LIC’s ₹1 crore term plan Complete details term insurance plan, including its features, premium rates, benefits, who can apply, how to claim, and extra coverage options.
Life is unpredictable, and ensuring your family’s financial security is essential. A term insurance plan with high coverage can provide peace of mind. LIC (Life Insurance Corporation of India) offers a ₹1 crore term insurance plan that gives your loved ones financial stability in case of an unfortunate event.
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What is LIC’s ₹1 Crore Term Insurance Plan?
LIC’s ₹1 crore term plan is a protection plan designed to offer financial support to your family if something happens to you during the policy term. It ensures that your loved ones receive a lump sum of ₹1 crore, which can help cover daily expenses, repay loans, and secure their future.
Key Features of LIC’s ₹1 Crore Term Insurance
- Affordable Premiums – Get a high sum assured at competitive rates.
- Flexible Policy Terms – Choose coverage between 10 to 40 years.
- Different Payment Options – Pay premiums yearly, half-yearly, quarterly, or as a one-time lump sum.
- Additional Riders Available – Customize your policy with accident and disability coverage.
- Tax Benefits – Enjoy tax savings under Section 80C and Section 10(10D) of the Income Tax Act.
Why Choose LIC’s ₹1 Crore Term Plan?
- Financial Safety Net – Ensures your family’s financial needs are met even in your absence.
- Debt Protection – Helps in clearing loans like home or personal loans.
- Peace of Mind – Knowing that your family’s future is secured brings a sense of relief.
Who Can Apply for LIC’s ₹1 Crore ?
- Minimum Age: 18 years
- Maximum Age: 65 years
- Policy Term: 10 to 40 years
- Premium Payment Term: Choose between single, limited, or regular payment options
How to BuyccTerm Insurance?
- Assess Your Needs – Decide how much coverage and for how long you need it.
- Pick the Right Plan – LIC offers plans like Tech-Term and Jeevan Amar.
- Calculate Your Premium – Use LIC’s online calculator to estimate your premium.
- Apply Online or Offline – Purchase the plan through LIC’s website or visit a local LIC branch.
- Medical Check-Up – Some policies require a health check-up before approval.
- Receive Your Policy – Once approved, you will get your policy document.
1 Crore Term Insurance Premium in LIC
The premium for LIC’s ₹1 crore plan varies based on several factors, including age, health, lifestyle choices, policy duration, and the sum assured. Here’s how age impacts the premium amount.
| Age of Policyholder | Policy Tenure | Annual Premium Amount | |
|---|---|---|---|
| LIC New Tech Term | LIC New Jeevan Amar | ||
| 25 years | 20 years | 14,475 | 21,329 |
| 30 years | 20 years | 18,992 | 27,878 |
| 40 years | 20 years | 38,647 | 57,237 |
FAQ’S
₹1 crore term insurance plan provides financial security to your family by offering a lump sum amount in case of your untimely demise, ensuring they can cover daily expenses, loan repayments, and future goals.
Anyone with financial dependents, such as salaried individuals, business owners, or people with loans, should consider this plan to secure their family’s future.
Yes, LIC allows you to purchase some term plans online through their official website or through authorized agents.
Yes, you can enhance your coverage by opting for an accidental death rider, which provides an additional sum assured in case of accidental death.
If you stop paying premiums, your policy will lapse, and you may lose the coverage benefits. Some policies offer a grace period for premium payment.
Yes, depending on your age, health condition, and coverage amount, LIC may require a medical examination before approving your policy.
Yes, premiums paid for LIC’s term insurance plan are eligible for tax deductions under Section 80C, and the death benefit received is tax-free under Section 10(10D) of the Income Tax Act.
Final Thoughts
LIC’s ₹1 crore term insurance plan is a smart choice for protecting your family’s financial future. With high coverage, flexible payment options, and tax benefits, it offers a reliable safety net. If you’re looking for a way to ensure your family’s well-being, consider getting this plan today.
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