on surviving till the end of the policy term |
| Loan Facility | Option to avail a loan against the policy’s surrender value (subject to terms and conditions) |
In this example, you would make regular premium payments of Rs 2000 per month throughout the 20-year policy term.
If you survive till the end of the policy term, you would receive the maturity benefit, which includes the sum assured along with any accumulated bonuses.
In the unfortunate event of your demise during the policy term, the death benefit, comprising the sum assured and bonuses, would be paid to the nominee.
Additionally, LIC offers a loan facility against the policy’s surrender value, allowing you to avail a loan if needed, subject to certain terms and conditions.
Please note that the actual premium amounts, policy terms, and benefits may vary. To obtain accurate and personalized information about the LIC New Endowment Plan or any other LIC policy, it is advisable to contact LIC directly or visit their official website.
So these were some best LIC 1000 Per Month Plan for 20 Years.
Warning: Please note that our website is not an official source, and we do not endorse or recommend any specific insurance policy. The decision to purchase insurance is entirely yours. We only provide information on different types of insurance policies and updates on various offerings. It is important to conduct thorough research and consult with authorized sources before making any insurance-related decisions.
FAQ’s (LIC 1000 per month policy for 5 Year, 10 Year, 20 years)
Which LIC policy is best for 10 years?
One of the popular LIC policies for a 10-year term is the LIC Jeevan Labh policy. It offers both protection and savings benefits, ensuring financial security for your loved ones while providing a lump sum amount at maturity.
What is LIC 1000 per month policy?
LIC 1000 per month policy refers to a life insurance plan offered by LIC (Life Insurance Corporation of India) where the policyholder pays a premium of Rs 1000 per month. The specific details of the policy, such as the coverage, policy term, and benefits, may vary depending on the particular policy you choose.
What is the LIC premium after 10 years?
LIC premium after 10 years will depend on the specific policy you have chosen and its terms and conditions. The premium amount is determined by factors such as age, sum assured, policy term, and any additional riders or benefits included in the policy. To get accurate information about the premium amount after 10 years for your LIC policy, it is recommended to contact LIC directly or consult with an LIC agent who can provide you with personalized details based on your policy.
Conclusion (LIC 1000 Per Month Policy for 10 Years)
LIC 1000 Per Month Policy for 10 Years is truly a game-changer when it comes to affordable and reliable life insurance options. With its low monthly premium (1000 per month) and extensive coverage, it’s a smart choice for individuals seeking financial security for their loved ones.
We’ve explored the benefits of this policy, including the guaranteed returns and the peace of mind it offers during the 10-year term. But don’t just take our word for it – we want to hear from you!
What are your thoughts on this policy? Have you ever considered a similar insurance option? Share your experiences and insights in the comments section below. We’d love to hear from you and engage in a meaningful discussion.
Remember, securing your family’s future is a crucial decision, and the LIC 1000 Per Month Policy for 10 Years is designed to make it easier and more affordable. So, don’t hesitate to take action and protect what matters most.
Also Read,
- LIC 1000 Per Month Policy for 5 Years
- LIC 1000 Per Month Policy For 20 Years
- LIC Plan 5 years double money
- LIC 500 Per Month Plan
- 5000 Per month SIP for 10 years
- LIC me kitna jama karne par kitna milega?
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