LIC 1 Crore Term Insurance: Eligibility, Benefits & Complete Policy Details

About Life Insurance Corporation of India (LIC)

For over 6 decades, LIC has been serving 250+ million Indians with its products. There are numerous pan-India LIC branches, making it accessible to people across the country.

Most of the services are also available online, which further makes it easier for people. Life insurance plans, such as term plans, are among the most popular products offered by LIC. With a large customer base, LIC also plays a crucial role in India's economy.

LIC 1 Crore Term Plans

Below, we have discussed some term plans from Life Insurance Corporation of India that offer a sum assured of ₹1 crore or more.

LIC New Tech Term

LIC New Tech-Term is a non-linked, non-participating, pure risk term assurance plan. It provides death benefits to the nominee if the life assured passes away during the policy term. The Basic Sum Assured of New Tech Term starts from ₹50 lakh. It has no upper limit for sum assured and is subject to LIC’s underwriting norms.

You are free to choose from a range of flexible tenure options, premium payment terms, and death benefit payouts (lump sum or instalments). The policy offers special premium rates for women and also standard modes for premium payment.

Eligibility Criteria:

• Entry Age: 18-65 years
• Policy Term: 10-40 years (coverage up to age 80).

LIC New Jeevan Amar

Another LIC 1 crore plan is the LIC New Jeevan Amar plan. It is a non-linked, non-participating individual pure term insurance plan. This policy is designed to provide financial security to the family in case the insured dies during the policy tenure. The plan offers a minimum Basic Sum Assured of ₹25 lakh with no upper limit. It is subject to LIC’s underwriting norms.

You may choose either the Level Sum Assured or the Increasing Sum Assured options. The premium payment terms are also flexible. The death benefit can be received as a lump sum or in instalments. This term plan also offers a rebate on the premium for higher sum assured amounts.

Eligibility Criteria:

• Entry Age: 18-65 years
• Policy Term: 10-40 years

LIC Digi Term Plan

LIC’s Digi Term is a non-linked, non-participating, pure risk term insurance plan. The Basic Sum Assured of this plan is ₹50 lakh, while the maximum sum assured can go up to ₹5 crore or even higher. The death benefit is paid if the life assured dies during the policy tenure.

In this plan, you may also choose either the Level or the Increasing Sum Assured option. There are different premium payment modes like single, regular, or limited. The payout of the death benefit can be a lump sum or in instalments. Women can enjoy special premium rates.

Eligibility Criteria:

• Entry Age: 18-45 years
• Maturity Age: 33-75 years

LIC Yuva Term

LIC’s Yuva Term is a non-linked, non-participating pure term insurance plan. This plan specifically covers young individuals in case of premature death. The Sum Assured of the plan ranges from ₹50 lakh to ₹5 crore or higher.

The death benefit payout of this plan is flexible (lump-sum or instalments), and the premium payment terms are also flexible. As the insured, you can choose between Level or Increasing Sum Assured. Women can enjoy special premium rates under the Yuva Term by LIC.

Eligibility Criteria:

• Entry Age: 18-45 years
• Maturity Age: 33-75 years

Benefits of Term Plans by LIC

Some of the benefits of LIC ₹1 crore plans are as follows:

Affordable Premiums & High Coverage

Most term plans have a high sum assured value at quite affordable premium rates, especially when compared to other life insurance products. This makes it very convenient for individuals to secure their family's financial future without putting pressure on their monthly budget.

Option to Add Riders

Riders such as accidental death benefit, critical illness cover, and premium waiver are available on term insurance policies. These riders add on coverage by giving the assurance of protection against certain risks at a very low and nominal extra cost.

Tax Benefits

The amount paid as a premium for term insurance qualifies for deduction under Section 80C of the Income Tax Act of 1961. Additionally, the amount received as a death benefit by the nominee is also generally exempt from tax under Section 10(10D) of the Income Tax Act of 1961.

Family's Financial Security

Term plans can be one of the most practical ways of securing the financial future of your family. With high sum assured amounts like ₹1 crore, it becomes a little easier for the family to cope with the financial requirements after the earning member is no longer around.

Transparency with Policyholders

LIC is known for its transparency and trust with the customers. This is why it has decades of relationships with its customers. At the time of buying the policy, the executive ensures complete transparency so you face no issues during claim settlement.

Long-term Coverage

₹1 crore life insurance by LIC lets you purchase plans with long-term coverage. You may purchase plans that offer a tenure of 10, 20, 30 years or even longer. It simply means long-term peace of mind.

To Conclude

When it comes to securing the financial future of loved ones, term plans are often a preference. Choosing plans like ₹1 crore LIC term plans can be a wise decision, as higher sum assured amounts mean better financial security for the family. Make sure to compare various plans before you choose one. At Jio Insurance Broking, we make this process easier and quicker for you.

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