Best LIC Term Insurance Policies For Working Professionals

With rising uncertainties in life, especially after COVID-19, having insurance coverage has become imperative. There are various types of term insurance plans – pure term, endowment, limited pay plans, and staggered payout plans, among others. However, customers should have a basic understanding of the product before they go ahead with the purchase. It’s important to know about different insurance plans, especially for working professionals.

It’s key to wisely choose the contours of a plan right at the start for things to move on smoothly thereafter. Among many in the market, a state-run insurer, and the leading player in the industry, LIC offers a variety of life insurance plans as per the requirements and affordability of working professionals.

Best LIC Term Insurance Plans For Working Professionals

LIC offers different types of Insurance Plans with each having unique features and benefits to fulfil the variant needs of the people. You can choose a plan as per your requirements and needs.

Let’s discuss the 5 best LIC term insurance plans to invest in different types offered by LIC companies.

1. Tech-Term Plan

Tech-Term, a pure risk premium plan, is an online term policy and therefore cheaper than other offline plans. In case a policyholder wants to double the sum assured under this plan, he can do so through payment of nearly 25 per cent to 30 per cent higher premium. The policy allows the policyholder to purchase an accident rider as an add-on.

The customer can also opt for options to receive death benefits in instalments over the chosen period of 5, 10 or 15 years instead of a lump sum amount. The instalments shall be paid in advance at yearly or half-yearly, quarterly or monthly intervals.

2. New Jeevan Anand

New Jeevan Anand is an endowment plan offered by LIC. It is a participating non-linked plan that offers a combination of protection as well as savings. It provides financial protection against death throughout the life of the insured and also provides the provision of a lump-sum payment at the end of the policy tenure in case of survival of the insured. This plan takes care of liquidity needs through the facility of loans. Features of the New Jeevan Anand plan are:

• The death benefit in the form of a sum assured along with vested simple reversionary bonuses is provided.
• It offers to participate in the profits of LIC and receive a bonus declared by the company
• It provides maturity benefits such as the basic sum assured and vested bonuses as well as an additional bonus at the end of the term of the policy.
• The plan offers an option of regular payment of premium to the insured individual

3. Jeevan Umang

The Jeevan Umang plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on the death of the policyholder during the policy term. It is among those very few plans in the sector that offer a life coverage of 100 years. The plan pays 8 per cent of the sum assured every year as money back on survival at the end of the policy term.

A simple reversionary bonus and final addition bonus is paid, subject to conditions. For someone looking for a pension facility after retirement, it’s a perfect pick.

Conclusion

LIC offers a wide range of insurance plans which enables a person to easily choose one that best suits their financial needs, liquidity needs, retirement needs, etc. There are many LIC policies with the lowest premium which helps you to pay the premiums easily without any financial burden.

Hence it is advisable that before you buy a plan access your needs and requirements so that you can make a better and informed decision.

Also Read:

Documents Required Application And Claims Under A Term Insurance Policy

How To Make The Most Of Premium Calculator?

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