What is term insurance?
In simple terms term insurance plan is the assurance that you buy on your life for a fixed number of years. That is if anything happens to you during that period your nominee will be pad a claim. If he policyholder remains all well even after the policy term expires he or his family gets nothing.
A term plan is cheaper than other traditional plans because of the simple reason that nothing is payed in case the policy holder survives the policy term.
Who should buy term insurance?
The answer is everyone. As soon as you start earning money, you should get a term insurance coverage. If you have financially dependent family members, term insurance coverage are required. Even if you do not have any dependents as of now but surely few years down the line you would. Whether you’re 18 or 65, there’s something for everyone in LIC of India.
Term insurance is the purest form of life insurance, providing your family with comprehensive financial protection against life’s risks. In the event of your untimely death during the policy period, your family will get life insurance or a sum assured, depending on the term insurance plan you purchase. I will explain what term insurance is and the features and benefits it provides.
What is the difference between term and endowment insurance plans?
The basic difference between a term plan and a endowment plan is that at the end of the policy term the policy holder is paid a handsome amount in a endowment plan whereas in a term plan the policy holder gets nothing. A term plan is cheaper in cost as compared to a endowment plan. Buying term plan and endowment plan are equally important. A person should have both, learn why.
What term life insurance are available in LIC?
LIC has recently introduced Jeevan Amar term plan. While Jeevan Anmol provides a insurance cover to a maximum of 25 lakhs, Jeevan Amar provides life cover more than 25 lakh and there is o limit on the maximum amount.
Amulya Jeevan plan has been discontinued by LIC of India
Jeevan Amar is term life insurance plan launched by LIC of India in Aug, 2019. The plan is very flexible in terms of premium payment, claim settlement and increasing life cover. The main features of Jeevan Amar plan are
- Regular, limited or one time premium payment
- Claim settlement in one, 5, 10 and 15 installments.
- Fixed or increasing life cover
- Lowest premium for non-smokers and females
Amulya Jeevan (discontinued)
Why are LIC term plans expensive than other insurance providers?
LIC plans are priced at a premium for simple reason that LIC has got the claim settlement ration as the best in the industry. As of now there are more than 28 life insurance companies operating in India and LIC is on the top of the list in settling life insurance claims since long time.
What are the salient features of Amar Jeevan?
The Jeevan Amar is the newest term insurance plan from LIC of India recently introduced in Sep 2019. The plan is quite flexible and provides for some special features like
- Option of regular, limited or single premium
- Increasing sum assured can be opted
- Insurance cover available till 80 years
- Low premium for non-smokers and women
Questions regarding term plan
Does LIC have any term plan?
Yes, LIC has two term plans Anmol Jeevan 2 (822) and Jeevan Amar (855). Anmol jeevan is for people who are looking at term insurance for minimum of 6 lakhs and a maximum of 25 lakhs. For people seeking insurance more than 25 lakhs Jeevan Amar is the plan.
What is Jeevan Amar term plan?
Jeevan Amar is a term plan by LIC of India. It s a traditional term plan with a few additional features like limited or one time payment. Increasing sum assured, etc. The premium payment for term plan is lowest for women and who are non-smokers. The term can be taken as 10 to 40 years.
What is the premium for term plan?
The premium for a 1 crore term plan starts from INR 673 per month.
How LIC term plan better than any other term plan?
LIC term plan is the best term plan available in the market as LIC has a great history of proving the best claim settlement ration since 1956.
We are the authorized LIC agents to sell Jeevan Amar plan in Gurgaon, Contact us to understand the plan and apply for the same.