Learn Everything There Is To Know About The LIC 1 Crore Term Insurance Policy!

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.

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.

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.
• Rebate - 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

1. Plan Options - This plan offers you two sum assured options to choose from viz.

2. Level Sum Assured - Under this plan option, your sum assured chosen remains the same throughout the policy term.

3. 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.

4. Death Benefit - 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.
• The Absolute amount payable will depend on the plan option chosen,

5. 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.

6. Maturity Benefit - This plan does not offer any benefit on surviving until the end of the policy term.

7. 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.

Conclusion

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.