LIC does not offer any saving-oriented plan that can guarantee double money in 5 years. The returns may vary from plan to plan.
What Should Be the Return To Get Your Money Double in 5 Years
If you want to double your money within 5 years then you will need a 14.4 % annual return. In a fixed saving investment plan, you get a 5-6% annual return. There is no fixed saving investment plan that offers a return of 14.4%.
You can invest in crypto, mutual funds, and stocks to get the highest returns each year. All of these investments come with high risks and rewards, so make sure that you are aware of them before making any decisions.
Formula to calculate the annual rate of return on investment
Rate of return on investment = 72 / No. of Years to Double
LIC Plan For 5 Years with Highest Return In India 2024
Policyholders can enjoy the tax benefits on the premiums paid towards this policy under section 80C of the Income Tax Act, 1961. You can claim a deduction of up to Rs. 1.5 lakhs per annum on your income tax return.
Similarly, the death benefit or the amount received as pay-out is also completely tax-free under section 10(10D) of the Income Tax Act, 1961.
You can get a high return by investing in the following LIC plans for 5 years.
If you are looking to increase your earnings, there are many ways to earn money online in India, including freelancing, content writing, and tutoring. You can start working from home to earn money without putting in any investment.
#1. Retirement/Pension Plans
A pension plan is an investment plan for people who are planning a secure future after retirement. You can invest money in the particular plan so that you can get a regular income flow after retirement, which can help you live a comfortable life.
I. LIC Jeevan Akshay VI
LIC Jeevan Akshay VI is an immediate annuity pension plan that offers a premium to be paid in a lump sum amount at once. This plan is designed to provide a steady cash inflow for the policyholder.
The policy allows annuity installments to be paid monthly, quarterly, half-yearly, and yearly, depending on what the policyholder chooses. To enroll in this policy, the policyholder is not required to have a medical examination.
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 30 years | 85 years |
| Purchase Price | Rs.1 lakh (offline) Rs.1.5 lakh (online) |
No limit |
| Mode of payment | Single premium | |
| Annuity payable | Monthly, quarterly, half-yearly, and yearly |
If you want to start working as an LIC agent, then you can read our guide on how to become a LIC agent.
II. LIC New Jeevan Nidhi
LIC New Jeevan Nidhi is a traditional participating deferred annuity plan that provides both savings and protection benefits along with a pension. This LIC with-profit plan offers death cover during the deferment period and provides annuities on survival to the maturity date.
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 20 years | Regular Pay – 58 years Single Pay – 60 years |
| Vesting/Maturity Age | 55 years | 65 years |
| Policy Term | 5 years | 35 years |
| Sum Assured | Regular Pay – 100,000 Single Pay – 150,000 |
No limit |
| Premium Payment Term | Single premium – lump sum amount Regular premium – Yearly, half-yearly, quarterly, and monthly (through ECS only) or through SSS mode over the policy term. |
Check out – LIC agent’s commission rates in 2023
#2. Micro Insurance Plans
LIC micro insurance plans are specially designed for the low-income population of the country and provide financial benefits to the family and can secure themselves at an affordable premium rate.
I. LIC New Jeevan Mangal Plan
LIC New Jeevan Mangal Plan is a protection plan that provides financial protection to the policyholder and their family at an affordable premium. This plan guarantees the return of all the premiums paid throughout the policy tenure on the maturity date.
Under this plan, policyholders can pay the premium of the policy in the form of a lump sum amount at once or as regular installments – yearly, half-yearly, quarterly, and monthly.
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 18 years | 55 years |
| Maturity Age | – | 65 years |
| Premium paying term | 5 years | 13 years |
| Policy Tenure – Regular Premium PolicySingle Premium Policy |
10 years5 years |
15 years 10 years |
| Sum Assured | Rs. 10,000 | Rs. 50,000 (availed in multiples of Rs 1,000) |
| Premium Payment Mode | Regular premium – Monthly, quarterly, half-yearly, yearly | |
| Single premium amount | Rs. 60 | It will vary based on the sum assured, entry age, policy term, and other factors. |
II. LIC Bhagya Lakshmi Plan
LIC Bhagya Lakshmi Plan is a non-participating limited payment protection-oriented plan that offers a return of 110% of the total amount of premium paid on plan maturity. This premium is payable to the insured or pays out a death benefit to the nominee of the policyholder in the case of his/her demise within the tenure of the policy.
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 18 years | 42 years for PPT 5 years 55 years for PPT 6 to 13 years |
| Maturity Age | – | 65 years |
| Premium paying term | 5 years | 13 years |
| Policy Tenure (Premium paying term + 2 years) | 7 years | 15 years |
| Sum Assured | Rs. 20,000 | Rs. 50,000 (availed in multiples of Rs 1,000) |
| Premium Payment Mode | Monthly, quarterly, half-yearly, yearly, and single premium |
Check out – LIC Jeevan Shanti Review
#3. LIC Term Insurance Plan
LIC term assurance plan is a life insurance protection plan that offers financial security for his or her family at a minimal premium amount.
If the insured dies during the policy tenure, the beneficiary will get the death benefit, which is the full sum insured amount. In a term assurance plan, the maturity benefits are not available when the insured survives at the maturity of the policy.
I. LIC Anmol Jeevan II
LIC Anmol Jeevan II is a pure risk cover plan that pays a lump sum death benefit to the nominee if the insured dies during the policy term. LIC Anmol Jeevan II plan offers a sum assured up to Rs. 24 lakhs.
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 18 years | 55 years |
| Maturity Age | – | 65 years |
| Policy Tenure | 5 years | 25 years |
| Premium paying term | 5 years | 25 years |
| Sum Assured | Rs. 6,00,000 | Rs. 24,00,000 (availed in multiples of Rs 1,00,000) |
| Premium Payment Mode | Yearly and half yearly |
II. LIC Amulya Jeevan II
LIC Amulya Jeevan II is a term assurance plan that offers financial protection to the insured’s family in case of an unfortunate demise during the policy tenure. The sum assured will be paid to his/her nominee in the event of a life assured death. If the insured survives the term of the policy, then no maturity benefit will be available.
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 18 years | 60 years |
| Maturity Age | – | 70 years |
| Policy Tenure | 5 years | 35 years |
| Premium Paying Term | 5 years | 35 years |
| Sum Assured | Rs. 25,00,000 | No upper limit (availed in multiples of Rs 1,00,000) |
| Premium Payment Mode | Yearly and half-yearly |
If you love to save money using a credit card, then you read my favorite American Express membership rewards credit card review. This year I received an offer to earn 5X rewards points on my insurance payment.
Conclusion
The 18% GST on life insurance is applicable with effect from the 1st of July, 2017
You can choose any above-listed LIC plans based on your specific insurance requirements. In case, you have any inquiries related to the LIC plan for 5 years let me know in the comments section.
