Whether you are the only earning member of the family or you are a couple that makes quite a good amount of money every month, a term insurance plan is something that we all must consider. None of us know for certain that for how long we are going to live. In just one year, we have seen so many people dying due to COVID-19. Some of them bought term life insurance, and thanks to that their families are at least able to take care of the monthly expenses, while theothersfamilies are simply worried about their future as the sole breadwinner of the family is gone.
Buying term life insurance does not mean that you will certainly die in just a few years. On the other hand, it is an assurance that even if something happens to you, your family will not have to face financial challenges. By purchasing term life insurance, you are just making the future of your family much secured. Now the question is which term insurance policy you should take out of so many options. One of the best of all is LIC 1 crore policy.
What is LIC term insurance 1 crore?
LIC term plan 1 crore is an insurance policy that offers Rs. 1 crore as the sum assured to the nominee of the policy in the event of the death of the policyholder. This plan helps the family members of the insured persons a lot, especially when the policyholder was the only earning member of the family.
Looking at the inflation and various types of expenses of the families these days, it is prudent to take a plan that offers at least 1 crore on the sudden demise of the policyholder. This is when the LIC 1cr plan comes as a big help.
List of LIC 1 crore plans
· Amulya Jeevan 1 LIC Term Plan 1 Crore
The minimum entry age to purchase this policy is 18 years and the maximum is 60 years. The maximum maturity age is 70 years. The minimum sum assured on this policy is Rs.25 lac with no upper limit. In case the policyholder dies within the tenure of the policy, the beneficiary is given the sum assured. You can pay the premium in a single premium mode or it can also be paid half-yearly or yearly. For the half-yearly or yearly premium method, it comes with a grace period of 15 days. It also comes with a cooling period of 15 days, in which the policyholder is given the chance to change their mind and discontinue the plan.
· Jeevan Amar LIC Term Plan 1 Crore
This is a non-linked, offline, and pure protection LIC term insurance 1 crore plan that does not come with any profit. According to this plan, the beneficiary will get the required amount of money on the sudden demise of the policyholder. To buy this policy, the minimum age should be 18 years and the maximum age should be 65 years. The maximum maturity age is 80 years. The policy term ranges between 10 years and 40 years. The minimum sum assured is Rs 25 lac with no upper limit. This plan offers special rates for women. You can choose from Single Premium, Regular Premium, and Limited Premium Payment. You can increase your coverage with the Accidental Benefit Rider Option. The plan comes with the option for the beneficiaries to get the death benefits in installments.The plan offers different premium rates for smokers and non-smokers.
· LIC Tech Term Plan 1 Crore
This is a non-linked, non-participating, and pure-risk plan that offers a death benefit of Rs. 1 crore or more. The minimum entry age for this plan is 18 years and the maximum is 65 years. The maximum maturity age is 80 years. The minimum sum assured in this plan is Rs. 50 lac with no upper limit. Just like Jeevan Amar LIC Term Plan 1 Crore, this plan also offers special rates for women. You can select from Single Premium, Regular Premium, and Limited Premium Payment. You can also choose from the options for premium payment terms and policy terms.
These are some plans that come with a heap of benefits. You can choose the one that suits the requirements of your family. For further comparison of the term insurance plans, you can visit the website of IIFL Insurance and look up these plans there.