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LIC Term Insurance 1 Crore
If you are a family person with many responsibilities and dependents, securing their future is paramount. LIC Term insurance plans offer several options with great benefits such as a one-time payout, monthly income, and more. These plans also provide a high sum assured, ensuring your family’s financial security in your absence.
What Should You Know About Term Insurance?
Term insurance policies, also known as death benefit policies, are designed to offer financial support to your family in case of the insured’s demise. While often perceived as being for high-income earners, term insurance is crucial for individuals across all income levels to secure their future.
LIC Insurance Plans with a High Sum Assured
LIC offers a wide range of insurance plans to meet diverse customer needs. You can easily choose an insurance policy based on your exact requirements. Here are some insurance plans offered by LIC with a high sum assured:
LIC Term Insurance Plans
Term insurance is the most effective form of insurance plan. It provides risk cover to the insured and their family for the entire policy tenure. It offers a high sum assured at a comparatively low cost. Here are a few term insurance policies with a high sum assured:
- LIC’s Amulya Jeevan - II: A pure term insurance plan that assures a death benefit to the nominee upon the policyholder’s death.
- LIC’s E-Term Plan: Available online, this plan offers preferential premium rates to non-smokers and provides a death benefit to the nominee in case of the insured’s untimely demise.
Whole Life Insurance Plan
As the name suggests, a whole life insurance plan offers coverage against death for the insured’s entire lifetime. Here is a whole life insurance plan offered by LIC:
- LIC’s Jeevan Umang: A non-linked, participating whole life insurance plan offering death, maturity, and survival benefits, along with bonuses. There is no limit on the maximum sum assured.
LIC Endowment Plans
An endowment plan offers a lump sum amount upon maturity. Thus, the nominee receives the sum assured in case of the insured’s death, and the life assured receives a maturity benefit if they survive until the policy term ends. Some LIC endowment plans offering a high sum assured include:
- LIC’s Jeevan Pragati: A non-linked, participating life insurance plan where the policyholder or nominee receives a death benefit or maturity benefit, along with bonuses.
- LIC’s Limited Premium Endowment Plan: A non-linked, participating life insurance plan providing a death benefit to the nominee if the policyholder passes away, and a lump sum maturity benefit if the life assured survives the policy term. Policyholders are also entitled to receive bonuses.
LIC Money-Back Plans
Money-back life insurance plans offer regular payouts and benefits at specific policy anniversaries, helping the insured meet financial goals. Some LIC money-back plans offering a high sum assured include:
- LIC’s New Money Back Plan - 20 Years: A non-linked, participating life insurance plan offering death/maturity benefits, bonuses, and survival benefits at the end of the 5th, 10th, and 15th policy years.
- LIC’s New Money Back Plan - 25 Years: A non-linked, participating life insurance policy offering death benefits, maturity benefits, and survival benefits at the end of the 5th, 10th, 15th, and 20th policy years, along with bonuses.
LIC Pension Plans
Pension plans are an effective way to secure the insured’s post-retirement days. Here are some LIC pension plans offering a high sum assured:
- LIC’s Jeevan Akshay - VI: An immediate annuity policy where the insured makes a one-time payment and receives a preset annuity amount throughout their lifetime.
- LIC’s New Jeevan Nidhi: A participating pension policy where the insured receives payments throughout their lifetime.
LIC ULIPs
Unit Linked Insurance Plans (ULIPs) provide risk cover and an option to invest in various funds offered by the insurance company. The insured can choose funds according to their risk appetite. LIC offers ULIPs with a high sum assured, dependent on the chosen premium.
- LIC’s New Endowment Plus: A non-participating, unit-linked endowment policy where the assured or nominee receives a death benefit or maturity benefit. Policyholders can choose to invest in a Bond Fund, Secured Fund, Balanced Fund, or Growth Fund, and claim the investment returns.
A life insurance policy is a long-term investment. It’s important to choose a plan that helps you meet both long and short-term goals. LIC is a trusted brand known for its smooth claim settlement process.
Why Choose a 1 Crore LIC Term Insurance Plan?
Individuals aged 30-35, especially breadwinners with dependents, should consider adding an LIC term insurance plan with a cover of Rs. 1 crore to their investment portfolio to secure their loved ones’ future in case of their demise or any unfortunate incident.
Many insurance companies in India offer term insurance plans with a cover of Rs 1 crore, and LIC is often considered among the best. Following new IRDA regulations, LIC offers plans with premiums ranging from Rs. 25,000 to Rs. 32,000. If you are unsure about a plan and its features, you can easily compare them online. LIC currently offers three term insurance plans.
1 Crore LIC Term Insurance Plans In Detail
LIC’s Anmol Jeevan - II: This protection plan provides financial protection to the insured’s family in case of their unfortunate demise.
Benefits:
- Death Benefit: In case of the life assured’s unfortunate death during the policy term, the sum assured shall be payable.
- Maturity Benefit: No benefit is payable upon survival to the end of the policy term.
LIC’s Amulya Jeevan - II: This protection plan provides financial protection to the insured’s family in case of their unfortunate demise.
Benefits:
- Death Benefit: In case of the life assured’s unfortunate death during the policy term, the Sum Assured shall be payable.
- Maturity Benefit: No benefit is payable upon survival to the end of the policy term.
LIC’s E-Term: A regular premium, non-participating online term assurance policy that provides financial protection to the insured’s family in case of their unfortunate demise. This plan is available exclusively through an online application process, with no intermediaries involved.
Benefits:
- Death Benefit: In case of the Life Assured’s unfortunate death during the policy term, the Sum Assured shall be payable.
- Maturity Benefit: No benefit is payable upon survival to the end of the policy term.
Which Is The Right Policy?
As discussed, LIC offers three term insurance policies for Rs 1 crore or more cover: Anmol Jeevan II, Amulya Jeevan II, and LIC e-Term plan. Choosing the right one can be challenging; it is advisable to compare the features and benefits of the plans rather than focusing solely on the premium. While premium is an important consideration, it is not the only factor; pay attention to other relevant aspects, including available riders.
Why Choose LIC?
LIC operates with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices, and a Corporate office. Its Wide Area Network covers 113 divisional offices and connects all branches through a Metro Area Network. LIC has partnered with banks and service providers to offer an online premium collection facility in selected cities, and its ECS and ATM premium payment facility adds to customer convenience. LIC continues to be a dominant life insurer in the liberalized Indian insurance sector, rapidly moving on a new growth trajectory and surpassing its own past records, having issued over one crore policies during the current year.
Claim Process - LIC Term Life Insurance
Term insurance is an effective form of life insurance, and understanding its claim process is crucial.
For a death benefit claim, the nominee or claimant of the policy must submit the following documents:
- LIC term insurance policy document.
- Death certificate along with the cause of death.
- These must be submitted along with mandate documents.
Once all documents are submitted, the company will verify details and settle the claim.
It is advisable to compare all available options before choosing the best one.
