LIC Term Insurance of 1 Crore: Features, Eligibility, and Benefits
Introduction to LIC Term Insurance
Life Insurance Corporation of India (LIC) has earned immense trust over decades for providing reliable life insurance solutions. Among its popular offerings, the LIC 1 Crore Term Insurance Plan stands out as one of the most preferred options for individuals seeking comprehensive protection for their families.
A sum assured of 1 Crore ensures that, in the unfortunate event of the policyholder’s demise, the family receives a significant financial cushion to meet living expenses, loan repayments, children’s education, and other commitments. This makes the LIC 1 Crore term insurance plan a cost-effective, pure protection policy tailored for individuals who want high coverage at affordable premiums.
What is LIC Term Insurance of 1 Crore?
The LIC 1 Crore Term Plan is essentially a pure risk protection policy. It does not provide maturity benefits if the policyholder survives the term. Instead, it ensures that the nominee receives a death benefit of ₹1 Crore in the event of the insured’s untimely demise during the policy period.
This lump sum amount helps the family maintain financial stability and continue living with dignity, even when the primary earning member is no longer around. LIC has designed this plan to provide affordable premiums, flexible options, and dependable coverage—qualities that make it accessible for both young professionals and middle-income families.
Key Benefits of LIC 1 Crore Term Insurance
Choosing LIC’s 1 Crore term plan comes with multiple advantages. Some of the key benefits include:
High Coverage at Affordable Premiums: Compared to traditional life insurance policies, term plans offer extensive coverage at much lower premium rates.
Financial Security for the Family: The 1 Crore sum assured ensures that the nominee can handle household expenses, repay debts, and fund long-term goals like children’s education and marriage.
Tax Benefits: Premiums paid are eligible for deductions under Section 80C of the Income Tax Act, and the death benefit received by the nominee is exempt under Section 10(10D).
Flexibility in Premium Payments: LIC offers options such as regular, limited, and single premium modes, allowing policyholders to choose what suits their budget.
Rider Options for Enhanced Coverage: Accident benefit riders can be added at an extra cost to increase financial protection.
Available Options for LIC 1 Crore Term Plans
LIC offers two major policies under the 1 Crore sum assured category:
LIC New Tech Term
This plan is available through LIC’s online platform and offers affordable premiums, making it convenient for tech-savvy buyers who prefer digital transactions.
Key Features of New Tech Term:
Choice between level sum assured and increasing sum assured options.
Special discounted premium rates for non-smokers and women.
Flexible premium payment options: regular, limited, or single premium.
Accident benefit rider available by paying an additional premium.
Policyholder can choose how the nominee receives the death benefit: as a lump sum or in installments.
LIC New Jeevan Amar
This plan is sold through LIC’s offline distribution channels, such as agents and marketing firms. It is suitable for customers who prefer personalized assistance during the policy purchase process.
Key Features of New Jeevan Amar:
Availability of both level sum assured and increasing sum assured death benefit options.
Flexibility to choose premium payment terms as per financial convenience.
Special premium rates for women policyholders.
Option to enhance coverage with accident benefit rider.
Choice to receive death benefit payout in installments rather than a lump sum.
Eligibility Criteria for LIC 1 Crore Term Insurance
Here’s a side-by-side look at the eligibility and features of the two plans:
Sample Premium Illustration for LIC 1 Crore Term Plans
The premium amount varies based on the age of the policyholder, plan chosen, and payment mode. Here’s an example to understand the differences in annual premiums:
From the above, it’s clear that the New Tech Term Plan is comparatively more affordable than the Jeevan Amar Plan, especially for younger policyholders.
Why Should You Consider LIC’s 1 Crore Term Plan?
Reputed Brand Name: LIC is one of the most trusted insurers in India, backed by decades of experience.
Financial Peace of Mind: A coverage of ₹1 Crore ensures your family’s financial independence, even in your absence.
Customizable Options: Flexibility in premium payments, riders, and death benefit payout makes it suitable for diverse needs.
Accessibility: Both online (New Tech Term) and offline (New Jeevan Amar) modes allow customers to choose how they want to purchase.
Conclusion
The LIC 1 Crore Term Insurance Plan is a robust, dependable, and affordable way to secure your family’s financial future. Whether you opt for the New Tech Term or the New Jeevan Amar, both plans provide substantial coverage, flexible payment terms, and the reliability of LIC’s trusted brand name.
Before purchasing, it is advisable to assess your financial requirements, compare both plans carefully, and select the one that aligns with your lifestyle and long-term goals.
Additionally, while term insurance protects your family’s future, having adequate health insurance is equally important to manage medical expenses. To explore how to choose the best health insurance plan, you can refer to this comprehensive guide: Your Guide to Choosing the Perfect Health Insurance Plan.
By combining life and health insurance wisely, you create a holistic shield of financial security for yourself and your loved ones.
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