We all know that life is uncertain, and because of COVID-19, it has a constant risk surrounding it. Going out is no less than one such risk that we take on an everyday basis. And if you have the kind of a job that demands you to step out of your home regularly, then it is time you must consider a term insurance plan. The best thing about a term insurance plan is that you can rest assured that your family will not have to face financial challenges even if something happens to you. The sooner you buy term life insurance, the better coverage will be received by your family. Let us first shed some light on the topic of term insurance.
What is Term Life Insurance?
Term insurance is life insurance that you can purchase and will be required to pay a premium, mostly yearly. You can also choose to pay the premium monthly or half-yearly. Term life insurance comes with tenure for 10, 20, or 30 years, and you can choose the one that you feel is right for you. In case of your untimely demise, the beneficiary of the plan will get death benefits of the sum assured. If you buy riders, the nominee will get additional benefits. The premiums you pay for term insurance are affordable and the payouts are pretty high.
One of the best term plans that you can find in India is the LIC term insurance plan. Let us discuss why you should buy a LIC term plan.
- The premiums are low and affordable; therefore, you do not have to worry about paying the yearly premiums
- The term insurance plan comes with longer tenure, which means you will be covered even during your older age
- The premiums you pay help in tax deduction under Section 80C. Even the death benefit is tax-exempt under Section 10 (10D).
When should you purchase the LIC of India Term Insurance?
Term insurance from LIC can be bought at a young age. If you buy it at a young age, you will have to pay lower premiums. Also, you do not have to undergo some medical check-ups.
Types of LIC Term Insurance Plans:
- LIC Tech Term Plan
LIC Tech Term Plan is comparatively a new plan that you can purchase online from the company’s website. The features of the plan include:
- You can either choose a uniform sum assured that would remain the same throughout the policy tenure or a sum assured that would increase
- Premium rates for women and non-smokers are lower
- For choosing higher levels of sum assured, you can avail of discounts
- The beneficiaries can choose the death benefits to be paid in installments, which will help as a monthly income
- The minimum entry age for the plan is 18 years and the maximum entry age is 65 years
- The minimum sum assured is Rs. 50 lac and there is no upper limit.
- LIC Jeevan Amar Plan
This is one of the LIC’s best plans. If the insured passes away during the tenure of the term plan, the beneficiaries will get the sum assured. You can also enjoy the flexibility of the premium payments, as you can either pay a limited premium or pay it at once. Some of the features of the plan include:
- The term plan offers two coverage options; increasing sum assured and level sum assured
- If you choose the sum assured of Rs. 50 lac and above, you can enjoy premium discounts
- By choosing an optional accidental benefit rider, the coverage can be improved
- LIC Anmol Jeevan II Plan
This is also a term insurance plan that offers a death benefit to the beneficiaries in an event of the death of the insured. Some of the features of this plan include:
- You can pay the premium of the term insurance plan either half-yearly or yearly
- The premiums are low
- Coverage is offered for up to 25 years
- The minimum sum assured for this plan is Rs. 6 lac and the maximum is Rs. 24 lac.
Apart from these features, there are several more features that each of these plans possesses. To know more about the LIC online term plan, you can visit the IIFL website today.
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