What is a LIC Crorepati Plan & Why Should I Opt for it?

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India’s leading public sector insurer, LIC, is synonymous with security and trust. LIC has been serving Indian customers for a long time now. With a LIC policy in hand, you are sure to protect your family financially even in your absence. But do you know that an LIC plan can help you become a crorepati or millionaire in addition to offering monetary security to your family? Let’s find out how.

Certain LIC plans are available with benefits up to INR 1 Crore and above. These plans allow the insured to fulfil their financial goals without any worries. Let us take a look at the LIC millionaire plans.

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What is a LIC Crorepati Plan?

LIC Crorepati plans are the ones that are available with a sum insured of INR 1 Crore and above. However, despite the higher sum assured, these INR 1 crore plans of LIC are affordable enough to fit your budget. The premiums of these plans are cost-effective, and they offer several benefits to the policyholders and their nominees.

Best 5 LIC Crorepati (Millionaire) plans available  

LIC Crorepati Plans

Age of entry Age of maturity

Tenure of policy 

LIC Jeevan Shiromani Plan

18-55 years 69 years

14, 16, 18 and 20 years

LIC Dhan Varsha

3-60 years 18-75 years

10 & 15 years

LIC Jeevan Umang

90 days – 55 years 100 years

100 years minus the age at entry

LIC SIIP Plan

90 days- 65 years 18-85 years

10-25 years

LIC Bima Jyoti

90 days – 60 years 18-75 years

15-20 years

Reasons to opt for the LIC Crorepati Plan?

There has been a continuous rise in inflation, and the living standard of people is also rising continuously. Further, the list of several new and critical diseases is another reason why people need money. Education is another sector that has seen an increasing inflation rate. All these are areas where people spend at leisure, and such spending wipes off their savings. Hence, most people rely on insurance and investment policies to live comfortably and to have a financial backup in case of an unforeseen situation.

Further, these LIC crorepati plans are available with a vast sum assured and with several benefits like:

  • Strong financial security against monetary liabilities
  • Double benefits of savings and protection
  • Can have a relaxed and stress-free future planning

How to Buy the Crorepati Plan of LIC in India?

If you are looking at securing your family members by investing in a good policy, you can buy the Crorepati LIC plan by following the below steps: 

  • Visit the official portal of the Life Insurance Corporation (LIC) of India
  • Get the LIC Crorepati plan form and duly fill it by entering your name and contact details
  • If you are not registered or if you are a new user, register yourself in the LIC portal by offering your required details
  • Now, fill in your details like your age and your location
  • Once done, the page will redirect you to the available plans
  • You can even customize the amount you are investing and make changes in the tenure as per your requirements. Once done, click on the proceed button
  • You will reach the next page now. Here, duly fill in your details, such as
    • Name
    • Email address
    • Date of birth
    • Annual income
    • Phone number
    • PIN
    • City/location, etc.
  • Verify the premium amount you are likely to pay and choose the payment option
  • Once done, make the premium payment and get the policy documents sent shortly to your registered email ID

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To Sum Up

The details above are expected to inform you and clear some of your doubts about the LIC Crorepati plan details. You can look for the most suitable LIC plan for yourself and your family online. Choose the plan that fulfils your investment needs adequately. You can check as well as compare all the available LIC Crorepati plans. These plans are available at affordable premium rates. Thus, the LIC Crorepati plan is a one-stop solution that helps secure your family financially even when you are not around.

Further, you can use the LIC Crorepati plan calculator to estimate the amount you have to pay as a premium to receive the desired sum assured as a death benefit or as a return on investment.
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FAQs: What is a LIC Crorepati Plan?

What is Crorepati in LIC?

LIC Crorepati plans are the ones that offer the basic sum assured amount of INR 1 Crore and above. You can compare and have the LIC Crorepati plan review to check which LIC plan will suit your needs.

What is the LIC 1 crore money-back policy?

It is a pure risk protection term insurance policy where the beneficiary of the plan receives INR 1 crore as a death benefit in the case of the death of the policyholder during the policy term.

Which is LIC's best policy in 2023?

Some of the best plans of LIC are:

~ LIC's New Bima Bachat Plan
~ LIC's Pradhan Mantri Vaya Vandana Yojana
~ LIC's Tech Term Plan
~ LIC's Nivesh Plus, etc.

How much money is needed to be a Crorepati?

Any person with a net worth of over INR 1 crore is considered a crorepati. The assets could be in the form of equity, gold, real estate, and other instruments.

Which LIC policy is best for INR 1 Crore?

LIC offers many plans with higher sum assured. Some of the top LIC plans with INR 1 Crore or equivalent amount as sum assured are include:

~ LIC Bima Jyoti
~ LIC Jeevan Umang
~ LIC New Jeevan Anand
~ LIC Dhan Varsha

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Sep 12, 2023
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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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