LIC 500 Per Month Plan: Affordable Life Insurance for Everyone

“Discover affordable protection with LIC 500 per month plan. Secure your loved ones’ future with this budget-friendly life insurance option.”

Worried about the cost of life insurance? Don’t worry! LIC (Life Insurance Corporation of India) has affordable plans starting at just 500 per month.

In this post, we’ll explore LIC’s budget-friendly plans and explain how you can protect your loved ones with cheapest LIC plans. So if you want to do 500 monthly investment in LIC plans then you should read this post till the end.

Overview of LIC: LIC is a trusted insurance provider in India, offering a wide range of life insurance products. They understand the need for affordable coverage and have plans to suit different budgets and requirements.

LIC 500 Per Month Plan

LIC 500 Per Month Plan
Best LIC 500 Rs Monthly Plan 

Although there is no specific “LIC 500 per month plan,” LIC has options that fit within a modest budget. These plans provide necessary coverage and benefits without straining your finances.

But don’t worry similar range (500 per month) LIC plan for 5 years, 10 years or even 20 years are given below–

1. LIC New Jeevan Anand

LIC New Jeevan Anand is around Rs 500/month plan that offers coverage for your entire life. It means that even after the policy term ends, you will still be protected.

If something happens to you, your family will receive a lump sum amount.

You pay premiums every month, typically around 600 to 1000 rupees, depending on factors like your age and the amount of coverage you choose.

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So you can consider LIC New Jeevan Anand if you are looking for LIC 500 per month plan.

Important details of this LIC Plan–

Plan NameLIC New Jeevan Anand
Premium AmountAround 500 Per Month Plan
Policy TermFlexible, typically 15 to 35 years
Sum AssuredDetermined based on age and premium amount
Entry AgeMinimum: 18 years; Maximum: 50 or 55 years (depending on the variant)
Maturity AgeMaximum: 75 or 80 years (depending on the variant)
Coverage AmountSum Assured + Accrued Bonuses
Policy FeaturesDeath Benefit, Maturity Benefit, Accrued Bonuses, Loan Facility, Surrender Value, Premium Waiver (optional rider)
BenefitsProvides life insurance coverage, accrues bonuses, pays out death benefit to nominee in case of the policyholder’s demise, offers maturity benefit if the policyholder survives the policy term

2. LIC Jeevan Labh

LIC Jeevan Labh is around 500 per month plan where you pay premiums for a specific period minimum 5 years, but your coverage continues for a longer time maximum 20 or 25 years.

If something unfortunate occurs during the policy term, your family will receive financial support.

Additionally, when the policy matures, you will receive a lump sum amount. The monthly premiums for this plan can range from around 700 to 1200 rupees.

It means this plan is also very similar to 500 per month LIC plan.

Important details of this LIC 500 monthly Plan–

Plan NameLIC Jeevan Labh
Premium Amount Approx 500 Per Month
Policy TermFlexible, typically 16, 21, or 25 years
Sum AssuredDetermined based on age, premium amount, and policy term
Entry AgeMinimum: 8 years; Maximum: 59 years
Maturity AgeMaximum: 75 years
Coverage AmountSum Assured + Accrued Bonuses
Policy FeaturesDeath Benefit, Maturity Benefit, Accrued Bonuses, Loan Facility, Surrender Value, Premium Waiver (optional rider)
BenefitsProvides life insurance coverage, accrues bonuses, pays out death benefit to nominee in case of the policyholder’s demise, offers maturity benefit if the policyholder survives the policy term

3. LIC Jeevan Anand (500 Per Month Plan)

LIC Jeevan Anand is a plan that provides coverage for your whole life, similar to the New Jeevan Anand plan. In this plan you pay Rs 500 Per month for 5 years. Also you can choose other plan depending on your age, policy term and sum assured amount.

If something happens to you, your family will receive a lump sum amount to support them financially.

The premiums for this plan are typically around 500 to 900 rupees per month.

So LIC Jeevan Anand is perfect 500 per month plan for everyone who is looking for life insurance policy.

Important details of this Best LIC 500 monthly plan–

Plan NameLIC Jeevan Anand
Premium Amount500 Per Month
Policy TermFlexible, typically 15 to 35 years
Sum AssuredDetermined based on age, premium amount, and policy term
Entry AgeMinimum: 18 years; Maximum: 50 or 55 years (depending on the variant)
Maturity AgeMaximum: 75 or 80 years (depending on the variant)
Coverage AmountSum Assured + Accrued Bonuses
Policy FeaturesDeath Benefit, Maturity Benefit, Accrued Bonuses, Loan Facility, Surrender Value, Premium Waiver (optional rider)
BenefitsProvides life insurance coverage, accrues bonuses, pays out death benefit to nominee in case of the policyholder’s demise, offers maturity benefit if the policyholder survives the policy term

4. LIC Jeevan Lakshay

LIC Jeevan Lakshay is a plan (between 500 to 1000 Rs per month) that offers both death benefits and a regular income during the policy term.

This means that if something unfortunate happens to you, your family will receive a lump sum amount.

Additionally, throughout the policy duration, you will receive yearly income payments to support your family’s financial needs.

The monthly premiums for this plan can range from approximately 800 to 1500 rupees.

Important details of this LIC Plan–

Plan NameLIC New Jeevan Lakshay
Premium Amount500 to 1000 Monthly
Policy TermFlexible, typically 13 to 25 years
Sum AssuredDetermined based on age, premium amount, and policy term
Entry AgeMinimum: 90 days; Maximum: 55 years
Maturity AgeMaximum: 65 years
Coverage AmountSum Assured + Accrued Bonuses
Policy FeaturesDeath Benefit, Maturity Benefit, Accrued Bonuses, Loan Facility, Surrender Value, Premium Waiver (optional rider)
BenefitsProvides life insurance coverage, accrues bonuses, pays out death benefit to nominee in case of the policyholder’s demise, offers maturity benefit if the policyholder survives the policy term

5. LIC Jeevan Umang

LIC Jeevan Umang is a plan that provides lifelong coverage and regular income. If something happens to you, your family will receive a lump sum amount.

Moreover, even after the policy term ends, you will continue to receive regular income payments for the rest of your life.

The premiums for this plan are typically around 1000 to 2000 rupees per month.

Important details of this LIC policy–

Plan NameLIC Jeevan Umang
Premium AmountVaries based on age, sum assured, and policy term
Policy TermFlexible, typically 15 to 35 years
Sum AssuredDetermined based on age, premium amount, and policy term
Entry AgeMinimum: 90 days; Maximum: 55 years
Maturity AgeMaximum: 100 years
Coverage AmountSum Assured + Accrued Bonuses
Policy FeaturesDeath Benefit, Maturity Benefit, Accrued Bonuses, Loan Facility, Surrender Value, Premium Waiver (optional rider)
BenefitsProvides life insurance coverage, accrues bonuses, pays out death benefit to nominee in case of the policyholder’s demise, offers maturity benefit if the policyholder survives the policy term

So these were some simliar LIC plan that you can consider in place of 500 per month plan.

To understand the specific details, benefits, and premiums associated with each plan, it’s recommended to contact LIC or consult with a licensed insurance advisor who can provide personalized guidance based on your individual needs and circumstances.

Benefits of Affordable LIC 500 Per Month Life Insurance Policy

Here are some benefits of lic lowest monthly plans–

  • Financial Protection: Life insurance safeguards your loved ones’ future, providing financial support in case of your untimely demise.
  • Peace of Mind: Having a life insurance policy ensures peace of mind, knowing your family will be taken care of financially.
  • Savings and Investment: Some LIC plans offer savings and investment opportunities, allowing you to build a financial cushion for future needs.

Finding the Right LIC 500 Per Month Plan:

To choose the best LIC 500 per month plan for your needs, it’s essential to seek personalized advice from a licensed insurance advisor. They can guide you based on your financial goals and risk tolerance.

Before Taking LIC 500 Per Month Plan:

Here are some important key points that you need to consider before taking any LIC 500 Rs per month policy–

  1. Coverage Amount: Decide how much insurance coverage you need to protect your loved ones financially.
  2. Premium Affordability: Make sure you can comfortably afford the premium payments without straining your budget.
  3. Policy Term: Choose the length of time you want the insurance coverage to last, based on your specific goals and needs.
  4. Riders and Add-ons: Check if there are any extra options you can add to the plan to enhance your coverage, such as coverage for accidents or critical illnesses.
  5. Cash Value Accumulation: Understand if the plan allows you to build savings over time that you can access if needed.
  6. Bonus Declaration: Find out if the insurance company gives bonuses, which can increase the benefits you receive.
  7. Surrender Value: Learn about the amount you can get back if you decide to end the policy early.
  8. Loan Facility: Check if you can borrow money against the policy’s value if you require financial assistance.
  9. Claim Settlement Ratio: Look at how often the insurance company settles claims successfully and efficiently.
  10. Customer Reviews and Reputation: Read what other customers say about their experiences with the insurance company to ensure it is reliable and trustworthy.

Remember to carefully review all the policy documents, ask questions if you’re unsure, and consider seeking advice from a professional to help you choose the best LIC plan for your needs.

Note: Our website is not an official source and does not endorse specific insurance policies. We provide information on insurance types and updates. The decision to purchase insurance is yours. Conduct thorough research and consult authorized sources before making any insurance decisions.

FAQ’s – (LIC 500 Per Month Plan)

Is LIC 500 per month plan suitable for everyone?

Yes, the LIC 500 per month plan is designed to be affordable and accessible for individuals from various age groups and income levels. It offers a budget-friendly option for those seeking life insurance coverage.

What happens if I miss a premium payment for LIC 500 per month plan?

If you miss a premium payment, there is typically a grace period during which you can make the payment without any penalty. It’s essential to pay your premiums on time to ensure uninterrupted coverage. Contact LIC for specific details regarding the grace period.

Can I increase my coverage amount with LIC 500 per month plan in the future?

Yes, many LIC policies, including the 500 per month plan, often provide the option to increase the coverage amount as your financial needs change. You can inquire with LIC about the specific terms and conditions for increasing coverage.

Are there any tax benefits associated with LIC 500 per month plan?

Yes, the premiums paid for LIC policies, including the 500 per month plan, are eligible for tax benefits under Section 80C of the Income Tax Act. Additionally, the death benefit or maturity amount received is usually tax-free under Section 10(10D). However, tax laws are subject to change, so it’s advisable to consult with a tax professional for the most up-to-date information.

Can I surrender LIC 500 per month plan if needed? What would be the implications?

Yes, you can surrender the LIC 500 per month plan if required. However, surrendering the policy may have financial implications, such as the loss of premium payments made and the surrender value being lower than the total premiums paid. It’s recommended to review the terms and conditions and consider all options before making a decision.

What are LIC 300 per month plan?

LIC 300 per month plans refer to life insurance policies offered by LIC of India with a monthly premium of approximately 300 rupees. Some LIC plans in this premium range include LIC Jeevan Lakshya, LIC Jeevan Labh, and LIC Jeevan Anurag, providing varying coverage benefits and features to suit different needs.

What are some LIC 100 per month plan?

LIC (Life Insurance Corporation of India) offers budget-friendly plans with premiums as low as 100 per month. Some of the LIC plans in this range include LIC Micro Bachat, LIC Jeevan Mangal, and LIC New Jeevan Nidhi. These plans provide affordable life insurance options, allowing individuals to protect their loved ones without straining their finances.

Conclusion– ‘LIC 500 Per Month Plan’

Affordable life insurance is possible with LIC’s budget-friendly plans. While there isn’t a specific “LIC 500 per month plan” options are available to fit your budget.

So we told you above some similar range LIC plans that you can buy instead of searching 500 per month lic plan.

Take the necessary steps today to protect your loved ones without straining your finances. Contact LIC or an insurance advisor for personalized guidance. Start securing your family’s future with an LIC plan that suits your needs and budget.

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