Established in the year 1956, Life Insurance Corporation of India (LICI) is the oldest and largest life insurance company in the market. LIC is owned by the Government of India and has full confidence in the minds of its customers. It offers a range of life insurance plans that aim to meet every financial need of the average person. The plans offered by the company have attractive coverage benefits and the premiums are also affordable. Term insurance plans are one of the most popular life insurance plans offered by LIC. Let us understand the concept of term insurance and take a look at different types of LIC term plans offered by the company.Lic term insurance 1 crore.
What is a term insurance plan?
A term insurance plan is the simplest and the most basic of a life insurance plan. It covers the risk of death during the policy term for a fixed period of time. If the insured dies during the chosen tenure of the scheme, the sum assured is paid and the policy terminates.
Features of term insurance plan(Lic term insurance 1 crore)
Term schemes have the following main features –
- Term plans are, mostly, pure protection plans that only provide death benefits in case of death during the coverage period. However, in some plans, the premium can also be refunded on maturity
- Term plans allow for longer coverage periods so that you can enjoy coverage up to old age
- The premium is very low since the death risk is covered only under the plan
- You can choose a very high level of insurance to protect your family financially in your absence
- Term plans are traditional life insurance plans that do not earn bonuses.
- Riders are also available under term insurance plans that provide additional coverage. The rider may be made within the coverage of the plan itself or may be available as an optional cover on payment of additional premium.
Why Buy LIC Term Plan?
Term insurance plans provide unique financial security to you and your family. The scheme is due to the following benefits, which the scheme provides –
The low premium allows for affordable coverage levels. Another thing you can ensure that your family is well taken care of in your absence. Lic term insurance 1 crore.
Longer coverage period ensures that you are protect-ed even in old age
The premium you pay is allowed to be deducted under Section 80C. Apart from this, the death benefit received under the scheme is also tax-free in your hands under Section 10 (10D).
When to buy LIC term plan?
Term plan should be bought as soon as possible when you are young. As you are young, the premium will also be lower and you will be able to buy the plan easily without medical examination. In addition, when you buy young, you can cover from a young age and get financial protection. Lic term insurance 1 crore.
LIC 1 Crore Term Insurance Plan – LIC Tech Term Plan
LIC Tech Term Plan is an online-only non-link-ed, non-participating net risk term insurance plan. This scheme aims to provide financial security to your family when you are not there to take care of them.
Minimum age at entry is 18 years
Maximum age at entry is 65 years
Maximum age 80 years
Minimum Basic Sum Assured Rs. 50,00,000 / –
Maximum Basic Sum Assured No Limit
Plan Option Level Sum Assured and Sum Assured Increase
Policy term 10 to 40 years
Premium Payment Options Single, Regular and Limited
Premium payment term
Regular – Same as policy term
Policy term minus 5 years policy term for 10 to 40 years
Policy term minus 10 to policy term 15 to 40 years
Features – LIC Tech Term Plan(Lic term insurance 1 crore)
LIC Tech Term Plan offers you the following types of facilities:
Sum Assured Options – Raising the Sum Assured or Sum Assured
the option –
Premium Payment Options – Single, Regular and Limited
Policy term – 10 to 40 years
Next thing Preferential rates – Non-smokers and women enjoy special discounted premium rates.
Discount – Enjoy a discount on the assurance of a higher amount.
Comprehensive Cover – Accident Benefit Rider(Lic term insurance 1 crore)
Installment Option – Get lump sum or death benefit in installments up to 15 years
Benefits – LIC Tech Term Plan
Plan Options – This plan gives you two options from which you can choose the option.
Level Sum Assured – Under this plan option, the insurance amount you choose remains the same throughout the policy term.
Next good thing is Increasing Sum Assured – Under this plan option, the Sum Assured remains constant for the first five policy years. From the 6th policy year, it increases to 10% of the principal amount until it doubles by the end of the 15th policy year.
Your nominee or family member will receive the sum insured upon death in case of your unfortunate death. Lic term insurance 1 crore.
The sum assured on death will be higher than the following options:
7 times the annual premium; or
upto 105% of all premiums paid as on date of death; or
It was assur-ed to pay the full amount on death.
The full amount payable will depend on the chosen plan option,
For the Sum Assured option, it will be equal to the Basic Sum Assured.
For the option of increasing Sum Assured, the Basic Sum Assured will be paid if the death occurs during the first five policy years. From the 6th policy year, the full amount due will increase during the 6th to 15th policy year.
Lic term insurance 1 crore
For example, if you have an insured amount of Rs. 1 crore, then on death before 5th policy year, death benefit Rs. 1 crore only.
From the 6th policy year, there is an increase of 10% in the Sum Insure, that is, Rs. 15 lakhs by the end of the policy year.10 lakhs. Now, if the death occurs in the 11th year, then the Sum Assure payable is Rs. 1.5 crores Rs.
From the 16th policy year, the sum insured was Rs. 2 crores; In case of death after 15th policy year, Rs. 2 crore will be pa-id to your nominee or family members.Lic term insurance 1 crore.
Death benefit in installments – If you feel that your family members will not be able to manage a huge amount of Rs. 1 crore in your absence, it means a lot, then you can choose an amount that will be paid to them on a monthly, quarterly, half-yearly, or yearly basis. The good thing is these installments can be taken for a period of 5, 10 or 15 years. Installment is paid in advance, that is, at the beginning of the month or quarter.
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Maturity Benefit – This plan does not provide any benefit if it survives till the end of the policy term.
Tax Benefits – Premiums paid for LIC Tech Term Plan are eligible for tax deduction up to Rs. 1.5 lakhs, it is good, under section 80C of the Income Tax Act, 1961. Lic term insurance 1 crore. The death benefit given to your family members on your death is completely tax-free under Section 10 (10D) of the Income Tax Act, 1961.
In conclusion(Lic term insurance 1 crore)
If you are looking for an insurance plan of LIC 1 crore, then LIC Tech Term is your plan of choice. You can choose the option that best suits your needs and buy it immediately online.
You can also compare term plans from top insurance companies immediately on Coverfox. Coverfox gives you a detailed view of all the benefits and premiums; In this way, you can immediately select the best plan according to your needs and instantly buy the same online.
This is all about Lic term insurance 1 crore. Thanks for reading.