Compare LIC Term Insurance Plans

Life-Insurance-Corporation-of-India

Life Insurance Corporation of India

The oldest player in the insurance sector, since 1956, LIC of India has been catering to insurance needs of the entire nation. Being the only player till 2002, LIC grabbed the maximum market share and is still the tallest player in the market. With as many as 250 million customers, its reach is humungous and for most customers, life insurance still means LIC. It has extensive reach in the market with wide variety of plans that generations of families are using and are happy with. With increasing competition, the company has also evolved with its product portfolio and brings some of the best plans to its customer for maximum life insurance coverage at least possible cost.

Life Corporation of India- Best Term Insurance Plan in India

The LIC of India has currently three term plans in the offering providing comprehensive life insurance coverage. The plans are designed keeping in mind individual requirements and are easily available offline and online.

List of Term Plans Offered By Life Insurance Corporation of India, With Features, Benefits And Eligibility

Anmol Jeevan II

Features:

  • Basic term plan
  • Offers death benefits
  • No maturity benefits available
  • The plan offers the flexibility of paying premium yearly or half-yearly. However, choosing half-yearly premium paying option will mean paying additional premium that is extra 2% of the tabular premium for yearly mode of payment
  • Additional rider available for wholesome coverage

Benefits:

  • If the policyholder dies during the term of the plan, the sum assured shall be paid to the nominee
  • LIC’s New Term Assurance Rider can be added to this policy. Under this rider, if the policyholder dies during the term of the plan, an additional amount, equal to the sum assured, shall be paid to the nominee. This means, the nominee gets double the sum assured
  •  In case of suicide within 12 months of buying the policy or renewal, no death benefit shall be paid, but 80% of the total premiums paid shall be returned to the nominee
  • Income tax benefit shall be available under section 80C and section 10 (10) D

Eligibility:

Entry Age Min: 18 years | Max: 55 years
Maturity Age Max: 65 years
Policy Term Min: 5 years | Max: 25 years
Sum Assured Min: Rs. 6 lakhs | Max: Rs. 24 lakhs
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly or half-yearly

Amulya Jeevan II

Features:

  • Basic term plan
  • Death benefits available
  • No maturity benefits
  • Income tax benefits offered
  • The policyholder can pay premium on yearly or half-yearly basis, but half-yearly premiums will have an additional amount, which is 2% of the tabular premium for yearly mode of payment

Benefits:

  • If the policyholder dies during the term of the plan, the nominee shall be paid the sum assured as a lumpsum amount
  • If the policyholder commits suicide, the nominee shall not receive the death benefits, but 80% of total premiums paid till the date of death shall be paid back
  • LIC’s New Term Assurance Rider can be added to the policy, which will ensure payment of an additional amount, equal to the sum assured, to the nominee if the policyholder dies during the policy term.
  • Income tax benefits can be availed under section 80C and section 10 (10) D

Eligibility:

Entry Age Min: 18 years | Max: 60 years
Maturity Age Max: 70 years
Policy Term Min: 5 years | Max: 35 years
Sum Assured Min: Rs. 25 lakhs | No limit
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly or half-yearly

e-Term

Features:

  • The only online term plan by the company
  • Two categories of premium rates apply
  • No maturity benefit applicable
  • Income tax benefits applicable

Benefits:

  • It’s an economical term plan as it’s only available online that helps reduce the premium
  • Two categories of premium rates are divided into
    1. Aggregate Lives: For sum assured up to Rs. 49 lakhs, aggregate category rates will apply
    2. Non-smoker Lives: For sum assured of Rs. 50 lakhs and above, there is an option to choose differential rates for non-smoker category
  • If the policyholder dies during the term of the plan, the nominee shall get the sum assured as chosen at the tie of inception of the policy
  • Income tax benefits can be enjoyed under section 80C and section 10 (10) D

Eligibility:

Entry Age Min: 18 years | Max: 60 years
Maturity Age Max: 75 years
Policy Term Min: 10 years | Max: 35 years
Sum Assured Min: For Aggregate Category- Rs. 25 lakhs; For Non-smoker Category- Rs. 50 lakhs | Max: No limit
Premium Payment Frequency Yearly
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