Best LIC Term Insurance Policies in India for 2022
Navneet Kaur is a model by profession and travels a lot for photo shoots and fashion assignments. To mark her 30th birthday, she wanted to gift herself an insurance policy that she believes will help her take care of her parents and sisters in her absence. However, all her friends suggested a different policy which eventually confused her, and she finally decided to research on her own. She ultimately chose to buy a LIC term insurance policy as it had all the features, was affordable and had the facility to purchase online. Having purchased a LIC term policy, Navneet feels more satisfied now and carries on with her work, believing that her family will be taken care of even if she is not there in this world.
Life Insurance Corporation of India (LIC) does not require any introduction as everyone in India knows that this name itself means life insurance. Not only that, no matter how many plans are launched, LIC term insurance plans hold a special place as LIC is the oldest life insurance company in India and also owned by the Govt of India, one of the prime reasons for Indians to place trust in it—favoured by many.
3 Best LIC Term Insurance Plans in India 2022
So, if you are looking to buy an insurance policy, you must read the compilation below of the best LIC term plans in 2022.
1. LIC Saral Jeevan Bima
The Saral Jeevan Bima from LIC is a classic term life insurance policy with simple terms to bring more people into the insurance fold. Therefore, there are no extensive eligibility conditions like other plans making it one among the best term insurance in LIC. Check out the policy features below:
- Age: Should have completed 18 years of age and must not be above 65 years
- Policy tenure can be chosen between a minimum of 5 years to a maximum of 40 years.
- While the minimum sum assured is Rs.25 lakhs., the maximum is Rs.25 lakhs.
- This policy assures to pay the death benefit in a lump sum on the death of the insured during the policy term.
- No maturity benefit is offered if the policyholder survives the policy term.
- There are no surrender benefits with this plan in case of surrendering the plan.
- There is a waiting period of 45 days from the date of commencement of risk, during which the policy will cover death due to accident only.
2. LIC Jeevan Amar
Among the LIC best policies in 2021, this is an essential product as it offers some unique features compared to other term plans from LIC. More details of the policy can be read below:
- You must be a minimum of 18 years of age and a maximum of 60 years to avail of the plan
- Policy term ranges between 10 to 40 years.
- While the minimum sum assured under this policy is Rs.25 lakhs, there is no maximum limit.
- Choose between two death benefit payment options: 1) Level sum assured 2) the Increasing sum assured.
- There are no maturity benefits paid on survival or outliving the policy term.
- Avail LIC`s accident benefit rider can be with this policy on payment of additional premium.
- Ability to receive the death benefits in lump sum or installments of 5 or 10 or 15 years
- Pay premium as regular premium, limited premium, or single premium option with an annual or half-yearly mode of payment.
3. LIC Tech Term Plan
LIC tech term plan is one of the best LIC policies in 2021 with its online availability and affordable premiums. It is a pure term plan, available only online, and guarantees absolute protection for your near and dear ones in the family in case of your demise. Here are the essential details of the plan.
- Age at entry: Minimum of 18 years and a maximum of 65 years.
- Policy tenure: This policy has a policy term of 10 to 40 years.
- Minimum sum assured: Rs.50 lakhs. Maximum: No limit
- Death benefit payout available under two options: Option 1: Level sum assured & Option 2: Increasing sum assured.
- No maturity or survival benefits if the policyholder survives the term.
- Option to add LIC`s accident benefit rider with this policy for an additional premium.
- Receive the death benefits in installments of 5 or 10 or 15 years instead of a lump sum.
- Choose between payment frequencies: regular premium, limited premium, or single premium option with an annual or half-yearly mode of payment.
- LIC provides a free look period of 30 days for policyholders to return the policy if they are not satisfied with the terms and conditions of the policy.
Given above are some of India’s popular LIC term insurance plans, each having its own feature set. After reading through the details, it will become easy for you to choose the best term policy in LIC since a policy that might sound useful for you might not be beneficial for another. So if you are looking for the best LIC policy 2022, make a comparison of available policies and match them with your life requirements to decide whether it suits you or not.