LIC Term Insurance Plans Introduction
LIC Term Insurance plan is a Traditional insurance plan which covers the life of the insured in critical situations like unfortunate accidents which leads to death of the insured person with in the policy period. Compared to the other insurance plans LIC Term insurance plans are cheap.
In the event of Death the company will pay all the benefits to the nominee. The policy holder will not get any maturity benefit at the end of the policy term if the policy period is completed. 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 Premium Calculator.
The different plans available under LIC term insurance plans are LIC Amulya Jeevan policy-II, LIC Anmol Jeevan policy-II and LIC E-term policy 825. 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
Different benefits available under LIC Term insurance plans are,
- Death Benefit.
- Income Tax Benefit.
- If the death of the policy holder happens within the policy period, 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 policy holder 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 Policy holder until the policy term expires.
LIC Term Insurance plan Example
LIC Term Insurance Plans
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 of the policy holder. LIC Anmol Jeevan- II plan is a conventional regular premium paying insurance plan without any profit.
LIC Amulya Jeevan II Plan is a term insurance plan. This plan was introduced on 3rd February 2014. If the death of the insured person happen within the policy period this plan provides financial protection.On the survival of the policy holder the policy holder will not get any maturity or survival benefits.
LIC E-Term Policy 825 is pure term insurance policy with very less premium compared to other LIC policies. LIC E- Term Policy 825 is a regular premium paying policy which provides financial protection to insured’s family in case of unfortunate death of the insured person. You can get LIC E- Term Policy 825 through online, hence no mediators are involved in LIC E-Term plan.Two categories of premium rates are available in LIC E-Term Policy, They are Aggregate lives and Non-smoker lives.
LIC New Jeevan Mangal Plan is a Micro Insurance Plan with term insurance features. The LIC’s Jeevan Mangal Plan is a protection plan with return of features on maturity, where 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 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.