ESSENTIALS OF BUYING LIC TERM PLAN
Being optimistic is actually good. But trying to deceive yourself by taking no heed of the crucial circumstances or uncertainties that may hinder the smooth sailing of all your loved ones may make things turn out to be worse, than being the pessimist. So , being aware and secured beforehand to confront any sort of catastrophe is a thought to be reflected upon!
And that’s where Life insurance plans like LIC Term Plan comes to your rescue.
No matter how much you earn per annum, anything undesirable like premature death, critical illness, etc. are bound to rupture the financial stability. But fortunately, if you had invested into buying a life insurance policy like LIC Term Plan, then certainly the consequences won’t be that worse as it will help you cover financial debts and meet financial obligations if any.
Now speaking of LIC, Life Insurance Corporation of India, it is the sole life insurance company in the public sector. LIC offers a wide range of policies ranging from life insurance plans to investments to saving products. It is one of the few companies that is well functional in both rural and urban areas of India.
Points covered by LIC Term Plan
LIC offers a myriad of term plans that can be bought traditionally through the branches. For individuals who desire for quick and tech-savvy ways, they can access the web portal of LIC. What is alluring is that all these are simple to comprehend and takes little time with minimal paperwork. Moreover, they offer plans that extend to its worthy customer’s tax benefits on the payment of premiums and final sum assured which will be paid to the nominee. This offering from LIC is known as Term Assurance Plan.
Now there are five different types of Life Insurance plans.
- LIC e-Term – This is the only plan of LIC which is considered on an individual basis. The minimum and maximum entry age are 18 and 60 years old respectively with maximum and minimum policy term being 10 and 35 years respectively. The minimum premium amount depends on the factors decided by the insurer while there is no limit subject to the maximum sum assured chosen.
- LIC Amulya Jeevan-II – This is the traditional plan in all the LIC branches. The minimum policy term is 5 years while the maximum is 35 years.
₪ Premium payment mode – Annual and semi-annual.
₪The minimum amount of premium depends on the minimum sum assured value and age of the insured.
₪ Death benefit- The entire Sum Assured will be paid to the nominee.
- LIC Anmol Jeevan-II – This being another traditional plan of LIC has similar features to that of the former one. The minimum and maximum policy year are 5 and 25 years respectively.
- LIC Bhagya Lakshmi – This term focuses on meeting the financial needs and security of low-income groups or rural communities. They also provide maturity offers to the potential customers. The minimum and maximum entry page are 18 and 55 years. The minimum sum assured is ₹20,000, and the maximum sum assured is ₹50,000. The sum assured on maturity is 110% of all the premiums paid. The death benefit is the sum assured on death.
- LIC New Jeevan Mangal – This is a micro-insurance plan with an accidental death benefit rider that ensures to return the premiums paid on maturity. There is a wide range of payment options like single, annually, semi-annually, quarterly, or monthly. Death benefit offered is 105% of all premiums paid on a regular basis whereas 125% of the premium for single pay policy.
How LIC Term Plan Secures Your Life
LIC Term Plan is quite beneficial when we consider it as a financial net for eventuality linked with human life. Be it the retirement, disability, accident or death; everything is unpredictable. It is certain that we can never calculate the worth of human life using any sort of premium calculator, but there are ways one could lessen the burden of the financial trauma upon that of emotional ones when you are supposed to confront the sad demise of the breadwinner of the family. This is where the significance of LIC Term Plan comes into play. LIC Term Plan secures your life on the following aspects. Have a look!
- Financial cushion – It provides financial support to the insured’s dependents by compensating on most of the losses.
- Debt-free future – A sudden demise is not less than any devastation. As you find it hard to cope up with it emotionally, the later situations of financial crisis and debts may haunt your living. And such plans assure to take care of all such debts.
- Tax Benefits
- The accomplishment of retirement goals
- Mental peace
- Savings tools
- Business security
In short, Life Insurance policy aids you to sail through any rough tides with all the grit and grace.