- Personal Finance
LIC Jeevan Vriddhi Plan Review: Detailed Analysis
All of us are eagerly waiting for the online term plan from LIC. Though LIC has not launched the term plan yet, it has recently launched a new traditional plan named LIC Jeevan Vriddhi. People are trying to gather more and more information about the policy and features. This is quite common with the policies of LIC as it has already build a strong reputation in the Indian market. This post provides a detailed LIC jeevan vriddhi plan review so that you can analyze whether it is good for you or not.
The Jeevan vriddhi plan is a single premium plan and it comes with a guaranteed maturity benefit. In addition to this, you can also get bonuses from LIC at the time of maturity. The insurance cover is equal to five times the premium in this plan. It means that if you choose 40000 as the premium, you will get insurance of Rs 400000. Since, it is a single premium plan, you will have to pay the premium only once. The policy is available in a single duration only and that is 10 years. There are a number of benefits of the plan. Firstly, it is offering a good return at the time of maturity, it is also good from the point of investment. You will also get tax benefits with the plan and since the plan belongs to LIC, you can easily trust this plan. In fact, you will be surprised to know that the claim settlement ratio for insurance of private companies is not good in India. At such the Jeevan vriddhi plan from LIC seems to be a good alternative in the market.
The only demerit of LIC jeevan vriddhi plan is that the insurance cover is low. Thus if you want higher insurance, you can look for term plans. Though a number of private companies like Bajaj Allianz and Kotak are also offering term plans, you can go for the offline term plan of LIC as well.