LIC Term Assurance Plan

 List of LIC Term Assurance Plans with details:  LIC offers five variable options under its term insurance policies and they can be bought generally through the branches of LIC. For those who wish a quicker and tech-savvy approach, some policies can be invested over LIC”s portal also. These policies feature easy terms and circumstances and can be simply availed from minimal or no paperwork. These policies also offer tax profits on the payment of premiums and the final sum insured that is payable to the nominee. Loans can also be taken in lieu of these term policies and this gamut of offering from LIC is also known for Assurance policies.

Types of LIC Term Assurance Plans:
There are five types of terms assurance plans offered by LIC which are given below:

  • LIC e- Term
  • LIC Amulya Jeevan- II
  • LIC Anmol Jeevan-II
  • LIC Bhagya Lakshmi
  • LIC New Jeevan Mangal

Out of the above policies, Bhagya Lakshmi and New Jeevan Mangat are primarily micro insurance products that have a term Insurance aspect.

LIC e- Term: LIC’s only online policy that is a clear term policy and considered only on individual basis. The basic qualities of this policy are given below:

Features Description
Age of Entry Minimum – 18 years

Maximum – 60 years

 Age of Maturity Maximum of 75 years
Premium Minimum – depends on factors determined by the insurer

Maximum – No limit subject to the Sum Assured amount selected

 Term of Premium Payment Limited Pay – Premium paid for 5 years

Single Pay – One time lump sum payment of premium

Sum Assured Minimum –

Aggregate Category – INR 25 lakhs

Non-smoker Category – INR 50 lakhs

Maximum – No limit

Term of Policy Minimum – 10 years

Maximum – 35 years

Mode of Premium Payment Annual only
Benefit of Death Sum Assured on Death

 

LIC Amulya Jeevan-II: A traditional term policy from LIC Insurance, this policy is available through the branches of LIC and its basic qualities are given below:

Features Description
Age of Entry Minimum – 18 years

Maximum – 60 years

Age of Maturity Maximum of 70 years
Premium Minimum – Based on the minimum sum assured value and the age of the insured

Maximum – No limit

Term of Premium Payment Regular Pay – Premium paid throughout policy term (5 years to 35 years)
Term of Policy Minimum – 5 years

Maximum – 35 years

Mode of Premium  Payment Annual and semi-annual
Sum Assured Minimum – INR 2500000

Maximum – No limit

Benefit of Death The entire Sum Assured value will be paid to the nomine


LIC Anmol Jeevan-II
: Another traditional policy from LIC, Anmol Jeevan II has approximately similar qualities as Amulya Jeevan II. The following details are given below:

Features Description
 Age of Entry Minimum – 18 years

Maximum – 55 years

Age of Entry Maximum of 65 years
Premium Minimum – Depends on policy term and age of the insured subject to sum assured

Maximum – No limit

Term of Premium Payment Regular Pay – Premium paid throughout policy term
Term of Policy Minimum – 5 years

Maximum – 25 years

 Mode of Premium Payment Annual or semi-annual
Sum Assured Minimum – INR 600000

Maximum – INR 2400000

Benefit of Death The entire Sum Assured value will be paid to the nominee


LIC Bhagya Lakshmi
:  An offline policy in the micro-insurance segment, Bhagya Lakshmi can be really productive for the rural population or the ones belonging to low income groups. Unlike conventional term insurance policies, this plan offers an also maturity benefit. The policy details are given below:

 

Features Description
 Age of Entry Minimum – 18 years

Maximum – 55 years

Age of Maturity Maximum of 65 years
Premium Minimum – depends on factors determined by the insurer

Maximum – No limit subject to the Sum Assured amount selected

Term of Premium Payment Regular Pay – Premium paid throughout policy term

Single Pay – One time lump sum payment of premium

Sum Assured Minimum – INR 10000

Maximum – INR 50000

Term of Policy Single Pay Premium – 5 years to 10 years

Regular Pay Premium – 10 years to 15 years

Mode of Premium Payment Single, annually, semi-annually, quarterly or monthly
Benefit of Maturity Sum Assured on Maturity
Benefit of Death Sum Assured on Death = 105% of all premiums paid for regular pay and 125% of premium for single pay policies


LIC New Jeevan Mangal:
A micro-insurance policy with an accidental death profit rider that offers to return the premiums paid on maturity. The basic qualities and profits of this policy are given below:

Features Description
Age of Entry Minimum – 18 years

Maximum – 55 years

Age of Maturity Maximum of 65 years
Premium Minimum – depends on factors decided by the insurer

Maximum – No limit subject to the Sum Assured amount chosen

Term of Premium Payment Regular Pay – Premium paid throughout policy term

Single Pay – One time lump sum payment of premium

Sum Assured Minimum – INR 10000

Maximum – INR 50000

Term of Policy Single Pay Premium – 5 years to 10 years

Regular Pay Premium – 10 years to 15 years

Mode of  Premium Payment Single, annually, semi-annually, quarterly or monthly
Benefit of Maturity Sum Assured on Maturity
Benefit of Death Sum Assured on Death = 105% of all premiums paid for regular pay and 125% of premium for single pay policies
Benefit of Accidental Death Additional Sum Assured over and above the Base Sum Assured

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