LIC Term Assurance Plans

LIC Term Assurance Plans

This is a quick LIC plan with simple terms and conditions. This plan provides tax benefits on the premium paid and the final amount will be paid with these benefits to the nominee. This plan will offer loan after a period based on the premium you choose

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Benefits Of LIC Term Insurance Plan:

The following are the benefits of LIC term assurance plan

  • This insurance serves for different aged people from 18 years to 75 years
  • This plan provides flexibility in the mode of payments and even in the payments of the premium schedule
  • It claims a settlement ratio of 98%

Types of LIC Term Plans:

There are five different types of LIC plans are available as

  1. LIC e-term
  2. LIC Amulya Jeevan-II
  3. LIC Anmol Jeevan-I
  4. LIC Bhagya Lakshmi
  5. LIC New Jeevan Mangal
Plan Minimum Entry Age Maximum entry age Sum assured Maturity period
LIC e- term 18 60 The minimum amount of 25 lakhs and no limit over the maximum amount 70 years
LIC Amulya Jeevan 18 60 The minimum amount of 25 lakhs and limit over the maximum amount 65 years
LIC Anmol Jeevan 18 55 The minimum amount of 6 lakhs and maximum amount of 24 lakhs 65 years
LIC Bhagya Lakshmi 18 55 The minimum amount of 2 lakhs and maximum of 5 lakhs 75 years
LIC New Jeevan Mangal 18 60 The minimum amount of 25 lakhs and no limit over the maximum limit 65 years
  1. LIC e-term Plan Details:

This is a regular non-practicing online term assurance plan that provides financial protection to your family. To be a member of this plan you should be an Indian citizen with at least 18 years of age and a maximum of 60 years. The tenure period of this plan is 10 years the premium needs to be paid annually

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Features of LIC e-term:

  • The minimum entry age for this scheme is 18 years and the maximum age is 60 years.
  • The minimum validity of the plan is 10 years and the maximum validity is 35 years
  • The minimum amount that needs to be assured is 25 lakhs and for non-smokers, the amount that needs to be insured is 50 lakhs there is no limit over the maximum amount that needs to be insured.
  • The policyholder can cover up to 1 lakh to 25 lakh
  • The policy can be renewed within 2 years if it has lapsed
  1. LIC Amulya Jeevan II Plan Details:

This is a protection plan that is ideal for members who have certain wealth, accustomed lifestyle.   

Eligibility Criteria For LIC Amulya Jeevan II Plan:

  • The minimum entry age for this plan is 18 years and the maximum entry time for this plan is 60 years
  • The minimum amount that needs to be assured is 25 lakhs
  • The maturity time for this plan is 70 years

Features OF LIC Amulya Jeevan II

  • There are two modes of policy terms as 5 years and 35 years
  • There will be a grace period of one month to the policyholders for the payment of the premiums
  • There are two modes for the policy payments as half-yearly and yearly
  • In case of death of policyholder death, the benefit will be issued
  • The income tax act of the country provides tax benefits on premium paid
  1. LIC Anmol Jeevan Plan Details:

Anmol Jeevan II from LIC is a plan which is designed for the financial protection of the insured person in any unfortunate case.

Eligibility Criteria For LIC Anmol Jeevan Plan:

  • The minimum entry of age to this scheme is 18 years and the maximum entry age of this scheme is 55 years
  • The maximum amount that can be insured is 6 lakhs and there is no limit over the maximum amount

Features Of LIC Anmol Jeevan II

  • There is flexible in policy terms ranges from 5 years to 25 years
  • The premiums can be paid in different modes as half-yearly and yearly
  • The grace period for the policyholder is 1 month for paying the premium payments
  1. LIC Bhagya Lakshmi Plan Details:

This is a non-participating payment plan that provides 110% of the premiums paid on the maturity plan

Features Of LIC Bhagya Lakshmi

  • The minimum amount that can be assured is 20,000 and the maximum amount is 50,000
  • This plan provides different payment modes as a monthly, quarterly, half-yearly, yearly, single payment
  • There is a grace period of 60 days from the due date
  • The minimum premium paying term is 5 years and the maximum premium paying term is 13 years
  • The policy term is 2 years and the maximum policy term is 7 years and the maximum policy is 15 years
  • The minimum eligible age is 18 years and the maximum age limit is 55 years
  • The maturity period of the plan is 65 years

Benefits Of LIC Bhagya Lakshmi Plan

  • In case of death of the life insured the nominee will b assured with the death benefit that equals to the sum assured
  • A maturity benefit of 101% of the premium is assured if the insured survives the end of the policy term
  1. LIC New Jeevan Mangal Plan Details:

A new Jeevan is designed for individuals

Features Of LIC Jeevan Mangal

  • The policy has premium modes ranging from 1-15 years and 5-10 years
  • The payments can be done based on monthly, quarterly, half-yearly, yearly
  • There are two premium plans as a single premium plan and regular premium plan

Benefits Of LIC New Jeevan Mangal Plan:

  • A maturity benefit with all the premium paid will be issued after the period on the survival of the insured person
  • A death benefit will be paid to the nominee of a policyholder in case of their death.
  • An accidental benefit will be issued to the nominee in case of death of policyholder due to an accident
  • Tax benefits will be paid on the premiums after the pay-out received on the maturity/ death

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