LIC is the largest insurance provider in India. They serve the Indian population with the largest selection of Term Insurance Plans, Endowment Plans, Whole Life Insurance Plans, Money-Back Plans, Pension Plans, ULIPs, Child Savings Plans, Group Insurance Plans and Health Insurance Plans.  

LIC Insurance plans come with various benefits along with lifelong cover. Their insurance plans offer annual bonus additions and cumulative maturity bonuses to their plans, which make them a lucrative investment option for financial goals like children education, life cover, children marriage expenses, retirement planning, and more.  

There are various LIC plans for 5 years designed for different needs so that you can invest for as less as 5 years and see your money grow as much as into double the amount.  

Before we go ahead, you might want to read What Are The 3 Types Of Life Insurance? 

5 Best LIC Plans for Doubling Money in 5 Years 

Before we start, we need to understand that there are no LIC plans that assure doubling your money in 5 years. Not just LIC, there is generally no insurance plan that can offer assured double the money in 5 years. However, these 5-year plans from LIC offer some of the best features and high returns to reach your financial goals.  

1. LIC Saral Jeevan Bima – Secure life cover with flexible tenure 

The LIC Saral Jeevan Bima is a pure risk life insurance plan that offers short-term life coverage and financial protection for your family in case of your untimely death during the policy term. It is non-linked, non-participating plan, which means no bonuses are paid. Your nominee receives the sum assured in case of your death. 

Key Features: 

  • Sum assured: ₹5 lakh to ₹25 lakh. 

  • Entry age: 18 to 65 years. 

  • Maturity age: Up to 70 years. 

  • Policy term: 5 to 40 years. 

  • Premium Payment modes: Monthly, biannual, or annual. 

Interesting Read: Why, When & How Much Life Insurance Do I Need? 

2. LIC Dhan Sanchay Plan – Guaranteed returns for predictable wealth accumulation. 

The LIC Dhan Sanchay Plan is a non-linked, non-participating life insurance plan aimes at savings. This plan is suitable for individuals looking for wealth accumulation and providing financial security to their family. This plan offers guaranteed returns along with a death benefit in case of an unfortunate eventuality.  

The plan offers 2 coverage options: Single Premium Level Income Benefit and Single Premium Enhanced Cover with Level Income Benefit.  

Key Features: 

  • Sum Assured: ₹2.5 lakh to ₹22 lakh (depending on the option). 

  • Entry Age: 3 to 65 years. 

  • Maturity Age: 18 to 80 years, based on the chosen option. 

  • Policy Term: Available in a 5-year term. 

  • Premium Payment: Single premium only. 

3. LIC Bhagya Lakshmi Plan – Designed for low-risk growth with double-money potential 

The LIC Bhagya Lakshmi Plan is designed for individuals from low-income groups. It is a limited-payment plan that offers both death benefits and maturity benefits. In case of the policyholder’s death during the policy term, the nominee receives the sum assured as death benefit. If the policyholder survives till maturity, 110% of the total premiums paid is received as maturity benefits.  

Key Features: 

  • Sum Assured: ₹50,000 to ₹2 lakh. 

  • Premium Payment Term: 5 to 13 years (two years shorter than policy term). 

  • Maturity Age: 65 years. 

  • Death Benefit: Equal to the sum assured. 

Also read: Term Life Vs Whole Life Insurance 

4. LIC New Jeevan Mangal Plan 

The LIC New Jeevan Mangal Plan is the best plan for someone looking for life insurance along with savings. It is a pure protection plan, where the policyholder gets dual benefits of term insurance along return of premiums. It offers flexible premium payment options - lump sum or regular payments. It is a very good option for low-risk investment for short-term financial planning as the paid premiums are returned on survival of the policy term. 

Key Features: 

  • Entry Age: 18 to 55 years. 

  • Sum Assured: ₹50,000 to ₹2 lakh. 

  • Policy Term: Minimum 5 years, maximum varies based on age. 

  • Premium Payment Options: Lump sum or regular intervals. 

5. LIC New Jeevan Shanti  

The LIC New Jeevan Shanti plan is a deferment plan suitable for pension planning. It is a non-linked, non-participating, individual, single premium plan that offers dual benefits of life insurance along with regular annuity payments.  

In this plan, the policyholder pays a single, lump sum premium, chooses a deferment period and the annuity amount. Once the deferment period is over, the chosen annuity amount is paid to the policyholder on a regular basis. This payment continues till the death of the policyholder. In case of death of policyholder during the ‘Accumulation Phase’, the nominee receives a lump sum payout.  

Key Features: 

  • Entry Age: 30 to 79 years. 

  • Deferment Period: 1 to 12 years. 

  • Annual Annuity: Minimum ₹12,000. 

  • No Medical Examination necessary.  

  • Single Premium Policy.  

Why Choose a 5-Year LIC Plan? 

A 5-year LIC plan assures short-term financial stability and growth and is therefore suited to those seeking returns in a short period of time. The policies offer life covers along with savings, so that your family’s financial security is taken care of in case something goes wrong. The LIC's 5-year plans also offer flexible payment modes so that you can build wealth and secure your family's future without affecting your monthly budgeting. 

5-Year LIC Policies to Double your Money - FAQs 

1. Is there a guaranteed LIC plan for doubling money in 5 years? 
No, there are no 5-year LIC policies that guarantee doubling your money in 5 years. Returns on your investments depend on various factors, including the specific plan and market conditions. However, the 5 LIC Policies mentioned in this article are good for short term or long-term financial planning offering considerable returns.  

2. Which LIC policy is best for double money? 
Though there is no specific LIC 5-Year Plans to double your money, plans like LIC Dhan Sanchay and LIC Jeevan Akshay VII offer steady returns along with life cover for unexpected eventualities. 

3. What is the minimum investment required for a 5-year LIC plan? 
The minimum investment varies by plan, but it typically starts from around ₹50,000 depending on the policy. 

4. What happens if I surrender my 5-year LIC plan before maturity? 
Premature surrender or withdrawal from the policy might lead to penalties and lower returns. In order to get maximum benefits from the LIC plans for 5 years, you need to stay invested till maturity.  

5. Are these 5-year LIC plans safe for short-term investments? 
Yes, there are many LIC plans for 5 years that offer low-risk investment along with life cover. However, due to the short policy term, the returns could be moderate compared to long-term, high-risk investments. 

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.