LIC Term Insurance Plans: Top LIC Term Insurance Plans and Eligibility

One of the most important insurance products offered by the company, LIC Term Insurance Plans provide financial protection and protection against the risk of death. This post explains all about these plans, their features, and the eligibility criteria to apply for these plans to get insurance coverage.

One of the greatest dangers in life for which there is no protection is death. However, when it comes to insurance, the good thing is that there is some protection that is provided against the risk of death. Term insurance plans provide this dangerous benefit and that is why they are loved by many people. Let’s learn more about LIC Term Insurance Plan in this blog.

What is Term Insurance Plan in LIC?

LIC offers many options when it comes to providing insurance to its customers. Term insurance is one of several insurance options for policyholders, which ensures financial benefits to the family (nominee/beneficiary) in the event of a primary insurance disaster.

Let us briefly understand how the LIC term insurance plan works. The plastic depositor has to pay a fixed amount for a fixed period or period of the plan. It can be anywhere from 10-30 years. In the event of an unforeseen calamity to the policyholder during this period, i.e. before the policy expires, his beneficiary (family member) is guaranteed a cash benefit to compensate him for the loss.

Since LIC Life Insurance Term Plan covers the maximum risk of death under the policy, it is the type of insurance offered by the company. Now let’s take a look at some of the top LIC Term Insurance Plans online along with each of their features and options to help you make an informed decision.

Best LIC Term Insurance Plans

Here are some of the popular insurance plans offered by LIC:

1. LIC’s Amulya Jeevan II Plan

A non-profit plan that provides financial protection to the insured’s family in case of premature death, the Amulya Jeevan plan will prove to be very beneficial. The sum assured under this policy is very high and can provide a lot of support to the beneficiary when he faces sudden loss at the time of death of the insured.

Features of the plan:

  • The time frame for the change: The system provides flexibility to the policyholder in choosing the coverage of the policy based on their needs. You can choose a long term between 5 and 35 years.
  • Advantages of powder: This is a major part of the plan which guarantees guaranteed income to the beneficiary in case of sudden death of the beneficiary. Also, the sum assured is given as a lump sum which provides good financial support to the insured family in those difficult times.
  • Tax free: According to Section 80C and Section 10(10D) of the Income Tax Act, 1961, the amount paid and the benefits received on account of the plan are all deemed to be exempt from tax.
  • There is no definite limit: Policy holders are encouraged to take up this plan as there is no limit on the sum assured here. The sum assured under the scheme starts from Rs. 25 lakh.

Eligibility of the system

The age limit for entering the system is set at 18-60 years.

2. LIC’s Anmol Jeevan II scheme

This plan is slightly different from other insurance plans offered by LIC as it provides comprehensive coverage to the policyholder. This helps the beneficiaries of the insurance to pay off any financial debt in the event of the policyholder’s death. The premiums paid are also very affordable.

Features of the plan:

  • Competitive premium pricing: The policy provides a sufficient amount of money to be paid by the owner. Apart from that, there is also the flexibility to choose the payment period semi-annually or annually.
  • Plan period: You can choose the term of the policy according to your contribution, anywhere between 5 and 25 years.
  • Tax exemptions are allowed: Both policyholders and beneficiaries are eligible for tax-free benefits under the Income Tax Act of the scheme.
  • Death benefit to nominee: The beneficiary of the policy receives a sum assured in case of sudden death of the latter.

Eligibility of the system

Anyone between the ages of 18-55 can apply to purchase this plan. The maximum age of the insured at the time of maturity of the policy should not exceed 65 years.

3. E-Term Plan of LIC

As the name suggests, this is an online LIC term insurance policy with regular premiums. The best part of this policy is that it can be purchased online from the official website of LIC and all its features and benefits are also available in detail on the website.

Features of the plan:

  • Online shopping possible: LIC allows policy aspirants to purchase the insurance plan online through the company’s official website. This eliminates the need to use intermediaries or agencies, and keeps everything that is going on between the company and the owner transparent.
  • Goodness of death: The plan provides a death benefit to the insured beneficiary if the latter dies during the term of the policy. This premium is equal to the total amount that the insurance company has to pay.
  • Value preferences: The plan comes with a preference section for non-smokers who can opt for cheaper rates than smokers.
  • Guaranteed price increase: The policy offers good guaranteed income to the policyholders. For example, under the plan category, one can opt for a minimum sum assured of up to Rs. 25 lakh. Additionally, as per the above, non-smokers can earn a minimum of Rs. 50 lakh under the scheme.

Eligibility of the system

Anyone between the ages of 18 and 60 can choose to apply for the scheme. Note that the premiums paid vary depending on the policy holder’s age at the time of joining the policy.

Also Read: Is It Possible To Buy Term Insurance Without Money Guarantee?

Finally

LIC has several options when it comes to insurance plans. You can choose the best LIC term insurance plans to suit your needs. Also, to narrow down your options, check out LIC’s online insurance policy calculator that will help you determine what you need to insure.

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