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Term Insurance 8890 views February 25, 2020
Life Insurance Corporation is one of the most prominent insurance providers in India offering unique insurance products. LIC was formed by merging various insurance companies and provident societies in India due to which the company has a wide reach. Established in 1956, the LIC has its presence in urban, rural as well as 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 – 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.
Table of Contents
Particulars | Jeevan Amar Plan | Tech-Term Plan | Anmol Jeevan II | Amulya Jeevan II | e-Term Plan |
---|---|---|---|---|---|
Age at Entry | Min: 18 Years Max: 65 Years | Min: 18 Years Max: 65 Years | Min: 18 Years Max: 55 Years | Min: 18 Years Max: 60 Years | Min: 18 Years Max: 60 Years |
Maturity Age | Max: 80 Years | Max: 80 Years | Max: 65 Years | Max: 70 Years | Max: 75 Years |
Sum Assured | Min: 25.00 Lakhs Max: No Limit | Min: Rs 50.00 Lakhs Max: No Limit | Min: 6.00 Lakhs Max: 24.00 Lakhs | Min: 25.00 Lakhs Max: No Limit | Min: 25.00 Lakhs (50.00 Lakh for non-smokers) Max: No Limit |
Policy Term | 10 to 40 Years | 10 to 40 Years | 5 to 25 years | 5 years to 35 years | 10 to 35 years |
LIC term insurance plans are one of the most popular term insurance products in the market. The higher coverage and cheaper premium amount make its term insurance plans popular amongst people. The following is an in-depth analysis of the LIC Term Insurance 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:
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:
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 his/her death. The following are the key features of the 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:
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
Having additional cover further secures an individual against unfortunate events such as accidental death, critical illness, etc. All these can be ensured by having a rider at an additional premium. These riders will have a separate sum assured, besides the one for the base plan. Let’s check the riders and their offerings below.
This rider comes with the payment as shown below.
Upon Death – Upon the death of the policyholder before the expiry date of the rider, an amount highest of the following will be paid to the nominee.
Note – The premium mentioned above is the one applicable to the rider, without any taxes and extra premium, if any.
If the life assured meets with an accident and dies within 180 days from the same, the accident death benefit rider sum assured shall be payable to the nominee. However, the death should happen solely and directly from an accident for the disbursal to happen successfully.
If the accident results in death or disability of the policyholder within 180 days of meeting the same, an applicable amount will be payable. However, the benefit amount could differ based on the accidental outcomes. Let’s learn more about the same.
Disability of the Life Assured – An amount equal to the accident sum assured will be payable to you over a period of 10 months in equal monthly installments. Subsequent to the disability, the insurer will waive all your future premiums.
Death of the Life Assured – In such a case, the sum assured for accident benefit shall be payable to the nominee.
Upon diagnosis of any of the 15 specified critical illnesses, the sum assured for this rider will be payable to you. The payment can be made once during the policy period. Upon the payment, the rider will cease to exist. The critical illnesses covered under this rider are –
You need to pay the LIC term insurance premium on time so that you could enjoy policy benefits without any interruption. At the time of claim settlement, LIC will check thoroughly your premium payment track. In case you have missed out on a payment or two, it might delay the claim approval. It will only mount concerns for your dependents who would rather expect a quick disbursal of the claim amount. That gives you an idea about the importance of LIC premium payments.
The payment can be done through online and offline modes. Choose the mode that you feel comfortable with to pay the premium and secure the future of your dependents in your absence.
Go to the official website of LIC and pay the premium through any of the options – Net Banking, Debit/Credit Card, UPI, Wallet, etc. You can also make the payment through authorized banks – Axis Bank, IDBI Bank and City Union Bank. The same thing can happen on LIC’s merchant portal too.
You can pay the premium via NACH, Bill Pay and ATM. For NACH, you need to send a duly filled and signed mandate along with a cancelled cheque to LIC. So on the due date, the payment will be debited automatically from your bank account. You can also register for Bill Pay wherein the bill amount and payment date will be intimated to you in advance. You could thus keep the required amount in the paying bank account.
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.