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.
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?
- apply for a term plan with LIC advisor
- Submit your id proof, address proof, health declaration and income proofs
- Get your medical done from a LIC authorized medical practitioner.
- Get term policy
Yes, the premium is fixed for a term plan. LIC Amar jeevan term plan comes with 3 premium payment options regular, limited period (5 or 10 years less than he policy term) and one-time premium payment
The basic cost of a term policy is defined by the insurance company and health and lifestyle habits may increase the premium. Also, generally speaking women have lesser premium for their policies as compared to men.
It is the promotion campaign by IRDA of India to educate the public about the importance of life insurance. LIC of India is proud to announce that they are fully in favor of the promotion.
The term insurance value can differ from person to person. There is no one-plan-fits-all solution when it comes to life insurance. Insurance companies generally push 1 crore term insurance to everyone which cannot be true to for all. Read our blog post on 1 crore term life insurance.
Do get in touch with our insurance advisers to understand the LIC Term Plans. Calculate your exact value and take an insurance policy accordingly. Secure your future, save tax.
InsuringGurgaon.com is a leading LIC of India advisory firm based in Gurgaon. Our team of life insurance experts have an combined experience of over 40 years in life insurance services.
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