Things you should know about LIC Term Insurance 1 Crore Plans
Does anyone in India need an introduction to the Life Insurance Corporation of India (LIC)? Perhaps not! The government-owned insurance company is one of the oldest in the insurance business in India, even before the sector opened up for foreign multinationals. There was a time when a majority of Indians had taken at least one insurance policy from LIC. Though the times have changed, LIC is keeping itself relevant by introducing policies such as the 1 crore term insurance policy that strikes a chord with the current generation.
For instance let’s take the case of Sanjay, who had joined an IT MNC a few years back and is currently earning Rs 50,000 per month. He supports his aged parents who live in their village while sponsoring his sister’s college education. After becoming a father recently, he had also purchased a 2 BHK flat on loan. With these commitments in hand, Sanjay was keen to take a 1 crore term insurance after accounting for the total expenses that his family might have to encounter in case of any unfortunate event happening to him. Hence, the 1 crore term insurance plan is a boon to people like Sanjay, who have responsibilities lined up their sleeves.
LIC Term Insurance 1 Crore Plans
With the rising cost of living, many youngsters are looking to buy 1 crore term insurance plans to provide a comfortable buffer for their families, in case of any unfortunate incidents such as death, disability, illness, etc., LIC term insurance plans with sum assured of 1 crore are now available at affordable premiums. Let’s take a look at those plans, features, and their benefits:
LIC Jeevan Amar Term Plan
It is a non-linked, non-participating term insurance plan designed to provide financial protection to the insured’s family in case of his/ her uneventful death that may happen during the policy term.
Here are the necessary details on eligibility and unique features of the LIC term insurance plan – LIC Jeevan Amar.
- The policyholder must be a minimum of 18 years of age and a maximum of 65 years.
- Policy terms can be selected between 10 to 40 years.
- The minimum sum assured prescribed under this policy is Rs.25 lakhs, and there is no maximum limit.
- The death benefit is payable on death claim request during the policy term, under two options: Option 1: Level sum assured & Option 2: Increasing sum assured.
- There are no maturity benefits to be paid on the survival of the policyholder until the end of the policy term.
- LIC`s accident benefit rider can be availed with this policy by payment of an additional premium.
- The policyholder can opt to make the death benefits payable in installments of 5 or 10 or 15 years instead of a lump sum.
- Premiums can be paid as regular premium or limited premium options with an annual or half-yearly mode of payment.
- No loan can be availed under this plan.
- The policyholder may return the policy, In case they are not satisfied with the terms and conditions of the policy, within the free look period of 15 days provided by LIC.
LIC Tech Term Plan
If you were searching on the internet for LIC term insurance 1 crore plans, you would have stumbled upon LIC Tech Term Plan. It is a pure risk term plan that is available only online and aims to provide financial protection for the family of the policyholder in case of his/ her unfortunate death during the policy term.
Here are the necessary details on eligibility and unique features of the LIC Tech Term plan.
- The age of the policyholder should be minimum of 18 years and a maximum of 65 years.
- The policy term can be selected between 10 to 40 years.
- While the minimum sum assured for policy is Rs 50 lakhs, there is no maximum limit enabling you to opt for 1 crore or even higher.
- You can choose to receive the death benefit on death claim request during the policy term, under two options: Option 1: Level sum assured & Option 2: Increasing sum assured.
- No maturity benefits are payable on the survival of the policyholder till the end of the policy term.
- An option to include LIC`s accident benefit rider can be availed with this policy on payment of additional premium.
- There is also an option to receive the death benefits in installments of 5 or 10 or 15 years, instead of a lump sum, provided the policyholder mentions it at the time of taking the policy.
- One can select between regular premium or limited premium option with an annual or half-yearly mode of payment.
- Like in other 1 crore term plans from LIC, a loan cannot be available under this plan.
- There is a free look period of 30 days, which LIC provides for policyholders to return the policy and get a refund of the paid premium in case they are not satisfied with the terms and conditions of the policy.
Having read through all the features of LIC’s 1 crore term insurance policies, it is time for you to take the decision. While many might be thinking of choosing the LIC term insurance 1 crore plan, it is advisable to compare the features of all the shortlisted policies, assess your risk profile and then select the right one.