Before you jump on the bandwagon and buy a LIC 1 Crore Term Insurance, you should first know what your life’s value is. How much money would your family need to have the same comfortable life they are enjoying now. For how many months, the money you leave behind will last for them? Let’s find out what you are worth for first.
LIC 1 Crore Term Insurance, you must have come across this sentence many times when you were having a discussion with your friends or relatives about ways of protecting their family when they are no longer in this world. You must have heard many of your friends saying they have protected their family with a LIC 1 Crore Term Insurance Plan.
Do you know the Value of Your Life?
There is a smart saying, "If you want to know the value of one second, ask someone who escaped death by a second." and, "If you want to know the value of life, ask a family that lost its sole breadwinner."
A family without its earning member will properly tell what they have lost on both fronts, i.e., emotionally and financially. If you are one of those people who want their family to live a happy life with or without you by their side, then you must make proper arrangements.
To give your family a happy life in your absence, you must make sure that they have a source of income they can depend upon. This income should be equal to your annual income; this way, they are taken care of when you are not around. The value of your life will always be equal to or greater than your income earning capacity over the remaining years of your life. To this amount, you must also add the debt you are yet to repay. Your debts could be a home loan, personal loan, vehicle loan, outstanding credit card balance, etc. Let's say you have a monthly income of Rs. 25,000/- and you are going to retire in the next 30 years. Then your value will be 25000 x 12 x 30 = Rs. 90,00,000/-
How will you arrange for this amount so that your family has a peaceful life, even in your absence?
Term Insurance to the Rescue
LIC 1 Crore term insurance plan is just what you need. Term insurance is the only product that guarantees a happy life to your loved one when you are no longer in this world to care for them. Term insurance is a pure protection insurance product that provides you a large cover at a nominal premium amount.
A term insurance plan from LIC, one of the oldest and best life insurance company, is the right solution for your needs. LIC a name that instills trust in the lives of millions of Indians; a government-owned life insurance company has helped people like you and me to take care of our loved ones and start a habit of savings.
LIC has a host of plans in all categories of the life insurance segment, i.e., term plans, endowment plans, money back plans, retirement plans, annuity plans, ULIPs.
LIC term plans have a host of benefits and customization options that helps one to pick up and choose options that make the plan fit your requirements just as a glove fits perfectly in your hands.
LIC 1 Crore Term Insurance Plan - LIC Tech Term Plan
LIC Tech Term Plan is an online-only non-linked, non-participating pure risk term insurance plan. This plan aims to provide financial protection to your family when you are not around to take care of them.
|Minimum Age at entry||18 years|
|Maximum Age at entry||65 years|
|Maximum age at Maturity||80 years|
|Minimum Basic Sum Assured||Rs. 50,00,000/-|
|Maximum Basic Sum Assured||No Limit|
|Maximum Basic Sum Assured||Level Sum Assured and Increasing Sum Assured|
|Plan Options||10 to 40 years|
|Premium Payment Options||Single, Regular, and Limited|
|Premium Payment Term||Regular - Same as Policy Term Limited - Policy Term minus 5 years for Policy Term 10 to 40 years Policy Term minus 10 years for Policy Term 15 to 40 years|
Features - LIC Tech Term Plan
LIC Tech Term Plan offers you a host of features like:
Sum Assured Options -
Level Sum Assured or Increasing Sum Assured
Premium Payment Options -
Single, Regular, and Limited
Policy Term -
10 to 40 years
Preferential Rates -
Non Smokers and Women enjoy special discounted premium rates.
Enjoy rebates on choosing a high sum assured.
Comprehensive Cover -
Accident Benefit Rider
Installment Options -
Receive death benefit as a lump sum or in installments up to 15 years
Benefits - LIC Tech Term Plan
Plan Options -
This plan offers you two sum assured options to choose from viz.
Level Sum Assured -
Under this plan option, your sum assured chosen remains the same throughout the policy term.
Increasing sum Assured -
Under this plan option, the sum assured remains constant for the first five policy years. From the 6th policy year, it increases by 10% of the basic sum assured till it becomes double by the end of the 15th policy year.
Your nominee or family member will receive the sum Assured on Death in case of your unfortunate death.
The Sum Assured on Death will be higher of the following options:
- 7 times of annualized premium; or
- 105% of all the premiums paid as on the date of death; or
- Absolute amount assured to be paid on death.
- For the level sum assured option, it will be equal to the basic sum assured.
- For increasing sum assured option, the basic sum assured will be paid if death takes place during the first five policy years.
Death Benefit in Installments -
If you feel that your family members will not be able to manage a large amount of Rs. 1 crore in your absence, then you can choose an amount that will be paid to them either on monthly, quarterly, half-yearly, or yearly basis. These installments can be taken for a period of 5, 10, or 15 years. The installment is paid in advance, i.e., at the start of the month or quarter.
Maturity Benefit -
This plan does not offer any benefit on surviving until the end of the policy term.
Tax Benefits -
The premiums paid for LIC Tech Term Plan are eligible for tax deductions up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act, 1961. The death benefit paid to your family members on your death is entirely tax-free under Section 10(10D) of the Income Tax Act, 1961.
The Absolute amount payable will depend on the plan option chosen,
From the 6th policy year, the absolute amount will be the increased sum assured payable during the 6th to 15th policy year.
For example, if you have a sum assured of Rs. 1 crore, then on death before the 5th policy year, the death benefit will be Rs. 1 crore only.
From the 6th policy year, the sum assured increases by 10%, i.e., by Rs. 10 lakhs, till the end of the 15th policy year. Now, if death happens in the 11th year, the sum assured payable will be Rs. 1.5 crores. From the 16th policy year, the sum assured becomes Rs. 2 Crore; in case of death after the 15th policy year, Rs. 2 Crores will be paid to your nominee or family members.
If you are looking for a LIC 1 Crore term insurance plan, then LIC Tech Term is the plan of your choice. You can choose the option that best suits your requirements and buy it instantly online. You can also compare term plans from the top insurers instantly on Coverfox. Coverfox gives you a detailed view of all benefits and premiums; this way, you can immediately select the best plan as per your requirements and instantly buy the same online.