LIC Term Insurance Plans
Established on 1 September 1956 under the Life Insurance of India Act, the Life Insurance Corporation of India is a government-owned insurance provider. With over 290 million policyholders country-wide, it is the most trusted insurance provider in the country. The plans and policies offered by LIC are specifically focused on meeting the varied demands of Indian customers.
Like the term insurance offering by several other insurance providers, LIC’s term plans aim to provide financial security to the insured’s family in an unlikely event resulting in the loss of an earning member. The USP of LIC’s term plans is that they offer substantial financial coverage at considerably lower premiums. The brand is the preferred choice of many over several other competitors.
Benefits of LIC Term Plans
- LIC term plans come with two benefit options – Level Sum Assured and Increasing Sum Assured.
- You get the option to choose from different premium payment frequencies: Single, Regular, and Limited Premium Payment.
- It offers special rates for females and a high sum assured rebate.
- It gives an option to increase coverage by selecting accident benefit riders on the payment of additional premium.
Term Plans offered by LIC
- LIC Tech Term Plan
- LIC Jeevan Amar
|LIC Tech Term Plan||LIC Jeevan Amar|
|Age of Entry||18 Years||65 Years||18 Years||65 Years|
|Age of Maturity||NA||80 Years||NA||80 Years|
|Policy Term||10 Years||40 Years||10 Years||40 Years|
|Sum Assured||Rs 50,00,000||No Upper Limit||Rs 25,00,000||No Upper Limit|
LIC Tech Term Plan: LIC Tech Term Plan is an online exclusive policy designed for those who wish to avail of term insurance online at their convenience. It gives the freedom of choosing the benefit option between level-sum assured or increasing-sum assured and also adding accidental death rider with a minor addition to the premium. Under this term plan, there is a Special rebate on premiums for non-smokers (subject to urine test), else different price slab for smokers.
LIC Jeevan Amar Plan: LIC Jeevan Amar is an offline-only policy. It is a pure protection plan, ensuring financial support for the insured’s family at affordable premiums. The term plan gives you the option of choosing the policy term and the premium payment schedule as well. It has a unique premium slab for both non-smokers and smokers’ opting for insurance and the option to add accidental death rider.