Learn Everything You Need to Know About the LIC 1 Crore Term Insurance Policy
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LIC is a trusted brand. You would have seen LIC offers endowment plans, money back plans and several other investment cum insurance plans. You would have got a question, saying “Does LIC have term insurance” plan. Yes, LIC was offering a couple of term plans with limited features, hence it was not that attractive to private insurance companies.
LIC Term Insurance Policies
LIC has launched Jeevan Amar and Tech Term Plan in August and September, 2019 respectively.
LIC Jeevan Amar Term plan is non linked and non participating life insurance plan. This is an offline term plan from LIC. This is a pure term insurance plan where if death happens to an insured individual, the nominee would get sum assured.
LIC Tech Term Insurance Plan is a non linked and non participating life insurance plan. Even this is a pure term insurance plan that can be taken online and if death happens to insured individuals, the nominee would get sum assured.
LIC also has an older term insurance plan Anmol Jeevan II where premium is very high with limited features, hence we would not be discussing this in this article.
Best LIC Term Insurance Plan for 1 Crore – Comparison of these two plans
1 – Offline or Online
LIC Jeevan Amar Term Insurance Plan No 855 is an offline term plan. Means you need to take help from LIC agent or visit one of the LIC branches for taking this term plan.
On the other hand, LIC Tech Term Insurance Plan No 854 is an online term insurance plan where you can buy without any involvement of 3rd person or LIC agent of LIC branch. You can just buy this LIC policy online on LICIndia portal directly.
2 – Are you eligible to take both these LIC policies?
If you are in the age group of 18 years to 65 years, you can take any of these LIC Term insurance plans.
3 – Are you planning for a sum assured of Rs 1 Crore and above?
Jeevan Amar offers a minimum sum assured of Rs 25 Lakhs and LIC Tech term insurance plan offers a minimum sum assured of Rs 50 Lakhs. Since you want to take a Rs 1 Crore term insurance plan, you can consider any of them.
4 – What are various benefits offered by these LIC term insurance plans for 1 Crore?
Death Benefits: Both offer death benefits. Means if the insured individual dies during the policy term, the nominee would get sum assured.
Maturity Benefits: Since both are only term insurance plans, these do not have any maturity benefits.
Surrender Benefits: These term plans would not provide any surrender benefits except in the case of an initial free look up period for 15 days where you can surrender your policy and get the premiums back.
Conclusion
Since you want to take term plans for 1 Crore and above, you may need to pay high premiums. Both these term insurance plans from LIC offer flexible premium options like regular premiums (monthly, quarterly, half-yearly and yearly), single premium and limited period premium options.
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