Term Insurance 10899 views March 26, 2020

Term Insurance policy provides protection at a low premium cost and promise benefits on the death of the insured during the term of the plan. If the insured individual survives until the term end, no benefit will be paid on maturity as term plans are pure protection plans. The plan offers high coverage at low premium rates.

Term Insurance

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Term Insurance plans are very important for the financial security of your family in your absence. You should choose a higher sum assured so that you get higher financial coverage. LIC offers some of the best term insurance plans. The premiums of the insurance plan depend on a lot of factors other than the basic sum assured in the pla

Factors which determine the premium on Term Insurance Plans

The premium to be paid for a LIC Term Plan for 50 lakh depends on the following important factors:

  1. The age of the insured– The older you are, the higher will the premium on the plan as the chances of risk increases with age of the individual. Age of the insured is one of the most important factors for determining the amount of premium on the term plan.
  2. Occupation of the Insured– If you are indulging in a risky job such as fire fighting, sea diving, etc then the premium on the term plan will be higher.
  3. Medical Diseases or health of the Insured– If you have high blood pressure or diabetes then it involves higher risk and higher will be the premium.
  4. Term of the plan– If the term of the plan is longer then higher will be your premium as the insurance company will provide coverage for such longer-term and involves higher risk.
  5. Premium payment frequency- The premium on the term plan also depends on the premium payment frequency of the plan
  6. Habits of the insured– If you are a smoker or having a drinking habit, it impacts your health as well as increases your risk of death. Hence, the premiums will be higher for smokers and people with drinking habits.
  7. Gender– Premiums for females are slightly lesser than premiums for males.
  8. Family History of insured– There is a possibility of genetic diseases like heart problems, diabetes, etc. Hence, the family history of any disease also increase the risk which in turn increases the premiums of the term plan

LIC Term Plans

LIC offers two-term insurance plan with a sum assured of Rs 50 Lakh and more in order to suit the varied needs and requirements of its customers.

LIC Tech-Term

LIC Tech Term is a non-linked pure protection insurance plan. It is an online term plan without profit that provides financial support and protection to the family of the insured on his/her death. It is an online plan and can only be purchased through an online application. If you buy LIC Tech Term Plan for 50 Lakh, the premium under different options are calculated below:

LIC Jeevan Amar Plan

LIC Jeevan Amar is a non-linked protection insurance policy. The plan offers flexibility to the insured for choosing the death benefit. The plan offers different rates of premiums for smokers and non-smoker individuals. It also offers lower rates of premiums for females. These plans are low premium plans which provides higher coverage and ensure financial support to insured’s family on his/her death but do not have any maturity benefits. If you buy LIC Jeevan Amar Plan for 50 Lakh, the premium under different options are calculated below:


For LIC Term Plan of 50 Lakhs, the amount of premium is calculated by the insurance company taking into consideration various factors. The premiums on the level sum assured option is lower than the premiums on the increasing sum assured option in both the Tech Term and Jeevan Amar plans of LIC. Hence, in order to ensure low premium on LIC Term Plan of 50 Lakhs, you should make sure to keep in check the factors increasing your premium on your term insurance plan.

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