LIC of India offers various plans to help you secure the financial future of your loved ones. In order to make sure your family is able to maintain their lives and meet their goals, you can purchase a 1 Crore insurance policy LIC offers that will provide your family with Rs. 1 Crore as a death benefit in case you suffer an untimely death within the policy term. Let us see the various eligibility criteria and policy details of the LIC term insurance 1 Crore plans.Read more
The Life Insurance Corporation of India (LIC) has designed various term insurance policies that offer a sum assured of Rs.1 Crore and above. These plans provide a higher sum assured at affordable premiums along with a range of benefits to the policyholders and their beneficiaries.
The LIC term insurance 1 Crore is a pure risk protection plan that offers a death benefit of Rs. 1 Crore to your family in case of your unfortunate death during the policy term. Your family can use this payout to take care of their day-to-day expenses along with any unexpected expenses like medical emergencies that may arise. Therefore, you should choose term insurance with a sum assured of Rs. 1 Crore if you are the sole income earner and want to secure your dependant family members.
Below-mentioned are some of the LIC Term Insurance 1 Crore benefits. Have a look:
Wide Coverage of Rs. 1 Crore
After your demise, your family will be financially handicapped. To ensure that your family continues to live independently, having a 1 Crore term insurance can prove to be helpful.
The premiums for a LIC 1 Crore term insurance are pocket-friendly as compared to other plans. For example, if you are a 30-year-old individual, and you decide to buy LIC New Tech Term Plan, then you can secure the future of your family just by paying 1,500 Rs per month.
The premiums paid against the LIC 1 Crore term insurance are eligible to avail of tax benefits under Section 80C of the Income Tax Act,1961.
A term insurance plan is one of the most basic types of life insurance policies. It ensures that the family members of the policyholder are given compensation up to the sum assured amount in case of the death of the policyholder during the selected term insurance policy duration.
In addition to the death benefits, there are other benefits that LIC term insurance 1 Crore offers such as rider benefits like the accidental death benefit cover, critical illness cover, terminal illness cover, and payment of the death benefit in installments.
Mentioned below are two LIC 1 Crore policies that are designed to meet the different needs of the customers. You can choose to purchase any of the following insurance policies, based on your needs and requirements.
Check out the eligibility criteria for both the LIC 1 Crore term insurance plans below:
|Parameters||LIC New Tech Term||LIC New Jeevan Amar|
|Entry Age||18 years to 65 years||18 years to 65 years|
|Maximum Maturity Age||80 years||80 years|
|Minimum Basic Sum Assured||50 Lacs||25 Lacs|
|Policy Term||10 - 40 years||10 - 40 years|
|Premium Paying Term||
|Policy Purchase||Only available online||Only available offline|
LIC Tech Term is a 1 Crore term plan that gives you the option of securing your family’s future with a sum assured of Rs. 1 Crore and more. This LIC life cover of 1 Crore will be given to your family in case of your unfortunate death during the policy term. The plan can only be purchased online directly from the company’s official website. Let us take a look at the policy features and benefits listed below:
There are two death benefit options available in this term insurance policy: Level Sum Assured and Increasing Sum Assured
The plan also offers special term insurance premium rates for women and non-smoking customers
You can select from Regular Premium, Single-Premium, and Limited Premium Payment option
This plan also offers Accident Benefit Rider on payment of an additional premium
You have the option to choose the policy term and the premium payment term
This term insurance plan also provides the option to avail of the death benefit in installments
The 1 Crore term insurance LIC also offers a rebate on term insurance plans with a sum assured of Rs. 1 Crore and more
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LIC Jeevan Amar is a 1 Crore insurance policy LIC offers for its offline customers only. The policy can be purchased from licensed agents, brokers, and insurance marketing firms. Being a pure protection plan it offers LIC life cover of 1 Crore at economical premium rates. Check out the policy features and benefits that are listed below:
There are two death benefit options provided in this LIC 1 Crore policy: Level Sum Assured and Increasing Sum Assured
Also, you can enhance your coverage with the Accident Benefit Rider option
The 1 Crore term insurance LIC New Jeevan Amar offers special premium rates for women
Also, there is the flexibility to choose from Regular Premium, Single-Premium, and Limited Premium Payment
The insurer also gives the option to choose the LIC 1 crore plan term and the premium payment term
The New Jeevan Amar 1 Crore insurance policy LIC also offers the option to get the payment of benefits in installments
The New Jeevan Amar LIC term insurance 1 Crore plan offers a rebate on selecting the higher sum assured, which is above Rs. 1 Crore
To understand the LIC 1 Crore Term policy premium payable let us look at the below example: Amit decided to buy LIC Term Insurance of Rs. 1 Crore. In the below table, we have showcased the premiums one needs to pay in different age groups under LIC Term Plans:
|Age of the Policyholder||Premium Payable (Annually)|
|LIC New Tech Term||LIC New Jeevan Amar|
LIC offers New Tech Term and New Jeevan Amar which are pure risk protection plans that provide a death benefit of 1 Crore to your family in the event of your unfortunate death. You can go through the plan details and eligibility criteria for both policies before purchasing the one that fits your requirements the best.
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