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Learn Everything About LIC 1 Crore Term Insurance Policy

Published On Mar 06, 2022, Updated On Oct 03, 2023

The 1 Crore LIC Term Insurance Plan is a great option for someone who wants to invest in term insurance but doesn't have a lot of money. In exchange for complete coverage, this online pure risk plan offers life insurance coverage at a cheap premium cost. The 1 Crore LIC Term Insurance Plan's online renewal procedure is extremely convenient. The concept was created by  LIC to make it easier for customers to get term insurance from the convenience of their own homes. The Tech Term Plan provides further benefits in the form of riders for enhanced coverage, in addition to protecting the insured's family's prospective financial costs. The LIC Tech Term Plan is the best  1 crore term insurance plan.

Learn Everything About LIC 1 Crore Term Insurance Policy

Benefits of the LIC Term Insurance Plan for One Crore

The benefits of the Tech  LIC Term insurance Plan are as follows:

1. There are Two Sum-Assured Options

Sum assured payments are divided into two categories: flat sum assured payments and rising sum assured payments.  The absolute sum guaranteed amount to be paid on death remains constant during the policy's duration.  Otherwise, until the end of the fifth policy year, the absolute amount promised to be paid upon death stays the same, after which the basic sum assured grows by 10% from the sixth to the fifteenth policy year. After the 16th policy year, the absolute total insured stays constant and equal to double the basic sum assured.

2. Death Benefit Claims Payment

The death benefit claim can be paid in two ways: as a lump sum or in installments, according to the policy. In the second option, the death benefits are paid in installments over a period of 5, 10, or 15 years to the policyholder. Depending on the choice selected, payments might be paid annually, half-yearly, quarterly, or monthly.

3. The Premium is Paid

The policyholder has three options for paying their premiums under this plan: single, limited, or regular.

4. Riders' Accidental Death Benefit

By paying an additional premium, a rider can be added as an optional rider under regular and limited premium payment plans. This rider can be added at any time throughout the premium payment period of the basic plan.

5. Exemptions

If you are a nonsmoker under the age of 35 with a yearly income of more than 3 lakhs, there is no requirement for a medical check-up to a guaranteed sum of 75 lakhs. Furthermore, with the exception of suicide within the first year, this plan covers all fatalities.

Take Away

This strategy is beneficial for people who have a restricted budget but want to secure a higher sum. You may utilize this online package from the comfort of your own home because it is an online package. If you want safety, you may go with a term plan; if you want maturity benefits, you can go with an endowment, money back, or pension plans; and if you don't mind a little risk, you can always go with ULIP plans, which can save you money by investing in debt and stock markets. This page will provide you with information about the plan's benefits and qualifying requirements, allowing you to make an educated decision. It would be simpler for you to make a decision now that you have more information about the LIC term insurance plans with a sum assured of Rs. 1 Crore and more. You may review all of the options and choose the one that best suits your interests and will assist your family in meeting their future financial needs while you are away. If you're searching for a pure protection plan, the term plan is the way to go.

Also read - Which Is The Best Term Insurance Policy For Mothers?

Is Term Insurance Plan A Good Choice Of Investment?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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