LIC Term Insurance Plans

PolicyandFunds.com provides good customer services to choose Perfect & Best Term Insurance Plans in India. Term insurance its kind of life insurance policy provided by the Life Insurance Company in India. It gives financial security to the family members and nominee, and complete protection to the policy holder by finding best Term Plans in India 2018,  its a piece of mind for a specific period of years by selecting a good product, and Term Insurance Plan gives Tax Benefits under Section 80(C).  As an LIC Agent in Chennai we help client’s to choose the best term plan in the Industry, India. We help to check the: Eligibility, Sum Assured, Policy Benefits, Reviews, & Term Plan Premium Calculator, and to select the Best Term insurance plan in India 2018.

LIC Term Insurance Plan

About Term Insurance Policy

Term insurance plan is like Life Insurance policy, gives the financial coverage to the beneficiary or dependent of the insured person. Term insurance is a form of life insurance, provides coverage for a certain period of time and if the insured is in operation during the term of the policy, death is paid to the applicant. Futures plans are specially designed to insure your family in case of death or uncertainty.

Life Insurance Corporation of India (LIC)

LIC Term Plans

Types of LIC Term Life Insurance Plans in India

What is  Term Insurance Policy?

Term insurance plan is like Life Insurance policy, gives coverage as per the policy term. An insured person while taking up the policy the term is fixed or a number of years of insurance coverage are needed. If anything happens to the insured person the insurance company provides the benefits to the nominee, this is how term insurance policy works.

Why is Term Insurance Policy Premium Low?

Compare to other endowment policies the Term Insurance premium will be very low. The reason is here there is no investment component and the whole premium goes only for the risk cover. If the insured person expires within the term, benefits will be paid to the nominee. Under this policy, there are no maturity or survival benefits once the policy term or period expires. In India, few companies are offering the policy in term insurance with return on premiums.

How to choose or select best Term Insurance Plan or Policy?

The following factors to be checked before taking the Term insurance Policy:

  •  Background of the Insurance Company
  •  Check the Claim settlement ration by the company
  •  How much insurance covers you really needed
  •  Coverage Benefits
  •  Check with other companies the terms and conditions
  •  You can choose to have the term insurance policy with two companies, it will save you if the company reject the claim.
  • While taking or choose the plan do not look only the premiums are low, because the many conditions may rise while going for the claim by the nominees.
  •  What are the eligibility criteria for buying term insurance policy or plan?

The eligibility is defined according to the insurer’s health and wealth; the minimum (entry) age is 18 years and Maximum age limit up to 65 years.

List of Term Insurance Companies in India

Tata AIA Life Insurance Aviva Life Insurance Bajaj Allianz Life Insurance
Bharti AXA Life Insurance Birla Sun Life Insurance Canara HSBC OBC Life Insurance
DHFL Pramerica Life Insurance Edelweiss Tokio Life Insurance Exide Life Insurance
Future Generali India Life Insurance HDFC Standard Life Insurance ICICI Prudential Life Insurance
IDBI Federal Life Insurance IndiaFirst Life Insurance Company Ltd – India First Kotak Life Insurance
Max Newyork Life Insurance PNB MetLife Insurance AEGON Life Insurance
Reliance Life Insurance Sahara Life Insurance SBI Life Insurance
Shriram Life Insurance Star Union Dai-ichi Life Insurance

Company to Company the premium may change in term plans?

Yes, the premium may vary from one insurance company to another company and based on the policy tenure premium will be changed. Even the premium for the same sum assured company to company may change.

Forget (missed) to renew the policy or pay a premium, my policy will lapse?

Once we missed the premium to pay on time, check with an insurance company or Insurance agent. In LIC of India (Life Insurance Corporation of India) offers 30 days grace period allowed to pay.

Do have the option to change or convert it to traditional insurance plans?

The convertible option is provided to you in term insurance plan, and you can convert it to the whole life insurance policy or the endowment plan any time during policy tenure without additional charges.

Yes, we have the option to change or convert into term insurance policy to a whole life policy or endowment plans. Without any additional cost can change the policy.

Have the option to surrender a term insurance policy or plan?

There will not be any surrender value or money paid, the only risk is covered, some of the companies are providing surrender value under in return on a premium term policy.

What are the Conditions for smokers and non-smokers term insurance plan?

The premium will be charged additionally for smokers based on the medical report, and non-smoker premium may low.

Tax benefit on Term Insurance premium under the policy?

LIC Tax benefit as per the Income Tax Act, 1961, under life insurance policies are completely tax is exempted under Section 80C. And also the maturity or death benefits will be tax-free Section 10(10D) of the Income Tax Act.


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