Find the LIC term insurance policy offers 1 crore insurance and the new benefits of each Life Insurance mentioned in term policies list, Check the features, premium payment modes and discount applicable on eTerm plan allowed by LIC India…
LIC Term Insurance
LIC is the oldest player and pioneer providing the best Term Insurance in India, and the feature of the each term plan is that they are available at very low premiums, and LIC India Term Insurance provide protection to an individual’s family at the lowest cost.
The only drawback in any Term Insurance of any company is that, at the end of the tenure of the policy, one gets nothing as the survival benefit or no maturity level, but this drawback is overlooked by the people due to the fact that it enables policyholders to buy high insurance coverage for their family at very low premiums.
The popularity of the term plans is increasing among the new upper-middle class of the Indian society as they are much educated now and able to distinguish between investment and the protection for their families. Earlier, middle class thought that LIC insurance can be treated as the investment and they will get some return in the long run.
But as the progression of the age, they came to knew that there is very less generation of the corpus if they invested in the term insurance and there is need of much more financial support in case of any mishap would to them in future, So they agreed to pay some premium for the bigger cover they are assuming for their families.
LIC Term Plan
Though there are endless varieties of Term plans available in the market, LIC term plans are still favorite, and there are many reasons which motivate people to buy LIC term insurance plan, where the major benefits are
- LIC Term plans to provide a bigger life cover.
- As LIC is a high trusted entity, it provides lump-sum death benefits without a hitch.
- LIC does not hide facts and does not make the process of claim difficult.
- The death benefits are comparatively easier to get from LIC than any other insurance company.
- The LIC Term plan’s premium rates are quite affordable.
- Some of the LIC Term policies can be purchased directly from their site without any outer interference.
- The premiums of these policies are quite low on account of no involvement of any agent or insurance agency.
- LIC Term plans provide preferential premium rates for those who are non-smokers.
So the benefits provided by the LIC Term plans are enough to attract insurance seeker to grab them. Moreover, to meet contemporary needs, LIC has launched three types of Term plans. Let us discuss the Term plans offered by LIC, and there are three major Term plans provided by LIC to all its customers, namely
- LIC Anmol Jeevan II Plan
- LIC Amulya Jeevan Plan
- LIC eTerm Plan
LIC Term Insurance Plan
|Particulars||Anmol Jeevan II||Amulya Jeevan||eTerm Plan|
|Policy Term||5 -25 Years||5-35 Years||10 – 35 Years|
|Maturity Age||65 Years||70 Years||75 Years|
|Maximum Age Entry||55 Yrs||60 Yrs||60 Yrs|
|Payment Frequency||Half / Yearly||Half / Yearly||Annually (Discount on premium)|
|MinSum Assured||6 Lakhs||25 Lakhs||25 Lakhs|
|Max Sum Assured||12 Lakhs||No Limit||No Limit|
|Rider Plan Applicability||Not Allowed||Allowed LIC Rider||Allowed|
|Maturity Benefit||Not Allowed||Not Applicable||Not Allowed|
All the above 3 term policies of LIC India were offered tax benefit for premium payment under Section 80C and 10D of Income Tax Act.
Conclusion: I think, you are now clear about the features of all the Term plans offered by LIC, and the Policyholder must own any of the plans elaborated in the article as it will give your family big financial support if the policyholder dies within the purview of the policy, where in case of any doubt or confusion on LIC Term Insurance, you can comment below and we will be quick to respond.
- Does the Term policy require any medical examination beforehand?
Not in all the cases, LIC India decision is final in this case as per the requirement.
- Can this Term policy of LIC be taken for the parents as well?
No, one can take plan for himself/herself only. There is no possibility of joint insurance as well.
- Are there any exclusions in Term policy?
Yes, in case of suicide, the total Sum assured is not given, Only 80% of the premiums paid are returned.
- Does the amount of premium vary with the approaching years?
No, the premium value remains as the same for all years of subscription.