- 1 LIC Term Insurance Policy Introduction
LIC Term Insurance Policy Introduction
LIC Term Insurance Plans are Traditional insurance plans that cover the life of the insured in critical situations like unfortunate accidents which lead to the death of the insured person within the policy period. The LIC Term plans offer protection to the life assured at a low cost. These LIC Term Policies provides some benefits in case if he/ she dies during the policy tenure. That means in the event of death, the company will pay all the benefits to the nominee. The policyholder will not get any maturity benefit at the end of the policy term if the policy period is completed. So, any person with a low income and looking for a large cover to protect his family’s financial future can buy LIC Term Policy.
These are also referred as a basic form of insurance since they provide only for the death of the policyholder during the policy term and no maturity value. You can renew your LIC Term Insurance policy by paying premiums to get the benefits under this plan. You can calculate the premium to be paid by using Term Insurance LIC Premium Calculator.
Why LIC Term Plans?
Term insurance plans from Life Insurance Corporation are preferred by most of the people even though there is no maturity benefit because it allows them to buy a high amount of coverage levels at very low premiums. Due to this, one can secure their family against any loss of income which the family members might face in the absence of the life insured. Hence LIC Term insurance plans are cheap when compared to the other insurance plans.
The different plans available under LIC Term Insurance plans are LIC Amulya Jeevan policy-II, LIC Anmol Jeevan policy-II, LIC E-term policy 825, New Term Assurance Rider, LIC New Jeevan Mangal Plan 840, LIC Bhagya Lakshmi Policy 829. Here we have provided details about all the LIC Term Plans. You can also get details from the LIC India official website, i.e., www.licindia.in. Any person between the age of 18 to 60 years can take this policy for a maximum policy term of 35 years.
LIC Term Insurance Plans Benefits
- Death Benefit.
- Income Tax Benefit.
- If the death of the policyholder happens within the policy period, then the sum assured will be payable to the nominee as a death benefit.
- The nominee will not be paid by any benefits up to 12 months if the death of the policyholder arises due to Suicide/ attempt to suicide.
Income tax Benefit:
- You can get a Tax benefit under section 80C for the Life Insurance premiums paid up to 1,00,000/-.
- No maturity Benefits are available in Term insurance plans, on the survival of Policyholder until the policy term expires.
LIC Term Insurance plan Example
List of LIC India Term Plans
|Anmol Jeevan 2 Policy||Amulya Jeevan II Policy|
|LIC’s E-Term Plan||New Jeevan Mangal Policy 840|
|LIC Bhagya Lakshmi Plan 829||New Term Assurance Rider|
LIC Anmol Jeevan II Plan 822
The LIC Anmol Jeevan – II policy is a pure Term insurance plan. LIC Anmol Jeevan – II policy provides financial protection to the insured’s family in case of unfortunate death. The Anmol Jeevan- II plan is a conventional regular premium paying insurance plan without any profit.
LIC Amulya Jeevan II Policy 823
The Amulya Jeevan II Plan is one of the best LIC term insurance plans. This plan was introduced on 3rd February 2014. If the death of the insured person happens within the policy period this plan provides financial protection. On the survival of the policyholder, he/ she will not get any maturity or survival benefits.
LIC’s E-term Plan – Table No 825
LIC E-Term Policy 825 is pure term insurance policy with very less premium compared to other LIC policies. LIC Online Term Plan 825 is a regular premium paying policy which provides financial protection to insured’s family in case of unfortunate death. You can get LIC eTerm Policy 825 through online, hence no mediators are involved in LIC E-Term plan. It consists of two categories of premium rates namely Aggregate lives and Non-smoker lives. For further details, click the below link or refer the official website, i.e., www.licindia.in
LIC New Jeevan Mangal Plan 840
The LIC New Jeevan Mangal Plan is a Micro Insurance Plan with term insurance features. LIC’s Jeevan Mangal Plan is a protection plan with return of features on maturity. Under this, the individuals may pay the premiums either in a lump sum or regularly over the policy tenure. This New Jeevan Mangal Policy also comes with an inbuilt Accident Benefit to provide double risk cover in case of accidental death.
LIC Bhagya Lakshmi Plan 829
The LIC Bhagyalakshmi Plan is a non-participating limited payment protection oriented plan with return of 110% of total amount of premiums payable on maturity. Where the premium paying term is 2 years lesser than the term of the policy. LIC India has introduced this New Bhagyalakshmi policy to serve the distinct needs of the people with low income. The premiums can be paid in monthly, quarterly, half-yearly, and yearly modes.