Find your suitable insurance plan
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5 min read
Updated on Mar 14, 2023
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.
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 plan of 1 crore 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.
Here are some benefits of LIC term insurance 1 crore plan:
Here are two options, namely:
| 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 |
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.
Here are the features of the plan:
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.
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 |
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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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.
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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