Best Money Back Policy 2023 – Check Feature, Benefits and Eligibility for Money Back Policy
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The LIC policies with INR 1 Crore as the sum insured offer financial protection to the family members of the insured. In exchange for protection, the policyholder pays a premium to the insurance company. Let us discuss in this post how to determine the premium for a LIC 1 crore policy. But before that, understand what a premium is.
A premium is the money that a policyholder pays to an insurance company in return for the life insurance coverage offered. The premium of the life insurance policy is fixed by considering several variables such as the sum insured, the age of the insured, habits and lifestyle of the individual, etc.
A LIC 1 Crore plan would mean that the insured has to pay a higher amount of money as a premium. However, a higher sum assured would guarantee that your family can handle their financial obligations even if you are not around to care for them. There are several INR 1 Crore term plans offered by LIC of India that you can choose as per your needs.
INR 1 Crore term insurance plan by LIC means that the sum assured of your plan is 1 crore Indian rupees, which the beneficiary of the plan receives if the policyholder dies within the policy duration. Hence, these policies allow high coverage amounts at affordable premium prices. The insured’s family can use the coverage amount if the life assured dies during the policy term to fulfil their monetary needs. Along with the sum assured, the beneficiary of the plan might also receive earned bonuses (if any).
Below are some benefits of investing in an INR 1 crore LIC policy:
With an INR 1 Crore life insurance policy, the family of the insured can survive with dignity in the event of the sudden demise of the sole source of income of the family. This way, they can deal with the financial burden smoothly.
A sum assured of INR 1 crore offered under your LIC term insurance plan allows exclusive protection to the policyholder’s family. This amount will not just help them to meet their day-to-day expenses but can also help them to meet financial obligations like paying for the education of children, loans, etc.
As compared to several other insurance companies offering INR 1 Crore insurance coverage, the plans offered by LIC are reasonably priced. For example, if you buy the LIC New Tech Term Plan early on in life, around your 30s, you can secure your family by paying just INR 1500 per month as a premium.
The LIC life insurance policies also allow policyholders to purchase riders such as the rider of accidental death benefit and more by paying an extra amount.
Here are some of the best term insurance plans for 1 crore offered by LIC:
Features |
LIC New Tech Term |
LIC New Jeevan Amar |
Age of entry |
18 – 65 years |
18- 65 years |
Age of maturity (Max.) |
80 years |
80 years |
Sum assured |
50 lakhs to No Limit |
25 lakhs to No Limit |
Policy tenure |
10-40 years |
10-40 years |
Mode of purchase |
Available Online only |
Available Offline only |
Let’s discuss the plans in detail:
LIC’s New Tech Term Plan is an individual, non-linked, and non-participating plan. This is a pure-risk policy of life insurance that offers financial protection to the family of the policyholder in the event of his/her sudden demise during the tenure of the plan. This plan can be purchased online without any mediator directly from LIC’s official website.
Below are the key features of the plan:
The New Jeevan Amar plan by LIC is another INR 1 crore LIC term policy. This is a pure-risk life plan in the non-linked and non-participating category. This plan is available offline to help people who find it challenging to buy policies online. Like other term plans, this policy allows a death benefit to the beneficiary of the insured if any unfortunate event results in the demise of the policyholder. The policy can be bought from LIC agents, POSP advisors, and insurance brokers.
Here are the key features of the plan:
We need to consider several contributing factors to compute the premium to be paid for INR 1 Crore LIC term insurance plan. Some of them are:
Here is an example to let you understand how the age factor impacts a premium for an INR 1 crore LIC policy.
Age of insured (in years) |
Tenure of policy (in years) |
Premium (LIC New Tech Term) |
Premium (LIC New Jeevan Amar) |
25 |
20 | 7047 |
5959 |
30 |
20 | 9135 |
7830 |
40 |
20 | 17,889 |
15,441 |
To Sum Up
To conclude, an INR 1 crore term insurance plan by LIC is an important investment plan to protect your family in the event of any unfortunate incident leading to the demise of the policyholder, who might be the family’s key breadwinner. As mentioned in the example above, investing early on in life in a term insurance policy is better. Depending on your requirement and budget, choose a plan and secure your family’s future. You can also use the LIC term insurance plan 1 crore premium calculator to estimate the premium you would be paying and the benefits you would receive in return.
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PayBima Team
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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