LIC Term Insurance Plans Introduction
LIC Term Insurance plan is a Traditional insurance plan which covers the life of the insured in critical situations like unfortunate accidents which leads to death of the insured person with in the policy period. Compared to the other insurance plans LIC Term insurance plans are cheap.
In the event of Death the company will pay all the benefits to the nominee. The policy holder will not get any maturity benefit at the end of the policy term if the policy period is completed. You can renew your LIC Term Insurance policy by paying premiums to get the benefits under this plan. You can calculate the premium to be paid by using Premium Calculator.
The different plans available under LIC insurance plans are LIC Amulya Jeevan policy-II, LIC Anmol Jeevan policy-II and LIC E-term policy 825. Any person between the age of 18 to 60 years can take this policy for a maximum policy term of 35 years.
LIC Term Insurance Plans Benefits
Different benefits available under LIC Term insurance plans are,
- Death Benefit.
- Income Tax Benefit.
- If the death of the policy holder happens within the policy period, the sum assured will be payable to the nominee as a death benefit.
- The nominee will not be paid by any benefits up to 12 months, if the death of the policy holder arises due to Suicide/ attempt to suicide.
Income tax Benefit:
- You can get a tax benefit under section 80C for the Life Insurance premiums paid up to 1,00,000/-. For more information refer www.taxqueries.in
- No maturity Benefits are available in Term insurance plans, on the survival of Policy holder until the policy term expires.
LIC Term Insurance plan Example
LIC Term Insurance Plans
LIC Anmol Jeevan – II policy is a pure Term insurance plan. LIC Anmol Jeevan – II policy provides financial protection to the insured’s family in case of unfortunate death of the policy holder. LIC Anmol Jeevan- II plan is a conventional regular premium paying insurance plan without any profit.
LIC Amulya Jeevan II Plan is a term insurance plan. This plan was introduced on 3rd February 2014. If the death of the insured person happen within the policy period this plan provides financial protection.On the survival of the policy holder the policy holder will not get any maturity or survival benefits.
LIC E-Term Policy 825 is pure term insurance policy with very less premium compared to other LIC policies. LIC E- Term Policy 825 is a regular premium paying policy which provides financial protection to insured’s family in case of unfortunate death of the insured person. You can get LIC E- Term Policy 825 through online, hence no mediators are involved in LIC E-Term plan. Two categories of premium rates are available in LIC E-Term Policy, They are Aggregate lives and Non-smoker lives.
The LIC’s New Jeevan Mangal Plan is a protection plan with return of premiums on maturity, where the insured can pay the premiums either in a lump sum or regularly at Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals over the policy tenure. It provides dual benefits to their customers. Firstly, they give peace of mind to the policyholders by providing financial security to their family in case something unfortunate happens. Secondly, it offers an assured premium return, which means total premiums paid during the policy term are paid back to the insured.
LIC Bhagya Lakshmi Policy is a non-participating limited payment protection oriented plan with 110% of total amount of premiums payable on maturity are returned. The premium paying term for this LIC Term Plan 829 is two years lesser than the policy term. The nominee of the policy will get Sum Assured as Death Benefit if the death of the insured occurs before the maturity date.