Check Out The Benefits And Features of LIC's Term Insurance Plans.

Term insurance is the simplest form of insurance that provides life insurance cover to the policyholder throughout the tenure of the policy. Term insurance plans are very affordable and are meant to secure your family's future even when you are not around. With such a drastically changing environment, it is really necessary to ensure that your family and loved ones are taken care of financially in your absence. LIC Term insurance plan helps you do just that at a very affordable premium rate and quality service.

Most Popular LIC Term Insurance Plans

LIC’s Tech Term

LIC Tech term is a non linked pure protection online term policy that provides financial security to the family of the insured in the event of unfortunate demise. LIC Tech Term plan is available only through the online application process and it does not involve any intermediaries. You can buy the plan by visiting the official website of the insurance company. There are two benefit options offered under the plan: 

The level sum assured- Under level sum assured, the absolute amount which is insured to be paid on death under the plan shall remain equal to the basic sum assured throughout the term of the policy.

The increasing sum assured- Under increasing sum assured, the absolute amount which is insured to be paid on death will remain equal to the basic sum assured until the expiry of the fifth policy year. After the fifth policy year, the amount to be paid on death will increase by 10% of the basic sum assured until it becomes twice of basic sum assured.

Highlighting features of LIC’s Tech Term

The plan offers flexibility to choose the policy tenure and the premium paying term
You can opt to receive the death benefit under the plan either in a lump sum or instalments
It offers special rates for women and non-smokers. Also, rebate offers on the premium rates for higher sum assured in the plan
The plan offered the choice from regular premium single premium and limited premium payment
Customise your plan by opting for Accident Benefit Rider by paying an additional premium

LIC’s Jeevan Amar Plan

Jeevan Amar is a pure protection non-linked plan which offers life cover at a very affordable premium cost and also ensures that the family is financially stable in case of the unfortunate demise of the life assured during the tenure of the policy. 

Highlighting features of LIC’s Jeevan Amar Plan

The plan offers two death benefit options which include the level sum assured and increasing sum assured.
You can opt to receive the death benefit either in a lump sum amount or in the form of regular instalments
The plan has two categories of premium rates i.e. smoker rates and non-smoker rates. Non-smoker premium rates are lower than the smoker race. Additionally, the plan offers a premium discount for female lives
There are three options to pay the premiums which include a regular, single and limited premium payment option
The plan offers flexible policy and premium paying terms
You can enhance your coverage by opting for an optional rider by paying an additional premium

LIC Saral Jeevan Bima

The noting features of this plan are discussed below: 

This insurance policy allows the policy owner a grace period to pay the premium amount. In the case of yearly or half-yearly premium payments, LIC term insurance allows 30 days as a grace period. In the case of monthly premiums, the grace period is 15 days.
Rebates are available
Payment Flexibility- The policyholder has an option to choose from a Single Premium, Regular Premium, and Limited Premium Payment. They can choose the frequency according to their budget.

Conclusion

LIC term insurance policies are constructed in such a way that it secures a family against financial loss that they may incur due to the death of the policyholder. And in the past 60+ years since its inception, LIC has touched over 250 million customers throughout the country.

Also read- In Summary, A Guide To Term Insurance Riders

Here's Why Your Term Plan Needs A Critical Illness Benefit Rider.