Information about LIC Term Insurance 1 Crore Plans

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LIC Term Insurance 1 Crore Plans :- Does anyone in India need an introduction to Life Insurance Corporation (LIC) of India? Probably not! The government-owned insurance company is one of the oldest in the insurance business in India, even before the sector opened up to foreign MNCs. There was a time when most of the Indians had at least one insurance policy from LIC.

Although times have changed, LIC is keeping itself relevant by introducing policies like Rs 1 Crore Term Insurance Policy, which is in sync with the current generation.

For example, take the case of Sanjay, who joined an IT MNC a few years ago and is currently earning Rs 50,000 per month. He supports his elderly parents who live in his village by sponsoring his sister’s college education. Recently, after becoming a father, he had also purchased a 2 BHK flat on loan.

With these commitments in hand, Sanjay was keen to take out term insurance of Rs 1 crore after calculating the total expenses that his family might have to bear in case any unfortunate incident happens to him. Therefore, the Rs 1 crore term insurance plan is a boon for people like Sanjay, who have their responsibilities all set up.

LIC Term Insurance 1 Crore Plans

If you have LIC term insurance worth Rs 1 crore, you can cherish all your happy moments as you have created a great cushion for your loved ones. Your untimely demise should not impose financial burden on your dependent family members. Earlier it could be difficult but now you can easily buy term insurance online. This saves both time and effort and one can easily compare various term life insurance plans online.

Although it is advisable to buy a term plan at an early age, there is no restriction on buying it at an older age. Term insurance plan is a pure protection plan, which helps the policyholder’s dependents as a source of wealth in case of any emergency. If you are the sole earner of your family, it is wise to buy LIC 1 Crore policy to provide financial protection to your family members.

These are some affordable LIC term insurance plans with sum assured of Rs 1 crore that you can consider.

What is LIC Term Insurance 1 Crore?

Term insurance plan is an insurance policy that guarantees to pay the sum assured of Rs 1 crore. Rs 1 crore to the policy nominee on the death of the insured person. LIC Term Plan Rs.1 Crore provides financial backup to the family members of the insured person.

However, the objective of all term insurance plans remains the same – to compensate the dependent family members of the insured with the Sum Assured (Rs 1 crore in this case) in case of untimely demise of the policyholder during the policy term.

Given rising inflation, it may become difficult to pay for even day-to-day expenses without a term insurance cover. Additionally, medical expenses, education and marriage costs cannot also 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 high sum assured at a reasonable premium truly makes it a worthy investment, along with the range of benefits it offers to policyholders and their beneficiaries.

LIC 1 Crore Term Plan

Term plans are among the most basic types of life insurance policies. It ensures that the policyholder’s family members are compensated up to the Sum Assured in case of the policyholder’s death during the selected term insurance policy term.

Apart from death benefits, there are other rider benefits that LIC Term Insurance Rs 1 Crore offers such as Accidental Death Benefit Cover, Critical Illness Cover, Terminal Illness Cover, and Payment of Death Benefit in Installments.

Mentioned below are three LIC Rs 1 Crore policies that are designed to meet different needs of the customers. Any person can choose to purchase any type of insurance policy depending on his needs and requirements.

Listed below are some LIC term plans with high sum assured of Rs 1 crore or more:

LIC Term Insurance 1 Crore Plan

  • LIC Amulya Jeevan 1
  • lic jeevan amar and
  • lic tech term

Check plan details, features and eligibility criteria below:

Amulya Jeevan 1 LIC Term Plan 1 Crore

This LIC term insurance plan is priced at Rs. 1 Crore provides death benefit to the nominees in case of untimely death of the insured during the policy term. A term life insurance policy pays the sum assured to beneficiaries provided the term insurance policy is in force.

Eligibility Criteria for Buying Amulya Jeevan 1 LIC Term Plan Rs 1 Crore

  • The minimum entry age to buy this LIC Term Insurance for 1 Crore is 18 years
  • Maximum entry age is 60 years
  • Maximum age of maturity is 70 years
  • The minimum sum assured for this term insurance policy is Rs. 25 lakhs without any upper limit

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

  • In case of death of the policyholder, the sum assured is paid to the nominee.
  • LIC Amulya Jeevan 1 policy premium can be paid annually, half-yearly or through single premium mode.
  • If you buy this LIC Rs 1 crore policy or more, the insurer offers a discount on the single premium payment mode.
  • Also, there is a grace period of 15 days for semi-annual or annual premium payment methods.
  • The insurer also offers a cooling-off period of 15 days in case one does not want to continue with the plan.

Jeevan Amar LIC Term Plan 1 Crore

It is an offline, non-linked and pure protection LIC Term Insurance 1 Crore plan with no benefits. This term insurance plan provides the necessary financial cover to the insured’s family if any unfortunate event occurs during the policy term.

Being a pure protection plan, it provides life insurance cover at an affordable premium. Check out the policy features and advantages listed below:

Eligibility Criteria for Buying Jeevan Amar Term Insurance 1 Crore LIC

  • The minimum entry age to buy this LIC Term Insurance for 1 Crore is 18 years
  • Maximum entry age is 65 years
  • Maximum age of maturity is 80 years
  • The minimum sum assured for this term insurance policy is Rs. Rs 25 lakh without any upper limit
  • Jeevan Amar LIC Term Insurance 1 Crore Policy term ranges from 10 years to 40 years

Main Features and Benefits of Jeevan Amar LIC Term 1 Crore Insurance

  • There are two death benefit options provided in this LIC 1 crore policy: Level Sum Assured and Increasing Sum Assured.
  • Also, you can increase your coverage with the Accident Benefit Rider option
  • Jeevan Amar lic term plan Rs. 1 crore offers special premium rates for women
  • Plus, there’s the flexibility to choose from regular premium, single-premium and limited premium payments
  • Insurer LIC 1 Crore also gives the option to choose the policy term and premium payment term
  • Jeevan Amar LIC Term Insurance Rs 1 Crore plan also offers the option to get benefit payments in installments
  • Jeevan Amar LIC Term Insurance 1 Crore Plan offers a discount on selecting the higher sum assured, which is above Rs 1 crore.
  • This term plan offers separate premium rates for smokers and non-smokers. Application of the rates to non-smokers will depend on the results of urinary cotinine testing.

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