[2022] LIC Term Insurance Plan Information – Complete Guide

LIC Term Insurance Plan – Now government owned LIC also entered in the term insurance field. LIC has now announced a term insurance called Jeevan Amar Yojana.

This is a very cheap term insurance plan For policy holders.

the smokers and non-smokers will have a separate Sum Assured plan, while the other will have a growing Sum Assured plan.

Now LIC is competing with private companies. At present, most of the people in the country are inclined towards term insurance. Many private companies have advertised term insurance. The general public has begun to invest in it. The last few years have seen the middle class families turn towards term insurance.

LIC President MR Kumar launched the scheme through an event in Mumbai. This is a non-linked profit plan of LIC. In particular, the scheme can only be obtained from LIC agents, LIC president MR Kumar told reporters.

What is LIC Term Insurance Plan

Term insurance plans provide protection to low cost or ordinary people, these plans offer many benefits in case of death of the policyholder during the plan period.

There is usually no maturity value under the plan, if the person survives till the end of the term, the plan becomes cheaper and offers higher coverage at a lower rate of premium.

Why LIC Term Insurance?

Term insurance plans are on people’s side, in fact there is no benefit to maturity, as it enables people to purchase a higher level of coverage at a much lower premium.

In this way, people can adequately protect their family against any loss of income, which could lead to a family facing a lack of life insurance. In addition these plans with cheap premium rates are not heavy on the pocket and help people easily fund their income restoration needs.

When to take LIC Term Insurance Plan?

The duration of the term plan is also important. Although the term plan is available till the age of 100 years, you should take this plan till the minimum working age i.e. retirement age.

If you are 25 years old and want to work till the age of 60, it is better to take this policy at least 35 years.

Taking out term insurance at an older age is a loss?

The older the age, the higher the premium,

Akshay Vaidya, head of term life insurance at the policy market, says working people take out education loans, home loans or other types of liabilities to meet the needs of the family. In this case, term insurance helps to pay off the liability incurred by the family in the event of any untoward incident.

The premium increases with age. So buying a term plan on time is considered to be the best step. You can also get a term insurance plan with a term of 10-35 years

LIC Term Plan Can Be Taken For 10 to 40 Years?

LIC offers policyholders two options. One will be a Fixed Sum Assured Plan, the other will be a growing Sum Assured Plan.

  • LIC Jeevan Amar Yojana No. 855. So, the UIN number is 512N332V01.
  • The LIC Term Plan will be for people in the age group of 18 to 65 years.
  • The maturity of LIC Term Plan will be 80 years.
  • This will be an option to take out insurance for 10 to 40 years.

LIC Term Plan For Smokers and Non-smokers

Its premium is very important for any insurance plan. The plan has two parts of premium. It has separate sections for smokers and non-smokers.

Of course, smokers will have to pay higher premiums. So, the premium will be less for those who do not.

If a woman has insurance, her premium will be less.

For example, LIC has calculated the premium,

It states that if a 30-year-old non-smoker has taken term insurance of Rs 1 crore for 20 years, a premium of Rs 10,800 will be charged. And if there is a woman, the premium will be Rs 9440.

How Term Insurance Will be Beneficial in Income Tax?

When purchasing a Jeevan Amar policy, the policyholder has to take out a sum assured of at least Rs. 25 lakhs. There will also be options for single premium, regular premium and limited premium. You can take this insurance by paying one-time premium. There will also be two payment options for claims. There will be a lump sum as well as an accident benefit rider. This is considered to be a very cheap term insurance plan. The policyholder will also get income tax relief under 80C.

Coverage is important, not a cheap premium.

Learn about insurance companies’ plans before planning a term. Choose a plan that offers the most coverage at the lowest premium. Some companies offer premium waivers in the event of an accident, additional drivers for job security. Also check the credibility of the insured company before planning a term.

Also find out what the claim settlement ratio of that company is. Find out what percentage of claims have been resolved through the IRDA website or other sources in the past year. To buy a term plan, you can consider a company with a claim ratio of 95%. If the insurance company does not provide enough information about the terms of service, do not plan from it.

It is cheaper to get a plan at the age of 18. At this age, get a term plan of at least 30 years.

Term plans Most insurance companies start with a monthly premium of around Rs.500.

10 to 20 times the annual salary of the Sum Assured of the Term Plan.

Six Important Things About Term Insurance

  1. Insurance is not an instrument of investment – insurance is not an instrument of investment or savings. In such a situation it is not good to crave any return in the term plan. This amount is received only after the death of the insured. Some plans also provide benefits for serious illness, accident or disability.
  2. Income Tax Exemption – There is a provision for tax exemption under Section 80C and Section 10 (10) D. However, the insurance policy should not only take into account the tax deduction. His first goal should be to provide financial security for his family.
  3. Provide details of the nominee – The nominee must be informed in the term plan. Remember that his information should also be complete and accurate. Also, the nominee should also state the term plan so as not to be late in claiming any impropriety.
  4. It is better to pay every year – monthly, quarterly, half yearly and annual premiums. There is also an option to pay a portion of the premium. Some payments may increase in monthly or quarterly installments as the policy is likely to be missed in such cases.
  5. Medical examination wise – It is wise to do medical examination before taking insurance, as any disease is currently being detected. This can lead to discounts in premiums. In such a case the chances of dismissal of the claim are greatly reduced.
  6. Premium Plan Returns – Term plans also include premium plan returns for seekers. In this the principals are returned to maturity without any interest. Some of the premium amount is invested in it. It is more expensive than just a term plan.
OFFICIAL LIC WEBSITE : LICINDIA.IN

2 thoughts on “[2022] LIC Term Insurance Plan Information – Complete Guide”

  1. Pingback: [2022] Best Small Business Insurance Plans - Complete Guide
  2. Pingback: [2022] What Credit Bureau Does American Express Use?

Leave a comment