LIC 1 Crore Term Insurance Plan

LIC 1 Crore Term Insurance Plan

  • Financially Protect Your Family After You
  • Extended Coverage in Low-Cost Premium
  • LIC 1 Crore Term Insurance Premium Details

LIC Term Insurance 1 Crore

Life is unpredictable, and ensuring the financial well-being of your family against the most unforeseen tragedy is of utmost importance. Life insurance is crucial to securing a safety net for our families. When it comes to insurance, Indian customers have trusted Life Insurance Corporation of India (LIC of India) since its inception in the insurance market. Covering the financial and lifestyle needs of the customers, the LIC offers different types of life insurance plans in India. Customers can compare and buy a suitable life plan from the various categories, including LIC term plan, LIC endowment plan, LIC whole life plan, LIC ULIP plan, and LIC pension plan.

LIC term insurance 1 crore is one of the best plans to ensure strong financial coverage for your loved ones. But before jumping into the details to buy a LIC 1 crore plan, you should know the value of your life. How much money does your family need to spend life peacefully, even in your absence? Let’s find out the details.

How Do You Know the Value of Your Life?

Losing the sole breadwinner of a family is the most difficult incident ever. The dependents struggle to live their life peacefully. In such conditions, the family faces both emotional and financial breakdowns. You never want to imagine your family in such a situation, right? The best way to overcome this nightmare is to secure your family in your absence by streamlining a source of income even in your absence.

The value of your life is equal to or greater than your yearly income capacity in the remaining years of your life. Also, don’t forget to add any outstanding liabilities or debts like home loans, education loans, vehicle loans, or any credit card balances you have yet to pay.

Say your monthly income is Rs. 30,000, and you will retire in the next 25 years. The value of your life you can calculate in the following manner.

30,000 X 12 X 25 = 90,00,000

To arrange such a big fund for your family in your absence, buying LIC 1 crore term insurance is the way possible. LIC of India, being one of the best life insurance companies in India, offers multiple benefits to the policyholder. Let’s discuss the LIC term insurance 1 crore benefits in detail.

What is the LIC 1 Crore Plan?

Term insurance from a trusted life insurance company guarantees a happy life for your family in your absence. LIC of India has designed multiple-term insurance plans offering customers a sum assured of 1 crore or above. These policies offer a high sum assured at an affordable premium cost with additional benefits. So, to ensure financial protection for your family in your absence, buying a one-crore policy in LIC can be your smartest decision.

Your family can use this regular payout to manage day-to-day expenses and tackle unexpected emergencies. To ensure that your family gets the predefined benefits without fail, you can make an LIC premium payment online or check your LIC policy status by logging in to the customer portal.

Benefits of LIC of India Term Insurance 1 Crore

Below are the common benefits of investing in the LIC term insurance 1 crore plan.

  • Financial Assistance

    The sudden demise of the sole breadwinner can leave the family in financial and emotional stroke. To lighten up the burden of your family, 1 crore life insurance LIC provides financial protection.

  • Low-cost Premium

    LIC term insurance 1 crore is pocket-friendly for the policyholders as they need to pay the premium cost that doesn’t disturb their financial obligations.

  • Extensive Coverage

    LIC one crore policy provides wide coverage of 1 crore to the policyholder, which helps them cover their day-to-day expenses and meet financial obligations like medical bills, child fees, and loan repayment.

  • Optional Riders

    The policyholder can add optional riders to extend the base LIC one crore policy benefits. The riders, like accidental death benefits and premium waivers, can be added by paying an extra premium.

  • Tax Benefits

    The premium paid towards the LIC 1 crore plan and the death benefits received are eligible for tax deduction under Sections 80C and 10 (10D) of the Income Tax Act, 1961.

LIC 1 Crore Term Insurance Plans

LIC term plans offer a host of benefits and customizations that help the policyholder fulfil their financial requirements. These plans are the best tools for life protection and early savings. Let’s have a look at the LIC term insurance 1 crore plans offered by Life Insurance Corporation of India (LIC of India).

Parameters LIC New Tech Term LIC New Jeevan Amar
Entry Age 18-65 years 18-65 years
Maximum Maturity Age 80 years 80 years
Minimum Basic Sum Assured Rs, 50,00,000 Rs, 25,00,000
Maximum Basic Sum Assured No limit No limit
Policy Term 10-40 years 10-40 years
Policy Paying Term Single, regular, and limited Single, regular, and limited
Policy Purchase Mode Online Offline

Let’s understand the LIC 1 crore term plans in detail.

LIC New Tech Term- LIC 1 Crore Plan

LIC New Tech Term plan is a non-linked, non-participating, individual, pure-risk premium plan. The plan provides financial security to the family if any casualty occurs with the policyholder during the policy term. You can buy the LIC New Tech Term one crore lic policy by visiting the official website of the LIC of India. You can connect with the LIC customer support team for any assistance.

Benefits and Features of LIC Tech Term Plan:

  • Two death benefit options: Level sum assured and increasing sum assured
  • Enhance the plan coverage with accidental benefit rider
  • Flexible LIC one crore policy term and premium paying term options
  • Special rates for women applicants
  • Avail the death benefits in instalments
  • Rebate on high sum assured

LIC New Jeevan Amar - LIC Term Insurance 1 Crore

LIC New Jeevan Amar is a non-linked, non-participating, individual, pure-risk premium life insurance plan. In an unfortunate event with the policyholder, the LIC of India provides financial protection to the family. To buy LIC New Jeevan Amar, you need to visit the nearest LIC branch office, connect with a LIC agent, or search for a life insurance agent nearby. You can make the process easy with RenewBuy Advisor Connect. To pay the LIC 1 crore plan premium, reach out to the LIC merchant who completes the LIC premium payment on the LIC merchant portal in minutes.

Benefits and Features of LIC New Jeevan Amar:

  • Option to pay the premium in instalments
  • Get discounts on high sum assured
  • Special discounts for females
  • Enhance the coverage with optional rider
  • Choose the LIC term insurance 1 crore premium term and premium paying term

How Does 1 Crore Life Insurance LIC Plan Work?

Let’s understand the workings of LIC term insurance 1 crore plan with a simple example. Rohit is a software engineer who lives with his family in a rented house. After a few years, he bought a house in the city with the help of a home loan. After four years of paying the loan, Rohit died due to a heart attack. Since he had already purchased an LIC term insurance 1 crore plan, the nominees got the claim amount as requested. They used that amount to pay the loan and manage the other liabilities.

1 Crore Term Insurance Premium in LIC

The premium for LIC 1 crore plan depends upon various factors, like age, health, lifestyle habits, policy tenure, and sum assured. Let’s understand how the premium will vary according to age.

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

Final Words

Buying an LIC term policy for 1 crore provides peace of mind to the insured for the financial security of their family. The LIC policy also provides tax benefits to the policyholder upto a limit that reduces the liability. From different types of life insurance plans offered by LIC of India, 1 crore policy in LIC provides extended financial security. Before purchasing a plan, you need to compare the benefits of life insurance plans offered by different life insurance companies. Get professional assistance from a RenewBuy POSP advisor to compare and buy LIC one-crore policy. Also, you can connect with a LIC agent or life insurance agent near your location using RenewBuy Advisor Connect.

Also read: Best LIC plans for your parents to help them enjoy their golden years.