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Insurance Plans 3188 views April 27, 2020
Death Insurances simply explained, are Term Insurance policies that predominantly provide death benefits. Term Insurances, among the oldest form of insurance, should not be viewed as an investment but should rather be seen as a medium to safeguard your family from unforeseen financial challenges in your absence. It essentially pays the sum assured from the accumulated premium payable within the policy tenure, i.e. in case the insured individual survives the policy tenure then the cover ceases and no amount is payable.
LIC Death Insurance Policy provides death benefits as a payout to the nominee of a life insurance policy, pension or annuity. This is only when the insured individual or the annuitant dies within the policy tenure. These policies are not subject to Income Tax and the pay-out is done on a lump sum basis to the beneficiary.
Table of Contents
The following are the Death Insurance Plans also referred to as Term Assurance Plans offered by LIC:
Death Insurance or Term Assurance Plans offered by LIC covers death due to medical and natural conditions as well as accident-related death.
Conclusion
LIC Death Insurance Policies are sufficient to provide for one’s family soon after the life assured’s unfortunate demise. It is to be noted that all LIC Life Insurance Plans offer a death benefit. However, Term Assurance Plans by LIC are designed to specifically cover or death by providing detailed death benefits.