Know Everything About LIC 1 Crore Term Insurance Policy!

The 1 Crore LIC Term Insurance Plan is an excellent choice for someone wishing to invest in a term insurance plan but has a limited budget. This online pure risk plan provides life insurance coverage at a low premium rate in exchange for comprehensive coverage. The online renewal mechanism for the 1 Crore LIC Term Insurance Planis also convenient. LIC introduced the concept to make it easier for people to acquire term insurance from the comfort of their own homes. In addition to covering the insured's family's potential financial expenditures, the Tech Term Plan includes extra advantages in the form of riders for increased coverage. The finest 1 crore LIC term insurance plan is the LIC Tech Term Plan.

Advantages of the 1 crore LIC Term Insurance Plan

The following are the advantages of the LIC Tech Term Plan:

1. Two Sum Assured Options

There are two types of sum assured payments: flat sum assured payments and growing sum assured payments. Throughout the policy's term, the absolute sum assured amount to be paid on death remains constant. Otherwise, the absolute total assured to be paid at death remains the same until the end of the fifth policy year, after which the basic sum assured increases by 10% from the sixth to the fifteenth policy year. The absolute total assured remains constant and equal to twice the basic sum assured after the 16th policy year.

2. Payment for Death Benefit Claims

The policy provides two alternatives for death benefit claim payment: the death benefit is paid as a lump sum or the death benefit is paid in instalments. The recipient of the policy gets paid the death benefits in installments over a period of 5, 10, or 15 years in the second choice. Payments can be made on a yearly, half-yearly, quarterly, or monthly basis, depending on the option selected.

3. Payment of the Premium

This plan gives the policyholder the option of paying their premiums in one of three ways: single, limited, or regular.

4. Accidental Death Benefit for Riders

Rider can be added as an optional rider under normal and limited premium payment policies by paying an additional premium. This rider can be added at any time throughout the base plan's premium payment term.

5. Exemptions

There is no need for a medical exam up to an amount assured of 75 lakhs if you are a non-smoker, under the age of 35, and have a yearly income of more than 3 lakhs. Furthermore, except for suicide within the first year, all fatalities are covered by this plan.

Conclusion

This plan is useful for individuals who have a limited budget but wish to ensure a larger sum. Because this is an online package, you can use it from the comfort of your own home. If you are looking for protection then you have the term plan to choose from, if you want maturity benefits too then you have the endowment, money back and pension plans and if you are not averse to a little bit of risk then you always have the ULIP plans that can create savings through investments in debt and equity markets. This article will inform you about the benefits and eligibility conditions for this plan, allowing you to make an informed selection.

Also read- Here's Why You Should Invest In Life Insurance For A Financially Secured Future

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.