If you are a family person who has lots of responsibilities to handle and many dependants, then you must be thinking of securing them in every possible manner. You must look forward to LIC Term insurance plans. The best thing about LIC term insurance plans is the availability of several options with great benefits such as a one-time payout, monthly income and many more. These plans also come out with the advantage of very high sum assured that can ensure that if something happens to you, your family's financial future will be secure.
Term insurance policies which are also popular by the name of death benefit policy are basically designed to offer financial support to your family in case of the demise of the insured. People think that term insurance is not only for those who have a good pay, but even a person with an average pay should also go for it for a secured future.
LIC carries a wide range of insurance just to meet various needs of customers. One can easily choose any form of insurance policy which is completely based on one's exact needs. Below are a few forms of insurance plans which are offered by LIC with high sum assured
Term insurance is the most effective form of insurance plans. It provides a risk cover to the insured and his/her family for the entire tenure of the plan. Comparatively, it offers a high sum assured at a very low cost. Below are a few term insurance policy that comes with a high sum assured
Amulya Jeevan- II: The Amulya Jeevan – II is basically a pure term insurance plan by LIC, that assures a death benefit to the nominee, upon the death of the policyholder.
E-Term Plan: You can purchase the same online with the help of the insurer's official website. It offers preferential premium rates to non-smokers. Under the same, you will get a death benefit that will be payable to the nominee in case of untimely death of the insured.
As the name suggests, a whole life insurance plan will offer the required coverage against death for their entire lifetime. Listed below is a whole life insurance plan which is offered by LIC.
LIC's Jeevan Umang: It is basically a with-profit, non-linked, whole life insurance plan that offers a wide range of benefits that includes a death/maturity benefit and survival benefits. Moreover, one is also entitled to have bonuses under this plan. Under the same, there is no limit to the maximum sum assured.
An endowment plan is liable to offer a lump sum amount on maturity. Thus, under the same the nominee will get the amount in case of insured's death, moreover, they will also get a significant amount as the maturity benefit, if the life assured survives till maturity. A few endowment plans from LIC which offer a high sum assured are:
LIC's Jeevan Pragati: The Jeevan Pragati Plan from LIC is a ‘with profit', non-linked, life insurance plan. Under this plan, the person is liable to receive a death benefit or a maturity benefit along with bonuses.
LIC's Limited Premium Endowment Plan: It is a basically a non-linked, participating, life insurance plan from LIC that provides a death benefit to the nominee if the policyholder passes away, and a lump sum maturity benefit if the life assured survives till the completion of the policy tenure. Moreover, one is entitled to receive bonuses, as per this plan.
In addition to the regular payouts, a money-back life insurance will be liable to offer benefits during specific policy anniversaries and assist the insured in meeting his/her goals. A few money-back plans from LIC that assures a high sum assured are:
LIC's New Money Back Plan – 20 Years: It is a non-linked, participating, life insurance plan from LIC. The benefits that you will receive under this plan are death/maturity benefit, bonuses, and survival benefits at the end of the 5th, 10th, and 15th policy years.
LIC's New Money Back Plan – 25 Years: It is a non linked participating, life insurance policy, that offers a wide range of advantages that include a death benefit, maturity benefit, and survival benefits at the end of the 5th, 10th, 15th, and 20th years of the policy. In addition, added bonuses are also there.
Pension plans are the effective form of securing the post-retirement days of the insured. The pension plans provided by LIC with a high sum assured are listed below:
LIC's Jeevan Akshay – VI: The Jeevan Akshay – VI Plan is basically an immediate annuity policy. Under the same, the insured have the make a one time payment. After this, a preset amount will be there throughout the lifetime
LIC's New Jeevan Nidhi: It is a ‘with profit' pension policy. Under the same, the insured will get the payment throughout the lifetime.
Unit Linked Insurance Plans or ULIPs provides a risk cover along with an option to invest in several funds which are offered by the insurance company. The insured is liable to choose any fund according to his/her risk appetite. A ULIP that is offered by LIC that assures a high sum assured which is dependent upon the chosen premium.
LIC's New Endowment Plus: The New Endowment Plus Plan is a non-participating, unit-linked, endowment, policy. Under the same, the assured or the nominee will be liable to get a death benefit or maturity. A person can choose to invest in a Bond Fund, Secured Fund, Balanced Fund, or Growth Fund, and claim the returns of the investment.
Life insurance policy is basically a long-term investment, it is important to go for a plan that will assist you in meeting long and short-term goals. LIC is a brand name and it does not let people face any difficulty during the claim settlement time.
Those who lie between the age group of 30-35 years should go for this effective plan. Even those who are the breadwinner of the family and who have many dependants should definitely consider adding LIC term insurance in their investment portfolio with the cover of Rs. 1 crore to secure the future of their loved ones in case of his/her demise or any unfortunate incident.
In India, you will get many insurance companies that deal with term insurance plans with a cover of Rs 1 crore, but LIC refers to be the best out of all. After the new regulations passed by IRDA, LIC provides a rate of around Rs. 25000 to 32000. If you are not sure about the plan and its features, then you can easily compare them online. The company is currently offering three-term insurance plans that will be great to use.
LIC's Anmol Jeevan - II- It is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
LIC's Amulya Jeevan – II- It is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
LIC's E-Term- It is a regular premium on - participating & Online Term Assurance Policy & which provides financial protection to the insured's family in case of his/her unfortunate demise. This plan will be available through the online application process only and no intermediaries will be involved.
As discussed above, LIC deals in three-term insurance policies for Rs 1 crore or more cover that is Anmol Jeevan II, Amulya Jeevan II, and LICe-term plan. You might face difficulty in choosing the right one for yourself, in such case, it is advisable for you to compare features and benefits of the plan more than its premium. There is no doubt in saying that premium is an important thing to consider, but it is not only the thing that you must look for, pay attention to other relevant things as well. You must also look for available riders under the policy.
Today LIC functions with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381satellite offices, and the Corporate office. LIC's Wide Area Network covers 113 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some banks and service providers to offer an on-line premium collection facility in selected cities. LIC's ECS and ATM premium payment facility is an addition to customer convenience. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year.
It is clear from the above that a term insurance is an effective form of lie insurance that you should go for. But claim process is also an important part that you should look
In case of the death benefit, the nominee or claimant of the policy has to submit the following documents:
The five types of term plans are LIC Amulya Jeevan – II, LIC Anmol Jeevan – II, LIC Bhagya Lakshmi, LIC e-Term and LIC New Jeevan Mangal.
Each term plan carries different death benefits along with the riders, but under the basic one, the beneficiary will get the amount in lump sum.
The minimum sum assured is INR 10000 and that is available under the New Jeevan Mangal Plan.
Some plans offer preferential rates on premiums for non-smokers and females.
The minimum one is 5 years and a maximum term of 35 years, subject to the entry age and the maturity age of the life insured.
Last updated on July, 2020