Choosing the right LIC (Life Insurance Corporation of India) plan is crucial if you earn a monthly salary of around ₹30,000. With a limited budget, you need to focus on financial protection, health coverage, and wealth creation. LIC offers various plans, but the ideal choice depends on your goals—whether you want pure life protection, savings with insurance, or retirement planning.
In this guide, we will discuss the best LIC plans for salaried individuals and help you decide how to allocate your insurance budget wisely.
- Pure Life Cover – Maximum Protection at Minimum Cost
The first step for anyone with a fixed salary is to secure their family’s future in case of an unforeseen event. Term insurance is the most affordable way to get high coverage.
LIC Tech Term Plan (Table No. 854)
Plan Type: Pure term insurance (online plan).
Purpose: Provides financial security to your family in case of your untimely demise.
Minimum Coverage: ₹50 lakh.
Eligibility: Available for individuals aged 18–65 years.
Approximate Premium Example:
If you are 30 years old, a ₹50 lakh cover till the age of 65 may cost around ₹650–₹800 per month (for a non-smoker).
Key Benefits:
High coverage at a very low premium.
Multiple payout options: lump sum, monthly income, or a combination of both.
Additional riders like accident and disability benefit can be added.
Why This is Best for You:
With a salary of ₹30,000, this plan provides a strong safety net for your family without putting stress on your monthly budget.
- Insurance + Savings Plans – Get Maturity Benefits
If you want both life cover and returns on maturity, LIC’s endowment or money-back plans are great choices. These plans work like forced savings, helping you build a corpus while staying insured.
LIC New Jeevan Anand (Table No. 915)
Plan Type: Endowment + lifetime insurance.
Features:
Offers maturity benefit (sum assured + bonus).
Life cover continues even after maturity until your lifetime.
Ideal for long-term wealth creation and legacy planning.
Premium Example:
For a ₹5 lakh sum assured, the premium is approximately ₹3,000–₹3,500 per month for a 20-year policy.
LIC Jeevan Labh (Table No. 936)
Plan Type: Limited premium paying plan.
Features:
Premiums are paid for a fixed duration (e.g., 16 years for a 25-year policy).
Attractive maturity benefits with bonuses.
Useful for future expenses like children’s education, buying a house, or retirement.
Premium Example:
For a ₹5 lakh sum assured, you’ll pay around ₹2,800–₹3,200 per month.
- Retirement Planning with LIC
Planning for retirement early ensures you have a stable income in later years. If you have a lump sum amount saved, LIC’s pension plan can be an excellent choice.
LIC Jeevan Shanti (Table No. 858)
Plan Type: Single premium pension plan.
Features:
Pay a one-time premium and receive a guaranteed pension for life.
Multiple annuity options for regular income.
Best suited for those looking for retirement security.
Budget Allocation for ₹30,000 Monthly Salary
Here’s how you can divide your insurance budget smartly:
Priority Recommended LIC Plan Approx. Monthly Cost
Family Protection LIC Tech Term Plan ₹700 – ₹800
Savings + Returns New Jeevan Anand / Jeevan Labh ₹2,500 – ₹3,000
Health Coverage (non-LIC but essential) Separate health insurance plan ₹500 – ₹1,000
Total Suggested Budget:
Around ₹4,000 – ₹5,000 per month (roughly 15–18% of your salary).
Important Tips Before Buying an LIC Plan
- Start with Term Insurance: It’s the foundation of financial planning.
- Buy Health Insurance Separately: LIC health plans are limited, so consider other companies for comprehensive coverage.
- Review Your Coverage Every 3–5 Years: As your income grows, increase your coverage accordingly.
- Use a Premium Calculator: Check affordability before finalizing the plan.
- Avoid Mixing Insurance and Investment Completely: Keep at least one pure term plan in your portfolio.
Final Thoughts
For a salaried employee earning ₹30,000 per month, the ideal approach is to combine protection and savings. Start with LIC Tech Term Plan for low-cost life cover, add New Jeevan Anand or Jeevan Labh for savings and maturity benefits, and secure a separate health insurance policy for medical emergencies.
By dedicating 15–18% of your salary to insurance and financial planning, you can ensure both financial security and wealth creation for your future.
