LIC 1000 Per Month Policy For 20 Years – (Best Plan of 2023)

Explore LIC 1000 Per Month Policy for 20 years. This affordable plan combines life coverage and disciplined savings, offering security and peace of mind.

Learn about its benefits, premium details, and how this policy can fit your budget while securing your future.

LIC 1000 Per Month Policy For 20 Years

Below are some plans of LIC 1000 Per Month policy for 20 Years, 25 Years and 30 Years.

1. LIC New Money Back Plan
2. LIC New Jeevan Anand
3. LIC Jeevan Labh
4. LIC Jeevan Lakshay
5. LIC Jeevan Pragati

LIC offers several options under the 1000 per month policy for 20 years, including the LIC New Money Back Plan, LIC New Jeevan Anand, LIC Jeevan Labh, LIC Jeevan Lakshay, and LIC Jeevan Pragati.

Let’s take a closer look at each plan:

1. LIC New Money Back Plan (for 20 Years)

LIC New Money Back Plan is a 1000 per month Life insurance policy which is best for 20 Years. It is a plan that offers protection and pays out money regularly to the policyholder. It is one of the best LIC 20 years plan which is good for beginners.

The policy ensures that the insured person is financially secure and receives a steady income at specific times throughout the policy duration.

In this plan, a certain percentage of the assured sum is given to the policyholder at regular intervals as survival benefits.

If the policyholder unfortunately passes away during the policy term, the full assured sum is given to the nominee.

Furthermore, the policy also offers a maturity benefit, which includes the remaining assured sum along with any bonuses earned over time.

Important details of the LIC New Money Back Plan:

Some of the key benefits of LIC’s New Money Back Plan are as follows:

• Regular Payouts: The policy gives you money at certain times during the policy period, ensuring you have a steady income.
• Life Cover: The policy protects your family financially if something happens to you during the policy period.
• Maturity Benefit: If you survive till the end of the policy, you get the remaining money and any bonuses as a payout.
• Bonuses: The policy can earn bonuses based on LIC’s profits, giving you extra money.
• Loan Facility: You can borrow money against the policy’s value when you need it.

To get the LIC money back policy:

1. Contact LIC: Talk to a nearby LIC branch or agent.
2. Understand the Policy: Know the details, benefits, and payment options.
3. Provide Documentation: Submit required documents.
4. Medical Examination (if needed): Based on age and coverage, a health check-up may be required.
5. Pay Premium: Follow LIC’s payment schedule, paying Rs 1000 per month for 20 years.
6. You can Download Policy document from LIC India official website  

Note: Actual details may vary. For accurate information, contact LIC or visit their website.

Now move on to second policy–

2. LIC New Jeevan Anand

LIC New Jeevan Anand is a participating endowment plan for 20 Years. It provides both life coverage and savings benefits by paying 1000 Rupees per month as premium amount. So if you want to invest in 20 years LIC policy then it is good policy for you.

Let’s understand this policy with an example:

Mr. Sharma, aged 30 years, decides to purchase LIC New Jeevan Anand policy with a monthly premium of Rs 1000 for a policy term of 20 years.

POLICY DETAILS:

• Premium Amount: Rs 1000 (monthly premium)
• Policy Term: 20 years (duration for which the policy is active)
• Sum Assured: Let’s assume Mr. Sharma chooses a sum assured of Rs 5,00,000. It means that in case of his unfortunate demise during the policy term, his nominee would receive a death benefit of Rs 5,00,000.
• Entry Age: Mr. Sharma’s age at the time of purchasing the policy is 30 years.
• Maturity Age: The policy matures at the end of the policy term, which is 20 years in this example. So, Mr. Sharma will be 50 years old at the time of maturity.

BENEFITS OF THIS POLICY:

1. Death Benefit: If the policyholder dies during the policy term, the nominee receives a lump sum amount and regular income support.
2. Maturity Benefit: If the policyholder survives till the end of the policy term, they receive a lump sum amount for future needs.
3. Bonus Additions: LIC Jeevan Lakshya earns bonuses that increase the overall maturity or death benefit.
4. Loan Facility: Policyholders can take a loan against their policy’s surrender value for financial needs.
5. Tax Benefits: Premiums, maturity amount, and death benefit are eligible for tax benefits.

Please note that the specific benefits, terms, and conditions of the LIC New Jeevan Anand policy may vary. It’s advisable to consult LIC directly or visit their official website for precise and updated information regarding the policy’s benefits and features.

Next move on to 3rd LIC 1000 per month policy for 20 years–

3. LIC Jeevan Labh (1000 Per month LIC plan)

LIC Jeevan Labh is a 1000 monthly non-linked, with-profits endowment plan for 20 years. It provides both life coverage and savings benefits. You can also buy this policy for 25 years or even 30 years.

Let’s understand this policy:

LIC Jeevan Labh is designed to offer financial protection to the policyholder and their family, along with providing savings for future needs.

The policy provides a lump sum amount in case of the policyholder’s unfortunate demise during the policy term. Additionally, it offers maturity benefits if the policyholder survives till the end of the policy term.

The policyholder needs to pay regular premiums for a specific period, known as the premium payment term. After the completion of the premium payment term, the policy continues until the end of the policy term, during which the policyholder remains covered.

The sum assured, premium amount, and policy term can vary based on the individual’s requirements and the specific policy chosen.

BENEFITS OF THIS POLICY:

• Death Benefit: If the policyholder passes away during the policy term, their family receives a payout called the death benefit. It includes the sum assured (the guaranteed amount) and any bonuses earned. This provides financial support to the family during difficult times.
• Maturity Benefit: If the policyholder lives till the end of the policy term, they receive a maturity benefit. It includes the sum assured and any bonuses accumulated over time. This lump sum amount can be used for retirement, education, or other financial goals.
• Bonus Additions: LIC Jeevan Labh participates in LIC’s profits and earns bonuses. These bonuses are added to the sum assured, increasing the overall maturity or death benefit.
• Loan Facility: Policyholders have the option to take a loan against the surrender value of their LIC Jeevan Labh policy. This can be helpful during financial needs or emergencies.
• Tax Benefits: The premiums paid for LIC Jeevan Labh are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The maturity and death benefits are usually tax-exempt under Section 10(10D) of the Act.

4. LIC Jeevan Lakshay

LIC Jeevan Lakshay is a participating non-linked plan for 20 or 25 years. It provides both life coverage and savings benefits. But you have to pay 1000 per month premium amount to take this policy offered by LIC.

Let’s understand this policy:

LIC Jeevan Lakshay is designed to provide financial security to the policyholder’s family in case of the policyholder’s unfortunate demise during the policy term. Additionally, it offers a lump sum amount at the end of the policy term, even if the policyholder survives till that time.

The policyholder needs to pay regular premiums for the chosen policy term. The policy offers a unique feature called the “Annual Income Benefit” that provides an additional annual payout to the nominee in case of the policyholder’s death during the policy term. Along with the annual income benefit, a lump sum amount is paid at the end of the policy term.

Here are some benefits of this policy:

1. Death Benefit: If the policyholder passes away during the policy term, the nominee receives a combination of the chosen sum assured and an annual income benefit. This regular income continues until the end of the policy term or until the policyholder would have turned 60 years old, providing financial support for the family.
2. Maturity Benefit: If the policyholder survives till the end of the policy term, they receive a maturity benefit that includes the sum assured and any accrued bonuses. This lump sum amount can be used for various financial needs or future expenses.
3. Bonus Additions: LIC Jeevan Lakshya is a plan that earns bonuses by participating in LIC’s profits. These bonuses are added to the sum assured, increasing the overall maturity or death benefit over time.
4. Loan Facility: Policyholders have the option to take a loan against the surrender value of their LIC Jeevan Lakshya policy. This can be helpful in case of financial requirements or emergencies.
5. Tax Benefits: The premiums paid for LIC Jeevan Lakshya qualify for tax benefits under Section 80C of the Income Tax Act, 1961. The maturity and death benefits are usually tax-exempt under Section 10(10D) of the Act.

5. LIC Jeevan Pragati

LIC Jeevan Pragati is one of the best 1000 per month Life insurance policy for 20 years. it is also a non-linked, with-profit endowment plan. This policy provides life coverage along with savings benefits that increase over time.

Let’s understand this policy:

LIC Jeevan Pragati is designed to provide financial security and a growing corpus to the policyholder and their family. The policy offers a unique feature called the “Sum Assured Booster,” which increases the sum assured at specific intervals during the policy term.

The policyholder needs to pay regular premiums for the chosen policy term. The sum assured increases every five years during the premium payment term. This helps the policyholder build a larger corpus for future needs.

The policy provides both death and maturity benefits, ensuring protection in case of the policyholder’s demise during the policy term, as well as a lump sum amount at maturity.

The sum assured, premium amount, and policy term can vary based on the individual’s requirements and the specific policy chosen.

Benefits of this LIC 1000 per month 20 years policy:

• Death Benefit: In the unfortunate event of the policyholder’s passing during the policy term, the nominee receives a payout called the sum assured, which includes the basic sum assured and any additional boosters. This provides financial protection for the family and helps maintain their lifestyle.
• Maturity Benefit: If the policyholder lives till the end of the policy term, a maturity benefit is paid. This includes the sum assured and any accrued bonuses. The lump sum amount can be used for retirement planning, education funding, or other financial goals.
• Sum Assured Booster: LIC Jeevan Pragati offers a unique feature where the sum assured increases every five years during the premium payment term. This helps in building a larger corpus over time, providing increased financial protection and growth potential.
• Bonus Additions: LIC Jeevan Pragati participates in LIC’s profits and earns bonuses. These bonuses are added to the sum assured, accumulating over the policy term and increasing the overall maturity or death benefit amount.
• Tax Benefits: The premiums paid for LIC Jeevan Pragati are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The maturity amount received and the death benefit paid are also usually tax-exempt under Section 10(10D) of the Act.

So these were 5 LIC 1000 Per month policy for 20 years. I hope now you have understood each policy.

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 20 Years)

Conclusion (LIC Policy 1000 Per Month Plan 20 Years)

LIC 1000 per month policy for 20 years is a smart investment for long-term financial security. With its affordable premiums, it offers a unique opportunity to build a substantial corpus while ensuring life coverage.

By staying committed to regular contributions, you can create a reliable safety net for your loved ones. The policy’s flexible features and attractive benefits, such as maturity payouts and tax advantages, make it an ideal choice for individuals seeking a disciplined savings approach.

Embrace this opportunity to protect your future and embark on a journey towards financial well-being with LIC 1000 Rs per month policy for 20 years.

Also Read,

• LIC 1000 Per Month Policy for 5 Years
• LIC 1000 Per Month Policy For 10 Years
• LIC Plan 5 years double money
• 5000 Per month SIP for 10 years
• LIC me kitna jama karne par kitna milega?

What are your thoughts on this policy? Have you ever considered a similar insurance option? You can ask your doubts and questions regarding any policy in the comments section below.

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