LIC One Crore Plan

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 Insurance Plans with a High Sum Assured

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.

LIC Term Insurance Plans:

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.

• Amulya Jeevan – II: The Amulya Jeevan – II is a pure term life insurance plan from LIC, which guarantees a death benefit to the nominee, upon the policyholder’s death.
• E-Term Plan: The E-Term Plan from LIC can be purchased online, through the insurer’s official website. This policy offers preferential premium rates to non-smokers. Under this policy, a death benefit will be payable to the nominee if the policyholder succumbs to an untimely death.

LIC Whole Life Insurance Plan:

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.

• LIC’s Jeevan Umang: This is a with-profit, non-linked, whole life insurance plan that provides a range benefits, including a death/maturity benefit and survival benefits. In addition, one is also entitled to receive bonuses under this plan. While one must opt for a minimum of Rs.2 lakh to purchase this plan, there is no limit to the maximum sum assured.

LIC Endowment Plans:

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:

• LIC’s Jeevan Pragati: The Jeevan Pragati Plan from LIC is a ‘with profit’, non-linked, life insurance plan. Under this plan, one is eligible to receive a death benefit or a maturity benefit along with bonuses.
• LIC’s Limited Premium Endowment Plan: This non-linked, participating, life insurance plan from LIC offers a death benefit to the nominee if the policyholder passes away, and a lump sum maturity benefit if the life assured survives till the completion of the policy tenure. In addition to the high sum assured, one is also entitled to receive bonuses, as per this plan.

LIC Money-Back Plans:

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:

• LIC’s New Money Back Plan – 20 Years: This is a non-linked, participating, life insurance plan from LIC. The benefits payable by this plan include a death/maturity benefit, bonuses, and survival benefits at the end of the 5th, 10th, and 15th policy years.
• LIC’s New Money Back Plan – 25 Years: This is a non-linked, participating, life insurance policy, which provides a range of benefits including a death benefit, maturity benefit, and survival benefits at the end of the 5th, 10th, 15th, and 20th years of the policy. In addition, added bonuses are also payable.

LIC Pension Plans:

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:

• LIC’s Jeevan Akshay – VI: The Jeevan Akshay – VI Plan from LIC is an immediate annuity policy. A policy buyer can purchase this plan by paying a one-time amount. Post this, a pre-determined amount will be paid as annuity throughout the annuitant’s lifetime.
• LIC’s New Jeevan Nidhi: The Jeevan Nidhi Plan from LIC is a ‘with profit’ pension policy. Under this plan, one is provided coverage throughout the deferment period and annuity payments upon the policyholder’s survival until the vesting date.

LIC ULIPs:

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:

• LIC’s New Endowment Plus: The New Endowment Plus Plan from LIC is a non-participating, unit-linked, endowment, life insurance policy. Under this plan, the life assured or the nominee is entitled to receive a death benefit/maturity benefit. One can choose to invest in a Bond Fund, Secured Fund, Balanced Fund, or Growth Fund, and claim the returns of the investment.

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.