Check LIC Term Insurance Plans Benefits & Feature Now
Updated On Oct 03, 2023
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In the event of the policyholder's death, LIC term plans can protect your family from losing income. Even if these strategies do not provide any maturity, many like them. The LIC term plan enables insurance purchasers to purchase a large amount of coverage at a cheap cost. Purchasing a LIC term plan online is thus a simple and time-saving procedure.
Under its term insurance plans, LIC offers five variable alternatives, all of which can be purchased through LIC's traditional branches. Some policies can be acquired through LIC's portal for individuals who prefer a more expedient and tech-savvy method. Simple terms and conditions are included in these plans, and they can be obtained with little or no documentation. These plans also provide tax advantages on premium payments as well as the final sum insured paid to the nominee. Loans can be obtained in place of these term plans, and the LIC's Term Assurance Plans are a subset of its offerings.
LIC Term Plans: A Quick Overview of Features
The following are the features of LIC Term insurance plans:
- In India's public sector, it is the oldest and most trustworthy insurance.
- In terms of time, coverage level, and premium payment, insurance has many alternatives.
- Customers can purchase specific plans from the convenience of their own homes by purchasing them online.
- Certain tax benefits are available to customers under the applicable parts of the 1961 Income Tax Act.
- Some of LIC's plans can be changed to other LIC plans.
Benefits of LIC Term Plan
The following are the benefits of LIC Term plans:
- To get the most out of your policy, shop around for different LIC term insurance plans online. Some of the most significant benefits of LIC term insurance plans are listed below:
- Affordably priced insurance coverage.
- Non-smokers get a discount on their premiums.
- The sum assured amount of the policy can be chosen by the policyholder.
- The LIC term plan is suitable for policyholders aged 18 to 75.
- Payment options for LIC term insurance premiums are varied.
- Additional rider benefits are available to supplement the coverage of the policy.
- The coverage allows the insured to maintain a comfortable standard of living while paying the payments.
- Online term insurance plans from the Life Insurance Corporation of India (LIC) can be obtained quickly and without fuss.
- A claim settlement percentage of 98 percent is offered by LIC term plans.
What Is The Procedure For Purchasing LIC Term Insurance?
You can purchase a LIC term plan in the following ways:
- The company has an online-only plan called the e-Term Plan. Policyholders just need to go to the company's website, choose a LIC online term plan, select a coverage level, and fill out the necessary information. The provided details will be used to calculate the premium for the LIC online term plan. The consumer must next pay the premium for the LIC online term plan that they have chosen online using a credit card, debit card, or net banking facility, and the policy will be issued.
- Brokers, agents, banks, and other intermediaries can aid with the application process for LIC term policies, which are not available online.
When the policyholder's family needs aid the most, a life insurance company should have an effective claim settlement process, which means it should settle claims fast in a simple, hassle-free manner. This is critical since the family will be under a great deal of stress and emotional sorrow as a result of the death of a family member. They require encouragement and support at this critical moment, as well as no discomfort in claiming what is rightfully theirs. Quality customer service and a positive experience at every customer touchpoint will go a long way toward building trust and credibility in this long-term customer-insurance-company relationship.
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.