LIC is one of the largest and oldest insurance companies in India. Over 245 insurance companies were merged to create the Life Insurance Corporation(LIC), and their highest claim settlement is 98%. Today in this article, I’m going to cover why you should consider LIC’s term insurance policy as the best policy, and you can also read things to be considered before buying policies.
What is Term Insurance?
Term Insurance is the most traditional life insurance policy wherein the insured gets death benefits if any contingency happens within the policy term.
Why should one buy Term Insurance?
The only reason one should buy a Term Insurance is that it provides a large amount of insurance at a very low price. It will act as a protection cover to Your family at the time of the unfortunate event (Demise of a Policyholder) during the policy term.
Why should you buy LIC Term Insurance?
1. LIC is the oldest and biggest insurance company.
2. LIC is the only government-backed insurance company.
3. LIC is the NO. 1 ranked insurance company.
4. LIC’s claim settlement ratio is 98%, best in the industry.
LIC Life Insurance Company offers two-term insurance to its customer, which is as follows.
1. Anmol Jeevan (822)
2. Amulya Jeevan (823)
1.1 First, let’s talk about the features of the Anmol Jeevan (822) plan.
• Minimum Sum Assured= 6,00,000
• Maximum Sum Assured= 24,00,000
• Minimum entry age= 18 years
• Maximum entry age= 55 years
• Maximum cover ceasing age= 65 years
• Term= 5 to 25 years
• Premium Payment Mode= Yearly & Half-yearly
• Surrender= Not Available
• Loan= Not Available
• Tax benefits U/S 80C
2.1 Now, let’s talk about the features of the Amulya Jeevan (823) plan.
• Minimum Sum Assured= 25,00,000
• Maximum Sum Assured= No limit (10 to 20 times of annual income)
• Minimum entry age= 18 years
• Maximum entry age= 60 years
• Maximum cover ceasing age= 70 years
• Term= 5 to 35 years
• Premium Payment Mode= Yearly & Half-yearly
• Surrender= Not Available
• Loan= Not Available
• Tax benefits U/S 80C
Now, We will discuss the best and cheapest Term Insurance plan.
The name of the Term Insurance plan is Tech-Term (854). Lic launched this plan on 2nd Sep. 2019, let me tell you that this plan was going to come in July 2019, but due to technical reasons, it was launched in the month of September. On this plan, LIC has not only reduced the premium but also has brought new features with this plan.
Let’s look at the Eligibility Criteria:
• Minimum Sum Assured= 50,00,000
• Maximum Sum Assured= No limit
• Minimum entry age= 18 years
• Maximum entry age= 65 years
• Maximum cover ceasing age= 80 years
• Minimum Policy Term= 10 years
• Maximum Policy Term= 40 years
This policy can be taken by both males and females, but there is a shirt that your income is required for this. But, the policy can only be given to those who have their own income; those who do not have income cannot get this policy.
There are three premium payment moods within this policy:
1. Regular premium = Up to Policy Term
2. Limited Premium:
A. (Policy Term – 5) Years
B. (Policy Term – 10) Years
3. Single-Premium = One time
If you want to read more in-depth information about the Tech-Term Insurance plan, click here.
I hope you all have benefited a lot from this post and also have learned a lot about LIC Term Insurance. If so, please share this post with your friends and family.
