Everything you need to know about LIC 1 crore term insurance plans

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If you are a family person, you surely have a budget to maintain and put your money into savings, don’t you? That is something we all do. However, is saving money all that we should be doing for our family? Will it be enough for them in a situation when we are not there? Well, more than savings what helps is building an investment. Although there are several types of investment plans that we often hear about but investing our hard-earned money into term insurance plans can never be a bad idea.

People in India are still not very open about the idea of term insurance policies since they think that the money they are putting into it will not benefit them anyway; but what if they survive through the term plan tenure and all their money just goes in vain. Well, being optimistic is good but what about a situation like the ongoing pandemic? Lakhs of people have died in just one year, and none of them had thought that they will pass away so early. To keep our families, secure even in one such circumstance, a term insurance plan can help a lot.

When you buy a term insurance plan, you have to pay a premium until the term plan tenure is over. If you, unfortunately, pass away within the term plan, your family will get the sum assure. And if you, fortunately, survive through the policy tenure, there will be no maturity amount pay to you. The premiums can be pay annually; therefore, there will be no pressure on you every month. Also, the premium amounts are reasonable, and will not at all make a hole in your pockets.

The only thing that many people get confused with is the company from which they should buy the term insurance policy. One of the most trusted companies for term insurance plans is the Life Insurance Corporation of India. There are several types of term insurance plans offered by the company and many of them even offer a sum assured amount of up to INR 1 Crore. Let us take a look at LIC term insurance 1 crore plans.

LIC Jeevan Amar Term Plan

LIC Jeevan Amar Term Plan is a non-linked and non-participating term plan which provides financial security to the family of the insured, in a circumstance of the uneventful demise of the policyholder that happens within the policy term tenure. Here are some of the details on eligibility and features of the term plan mentioned.

  • The insured must be a minimum18 of years old while buying the policy, and the maximum age should be 65 years
  • The policy term is between 10 to 40 years
  • The minimum sum assured is INR 25 lakhs, while there is no maximum limit
  • The beneficiary has to make a death claim request during the term of the policy to get the death benefit, and under two options including Increasing Sum Assured and Level Sum Assured
  • On the survival of the insured throughout the policy term, there will not be any maturity benefits paid
  • To avail of the accident benefit rider, the policyholder has to pay an additional premium
  • The insured can choose to receive the death benefits payable in installments such as 5, 10, or 15 years, instead of receiving a lump sum
  • The premiums can be pay monthly, half-yearly, or annually
  • Under this plan, a loan cannot be avail
  • In case the policyholder is not satisfie with the terms and conditions of the policy, the policy can be return within the free look period of 15 days that is provid by LIC.

LIC Tech Term Plan

LIC Tech Term Plan is a pure risk term plan which you can only get online. Just like the other term insurance plans, this term plan also provides financial protection to the family of the insured in a circumstance in which the policyholder passes away within the policy term.

Here are some of the eligibility criteria as well as features of this term plan.

  • The minimum age of the policyholder to buy this plan has to be 18 years. And the maximum is 65 years
  • The term of the policy can be between 10 and 40 years
  • The minimum sum assure for this policy is INR 50 lakhs. While there is no maximum limit, which means it can go up to INR 1 Crore or even more
  • The death benefit claim request can be chose by the policyholder during the policy term. Under two options, which include Level Sum Assured and Increasing Sum Assured
  • If the policyholder survives through the term insurance policy, there will be no maturity benefit pay to the insure
  • To avail of the accident benefit rider benefit, the policyholder has to make payment of an additional premium
  • The death benefits can be receive in installments such as 5, 10, or 15 years. Instead of the lump sum amount; however, the insured has to mention it while buying the policy
  • A policyholder can choose to pay the premiums either monthly, half-yearly, or annually
  • The policyholders cannot take a loan under this plan
  • If the policyholder does not find the term plan apt. It can be return within the free look period of 30 days.

To know more about term insurance plans, you can even visit the website of IIFL. You will come across several term insurance plans and choose one that suits your requirements.

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