LIC Term Insurance Plans: A Complete Overview of All LIC Term Insurance Plans 2023

Hello friends, Are you also confused about LIC term insurance plans? Which term insurance plan should you take? So this article can be useful for you because in it we will explain in detail all term insurance plans offered by LIC, which will help you choose the best term insurance plan for you. The purpose of this article is to give you the right information about all the term insurance plans of LIC and to provide you with a guide by comparing these plans with each other, so read this post carefully and till the end.

What is term insurance?

A term assurance plan is a type of life insurance that provides coverage for a specified period of time, known as the policy term. If the policyholder dies during the policy term, the nominee gets the death benefit. Unlike whole life insurance, which provides lifelong coverage, term assurance plans have a specified term, making them an excellent option for individuals seeking temporary protection and financial support for their dependents. It offers pure life coverage without any savings component, making it one of the most affordable life insurance options.

How does term insurance work?

Term insurance works on a straightforward principle wherein you pay regular premiums to the insurance provider, and in return, they provide life coverage for the chosen term. If the policyholder dies during the policy term, the death benefit is paid to the nominee. However, in most plans, there is no maturity benefit if the insured survives until maturity. But in the recently launched Jeevan Kiran plan by LIC, its benefits are available.

Why choose term insurance over other policies?

Term insurance is chosen because it offers the benefit of maximum coverage at a lower cost as compared to other policies. While other life insurance policies combine investment components, this term plan, on the other hand, completely provides coverage to your family in case of your untimely demise. The purpose of these policies is to provide financial security to your loved ones. This ensures that you will have coverage to meet your family’s financial needs even in your absence.

Types of LIC term Insurance plans

LIC offers a variety of term insurance plans to meet the needs of different individuals. Let us try to learn about all these term insurance plans one by one.

• LIC New Tech-Term (954)
• LIC Saral Jeevan Bima (859)
• LIC New Jeevan Amar (955)
• LIC Jeevan Kiran (870)

LIC New Tech-Term Plan

The LIC Tech-Term Plan is a non-linked, non-participating, individual, pure-risk premium life insurance plan that offers a high degree of financial protection at an affordable cost. This plan provides financial protection to the family of the insured in the unfortunate event of the insured’s death during the policy term. The scheme can be availed online only through the website www.licindia.in.

Features of LIC New Tech-Term Plan

• Here, the individual has the flexibility to choose between two benefit options: “Level Sum Assured and Increasing Sum Assured”.

• Single premium, regular premium, and limited premium payments are available in this plan for premium payment.

• The policyholder can choose any policy term from 10 to 40 years, depending on his or her financial goals and requirements.

• Can opt for the payment of benefits in installments.

• Special rates are available for Women.

• Two categories of premium rates are available: (1) Non-Smoker rates and (2) Smoker rates. Applying non-smoker rates will be based on urine cotinine test findings. In all other cases, smoking rates will apply.

• The accident benefit rider option is available on payment of an additional premium for rider benefit.

Eligibility Details of LIC Term-Term

Benefits of LIC Term-Term

The benefits available during the LIC Tech Term Policy will be something like this:

Death Benefit:

If you had opted to pay a regular premium or a limited premium at the time of taking the policy, then in this case you will get the death benefit as follows:

• 7 times the annualised premium
• 105% of “Total Premiums Paid” till the date of death
• Full Sum Assured to be paid on death

Out of these three calculations, whichever amount is greater will be payable.

If you had opted for a single premium payment at the time of taking the policy, the death benefit available would be something like this:

• 125% of the single premium
• Full Sum Assured to be paid on death

Out of these two calculations, whichever amount is greater will be payable.

LIC Saral Jeevan Bima Plan

LIC Saral Jeevan Bima Plan is a non-linked, non-participating, individual, pure-risk life insurance plan that offers a high degree of financial protection at an affordable cost. This plan provides financial protection to the family of the insured in the unfortunate event of the insured’s death during the policy term. The plan can be purchased offline through licenced agents, corporate agents, and directly online through LIC’s official website, www.licindia. in.

Features of LIC Saral Jeevan Bima Plan

• If the life assured dies for any reason within the waiting period of 45 days, then whatever premium he has paid will be returned.

• After the waiting period of 45 days, if the life assured dies due to any reason, the death benefit amount will be payable, which is a lump sum amount.

• Single premium, regular premium, and limited premium payments are available in this plan for premium payment.

• The policyholder can choose any policy term from 5 to 40 years, depending on his or her financial goals and requirements.

Eligibility Details of LIC Saral Jeevan Bima

Benefits of LIC Saral Jeevan Bima

There can be two cases of death benefit in this plan.

In the first case, if the life assured dies due to any reason other than accident during the waiting period, an amount equal to 100% of all premiums received excluding taxes will be paid, but no Basic Sum Assured will be paid in it.

Secondly, if the life assured dies after the expiration of the waiting period of 45 days from the date of commencement of risk but before the stipulated date of maturity, then in this case, the death benefit amount will be payable, which is a lump sum amount

Death Benefit:

If you have opted to pay a regular premium or a limited premium at the time of taking the policy, in this case you will get the death benefit as follows:

• 10 times the annualized premium,
• 105% of the “Total Premiums Paid” till the date of death
• Absolute amount assured to be paid on death.

Out of these three calculations, whichever amount is higher will be payable.

If you had opted for a single premium payment at the time of taking the policy, the death benefit available would be as follows:

• 125% of the single premium
• Absolute amount assured to be paid on death.

Whichever of these two calculations is higher, the amount will be payable.

LIC New Jeevan Amar Plan

LIC New Jeevan Amar is a non-linked, non-participating, individual, pure-risk premium life insurance plan that offers a high degree of financial protection at an affordable cost. This plan provides financial protection to the family in the unfortunate event of death of the insured during the policy term. This plan can be bought offline through any licensed agent, corporate agent, broker or insurance marketing firm.

Features of LIC New Jeevan Amar Plan

• Here, the individual has the flexibility to choose between two benefit options: “Level Sum Assured and Increasing Sum Assured”.

• Single premium, regular premium, and limited premium payments are available in this plan for premium payment.

• The policyholder can choose any policy term from 10 to 40 years, depending on his or her financial goals and requirements.

• Can opt for the payment of benefits in installments.

• Special rates are available for Women.

• Two categories of premium rates are available: (1) Non-Smoker rates and (2) Smoker rates. Applying non-smoker rates will be based on urine cotinine test findings. In all other cases, smoking rates will apply.

• The accident benefit rider option is available on payment of an additional premium for rider benefit.

Eligibility Details of LIC New Jeevan Amar

Benefits of LIC New Jeevan Amar

The benefits available during the LIC Tech Term Policy will be something like this:

Death Benefit:

If you had opted to pay a regular premium or a limited premium at the time of taking the policy, then in this case you will get the death benefit as follows:

• 7 times the annualized premium
• 105% of “Total Premiums Paid” till the date of death
• Full Sum Assured to be paid on death

Out of these three calculations, whichever amount is greater will be payable.

If you had opted for a single premium payment at the time of taking the policy, the death benefit available would be something like this:

• 125% of the single premium
• Full Sum Assured to be paid on death

Out of these two calculations, whichever amount is greater will be payable.

LIC Jeevan Kiran Plan

LIC Jeevan Kiran plan is a term insurance plan offered by Life Insurance Corporation of India (LIC). This plan is a non-linked, non-participating savings life insurance plan in which the policyholder gets guaranteed returns. This insurance gives the benefit of savings along with life insurance. Whatever premium was paid under this plan, at the end of the policy term, if the policyholder survives, then this premium amount is returned to him. The plan can be purchased offline through licensed agents, corporate agents and directly online through LIC’s official website, www.licindia.in.

Features of LIC Jeevan Kiran Plan

• Life insurance coverage in case of an unfortunate death during the policy term.

• In the event of the policy’s survival to maturity, the total premium amount paid (excluding any extra premium, rider premium, and taxes) is returned.

• Here, the individual has the flexibility to choose between two benefit options: “Level Sum Assured and Increasing Sum Assured”.

• Single premium and regular premium payments are available in this plan for premium payments.

• The policyholder can choose any policy term from 10 to 40 years, depending on his or her financial goals and requirements.

• You will get the benefit of an attractive, high-sum assured discount in the policy.

• Two categories of premium rates are available: (1) Non-Smoker rates and (2) Smoker rates. Applying non-smoker rates will be based on urine cotinine test findings. In all other cases, smoking rates will apply.

• The accident benefit rider option is available on payment of an additional premium for rider benefit.

Eligibility Details of Jeevan Kiran Plan

Benefits of LIC Saral Jeevan Bima

The benefits available during the LIC Tech Term Policy will be something like this:

Death Benefit:

If you had opted to pay a regular premium or a limited premium at the time of taking the policy, then in this case you will get the death benefit as follows:

• 7 times the annualised premium
• 105% of “Total Premiums Paid” till the date of death
• Full Sum Assured to be paid on death

Out of these three calculations, whichever amount is greater will be payable.

If you had opted for a single premium payment at the time of taking the policy, the death benefit available would be something like this:

• 125% of the single premium
• Full Sum Assured to be paid on death

Out of these two calculations, whichever amount is greater will be payable.

Maturity Benefit:

On the Life Assured surviving the stipulated date of maturity, “Sum Assured on Maturity” shall be payable, where “Sum Assured on Maturity” is equal to “Total Premiums Paid” under the Regular Premium Paying Policy. And the single premium is equal to the total premiums paid under the single premium paying policy.

Conclusion

LIC term insurance can be a valuable tool to secure your family’s financial future. As these plans offer affordable and temporary coverage that can protect your loved ones in crucial times, it is important to consider the different types of term insurance plans before taking out a policy. By understanding its many factors and clearing up common misconceptions, you can make the right decision for the policy. So that it suits the needs of your family.

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