LIC Term Insurance Plan

• Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
• Claim up to Rs. 1,50,000 deduction under section 80C**
• Choose between annual and monthly premium payment options

LIC Term insurance or term assurance policies are one of the most basic types of insurance plans. These policies provide the policy buyer a risk cover against death for a period of time, as defined in the policy tenure. If the life assured meets with an untimely death when covered under a term insurance plan, his/her nominee will be paid a benefit. Thus, these plans can go a long way in securing the lives of one’s dependents. Term insurance policies also have the advantage of being extremely affordable. LIC provides prospective customers a range of term insurance plans at competitive prices, making their insurance solutions extremely attractive to all.

Benefits of Life Insurance Corporation of India (LIC) Term Insurance Plans

• Term insurance policies provide the policyholder a life cover for the duration of the policy tenure.
• Upon the policyholder’s death, provided it occurs during the policy tenure, the nominee will be paid a lump sum death benefit by the insurer.
• Compared to other categories of life insurance products, term insurance plans have the most affordable premium rates. Thus you can opt for a high sum assured at a competitive rate.
• A few of LIC’s insurance policies can be purchased directly through the insurer’s website, without having to visit a company branch or go through an agent.
• A few of LIC’s term insurance plans offer preferential premium rates for non-smokers.

List of Term Insurance Plans provided by Life Insurance Corporation of India (LIC)

LIC’s Anmol Jeevan II Plan

The Anmol Jeevan II plan from LIC is a without profits, pure term insurance policy. This plan offers policyholders a comprehensive risk cover with a reasonable premium rate. The large coverage amount offered by the policy can help the dependents pay off any liabilities and meet their financial goals, even if something untoward happens to the life assured.

Benefits and Features of LIC’s Anmol Jeevan II Plan

• Death Benefit: If the policyholder succumbs to an untimely death during the policy tenure, the insurer will pay the nominee the entire sum assured amount as the death benefit.
• Policy Tenure: This plan is very flexible in terms of the policy tenure. A policy buyer can choose any policy term between 5 and 25 years, as per their coverage needs.
• Age Range: Any individual between 18 – 55 years of age can purchase this policy. However, the maximum age at maturity cannot exceed 65 years.
• Premium Payment Modes: This policy is available at competitive premium rates, and the policy buyer can choose to pay the premiums on a yearly or half-yearly basis.
• Tax Benefits: Policyholders and their nominees are eligible to claim tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

LIC’s Amulya Jeevan II Plan

The Amulya Jeevan II Plan from LIC is a without profits, protection plan that provides a risk cover to the life assured during the policy tenure. This plan is extremely beneficial since the high sum assured payable in the event of the life assured’s death could help the policyholder’s family tide over financially difficult circumstances.

Benefits and Features of LIC’s Amulya Jeevan II Plan

• Death Benefit: The sum assured will be paid as the death benefit in case the life assured meets with an untimely death during the policy tenure. The death benefit will be paid as a lump sum amount.
• Sum Assured: Prospective policy buyers can opt for a sum assured starting from Rs.25 lakh. There is no limit on how much one can opt as the maximum sum assured.
• Policy Tenure: For this policy, the buyer can opt for a policy term between 5 and 35 years. So, based on the policy buyer’s coverage needs, he/she can opt for an ideal policy tenure.
• Tax Benefits: Individuals can also claim tax rebates for the premiums they pay and the benefits they receive under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

LIC’s e-Term Plan

The e-Term Plan from LIC is a non-participating, regular premium, online term insurance policy. This plan provides much-needed financial protection to the policyholder’s dependents if something unfortunate happens to the life assured during the policy tenure. This policy is available digitally, on the insurer’s official website.

Benefits and Features of LIC’s e-Term Plan

• Death Benefit: If the life assured passes away during the tenure of the policy, the nominee will be paid a death benefit, which will be equal to the entire Sum Assured amount, by the insurer.
• High Sum Assured: The minimum Sum Assured that an individual belonging to the Aggregate Category can opt for is Rs.25 lakh, while non-smokers can opt for a minimum of Rs.50 lakh.
• Online Policy Purchase: This policy can be purchased online, through LIC’s official website. Thus, you can be ensured that no agents or middlemen will be involved.
• Preferential Premium Rates: Non-smokers can also avail a lower premium than smokers.
• Tax Benefits: The policyholder is also entitled to claim tax deductions under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Why should one opt for an LIC Term Insurance Plan?

LIC is one of the leading life insurance providers in India. The company has decades of experience behind them and have an extremely strong management. The company provides highly competitive term insurance solutions to the Indian population at very competitive rates. The insurance provider has also recorded a high claim settlement ratio over the past few years. The claim settlement ratio for FY15-16 was 98.33%, one of the highest in the country. The insurer also has a range of Customer Service Channels, thereby making it easy for customers to reach the insurer in case they require any assistance. LIC also has a large number of branches across the country, making it possible for every individual to easily reach them.