LIC Term Insurance of 1 Crore: Check Key Features and Benefits

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LIC of India is one of the most trusted brands when it comes to securing the financial future of your family and dear ones. Let us talk about the LIC 1 Crore term insurance plan to know its features and benefits.

Buying a 1 Crore term insurance plan by LIC would allow you to secure the lives of your family with 1 Crore rupees in the event of your untimely and unforeseen death. This way you can ensure the financial security of your family. Let’s check its features, eligibility and benefits in this post.

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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.

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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

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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

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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

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To Sum Up

When it comes to LIC 1 Crore term insurance plans, the New Tech Term and Jeevan Amar are two plans which allow pure protection of 1 crore to the nominee of the insured. However, you must go through the plan details and eligibility for the policies before purchasing the one that fits you well.

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FAQs: LIC Term Insurance of 1 Crore

What is a 1 crore term insurance plan?

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.

Is it good to Buy term insurance from LIC?

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.

What are benefits of term life insurance?

Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder.

Is term insurance amount refundable?

Some plans may allow you to get money back after term life insurance, but not with all term plans.

Is term insurance amount tax free?

The sum assured received on maturity or surrender of a policy or upon the policyholder's death is completely tax-free.

Mar 13, 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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