Life insurance plans are a smart way to safeguard one’s family financially, in the event of an unfortunate eventuality. Currently, insurance companies offer policy buyers various types of life insurance plans – from the more traditional term life insurance policy to an investment-oriented ULIP or Unit Linked Insurance Plan.
However, the goal of all these different plans remain the same – to provide an adequate sum assured to one’s dependents in the event one’s untimely death. Considering this need, Life Insurance Corporation of India (LIC) offers customers several insurance plans, which have a sum assured over Rs.1 crore. These high sum assured insurance plans make a truly worthy investment, since they come with a range of benefits for both the policyholder and the nominee.
LIC has a range of insurance solutions on offer to meet the varying needs of their consumers. One can choose to purchase any type of insurance policy, based on one’s exact needs and requirements. Listed below are a few insurance plans offered by LIC with a high sum assured payable.
Note: This is not an exhaustive list.
Term insurance plans are the most basic type of insurance policies. They provide the life assured a risk cover during the policy tenure and a death benefit to the nominee if the life assured passes away during the policy tenure. These policies offer a high sum assured at a relatively low cost. Listed below are a few term insurance plans from LIC that come with a high sum assured.
As the name suggests, a whole life insurance plan provides a risk cover against death to the policyholder for their entire lifetime. Listed below is a whole life insurance plan that is offered by LIC.
An endowment plan guarantees the policyholder a lump sum amount on maturity of the policy. Thus, while these plans pay a death benefit if the life assured passes away during the policy tenure, they also pay a significant amount as the maturity benefit, if the life assured survives till maturity. A few endowment plans from LIC which offer a high sum assured are:
In addition to the regular payouts, a money-back life insurance plan also provides survival benefits during specific policy anniversaries, thus helping the life assured meet significant milestones in his/her life. A few money-back plans from LIC which guarantee a high sum assured are:
Pension plans can be purchased by any individual who wishes to secure his/her retirement years. The pension plans offered by LIC with a high sum assured are listed below:
Unit Linked Insurance Plans or ULIPs offer the policyholder a risk cover during the policy tenure and also an option to invest in various funds that are offered by the insurer. The policyholder can choose any fund of his/her liking, based on his/her appetite for risk. A ULIP that is offered by LIC that can guarantee a high sum assured, based on the premium chosen at inception, is listed below:
Since a life insurance policy is a long-term investment, it is necessary to opt for a plan that will meet your short-term and long-term goals. Considering the number of insurance plans that are offered by LIC, one is guaranteed to not face any hassles when looking to purchase a policy from the insurer.