LIC Term Plan Features:
✅ Get a life cover upto ₹1,00,00,000 for an annual premium of just ₹11,706
✅ Tax save on premium: ₹3,065 Per Year
✅ Your investment is backed by sovereign guarantee from Govt. of India
LIC Term plans are the best options for those who want to pay less premium and get a good lump sum in unforeseen conditions.
Some of the factors that are to be considered while choosing the best LIC term insurance policy are:
✅ What will be the amount of coverage that is required?
✅ How much of premium can be paid and is it financially stable?
✅ What will be the term of the policy?
✅ What will be the premium paying option?
✅ Is there is any need for riders on the policy?
Every LIC term insurance plan tends to have different maturity terms and this can differ based on the age of the assured and the lump sum investment. In these types of LIC term insurance policies, there are two types of benefits that a policyholder can get. First is the maturity benefit that is claimed after the term is complete, and the second is a death benefit that is claimed in case of death of the policyholder during the policy term.
Some of the reasons why term plans by LIC are the best are:
✅ Financial benefits: You can get an assured sum which can help in securing the future of the dependents and your own future as well. Check for the best LIC term plan with maturity benefits and death benefits.
✅ Extra benefits: Other than the assured sum, there are additional benefits and reversionary benefits as well.
✅ Riders: Several riders can be added to the plans as additions of extra premium to add extra protection.
✅ Tax benefits: There are many term plans in which the premiums are exempted from taxes and the benefits are also tax-free.
✅ Low premium: Usually the LIC term policy comes with a lower premium compared to many others in the market. Choose the best LIC term plan with return of premium rate to get the best gains.
✅ Low rejection: In term plans, the claim rejection is quite low which means the nominees or the assured will not have to be uncertain about their benefits.
Some of the most famous LIC pension plans are as follows: