If you worry about the future of your family, especially the financial part, you are not alone who does that. The majority of the people worry about the financial security of their family, and for a situation when they are not there to support the family anymore. However, if you are wondering about the various ways through which you can support your family, then you can consider term insurance any day. Before we talk about the types of term insurance plans, let us first know what term insurance is.
What is term insurance?
Term insurance is a type of life insurance that you can purchase for a specific period, which can be 10, 15, or 30 years, etc. If you as a policyholder die within the period of the term insurance, the nominee of the term plan will get the death benefit. Term insurance policies do not get matured and have no cash value. One of the best things about term plans is that on paying lesser premiums, the beneficiaries will get higher returns. However, the benefit of the policy can only be received on the sudden demise of the policyholder.
One of the challenges that many individuals face while trying to buy a term insurance plan is choosing the life insurance company that offers term policies that suit their needs. One of such companies is Life Insurance Corporation.
Life Insurance Corporation was established on September 1 1956 under the Life Insurance of India Act. It is owned by the Government of India and has more than 290 million policyholders across the country. LIC is also considered one of the most trusted insurance providers in India. The LIC term insurance plans and policies are particularly designed to meet the various demands of the customers in the country. The term insurance plans offered by LIC aim to provide financial security to the family of the policyholder in an event in which the insured has passed away. What makes LIC different from many term insurance policy providers is that you can get substantial financial coverage by paying lower premiums. LIC is a much sought-after company of many policyholders in India.
Best Term Insurance Plans offered by LIC
The top three term insurance plans offered by LIC include LIC Tech Term Plan, LIC Jeevan Amar, and LIC Saral Jeevan Bima. Let us discuss these plans in length.
LIC Tech Term Plan
This is a non-linked and non-participant online plan that offers financial security to the family of the policyholder in case the insured dies in between the tenure of the policy. This policy comes with level sum assured as well as increasing sum assured options, and you get the flexibility to choose any one out of these two benefits. You can also go for a single premium, regular premium, or limited premium payment. The policy offers a special premium rate for women. For men, there are two types of premium rates, for smokers and non-smokers. Smokers may have to pay a little more premium than non-smokers. You can add accident benefit rider. The minimum entry age for this plan is 18 years and the maximum is 65 years.
LIC Jeevan Amar
With this particular plan, you get the advantage of a high sum assured rebate. The categories of premium for this plan are separate for smokers and non-smokers. You can choose between an increasing sum assured and a level sum assured benefit. You also get the option to choose a policy that suits you along with the premium paying term. If you want to enhance your policy, you can add an accidental rider by paying an extra payment.
LIC Saral Jeevan Bima
It is basically standard life insurance which is popular for its affordability. Once you are sure about this plan, you can purchase it either online or offline. If the insured dies for any reason except for an accident, and the policy at that point is in the waiting period, the beneficiary will be paid all the premiums that have been paid apart from the taxes. If the policyholder dies after the waiting period of 45 days but cleared all the premiums, the nominee will receive the sum assured. On surviving through the policy, the insured will not get any maturity benefit.
To know more about the LIC term insurance plans, you can take a look at the website of IIFL. You can also find various other companies there offering term insurance plans.