Gone are the days when people would only focus on saving money to make the future of their family secure. These days, people invest their money to get a good return. One of the best investment options is term insurance. Although a term insurance policy will not give you the maturity benefit, it can still be very beneficial for your family when you are not there. As you buy a term insurance plan, you would be required to pay the premiums throughout the tenure. However, if you pass away within the period, your family will get the sum assured. The amount of sum assured can be up to INR 1 Crore or more than that.
If you are considering a term insurance policy that gives your family the sum assured of up to INR 1 Crore, then what can be better than LIC term insurance 1 crore? With the rising cost of living, the majority of the people are opting for INR 1 crore term insurance policy. Even the mishap takes place after 10 years from the date of taking the policy, with an amount like INR 1 Crore, the family will be able to repay at least the debts, if any.
Why LIC of all the companies?
Life Corporation of India (LIC) does not need any introduction. This life insurance company is owned by the Government of India and is one of the oldest companies in the insurance industry in the country. There are was a time when many of the Indians took at least one insurance policy from only this company. Now there are several companies in the market which provide various types of insurance products. However, the term insurance policies offered by LIC are still one of the best of the lot. The policies not only offer good sum assured but the premiums are also quite affordable. Let us discuss the LIC 1 Crore term insurance policies here.
LIC Tech Term Plan
This is one of the most popular tern insurance plans offered by LIC. This is a pure risk term insurance plan which you can find only online. The plan provides financial protection to the family of the insured on his/her demise during the policy term. Some of the features of this plan are mentioned herein below:
- The minimum age of the policyholder should be 18 years and the maximum should be 65 years.
- The term of the policy can be selected between 10 to 40 years.
- The minimum sum assured for the term insurance policy is INR 50 lakhs; however, there is no maximum limit for the policy sum assured.
- During your policy term, you can choose from two death benefit options such as Level sum assured and Increasing sum assured.
- If the policyholder survives through the policy term, no maturity benefits will be paid to him/her.
- On payment of an additional premium, you can avail of the accident benefit rider with this policy.
- The death benefit can be received in installments of 5, 10, or even 15 years rather than taking the lump sum amount.
- You can either choose a regular premium or limited premium option with the mode of payment being half-yearly or annual.
- The policy comes with a free look period of 30 days within which you can return the policy if you do not like the clauses. The paid premium will be returned to you.
LIC Jeevan Amar Term Plan
LIC Jeevan Amar Term Plan is a non-participating and non-linked term insurance plan which provided financial protection to the family of the policyholder on his/her untimely demise. Here are features of the policy mentioned below:
- The minimum age of the policyholder to buy this term insurance plan should be 18 years and the maximum should be 65 years.
- The policy term is between 10 and 40 years.
- The minimum sum assured one can get under this policy is INR 25 lakhs and there is no limit on the maximum sum assured.
- The beneficiary can make the death claim request to get the death benefit; however, it has to be done within the policy term. The two options include the Level sum assured Increasing sum assured.
- On surviving through the term insurance policy, the insured will not get any maturity benefits.
- You can avail of the accident benefit rider by paying an additional premium.
- The free look period for this policy is 15 days, within which you can return the policy and get your paid premium back.
If you want to take a look at many other similar term insurance policies, you can visit the website of IIFL. You can compare the various term plans and accordingly choose the policy that you find right for you and your family.