LICIndia.in – LIC Term Insurance Plan is a type of traditional insurance plan that covers the life of the covered in a critical condition such as unexpected accident which permitted to death of the insured individual within the policy time. When compared to some other insurance plans LIC term plan insurance plans are affordable. If you are looking for the best as well as lower premium price term insurance plan then you are at proper place.
Best LIC Term Plan Review [DEATH Benefit, Low Premium]
It is the online term assurance policy offers financial protection to the insured’s family in the instance of unfortunate demise. In the instance of Death, the organization will pay all the merits to the nominee of the plan. Furthermore, the plan holder will not only any maturity merits at the point of the policy term if the policy period is finished.
Features of LIC term plan
- The plan is cheap and reasonable price online term insurance plan along with maximum beneficial to the policyholder as well as their family members.
- The plan is also available for a person as well as for their own lives
- The policy plan will lapse if premiums are not paid within the grace duration
- If the plan has lapsed, then it can be renewed within two- years.
- If any kind of medical need then the price is borne by the policyholder.
Benefits of LIC term insurance plans
There are various benefits are available below the LIC term insurance plans such as Death benefits, and income tax benefits.
- Death benefits– if death of the policy owner occurs within the policy duration, the sum assured will be payable to the candidate as a death benefit. In addition, the nominee will not pay merits up to 12 months, if the death of the policy owner arises due to attempting to suicide/ suicide.
- Income tax Benefit – The policyholder can obtain Tax benefits below the section of 80C for the Life insurance premiums paid up to 1,00,000/-.
Eligibility Criteria to Buy LIC Term Plans
- The minimum entry age of the policyholder is 18 years and maximum age is 55 years.
- Policy term minimum age is 5 years and maximum 25 years.
- Sum assured minimum is Rs 6 Lakhs and maximum Rs 24 Lakhs
- Premium payment incidence is half-yearly or annually.
Different types of LIC term plan
- LIC Anmol Jeevan-II : This policy plan is a pure term insurance plan as well as it offers financial protection to the policyholder family at the condition of the unfortunate death of the policy holder. (Info)
- LIC Amulya Jeevan II: This Plan is a term insurance plan. If the death of the policyholder occurs within the duration of the plan offers financial protections. On the endurance of the policy owner, the policyholder will not acquire any maturity or else survival profit. [Info]
- LIC E- Term Policy 825: It is the pure term insurance plan along with lower premium when compared to some other LIC policies. The plan offers financial protect to the policy owner in a condition of the unfortunate death of the policy owner. [Info]
For more Term Plans, Best Online Term Plans with low premium rates, do check out our post on Best Term Insurance Plans in India.