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Best Buy LIC

As a general rule, term insurance is non-negotiable—every earning individual, especially those under 30, must start with it. As you move into your 30s and 40s, it’s wise to also focus on ULIPs for wealth building and pension plans for retirement planning. After 50, your focus should shift more towards guaranteed returns and stable retirement income.

I am a certified LIC agent based in Gurgaon, and this guide is written to help you buy the best LIC plan—based on your age, salary, or goal—without any confusion.

Best LIC Policy Based on Age, Income & Financial Goals

When it comes to financial security, there is no one-size-fits-all LIC policy. Your best policy depends on your age, income level, and personal goals—whether it’s protecting your family, saving for a child’s education, or planning for retirement.

This guide breaks down the top LIC policy recommendations based on life stage and income. We’ve also included comparisons, portfolio strategies, and common mistakes to avoid.


Best LIC Policy Based on Age Group

LIC Plans for Ages 20–30: Wealth Building & Term Protection

At this age, start early and stay protected.

  • LIC Tech Term – Pure term cover with low premiums.
  • LIC Nivesh Plus (ULIP) – Market-linked returns for long-term wealth creation.
  • LIC Jeevan Labh – Limited premium paying term with maturity benefits.

LIC Plans for Ages 31–40: Family Security & Goal-Based Saving

This is the most critical phase—your family depends on your income.

  • LIC Jeevan Anand – Life cover + maturity benefit.
  • LIC Bima Jyoti – Guaranteed returns with safety.
  • LIC SIIP – Unit-linked savings with partial withdrawals.

LIC Plans for Ages 41–50: Retirement Planning & Child Education

Start shifting focus to retirement and long-term financial goals.

  • LIC New Children’s Money Back Plan – For child’s future expenses.
  • LIC Jeevan Umang – Lifetime income post 60.
  • LIC Saral Pension (Immediate) – Immediate income if retiring soon.

LIC Plans for 51+ Years: Pension, Health, and Estate Planning

At this age, focus on liquidity and regular income.

  • LIC Jeevan Akshay – Annuity plans with immediate payouts.
  • LIC Pradhan Mantri Vaya Vandana Yojana – Pension for senior citizens.
  • LIC’s Arogya Rakshak – Health insurance benefit rider.

Best LIC Policy Based on Monthly Income

LIC for ₹20,000 to ₹30,000 Income: Low-Premium High-Protection Plans

  • LIC Tech Term – Affordable protection.
  • LIC Bima Jyoti (Small SA) – Guaranteed benefits, flexible tenure.

LIC for ₹30,000 to ₹60,000 Income: Balanced ULIPs + Endowment

  • LIC Jeevan Labh – Wealth building + cover.
  • LIC Nivesh Plus – Moderate risk, high return potential.

LIC for ₹60,000 to ₹1,00,000 Income: Combo of Guaranteed + Market-Linked

  • Combine LIC Jeevan Umang + LIC SIIP.
  • Enjoy both guaranteed lifelong income and market exposure.

LIC for ₹1,00,000+ Income: Premium Wealth Plans + Tax Strategy

  • LIC Bima Ratna – Guaranteed benefits with loyalty additions.
  • LIC Nivesh Plus – High-premium variant for wealth accumulation.
  • Use Section 80C + 10(10D) benefits strategically.

LIC Policy Based on Financial Goals

Best LIC Plan for Child’s Education or Marriage

  • LIC New Children’s Money Back
  • LIC SIIP – Can withdraw partially for education needs.

Best LIC Plan for Retirement Pension

  • LIC Jeevan Shanti (Deferred Annuity)
  • LIC Jeevan Umang – Lifetime annual income.

Best LIC Plan for Buying a House in 10–15 Years

  • LIC Jeevan Labh (15Y term)
  • LIC Nivesh Plus – Growth-oriented for a long-term goal.

Best Term Plan for Life Cover

  • LIC Tech Term – Pure protection.
  • LIC Jeevan Amar – Offline version with more flexibility.

LIC Plans That Offer 100% Return of Premium

  • LIC Jeevan Umang – Lifelong survival benefits.
  • LIC Jeevan Labh – Sum assured + bonus + loyalty additions.

Top Plans for Tax Saving Under 80C and 10(10D)

  • All traditional plans except ULIP qualify.
  • Bonus tip: Use MWPA clause for tax-free, legally protected claims.

Smart Combinations: Build a LIC Policy Portfolio

Why You Should Combine Term + Endowment + ULIP

  • Term Plan (LIC Tech Term) – Cheap protection
  • Endowment (Jeevan Labh) – Safe long-term savings
  • ULIP (Nivesh Plus) – Wealth creation + flexibility

Sample Portfolios for ₹5,000, ₹10,000 & ₹20,000 Monthly Investment

How to Review and Rebalance Your LIC Portfolio Every 5 Years

  • Switch from growth to safety-oriented plans
  • Add riders like critical illness or accident benefit
  • Consider annuity/pension if nearing retirement

LIC Plans Comparison Table (By Age, Term, Return, and Risk)

Compare: Jeevan Labh vs Jeevan Umang vs Nivesh Plus

Compare: Tech Term vs Jeevan Amar


Common Mistakes People Make While Buying LIC

Buying Without Goal Clarity

Choosing a plan just because someone else did can lead to regrets.

Ignoring Riders Like Accidental Cover or Critical Illness

These are affordable and useful. Don’t skip them blindly.

Relying on One Plan for All Life Goals

Split into short-term, medium-term, and long-term plans for balance.


FAQs: Best Buy LIC

Can I buy more than one LIC policy?

Yes. You can have multiple policies serving different needs—term, pension, child, ULIP.

How much should I invest monthly in LIC?

Ideally, 10–15% of your monthly income. Combine protection + investment.

Are LIC returns better than mutual funds?

LIC offers safer, guaranteed options. Mutual funds may give higher returns but are market-dependent.

Is LIC safe in the long run?

Yes. LIC is backed by the Government of India and has a legacy of trust since 1956.

What if I stop paying premiums midway?

Your policy may lapse or become paid-up. You may lose benefits or get a lower return. Check your surrender/paid-up clause.


Need Help Choosing the Right LIC Policy?

Every individual has a different financial journey. Let’s pick the best LIC plan for you—one that aligns with your life stage, income, and financial goals.

I’m a LIC agent based in Gurgaon. Feel free to reach out for a free consultation or a personalized LIC policy portfolio.

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