LIC Term Insurance plans

A pure term plan, often referred to as a term life insurance plan, is a type of life insurance that provides coverage for a specified term or period. Unlike whole life or universal life insurance policies, which have a cash value component and can last a lifetime, term life insurance only pays out a death benefit if the insured individual passes away during the term of the policy.

Pure term plans offer straightforward coverage without any investment or savings component. They are designed to provide financial protection for your loved ones in the event of your death during the term of the policy. If you survive the term of the policy, there is no payout, and the coverage typically expires unless renewed.

These plans are often considered the most affordable type of life insurance because they don’t accumulate cash value or offer investment returns. They simply provide a death benefit to the beneficiaries if the insured dies within the term of the policy. Pure term plans are commonly chosen for their simplicity and cost-effectiveness in providing basic life insurance coverage.

 

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LIC e-Term Plan

Overview:

LIC’s e-Term is a pure term insurance plan that is available through the online channel only. It is designed to provide financial protection to the insured’s family in case of his/her untimely death.

Features:

  • Type of Plan: Non-participating, pure term insurance plan.
  • Premium Mode: Lower premiums compared to offline term plans, reflecting the lower acquisition costs and absence of intermediaries.
  • Flexibility: Offers flexibility in choosing the cover and premium payment terms.

Benefits:

  • High Sum Assured: Suitable for individuals looking for a high cover amount at a lower cost.
  • Simplicity: Easy to understand and purchase online, which makes it convenient and accessible.
  • Financial Security: Provides a substantial sum assured which can help secure the financial future of the policyholder’s family in case of demise.

Suitability: Ideal for individuals looking for a straightforward, cost-effective term insurance plan without any frills. It’s particularly suited for young professionals and primary breadwinners.

2. LIC Jeevan Amar

Overview:

LIC Jeevan Amar is a more flexible term insurance plan that offers a wide range of choices in terms of premium payment and death benefit payment options.

Features:

  • Type of Plan: Non-linked, non-participating, pure protection plan.
  • Premium Payment Options: Single premium, regular premium, and limited premium payment terms.
  • Death Benefit Options: Level Sum Assured or Increasing Sum Assured.

Benefits:

  • Customizable Death Benefit: Policyholders can opt for a level sum assured or an increasing sum assured where the coverage amount increases by 10% every 5 years.
  • Flexible Premium Payment: Offers flexibility to choose how and when to pay premiums.
  • Rider Options: Availability of Accident Benefit Rider and Disability Rider for enhanced coverage.

Suitability: This plan is best suited for those who seek flexibility in terms of premium payments and want to tailor their coverage over time, such as young families planning for increasing responsibilities.

3. LIC Jeevan Kiran

Overview:

LIC Jeevan Kiran is a unique offering that combines the benefits of life insurance with a return of premiums on maturity. This plan provides life cover during the policy term and returns the premiums paid at the end of the term if the insured survives the policy duration.

Features:

  • Type of Plan: Term plan with return of premium.
  • Coverage: Offers life cover along with maturity benefits.
  • Maturity Benefit: Return of premiums paid at the end of the term, excluding any extra/rider premium.

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Benefits:

  • Security Plus Savings: Combines the security of a life cover with the advantage of getting back the premiums at maturity.
  • Life Cover: Provides financial protection against death during the term of the policy.
  • Return on Investment: Returns the total amount of premiums paid at maturity, making it an attractive option for those who are looking for a combination of protection and savings.

Suitability: Particularly appealing to individuals who need life cover but are also looking for a “no loss” insurance solution where they can recover their premiums if they survive the term.

LIC of India has the highest claim ratio in India in terms of the claims-settlement amount and offer a range of options. Tailored plan to meet the varying needs of consumers. Whether it’s the simplicity and affordability of the e-Term Plan, the flexibility and comprehensive coverage of Jeevan Amar, or the dual benefits of Jeevan Kiran, LIC ensures that there is a term plan suited for everyone’s needs. When choosing a term insurance plan, it’s important to assess your financial situation, coverage needs, and the benefits each plan offers. Each of these plans is designed to provide financial security to your loved ones in your absence, ensuring peace of mind and stability in facing life’s uncertainties.

 

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Buying Term Insurance plans is very easy