LIC Term Insurance of 1 Crore: Check Key Features and Benefits
Considering the inflation rate in India, ensuring the financial security of your family with a Rs 1 Crore term insurance has become a necessity. If you are looking for Rs 1 Crore plans from LIC of India, we cover you entirely in this post with details and benefits of LIC 1 Crore term plans. Read on to know more.
Table of Contents
- What is a LIC Term Insurance of 1 Crore?
- Benefits of LIC 1 Crore Term Insurance Plan
- Options of LIC Term Insurance Plans with 1 Crore Sum Assured
- Eligibility Criteria of both the LIC Term Plans with 1 Crore Sum Assured
- New Tech Term Plan – LIC 1 Crore Plan
- New Jeevan Amar – LIC term plan of 1 Crore
- Sample Premium Example of LIC 1 Crore Term Plans
What is a LIC term insurance 1 crore plan?
LIC of India has crafted various term policies of 1 crore sum assured at easy to afford premium rates. These policies are available with a range of benefits to the policyholders and their beneficiaries.
LIC term insurance 1 crore plan is a pure risk protection term plan where the beneficiary of the plan receives 1 crore death benefit in the event of the death of the policyholder. This money can be used by the family of the insured to live a comfortable life and to take care of their needs.
Benefits of LIC term insurance 1 crore
Here are some benefits of LIC term insurance 1 crore plan:
- The LIC term insurance 1 crore allows wide coverage for a family to live a financially independent life even after the earning member is no more
- Being pure term plans, the LIC 1 crore plans allow easy premium rates to the policyholders as compared to other policies
- These LIC term plans 1 crore are also effective in terms of tax saving of policyholders
Options of LIC Term Insurance 1 Crore Plan Sum Assured
Here are two options, namely:
- LIC New Tech Term
- LIC New Jeevan Amar
Eligibility Criteria of both the LIC Term Insurance 1 Crore Plan Sum Assured
| Parameters | LIC New Tech Term | LIC New Jeevan Amar |
| Entry Age | 18 – 65 years | 18 – 65 years |
| Maximum Maturity Age | 80 years | 80 years |
| Maximum Basic Sum Assured | 50 lakhs | 25 lakhs |
| Policy Term | 10 – 40 years | 10 – 40 years |
| Policy Purchase | Available Online Only | Available Offline Only |
| Premium Paying Term | Options of Regular Premium, Single Premium and Limited Premium available | Options of Regular Premium, Single Premium and Limited Premium available |
LIC 1 Crore Plan #1 – New Tech Term Plan
The New Tech Term plan is a 1 crore insurance policy from LIC that offer the option of monetarily securing the family of the insured. The 1 crore sum assured offered under the plan in case of sudden demise of the policyholder supports a family in managing the financial obligations smoothly. This plan is available online at the company portal.
Key Features of New Tech Term Plan
Here are the features of the plan:
- This term insurance policy allows two death benefit options – Increasing sum assured and level sum assured
- The plan is available at special term insurance rates for non-smoking customers and women
- The policy allows the insured to choose from different premium payment options including – regular, limited and single premium
- Accident benefit rider is also available with the plan, which can be availed by buying an additional premium
- The policy term and premium payment term can be chosen by the insured as per convenience
- In addition, the term insurance plan also allows the option to receive death benefit in instalment
LIC term plan of 1 Crore #2 – New Jeevan Amar
The Jeevan Amar Plan is a LIC 1cr plan of term insurance policy that is available only for its offline customers. This policy is available with the brokers, licensed agents, insurance marketing firms and so on. This is a pure protection that allow the family of the insured financial protection of 1 crore at easy premium rates.
Key Features of New Jeevan Amar
- This LIC 1 crore plan offers two death benefit options including Increasing sum assured and level sum assured
- The coverage under this plan can be enhanced by availing the option of accident benefit rider
- This LIC 1 crore term insurance allow special premium rates for women
- Like in LIC New Tech Term Plan, the Jeevan Amar plan also allow the flexibility to choose regular, limited and single premium
- The policy term and premium payment term can be chosen by the insured as per convenience
- The plan also allows the option to get payment of death benefits in different installments
Sample Premium Example of LIC 1 Crore Term Plans
Here is a sample to understand the premium payment option of the two 1 Crore LIC plans:
| Age of Policyholder (in years) | LIC New Tech Term Plan (Annual Premium) | LIC New Jeevan Amar (Annual Premium) |
| 25 | 14, 475 | 21,329 |
| 30 | 18,992 | 27,878 |
| 40 | 38,647 | 57,237 |
A 1 crore term insurance plan implies that the term insurance plan offer a sum assured of INR 1 crore to the family of the insured which is paid as a death benefit in the event of the policyholder's death.
There are many reasons why LIC is a good choice for term insurance policies. One such reason is that LIC has the best claims settlement ratio of over 98%, which is why it could successfully settle 98% of the claims that they receive.
Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder.
Some plans may allow you to get money back after term life insurance, but not with all term plans.
The sum assured received on maturity or surrender of a policy or upon the policyholder's death is completely tax-free.
Term InsuranceSaral Jeevan BimaTerm Plans1Cr Term Plans2Cr Term Plan50 Lakh Term PlanTerm Plan Riders
Author Bio
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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