How Much Does an LIC Term Plan Cost

The Life Insurance Corporation of India (LIC) covers a huge share in the insurance sector and it was the sole life insurance service provider in our country at the time of inception. Not only the oldest, it is also the most trusted company in the insurance industry, thanks to decades of efficient service. The company’s product portfolio includes different term plans, ULIPs, child plans, pension plans, and traditional savings plans.

LIC term plan offers protection to individuals at low cost and promises immense benefits if the policyholder passes away during the plan tenure. Being the basic kind of insurance, term plans provide for only for the death of the insured during the term period of the plan and no value upon maturity.

Some of the premium term insurance plans offered by Life Insurance Corporation of India include LIC Anmol Jeevan II, LIC Amulya Jeevan II, and LIC e-Term Plan, each with their own set of benefits and riders. How much a term plan will cost you depends on several factors like your age at the time of opting for the term policy, sum assured, the tenure of the policy, and whether the policyholder is a smoker or non-smoker.

Low-Cost Plans

LIC term plans offer insurance protection to individuals at a low cost since there is no maturity value if the insured lives through the term of the plan. They enable the benefit of higher coverage in the form of a large amount of sum assured at lower rates of premium. Let’s take a quick look at the top term insurance plan offerings of the LIC.

· Anmol Jeevan 2 Plan

Anmol Jeevan 2 is a traditional low cost and pure protection plan that provides a lump sum in case of the death of the policyholder during the term of the policy. It requires a minimum age of entry of 18 years and a maximum of 55 years. The maximum and minimum term duration can be chosen between 5 and 25 years. Choose the semi-annual or annual mode of premium payment and you get tax exemption on them.

· Amulya Jeevan II Plan

This pure LIC term plan also enables the payment of death benefit in the event of the unfortunate death of the insured during the plan tenure. The minimum entry age for taking this policy is 18 years and the maximum is 60 years. You can opt for a minimum term of 5 years and a maximum of 35 years when you take the Amulya Jeevan II plan. Make yearly or half-yearly premium payments depending on your convenience and avail tax benefits.

· LIC e-Term Plan

This online term plan offering from LIC must be availed through the official website of the company. As is the case with pure term plans, even the e-Term plan of LIC provides payment of the sum assured only in the event of the demise of the policyholder while the plan is in effect. Being an online plan, it can be availed at lower premium rates. The e-term plan requires a minimum entry age of 18 years and a maximum of 60 years. The policy term you opt for can be anywhere from 10 to 35 years.

Each of these plans has their own set of features, benefits, and eligibility criteria and drawing a comparison becomes a must. Coverfox.com is your one-stop resource for everything insurance and you can get in touch with an expert to get the right advice on the LIC term plan that works best for you.

Best Deals On LIC Term Plans

The term plans of LIC are designed keeping individual requirements in mind to provide comprehensive life insurance coverage. Make sure you get in touch with a trusted insurance advisor to zero-in on a plan that suits your needs the best.

An able advisor will respond to all your queries on the term plan offerings of LIC and help you select the perfect plan. When they have several years of experience, they know how you can get the right financial coverage so that it makes complete sense considering all factors that come into play when you are looking for insurance. By suggesting the right amount of coverage for you, they make sure the premium rates are more affordable.

Visit an insurance comparison portal and advisor such as Coverfox.com to obtain the best term plan insurance quote today.

Summing Up

Life is uncertain and while you cannot predict how long you will live, you can certainly think ahead and plan the financial future of your loved ones when you are not around. LIC term plans are the best way of providing financial security to the dependants and they need an investment of time and effort to figure out the cover based on all parameters so that the premium rates are more affordable.

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