LIC Term Insurance 1 Crore

What is LIC Term Insurance 1 Crore?

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 during the policy tenure. Considering the rising inflation, even day-to-day expenses can be difficult to pay without term insurance cover. Additionally, the cost of medical expenses, education, and marriage also cannot be ignored.  

For this reason, the 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 policyholders and their 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 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 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 their needs and requirements.

Listed below are a few LIC term plans with a higher sum assured of Rs. 1 Crore or more.

LIC Term Insurance 1 Crore Plans

• LIC Amulya Jeevan 1
• LIC Jeevan Amar and
• LIC Tech Term

Check out 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 the 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.

1. Eligibility Criteria to Buy Amulya Jeevan 1 LIC Term Plan 1 Crore 

   • The minimum entry age to buy this LIC term insurance for 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 lakhs with no upper limit
   

2. Key Features and Benefits of Amulya Jeevan 1 LIC Term Insurance 1 Crore

   • The sum assured amount is paid to 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.
   • Also, there is a grace period of 15 days for half-yearly or yearly premium payment methods.
   • The insurer also provides a cooling-off period of 15 days in case one does not want to continue with the plan.

   *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Jeevan Amar LIC Term Plan 1 Crore 

This is an offline, non-linked, and pure protection LIC term insurance 1 Crore plan with no profit. This term insurance plan offers the required financial cover to the family of the insured if there is 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:

1. Eligibility Criteria to Buy Jeevan Amar LIC Term Insurance 1 Crore

   • The minimum entry age to buy this LIC term insurance for 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 lakhs with no upper limit
   • Jeevan Amar LIC term insurance 1 Crore policy term ranges from 10 years to 40 years

   *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

2. Key Features and Benefits of Jeevan Amar LIC Term Insurance 1 Crore

   • 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
   • 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 payment of benefit in installments
   • Jeevan Amar LIC term insurance 1 Crore plan offers a rebate on selecting the higher sum assured, which is 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.

   *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

LIC Tech Term Plan 1 Crore

Tech term LIC 1 Crore policy is a non-linked, pure-risk, and non-participating premium plan that gives the option to secure your family’s future with a sum assured of Rs. 1 Crore and more.

This LIC term insurance plan of Rs.1 Crore is an online LIC 1 crore policy that can easily be purchased anytime on the go. The policy features and benefits are listed below:

1. Eligibility Criteria of LIC Tech Term Plan 1 Crore Policy

   • The minimum entry age to buy this LIC term insurance for Rs. 1 Crore is 18 years
   • The maximum entry age is 65 years
   • The maximum age of maturity is 80 years
   • The minimum basic sum assured for this term insurance policy is Rs. 50 lakhs with no upper limit. However, the basic sum insured amount should be in multiples of Rs. 25 lakhs for the sum assured above Rs. 75 lakhs
   • This LIC term plan of Rs. 1 Crore offers the policy term option between 10 years and 40 years

2. Key Features and Benefits of Tech Term LIC 1 Crore Policy

   • There are two death benefit options available in this term insurance policy: Level Sum Assured and Increasing Sum Assured
   • The term plan also offers special term insurance premium rates for women applicants
   • You can select from Regular Premium, Single-Premium, and Limited Premium Payment option
   • This plan also offers Accident Benefit Rider on payment of 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 death benefit in installments
   • The insurer also offers a rebate on term insurance plans with a sum assured of Rs. 1 Crore and more
   • Moreover, there is a separate premium rate for smokers and non-smokers, which is decided based on the Urinary Cotinine test results.

   *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Summing It Up!

Now that you have some clarity regarding the LIC term insurance plans with a sum assured of Rs. 1 Crore and above, it will be easier for you to decide. You can check out all the plans and select the one that serves your purposes and would help in fulfilling the future financial needs of your family while you are not around.  If you are looking for a pure protection plan, then you have the term plan to choose from.