LIC Term Insurance Plans
LIC Term insurance or term confirmation policies are a standout amongst the most essential kinds of insurance plans. These policies give the policy purchaser a risk cover against death for a period of time, as characterized in the policy residency. On the off chance that the existence guaranteed meets with a less than ideal death when covered under a term insurance plan, his/her candidate will be paid an advantage. Along these lines, these plans can go far in anchoring the lives of one's wards. Term insurance policies likewise have the upside of being to a great degree reasonable. LIC gives forthcoming clients a scope of term insurance plans at aggressive costs, making their insurance solutions extremely attractive to all.
Benefits of LIC (Life Insurance Corporation) of India Term Insurance Plans
- Term insurance policies give the policyholder a life cover for the span of the policy residency.
- Upon the policyholder's passing, if it happens amid the policy residency, the chosen one will be paid a single amount demise advantage by the safety net provider.
- Compared to different classifications of life insurance items, term insurance plans have the most moderate premium rates. In this way, you can decide on a high total guaranteed at a focused rate.
- Higher coverage at less expensive rates and lower premiums. Pay even lower premiums in the event that you are a non-smoker.
- You have the adaptability to pick your Sum Assured sum and it takes into account individuals from 18 years to as high as 75 years.
- Adaptable method of installments and adaptable in the recurrence of the premium installment plan.
- Variable total guaranteed alternatives and extra coverage to look over.
- Accessible for everybody from youthful to old.
- Enables you to proceed with your lifestyle while paying premiums.
- Choices to change over one plan to another (not accessible for all plans).
- Can be purchased online straightforwardly or through intermediaries./li>
- Get protected with the plain first and the most confided in back up plan in India.
- A best claims settlement proportion of 98% (2015-16).
- LIC's insurance policies can be bought specifically through the safety net provider's site, without visiting an organization branch or experience an operator.
- LIC's term insurance plans offer special premium rates for non-smokers.
Basic Features & Benefits of LIC Term Plans
- The most established and the most reliable safety net provider in India in the general population part.
- Flexible alternatives in insurance relating to term, cover sum and premium installment.
- A person can purchase chosen plans online in the comfort of their homes.
- A person can profit from certain tax cuts under applicable areas of the IT Act, 1961
- A few plans can be changed over to different plans offered by LIC
Types of LIC Term Insurance Plans
There are five types of term plans offered by LIC and they are -
- LIC e-Term
- LIC Amulya Jeevan – II
- LIC Anmol Jeevan – II
- LIC Bhagya Lakshmi
- LIC New Jeevan Mangal
LIC's e-Term plan
As can be induced from the name, this plan is offered online. It is an unadulterated term plan where the sum assured is paid to the chosen one in the event of the Life assured's death amid the policy term. The base age is set at 18 years for entering this policy and the greatest is 60 years.
Highlights of LIC's e-Term plan :
- The policy can be taken for a time of least 10 years and a greatest of 35 years.
- The policy is accessible for buy online and is accessible at truly bring down rates.
- The sum assured is paid to the chosen one in case of the policy holder's death amid the term.
- The base furthest reaches of sum assured is at 25 Lakhs for total and 50 Lakhs for non-smokers.
- Be that as it may, there is no benefit on development or a payout if the policyholder survives the term.
- There are normal premium installments to be finished amid the whole time frame and is just payable consistently.
- Tax exceptions can be profited to a measure of Rs1.5 lakhs on the premium and totally on the death guarantee under the areas 10(10 D) and 80 C.
- In the event of the self-destructive death of the policyholder, there won't be any sum assured paid to the chosen one. Nonetheless, there will be an arrival of 80% of the premium paid to the candidate, if premiums are paid until the death of the safeguarded.
- The premium rates are offered in two unique classes, independently for smokers and non-smokers, the last getting a charge out of a lower rate of premium. Obviously, this differential evaluating is pertinent just if the scope sum is equivalent to or more prominent than 50 Lakhs of rupees.
LIC's Anmol Jeevan II
This is a plan that furnishes the candidate with a lump sum as sum assured if there should be an occurrence of the death of the guaranteed. Anybody from the age of 18 years however under 56 years can apply for this plan.
Highlights of LIC's Anmol Jeevan II:
- The base policy term is 5 years and the most extreme is 25 years.
- The sum assured is paid altogether if the death of the guaranteed occurs amid the policy term.
- There won't be any payout or benefit to the guaranteed toward the finish of the policy term on the off chance that they survive the span.
- There are customary premiums to be paid amid the whole policy term either yearly or semi-every year. If there should arise an occurrence of semi-yearly installment, there will be an extra 2% charged on the premium sum.
- Sum assured can be in the scope of Rs.6 lakhs to Rs.24 lakhs.
- There are tax exemptions under Sec 80C and under Sec 10(10D) for the premiums paid and furthermore for the death benefit paid on the policy.
- A death benefit equal to the sum assured will be paid to the chosen one of a policyholder in the sad occasion of his/her downfall while the policy is dynamic.
- A multi month beauty period is given to policyholders to make their premium installments, remembering the money related states of people.
LIC's Amulya Jeevan II
The plan pays the sum assured to the guaranteed family, if there should arise an occurrence of a shocking death of the policyholder. Anybody between the age of 18-60 years can apply for this policy.
Highlights of LIC's Amulya Jeevan II:
- The base residency of the policy is set at 5 years and the most extreme at 35.
- There is no furthest point of confinement for the sum assured while as far as possible is set at 25 lakhs.
- The sum assured will be paid to the chosen one in case of the death of the protected.
- There will be no development payout if the policyholder survives the term of the protection.
- Any claim on the policy and the premiums paid are exempted from the tax under Sections 80C and 10(10D).
- There are premiums to be paid for the whole policy term either yearly or semi-every year. For the semi-yearly installment, there will be an extra 2% charged on the premium.
- In the deplorable occasion of the destruction of a policyholder, his/her chosen one will get a death benefit comparable to the sum assured under the plan. This benefit will be paid just if death happens while the policy is set up.
- A multi-month beauty period is given to policyholders who neglect to pay their premiums on time.
- Policyholders can pay the premium either once per year or once at regular intervals.
LIC Bhagya Lakshmi Plan
This item for bringing down income gatherings to have a rock-solid instrument that goes about as an investment, reserve funds device, and an LIC protection policy. It's a non-taking an interest constrained installment security plan which restores an aggregate of 110% of the premiums paid on plan maturity to the surviving policyholder or pays out a death benefit to the wards of the policyholder on account of his/her destruction.
Highlights of LIC's Bhagyalakshmi plan :
- Non-taking part constrained installment insurance arranged plan.
- Least sum assured is Rs.20,000.
- Most extreme sum assured is Rs.50,000.
- Premium installment modes accessible are month to month, quarterly, half-yearly, yearly, and single installment.
- A stretched out beauty time of up to 60 days from the premium due date (two date-book months).
- The plan offers refunds of 2% of tab premium in the yearly mode.
- The plan offers refunds of 1% of tab premium in the half-yearly mode.
- There is no refund for high sum assured choices.
- The base premium paying term is 5 years.
- The most extreme premium paying term is 13 years.
- The policy term will be the premium paying term + 2 years
- In the unfortunate event of the demise of the life insured, his / her dependents will be paid a sum equal to the sum assured chosen.
- In the event that the life insured survives till the end of the policy term, he / she will be paid a maturity benefit that is equal to 110% of the total premiums payable during the policy term (not including taxes or extra premiums).
LIC New Jeevan Mangal Plan
A microinsurance plan, the New Jeevan Mangal from LIC is intended to offer assurance and genuine feelings of serenity to people. This plan intends to anchor the accounts of your friends and family in case of your destruction, guaranteeing that life proceeds with paying little heed to any episodes. Upgraded insurance at reasonable rates makes it perfect for the concerned family individual.
Highlights of LIC's New Jeevan Mangal Plan
- Flexible policy term – Individuals can pick a policy term going from 1 to 15 years under the standard premium mode and 5 to 10 years under the single premium mode.
- Different premium installment modes – A policyholder can make premium installments either month to month, quarterly, half-yearly or every year.
- High sum assured – Policyholders can benefit insurance up to the tune of Rs 50,000.
- Premium alternatives – There are two premium choices, the single premium, and general premium, helping individuals decide on a plan which suits their necessities.
- A portion of the significant benefits of this policy is said beneath.
- Maturity benefit – A sum proportional to the premiums paid can't avoid being paid as maturity benefit, on survival till the maturity date.
- Death benefit – A death benefit equal to the sum assured will be paid to the chosen one of a policyholder on account of his/her sad destruction. This sum relies upon the policy picked and premiums paid.
- Accidental death benefit – An unplanned death benefit will be paid to the chosen one in case of the death of policyholder because of a mishap.
- Tax benefits – Individuals are qualified for tax benefits on the premiums paid and the compensation out got on maturity/death.
Riders Offered by LIC
Life Insurance Corporation of India (LIC) offers Term Assurance Riders for life cover if there should arise an occurrence of unseemly destruction of the policyholder amid the cover time frame. LIC New Term Assurance Rider plan can be connected to a fundamental policy to give add-on benefit at an ostensible cost. It ought to be appended just to the Non-Linked plans at the beginning of the base policy. These Term Assurance Riders can be added to investment funds plans, and the guaranteed can appreciate the benefits of both security and reserve funds.
Life Assurance is a type of protection accommodating the installment of a predefined sum to a named recipient on the death of the life assured. On the off chance that the policyholder kicks the bucket amid the policy term, at that point the Term Assurance Rider Sum is paid. In the event that the protected makes due till the finish of the term, at that point no sum will be given to their chosen people or trustees.
The highlights of the LIC New Term Assurance Rider Plan are specified beneath :
- An pure term rider with just Death benefits, i.e., it offers money related security against death all through the term.
- Assurance Rider Plans can likewise be picked alongside a plan and can't be taken, independent.
LIC New Term Assurance Rider Policy Benefits
The Benefits of LIC term confirmation rider plan are as per the following :
- Death Benefit :For the situation of grievous death of the safeguarded amid the term of the Rider, a sum equivalent to the Term Assurance Rider Sum Assured will be payable to the relatives.
- Maturity Benefit : Nothing is payable if the policyholder gets by till the finish of the term of the rider.
- Tax Benefit :The measure of Tax paid will not be considered for the count of benefits payable under the LIC New Term Assurance Rider.
- Grace Period :A Grace Period of at least 30 days will be taken into consideration the installment of rider premium in yearly, half-yearly or quarterly modes. For month to month rider premiums, the beauty time frame is inside 15 days.
- Rest period If the Policyholder was not happy with the Terms and Conditions he/she may restore the policy to the company within 15 days. The tally ought to be from the date of receipt of the plan.
- Term Rider Benefit is accessible just under the strategies where the term rider alternative has been executed by the guaranteed and acknowledged by LIC.
- The additional premium implied for term confirmation rider probably been gotten by the LIC, and the benefits may change with the sort of plan.
Other LIC (Life Insurance Corporation) Plans
- LIC Bima Diamond
- LIC New Bima Bachat Plan
- LIC Jeevan Arogya
- LIC New Endowment Plan
- LIC's New Children Money Back Plan
- LIC Jeevan Labh Plan
- LIC Jeevan Pragati Plan
- LIC Jeevan Sangam
- LIC New Jeevan Anand Plan
- LIC Aadhaar Stambh
Types of LIC (Life Insurance Corporation) Term Plans:
- LIC e-Term
- LIC Amulya Jeevan – II
- LIC Anmol Jeevan – II
- LIC Bhagya Lakshmi
- LIC New Jeevan Mangal
Claim Process - LIC Term Life Insurance
Determination of the correct policy from a decent life insurance agency with a solid claim settlement proportion is the principle prerequisite for purchasing a life protection. The fundamental capacity of an insurance agency is to guarantee simple and auspicious settlement of a legitimate claim as an end-result of the premium paid by the back up plan/policyholder.
Intimation to the insurance agency about the Claim :
The chosen one ought to illuminate the insurance agency as quickly as time permits to empower the insurance agency, to begin with, the claim procedure. The points of interest required for suggestion are policy number, the name of the safeguarded, date of death, the reason for death, place of death, the name of the chosen one and so forth. The claim implication shape can be acquired from the closest insurance agency branch or even by downloading it from the insurance agency site. On the other hand, numerous insurance agencies likewise have online structures nowadays on their site for guarantee insinuation.
Documents required :
The chosen one will be requested to outfit the accompanying records:
- Death authentication
- Age of the life guaranteed (if not effectively given)
- Unique Policy record
- Some other report according to a necessity of the specific back up plan or case related
For early death claims i.e the claim that has emerged inside three long stretches of the policy being in constraining the organization will complete an additional examination to guarantee it is an authentic claim. They may do the accompanying:
- Check with the clinic if the perished was admitted to the healing center.
- If there should be an occurrence of an air crash affirmation from the carrier specialists check if the policyholder was a traveler on the plane.
- If there should be an occurrence of death from restorative causes, the insurance agency will request that the doctor's facility give specialist's declaration, treatment records and so on.
On the off chance that the policy holder kicks the bucket because of murder, suicide, mishap at that point police FIR report, panchanama, posthumous report and so forth will be required.
Submission of required Documents for Claim Processing :
For snappier claim preparing, it is basic that the candidate submits finish documentation as right on time as could be expected under the circumstances and whatever other archives that the organization needs to pass the claim.
Settlement of Claim :
According to the direction 8 of the IRDAI (Policy holder's Interest) Regulations, 2002, the guarantor is committed to settle a claim inside 30 long periods of receipt of every essential record including additional reports looked for by the back up plan. On the off chance that the claim requires promote examination, the back up plan needs to finish its systems inside a half year from getting the composed insinuation of claim.
Maturity & Survival Claims:
The installment made by the insurance agency on the fulfillment of the term of policy or maturity date is called maturity installment. The sum payable comprises of sum assured in addition to any extra/motivating forces.
The insurance agency illuminates the policyholder ahead of time by sending bank release shape for filling subtle elements in it. The shape should be returned back to the insurance agency with unique policy document, ID evidence, Cancelled Check and duplicate of passbook.
Distinctive riders can be connected to the base life protection policy for improved security. The riders can be an inadvertent rider, basic sickness rider, waiver of premium rider and so on. For various riders, diverse claim procedures are required. A few riders might be legitimate with the death assert like incidental death rider or a few riders need to handled independently like waiver of the premium rider in the event of inability.
For Critical Illness Rider-essential medicinal archives, for example, first determination report, Doctor's report, and so on are required.
Accidental disability rider - a duplicate of FIR, Certificate of handicap by the treating specialist, specialist's report and so forth are required.
LIC Term Insurance Plan Exclusions
- Like each other protection plan, LIC term protection additionally has certain avoidances under which LIC isn't at risk to settle the cases.
- The significant avoidance on all life term protection plan is on the self-destructive death of the life assured amid the policy term. All things considered, there is no death benefit paid.
- Having said that, if the life assured confers suicide inside the initial a year from the date of beginning of the policy or the date of restoration of the policy, at that point there is no payout.
- The chosen one is qualified for 80% of the premium paid till at that point. This is again subjected to the affirmation that the premiums have been paid and there are no duty at all on the policy.