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Updated on Dec 23, 2022
One of the most basic insurance policies offered by the company, LIC Term Insurance Plans provide financial protection and security against the risk of death. This post details all about these plans, their features, and the eligibility criteria to apply for these in order to seek insurance coverage.
One of the biggest risks in life against which there is no protection offered is death. However, when it comes to insurance, the good thing is that there is some coverage provided against the risk of death. Term insurance plans provide this risk benefit and this is why they are favored by a large number of people. Let’s learn more about LIC Term Insurance Plan in this blog.
LIC offers a host of options when it comes to providing insurance coverage to its customers. Term insurance is also one of its several insurance options to policyholders, which guarantees monetary benefit to the family (nominee/beneficiary) in case of the unfortunate death of the primary insured.
Let’s briefly understand how an LIC term insurance plan works. The policyholder is required to pay a fixed premium for a fixed duration or term of the plan. It could generally be anywhere from 10-30 years. In case of an untimely unfortunate demise of the policyholder during this term, i.e., before the expiry of the policy, his/her beneficiary (family member) is assured a monetary benefit to compensate them for the loss.
Since the LIC Life Insurance Term Plan covers the basic death risk under the policy, it is also the basic form of insurance offered by the company. Now let’s look at some of the top LIC Term Insurance Plans online along with each of their features and eligibility criteria to help you make an informed decision.
Here are some of the most popular term insurance plans offered by LIC:
A non-profit plan that offers financial protection to the insured’s family in case of the former’s death, Amulya Jeevan plan proves to be highly beneficial. The sum assured under the plan is relatively higher and can offer considerable assistance to the beneficiary when they face a sudden income loss during the unfortunate demise of the insured.
Features of the plan:
Eligibility criteria for the plan
The permissible age for entry into the plan is set as 18-60 years.
This plan is slightly different from the other term insurance plans offered by LIC since it provides comprehensive coverage to the policyholder. This allows the beneficiaries of the insured to pay off any financial debts in case of the policyholder’s demise. The rate of premium payable is also considerably affordable.
Features of the plan:
Eligibility criteria for the plan
Anyone between the age group of 18-55 years can apply to buy this plan. The maximum age of the insured at the time of policy maturity should not be over 65 years.
As the name suggests, this is LIC’s online term insurance plan with regular premium payment. The best part about the policy is that it can be bought online on LIC’s official portal and all its features and benefits can also be found detailed on the website.
Features of the plan:
Eligibility criteria for the plan
Anyone aged between 18 and 60 years of age can choose to apply for the policy. Note that the premium payable varies according to the age of the policyholder at the time of entry into the plan.
Also Read: Is it Possible to Purchase Term Insurance without an Income Verification?
To Conclude
LIC has a number of options when it comes to term insurance plans. You can choose the best LIC short term insurance plans ideal to suit your specific coverage needs. Also, to simplify your choice options, look for LIC term insurance plan calculator online that would help you determine your exact requirement for insurance coverage.
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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