LIC Term Plans

Lic of India term insurance plan

LIC Term Plans are the most basic insurance plans where in the premium paid is very less and there is no maturity pay out. In simple terms these are pure insurance plans for defined term. Insurance policies financially secure your family for any unforeseen and unfortunate event. 

Top things to know about Term Plans

1. There is no maturity benefit in term plans
2. LIC has BEST term plans with affordable premium
3. Amar Jeevan term plan can be taken with singe premium option
4. The claim settlement ratio for LIC plans is 97%.
5. Term plans are cheapest for 5 years

Term Plans give you a very high insurance assurance sum. Wherein the family is paid a assured amount in the absence of the policy holder. The first financial planning one needs to do is get his or her life insured. A life insurance policy taken at right time can get very economical.

Also read: Why term insurance is important

A new LIC term plan has been introduced recently in Sep 2019, Jeevan Amar (table no. 855). It is indeed the best term plan available in the market currently. The death benefit in the policy is 100% guaranteed in accidental death cases. The claim is paid in lump sum or 10 yearly installments.

What would be premium for LIC term insurance?

Table of life insurance premiums according to age

• The premium for a 25 years old man for 50 lakh sum assured would be INR  7436
• The premium for a 25 years old man for 1 crore sum assured would be INR  13520
• The premium for a 35 years old man for 50 lakh sum assured would be INR  14040
• The premium for a 35 years old man for 1 crore sum assured would be INR  26520
• The premium for a 45 years old man for 50 lakh sum assured would be INR  25425 (35 years term)
• The premium for a 45 years old man for 1 crore sum assured would be INR  48025 (35 years term)
• The premium for a 55 years old man for 50 lakh sum assured would be INR  42988
• The premium for a 55 years old man for 1 crore sum assured would be INR  84165 (25 years term)  

What is term insurance?

A term insurance is simplest form of life insurance. The claim in term insurance is paid only in case the policyholder dies during the policy term. There is no savings aspect in term insurance. The insurer takes the financial undertaking of paying the claim in case of death.

The premiums paid for a life insurance policies have tax benefit. The entire premium amount is tax exempted under income tax rule 10 10 C

LIC term plans – Amar Jeevan and Anmol Jeevan

LIC currently has two term plans by the name of Amar Jeevan and Anmol Jeevan. Anmol jeevan has the maximum sum assured of 25 lakhs whereas Amar Jeevan has no upper limit on the sum assured. 

Eligibility to get term policy

A person to be eligible to get a term policy from LIC must be earning, have sound medical history and should not be in a hazardous profession.

Difference between a traditional plan and term plan

How to get a term plan?

1. apply for a term plan with LIC advisor
2. Submit your id proof, address proof, health declaration and income proofs
3. Get your medical done from a LIC authorized medical practitioner.
4. Get term policy

    

Anmol Jeevan 822

Amulya Jeevan 823

Amar Jeevan (855)