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:

FeaturesDescription
Age of EntryMinimum – 18 years

Maximum – 60 years

 Age of MaturityMaximum of 75 years
PremiumMinimum – depends on factors determined by the insurer

Maximum – No limit subject to the Sum Assured amount selected

 Term of Premium PaymentLimited Pay – Premium paid for 5 years

Single Pay – One time lump sum payment of premium

Sum AssuredMinimum –

Aggregate Category – INR 25 lakhs

Non-smoker Category – INR 50 lakhs

Maximum – No limit

Term of PolicyMinimum – 10 years

Maximum – 35 years

Mode of Premium PaymentAnnual only
Benefit of DeathSum 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:

FeaturesDescription
Age of EntryMinimum – 18 years

Maximum – 60 years

Age of MaturityMaximum of 70 years
PremiumMinimum – Based on the minimum sum assured value and the age of the insured

Maximum – No limit

Term of Premium PaymentRegular Pay – Premium paid throughout policy term (5 years to 35 years)
Term of PolicyMinimum – 5 years

Maximum – 35 years

Mode of Premium  PaymentAnnual and semi-annual
Sum AssuredMinimum – INR 2500000

Maximum – No limit

Benefit of DeathThe 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:

FeaturesDescription
 Age of EntryMinimum – 18 years

Maximum – 55 years

Age of EntryMaximum of 65 years
PremiumMinimum – Depends on policy term and age of the insured subject to sum assured

Maximum – No limit

Term of Premium PaymentRegular Pay – Premium paid throughout policy term
Term of PolicyMinimum – 5 years

Maximum – 25 years

 Mode of Premium PaymentAnnual or semi-annual
Sum AssuredMinimum – INR 600000

Maximum – INR 2400000

Benefit of DeathThe 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:

 

FeaturesDescription
 Age of EntryMinimum – 18 years

Maximum – 55 years

Age of MaturityMaximum of 65 years
PremiumMinimum – depends on factors determined by the insurer

Maximum – No limit subject to the Sum Assured amount selected

Term of Premium PaymentRegular Pay – Premium paid throughout policy term

Single Pay – One time lump sum payment of premium

Sum AssuredMinimum – INR 10000

Maximum – INR 50000

Term of PolicySingle Pay Premium – 5 years to 10 years

Regular Pay Premium – 10 years to 15 years

Mode of Premium PaymentSingle, annually, semi-annually, quarterly or monthly
Benefit of MaturitySum Assured on Maturity
Benefit of DeathSum 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:

FeaturesDescription
Age of EntryMinimum – 18 years

Maximum – 55 years

Age of MaturityMaximum of 65 years
PremiumMinimum – depends on factors decided by the insurer

Maximum – No limit subject to the Sum Assured amount chosen

Term of Premium PaymentRegular Pay – Premium paid throughout policy term

Single Pay – One time lump sum payment of premium

Sum AssuredMinimum – INR 10000

Maximum – INR 50000

Term of PolicySingle Pay Premium – 5 years to 10 years

Regular Pay Premium – 10 years to 15 years

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

Note: This webpage is completely dedicated to LIC Term Assurance Plan- List of LIC Term Assurance Plans with details. You can bookmark this page and visit again to know latest updates.

Leave a Comment

Your email address will not be published. Required fields are marked *