Secure Your Future with LIC Term Insurance Plans in 2023

In this article we will discuss about LIC term insurance plans. Through this article, we will give you information about all the term insurance plans offered by LIC. Let us discuss in detail about their features, benefits, eligibility conditions, documents required and premium etc. along with how to buy LIC term insurance plan? We will also provide you information regarding etc.

What is LIC Term Insurance Plans?

LIC i.e. Life Insurance Corporation is known as the largest and oldest insurance provider of life insurance in India. LIC has a large market share in the insurance market as well as a trusted brand in the insurance market. Various types of insurance plans are offered by LIC, one of these is – LIC Term Insurance Plan.

LIC Term Insurance Plans
LIC Term Insurance Plans

LIC Term Insurance Plan is designed for customers who want to avail a term insurance plan coverage at a very affordable rate. LIC Term Insurance Plan provides death benefit to the person nominated by the insured if the insured dies during the policy term.

It is worth noting that in LIC Term Insurance Plan, if the insured survives the policy term, then no maturity benefit of any kind is provided to the insured.

LIC Best Term Insurance Plan Details

Life Insurance Corporation has been offering life insurance products to people in India for a very long time. It has introduced many types of insurance products keeping in mind the various needs of the customers.

Currently, there are 2 term insurance plans designed by LIC that provide term insurance coverage to the customers at a very affordable price. Not only can you get term coverage through LIC term insurance plans, you can also further increase your term coverage by adding riders to it.

The following 2 term insurance plans are currently being made available to the customers by LIC-

LIC Jeevan Amar Plan

  • This is a type of term insurance plan introduced by LIC. In this, in case of death of the insured person, a minimum death benefit sum assured of ₹ 25 lakh is provided to the person nominated by the insured person. There is no limit on the maximum amount insured.
  • The policy duration of this term plan is minimum 10 years and maximum 40 years. To get this policy, the age of the customer should be minimum 18 years and not more than 65 years.
  • In this term plan, you also get the option to add the Accident Benefit Rider, through which you can further increase your term insurance plan coverage.
  • In case of premium, this term insurance plan gives you the option of single premium, regular premium and limited premium payment.
  • In this time insurance plan you also get 15 days free look period and 30 days grace period. Being a term insurance plan, you are not provided any maturity benefit in it.
  • You can also get tax benefits under income tax laws under this term insurance plan in which you get the benefit of tax exemption under section 80C and 10 (10D) of the Income Tax Act.

LIC Tech Term Plan

  • There is an online term insurance plan provided by LIC. You can purchase this term insurance plan only through online mode. This plan is not available for purchase via offline mode.
  • It is purely a term insurance plan in which a minimum insurance benefit of ₹5 lakh is provided in case of death of the insured during the policy term. In this, no limit has been set for receiving the maximum insurance benefit.
  • The policy term of this term insurance policy has been set at minimum 10 years and maximum 40 years.
  • To avail this termination plan, the minimum age of the subscriber should be 18 years and maximum age should be 65 years.
  • In this you also get the option to add riders to increase coverage. In this you can further increase your term coverage by adding Accident Benefit Rider. Although you have to pay additional premium for this.
  • In this, you get 30 days grace period and 30 days free look period.
  • You are not provided any type of maturity benefit in this term. If the insured person survives the policy term, no benefit is provided.
  • Under this plan, you can apply for tax exemption under sections 80C and 10 (10D) of the Income Tax Act 1961.

Features and Benefits of LIC Term Insurance Plan

The features and benefits of LIC term insurance plan are as follows-

Financial Aid

Through LIC Term Insurance Plan, customers can secure the financial future of their family members at affordable premium rates. If the insured person dies during the policy term, the sum assured is paid as death benefit to the nominee. Through this insurance amount, the family can easily meet its financial needs. Apart from this, other liabilities can also be fulfilled easily by the insured person.

In LIC term insurance plan, you get the option of receiving the death benefit in lump sum or in installments. While taking the policy, the policyholder can choose it according to his needs.

Affordable Premium

The main feature of LIC Term Insurance Plan is that it provides you term insurance coverage at an affordable premium. Thus, even if you are on a tight budget, you can still avail the benefits of a term insurance plan. LIC Term Insurance Plan has been designed keeping in mind the needs of common people so that LIC Term Insurance Plan can be easily purchased by common people.

Premium Payment Mode

There are many modes available to you for premium payment in LIC term insurance plan. You can choose any of these as per your budget. In LIC Termination Plan, you get the option of monthly, quarterly, half yearly or annual premium payment for premium payment.

High Claim Settlement Ratio

While purchasing an insurance product from any insurance company, it is very important to see its claim settlement ratio. The higher the claim settlement ratio of an insurance company, the more beneficial it is to buy insurance from that company. Claim settlement of LIC is quite high. Therefore, you can buy an LIC termination plan without thinking.

Additional Coverage

LIC term insurance plan also offers the customer the facility to add additional coverage. Through this you can expand the coverage of your term plan by adding riders. In this, you get the option to add Accident Benefit Rider. You can add this to your LIC Term Insurance Plan by paying additional premium.

Tax Benefits and Exemptions

You also get tax benefits in LIC Term Insurance Plan. Through this, you can avail tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961. You get tax benefit under Section 80C on the premium paid for this plan and under Section 10(10D) on the death benefit received.

LIC Term Insurance Plan Eligibility

The eligibility criteria for LIC Term Insurance Plan are as follows-

  • Customer must be at least 18 years old.
  • Customer maximum age must be 65.
  • The customer must undergo a medical test.
  • Proof of identity. Address proof, income proof and age proof documents will have to be given.

Documents Required For LIC Term Insurance Plan

The documents required for LIC term insurance plan are as follows –

  1. Completed Application Form
  2. Medical report (latest)
  3. Identity proof (any one of the following):Voter ID,Aadhar card,Passport,PAN card,driving license.
  4. Address Proof (Any One of the Following):Aadhar card,Utility bill.
  5. Age proof (any one of the following): Birth certificate,driving license,Passport, School or college certificate.
  6. Income Proof: it return, Bank statement (latest).

Thank For Visit Our Website

Leave a comment