3 Best LIC Plan to Double Money in 5 Years 2022
LIC Plan 5 Years Double Money

3 Best LIC Plan to Double Money in 5 Years 2022

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 fund, 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 Year With Highest Return In India 2022      

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.  

Also read – How to check LIC policy number

#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 CriteriaMinimumMaximum
Entry Age 30 years85 years
Purchase PriceRs.1 lakh (offline)
Rs.1.5 lakh (online)
No limit
Mode of payment Single premium
Annuity payableMonthly, quarterly, half-yearly, and yearly

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 pension. This LIC with-profits plan offers death cover during the deferment period and provides annuities on survival to the maturity date. 

Eligibility CriteriaMinimumMaximum
Entry Age 20 yearsRegular Pay – 58 years
Single Pay – 60 years
Vesting/Maturity Age55 years65 years
Policy Term5 years35 years
Sum AssuredRegular Pay – 100,000
Single Pay – 150,000
No limit
Premium Payment TermSingle 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 2022

#2. Micro Insurance Plans 

LIC micro insurance plans are specially designed for the low-income population of the country that provides 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 CriteriaMinimumMaximum
Entry Age 18 years55 years 
Maturity Age65 years
Premium paying term5 years13 years
Policy Tenure –
Regular Premium PolicySingle Premium Policy

10 years5 years 


15 years
10 years
Sum AssuredRs. 10,000Rs. 50,000
(availed in multiples of Rs 1,000)
Premium Payment ModeRegular premium – Monthly, quarterly, half-yearly, yearly
Single premium amountRs. 60Will 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 CriteriaMinimumMaximum
Entry Age 18 years42 years for PPT 5 years
55 years for PPT 6 to 13 years
Maturity Age65 years
Premium paying term5 years13 years
Policy Tenure (Premium paying term + 2 years)7 years15 years
Sum AssuredRs. 20,000Rs. 50,000
(availed in multiples of Rs 1,000)
Premium Payment ModeMonthly, 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 which 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 CriteriaMinimumMaximum
Entry Age 18 years55 years 
Maturity Age65 years
Policy Tenure5 years25 years
Premium paying term 5 years25 years
Sum AssuredRs. 6,00,000Rs. 24,00,000
(availed in multiples of Rs 1,00,000)
Premium Payment ModeYearly 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’s death. If the insured survives the term of the policy, then no maturity benefit will be available.

Eligibility CriteriaMinimumMaximum
Entry Age 18 years60 years 
Maturity Age70 years
Policy Tenure5 years35 years
Premium Paying Term 5 years35 years
Sum AssuredRs. 25,00,000No upper limit
(availed in multiples of Rs 1,00,000)
Premium Payment ModeYearly and half-yearly

Also read – LIC Bonus Rates in 2022

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. 

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