LIC Term Insurance

Life Insurance Corporation is one of the most prominent insurance providers in India. The company is the only public sector insurance provider in India. Since its establishment in 1956, the company has been introducing unique insurance products and has been one of the most trusted insurance providers in India. LIC was formed by merging various insurance companies and provident societies in India due to which the company has a wide reach. The LIC has its presence in urban, rural as well as in the remotest areas of India. Since its inception, LIC has been successful in maintaining its predominance in the Indian Insurance Sector.

Life Insurance Corporation of India (LIC) not only has a wide presence across India but also has a wide network of agents and insurance brokers. The unmatched agent and broker network helps LIC’s products reach people residing at the remotest corners of India. The insurance plans of LIC are simple yet very unique. The company offers top-notch support to its customers and has insurance plans for every need like protection plans, endowment plans, pension plans, etc. LIC  term insurance plans have been one of the most popular insurance products. Let us have a look at various LIC term plan details.

Eligibility Criteria for all LIC Term Insurance Plans

Benefits of Buying LIC Term Insurance Plans

Buying LIC Term Plan come with the following benefits

1. LIC term insurance plans offer higher insurance cover at lower premium rates i.e. higher insurance cover at a low premium and if you are a non-smoker pay even less premium amount
2. All the term insurance plans of LIC offer flexibility in terms of sum assured, policy tenure, premium payment frequency, etc.
3. The policyholder can avail flexible premium payment mode as per their convenience
4. All term insurance plans cater to a wide age group. The plans are available for young to old individuals
5. The policyholder can widen the scope of coverage with the help of riders. Various rider options are available to make the term plan robust
6. LIC term insurance plans can be purchased via both online and offline modes
7. LIC has the highest claim settlement ratio in India’s Insurance Sector.

List of LIC Term Insurance Plans

LIC term insurance plans are one of the most popular term insurance products in the market. The higher coverage and cheaper premium amount make all the term insurance plans popular amongst people. The following is an in-depth analysis of the LIC Term Insurance plan.

LIC Jeevan Amar Plan

LIC Jeevan Amar Plan is designed to provide financial protection to the entire family in the event of the unfortunate demise of the insured. The key features of the plan are as under:

1. The plan offers two Death Benefit Options: Level Sum Assured and Increasing Sum Assured
2. Death Benefit: Under Level Sum Assured, the death benefit payable is equivalent to the sum assured while in case of Increasing Sum Assured, the death benefit amount shall increase the basic sum assured amount by 10% starting from the 6th policy year.
3. Maturity Benefit: No maturity benefit is payable on the survival of the life assured until the end of the policy tenure

LIC Tech Term Plan

LIC has expanded its business via online channels. One of the best term insurance plans is LIC Tech Term, a pure protection plan designed to offer life cover and financial protection during the policy tenure. The key benefits of the plan are as under:

1. The plan offers two benefit options namely level sum assured and Increasing sum assured. Insured has the flexibility to choose any one benefit option
2. Death Benefit: is payable in the event of the death of insured during the policy term provided the policy is in force.
3. Maturity Benefit: Being a term insurance plan, NO maturity benefit is payable.

LIC Anmol Jeevan II Plan

LIC Anmol Jeevan II is one of the most popular protection plans offered by LIC. This LIC term insurance plan is designed to offer financial protection to the insured’s family in the eventuality of death of his/her death. The following are the key features of the plan.

1. Death Benefit: Death benefit equivalent to the sum assured shall be paid to the nominee in the event of the demise of the insured during the policy tenure.
2. Maturity Benefit: In the event of survival of the insured till the end of the policy tenure, no maturity benefit is payable under this plan
3. Tax Benefit: All the premiums paid are eligible for tax deductions under section 80C and Section 10(10D) of the Income Tax Act, 1961
4. The plan offers high insurance cover at an affordable premium amount
5. The life cover available under the plan ranges between INR 6 Lakh and INR 24 Lakh

LIC Amulya Jeevan II Plan

LIC Amulya Jeevan II is a pure protection plan by LIC. This term insurance plan is designed to offer higher insurance coverage to individuals at an affordable premium amount. The key benefits of the plan are as under:

1. Death Benefit: In the event of death of the life insured, the entire sum assured amount is paid to the nominee. The death benefit is payable if death occurs during the policy tenure. However, death after the end of policy tenure is not covered.
2. Maturity Benefit: No maturity benefit is payable in the event of survival of the insured till the end of the policy term
3. Tax Benefit: Insurance premiums paid are allowed as a deduction under section 80C of the Income Tax Act, 1961
4. The Life Cover offered under this plan is higher and starts from INR 25 Lakh. Such a high insurance cover is offered at an affordable premium amount.

LIC e-Term Plan

LIC e term is a pure protection plan that can be purchased via the online channel. The plan offers insurance protection upon the death of the life insured. However, no insurance coverage is offered in the event of death after the end of the policy term. This plan offers no maturity benefit in the event of survival of the life insured. The following are key benefits of the plan

1. Death Benefit: the entire sum assured is paid to the nominee as a death benefit in the event of the death of the life insured only during the policy tenure.
2. Maturity Benefit: Being a pure term plan, no maturity benefit is payable i.e. in the event of survival of the life insured throughout the policy tenure.
3. Tax Benefit: Insured can avail income tax benefits on the premiums paid under section 80C of the Income tax Act.
4. The plan can be purchased through online mode only, therefore, the premium amount is considerably lower as compared to other term insurance plans.

Final Words

LIC term insurance plans are best in the industry by ensuring the financial security of your loved ones in your absence. Buy LIC term plan to protect your family against financial crises and stay stress-free.