Life Insurance Corporation of India (LIC) does not need any introduction. In fact, if we talk about insurance, the majority of us still end up mentioning LIC in the discussion. LIC is one of the oldest insurance companies in the country and is owned by the Government of India. There was a time when many of the Indians would take at least one LIC policy. Today, the time has changed but LIC has maintained its credibility and people still find it to be a good company to buy a term insurance plan from. Keeping up with the pace, LIC even provides term insurance plans of up to INR 1 Crore. So, let us check out the LIC 1 crore term insurance plans.

LIC Jeevan Amar Term Plan

It is a non-participating and non-linked term insurance plan which has been designed to help the policyholders’ families with financial protection. The financial protection is provided to the family of the insured on the untimely demise of the policyholder. 

Eligibility criteria and features of LIC Jeevan Amar Term Plan

  • The policyholder has to be at least 18 years of age or not more than 65 years.
  • The policy term is between 10 and 40 years.
  • The minimum sum assured under this policy is INR 25 lakh, while there is no maximum limit.
  • The death is paid on death claim requests during the term of the policy. These are available under two options such as Level sum assured and Increasing sum assured.
  • No maturity benefit can be availed of by the policyholder on his/her survival. Only the death benefit can be availed of by the nominees after the death of the policyholder.
  • There is an accident benefit rider that can be availed of with the policy. However, the policyholder has to pay an additional premium so that the nominees can get this benefit.
  • The policyholder can choose the death benefits to be payable in installments of 5, 10, or 15 years, and not in a lump sum.
  • The premiums that have to be paid can be regular premiums or limited premiums. The mode of payment can be half-yearly or annual.
  • Policyholders cannot avail of a loan under this plan.
  • In case the policyholder does not find the policy to be perfect or is not satisfied with the terms and conditions of the policy, he/she can return the policy within the free look period, which is 15 days.

LIC Tech Term Plan

This is another LIC 1 crore plan that you can very easily find on the internet. It is a pure risk term plan that you can only find online. If the policyholder dies within the policy period, the beneficiaries of the policy will get the required financial protection.

Eligibility criteria and features of LIC Tech Term Plan

  • The entry age of the policyholder can be minimum of 18 years and a maximum of 65 years.
  • The term of the policy is between 10 and 40 years.
  • The minimum sum assured for this policy is INR 50 lakh and the maximum sum assured is INR 1 Crore or more.
  • The death benefit can be received on death claim requests during the term of the policy under two available options. The options include the Level sum assured and Increasing sum assured.
  • If the policyholder survives through the policy, there will not be any maturity amount paid to him/her.
  • On paying an additional premium, policyholders can buy the accident benefit rider.
  • The death benefit can be received in installments of 5, 10, or 15 years and not in a lump sum. However, the policyholder has to mention it in papers while buying the policy.
  • Policyholders can choose between regular premium or limited premium options, and the mode of payment can be either half-yearly or annual.
  • Policyholders cannot take a loan under this plan.
  • The policy comes with a free look period of 30 days, within which the policyholders can return the policy if they do not find it apt.

To know more about such policies, you can visit the website of IIFL. You can compare the policies and use the calculator to check the premiums. Once you find the right policy, you can take further steps to buy it.

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