LIC Term Insurance 1 Crore

What is LIC Term Insurance 1 Crore?    

A Rs. 1 Crore term insurance plan is an insurance policy that guarantees to pay the sum assured of Rs. 1 Crore to the policy nominees on the death of the insured. The LIC term plan 1 crore offers a financial backup to the family members of the insured person.

However, the goal of all the term insurance plans remains the same – compensating the dependent family members of the insured with the sum assured amount (Rs. 1 Crore in this case) in case of the untimely demise of the policyholder. Considering the rising inflation, even day to day expenses can be difficult to pay without term insurance cover. And the cost of medical expenses, education, and marriage also cannot be ignored.  

For this reason, Life Insurance Corporation of India (LIC) has designed term insurance policies with a sum assured of Rs.1 Crore and above. The higher sum assured at a reasonable premium makes it a truly worthy investment, along with the range of benefits that are offered to the policyholder and the beneficiaries.

LIC Term Insurance Plans with High Sum Assured of Rs. 1 Crore   

A term plan is one of the most basic types of life insurance policies. It ensures that the family members of the policy holder are given compensation up to the sum assured amount in case of the death of the policy holder during the selected term insurance policy duration. 

In addition to the death benefits, there are other rider benefits that LIC term insurance 1 Crore offers such as accidental death benefit cover, critical illness cover, terminal illness cover, and payment of the death benefit in installments. 

Mentioned below are three LIC 1 Crore policies that are designed to meet the different needs of the customers. One can choose to purchase any type of insurance policy, based on one’s exact needs and requirements. Listed below are a few LIC term plans with a higher sum assured of Rs. 1 Crore or more.

Here is a List of LIC Term Insurance 1 Crore Plans

LIC Amulya JEEVAN 1, LIC Jeevan Amar, and LIC Tech Term are the three LIC term insurance 1 Crore plans. Checkout the plan details, features, and eligibility criteria below:

Amulya Jeevan 1 LIC Term Plan 1 Crore

This LIC term insurance plan of Rs. 1 Crore provides a death benefit to the nominees in case of untimely demise of the insured during the policy term. The term life insurer pays the Sum Assured to the policy beneficiaries provided the term insurance policy is in force.

Eligibility Criteria to Buy Amulya JEEVAN 1 LIC Term Plan 1 Crore 

The minimum entry age to buy this LIC term insurance 1 crore is 18 years

• The maximum entry age is 60 years
• The maximum age of maturity is 70 years
• The minimum sum assured for this term insurance policy is Rs. 25 lakh with no upper limit

Key Features and Benefits of Amulya JEEVAN 1 LIC Term Insurance 1 Crore

• The sum assured amount is paid the nominees in case of the death of the policyholder
• LIC Amulya Jeevan 1 policy premium can be paid yearly, half-yearly or by single premium mode
• If you buy this LIC 1 crore policy or a higher amount the insurer offers a rebate on the single premium payment mode i.e. 5% of the sum assured
• Also, there is a grace period of 15 days for half-yearly or yearly premium payment method
• The insurer also provides a cooling off period of 15 days in case you do not want to continue with the plan

Jeevan Amar LIC Term Plan 1 Crore 

This is an offline, non-linked, pure protection LIC term insurance 1 Crore plan with no profit. This term insurance plan offers the required financial cover to the insured’s family if there an unfortunate incident during the policy tenure.  

Being a pure protection plan it offers life insurance cover at an economical premium. Check out the policy features and benefits that are listed below:

Eligibility Criteria to Buy Jeevan Amar LIC term insurance 1 Crore

• The minimum entry age to buy this LIC term insurance 1 crore is 18 years
• The maximum entry age is 65 years
• The maximum age of maturity is 80 years
• The minimum sum assured for this term insurance policy is Rs. 25 lakh with no upper limit
• Jeevan Amar LIC term insurance 1 Crore policy term ranges from 10 years to 40 years

Key Features and Benefits of Jeevan Amar LIC term insurance 1 Crore:

• There are two death benefit options available in this LIC 1 Crore policy: Level Sum Assured and Increasing Sum Assured
• Also, you can enhance your coverage with Accident Benefit Rider option
• Jeevan Amar LIC term plan of Rs. 1 Crore 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 an option to choose the LIC 1 crore policy term and the premium payment term
• Jeevan Amar LIC term insurance 1 Crore plan also offers the option to get the death benefit in installments
• Jeevan Amar LIC term insurance 1 Crore plan offers a rebate on selecting the higher sum assured i.e. above Rs. 1 Crore
• This term plan offers separate premium rates for Smokers and Non-Smokers. The application of the non-smoker rates would depend on the Urinary Cotinine test results.