LIC Term Insurance of 1 Crore: Check Key Features and Benefits

Considering the inflation rate in India, ensuring the financial security of your family with a Rs 1 Crore term insurance has become a necessity. If you are looking for Rs 1 Crore plans from LIC of India, we cover you entirely in this post with details and benefits of LIC 1 Crore term plans. Read on to know more.

Table of Contents

What is a LIC term insurance 1 crore plan?

LIC of India has crafted various term policies of 1 crore sum assured at easy to afford premium rates. These policies are available with a range of benefits to the policyholders and their beneficiaries.

LIC term insurance 1 crore plan is a pure risk protection term plan where the beneficiary of the plan receives 1 crore death benefit in the event of the death of the policyholder. This money can be used by the family of the insured to live a comfortable life and to take care of their needs.

Benefits of LIC term insurance 1 crore

Here are some benefits of LIC term insurance 1 crore plan:

The LIC term insurance 1 crore allows wide coverage for a family to live a financially independent life even after the earning member is no more
Being pure term plans, the LIC 1 crore plans allow easy premium rates to the policyholders as compared to other policies
These LIC term plans 1 crore are also effective in terms of tax saving of policyholders

Options of LIC Term Insurance 1 Crore Plan Sum Assured

Here are two options, namely:

LIC New Tech Term
LIC New Jeevan Amar

Eligibility Criteria of both the LIC Term Insurance 1 Crore Plan Sum Assured

Parameters	LIC New Tech Term	LIC New Jeevan Amar
Entry Age	18 – 65 years	18 – 65 years
Maximum Maturity Age	80 years	80 years
Maximum Basic Sum Assured	50 lakhs	25 lakhs
Policy Term	10 – 40 years	10 – 40 years
Policy Purchase	Available Online Only	Available Offline Only
Premium Paying Term	Options of Regular Premium, Single Premium and Limited Premium available	Options of Regular Premium, Single Premium and Limited Premium available

LIC 1 Crore Plan #1 – New Tech Term Plan

The New Tech Term plan is a 1 crore insurance policy from LIC that offer the option of monetarily securing the family of the insured. The 1 crore sum assured offered under the plan in case of sudden demise of the policyholder supports a family in managing the financial obligations smoothly. This plan is available online at the company portal.

Key Features of New Tech Term Plan

Here are the features of the plan:

This term insurance policy allows two death benefit options – Increasing sum assured and level sum assured
The plan is available at special term insurance rates for non-smoking customers and women
The policy allows the insured to choose from different premium payment options including – regular, limited and single premium
Accident benefit rider is also available with the plan, which can be availed by buying an additional premium
The policy term and premium payment term can be chosen by the insured as per convenience
In addition, the term insurance plan also allows the option to receive death benefit in instalment

LIC term plan of 1 Crore #2 – New Jeevan Amar

The Jeevan Amar Plan is a LIC 1cr plan of term insurance policy that is available only for its offline customers. This policy is available with the brokers, licensed agents, insurance marketing firms and so on. This is a pure protection that allow the family of the insured financial protection of 1 crore at easy premium rates.

Key Features of New Jeevan Amar

This LIC 1 crore plan offers two death benefit options including Increasing sum assured and level sum assured
The coverage under this plan can be enhanced by availing the option of accident benefit rider
This LIC 1 crore term insurance allow special premium rates for women
Like in LIC New Tech Term Plan, the Jeevan Amar plan also allow the flexibility to choose regular, limited and single premium

The policy term and premium payment term can be chosen by the insured as per convenience
The plan also allows the option to get payment of death benefits in different installments

Sample Premium Example of LIC 1 Crore Term Plans

Here is a sample to understand the premium payment option of the two 1 Crore LIC plans:

Age of Policyholder (in years)	LIC New Tech Term Plan (Annual Premium)	LIC New Jeevan Amar (Annual Premium)
25	14, 475	21,329
30	18,992	27,878
40	38,647	57,237

A 1 crore term insurance plan implies that the term insurance plan offer a sum assured of INR 1 crore to the family of the insured which is paid as a death benefit in the event of the policyholder's death.

There are many reasons why LIC is a good choice for term insurance policies. One such reason is that LIC has the best claims settlement ratio of over 98%, which is why it could successfully settle 98% of the claims that they receive.

Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder.

Some plans may allow you to get money back after term life insurance, but not with all term plans.

The sum assured received on maturity or surrender of a policy or upon the policyholder's death is completely tax-free.

Term Insurance Saral Jeevan Bima Term Plans 1Cr Term Plans 2Cr Term Plan 50 Lakh Term Plan Term Plan Riders

Author Bio

Paybima Team

Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

Choose from India’s top insurers

Other Life Insurance Products

Term plan

Saral Jeevan Bima

Guaranteed Returns Plan

Latest Post

How to choose the best health insurance for parents

Choosing the best health insurance for parents as they grow older and become more prone to diseases is important. With medical costs on the rise in India, properly insuring your parents can help alleviate some of the financial strain. This will ease the burden of unforeseen medical emergencies.

However, choosing a good plan can be a tricky matter. There are many kinds of insurance policies available, you should consider their health situation and future needs and know about insurance policies in general. This guide explains what crucial points to take into account (including renewal processes, age, and health conditions ) and helps bring clarity to make educated decisions.

See now

Maternity Insurance in India: Top Plans to Consider

Even though motherhood is one of the most beautiful things in a woman’s life, it is also one of the most financially burdensome phases. Maternity insurance entails all forms of checkups, delivery and postnatal, and as such expenses can easily skyrocket.

Therefore, it becomes a worthy affair for expecting parents to incur the cost. Maternity insurance covers several expenses that are associated with pregnancy and assists in reducing the financial stress and offer assurance during this important time.

See now

What is the 80% Rule in Homeowners Insurance?

For a homeowner, insurance acts as an essential part wherein the protection of their assets is ensured. In this regard, appraisals in real estate work in tune with something called the 80% rule that is used for selecting a policy and at a rate. Loss can become an absolute if one cannot fathom what homeowner insurance is. This blog will discuss the range of the 80% rule and how it affects your premium.

See now

Warning from IRDAI Chief: Banks Told Not to Mis-Sell Insurance, Reforms Talked About

See now

Emerging Threats of Tech-Enabled Fraud in Medical Insurance Claims

For policyholders, medical insurance has been a contentious issue, especially on account of claim rejections or delays. However, the insurance industry is increasingly worried about the rise of tech-savvy fraud, where fraudulent medical claims are made using forged documents and sophisticated digital techniques.

See now