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LIC Term Insurance Plans

People nowadays like to secure the family’s future and buying a term plan is the only solution that provides you the complete protection against the uncertainties and hardships of the life. Life Insurance Corporation of India (LIC) offers several term assurance plans providing you the flexibility to ensure comprehensive protection for your family.

LIC has 98.19% as Claim Settlement Ratio (as per IRDAI Annual Report 2014-15).

LIC offers following term plans:

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1. LIC’s Anmol Jeevan II

LIC’s Anmol Jeevan II is a pure protection plan that ensures financial protection for the family, in case of death of the life insured. This term plan will take care of financial well-being of the insured’s family.

Key Features

• Comprehensive life cover with death benefit available

• Sum assured of up to Rs. 24 lacs can be opted

• Avail flexible premium paying terms

• Get tax benefits under Income Tax Act.

Benefits

  • Death Benefit

    In the unfortunate event of death of the life insured, the chosen sum assured under the policy is then paid to the nominee.

  • Tax Benefit

    Under this plan, the premium payment is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 55 years
Age at Maturity - 65 years
Policy Tenure 5 years 25 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Semi Annually & Annually -
Sum Assured 6 Lacs 24 lacs (subject to underwriting)
Maturity Proceeds Nil -
Surrender Benefit Nil -
Riders Not Available -

2. LIC’s Amulya Jeevan II

LIC’s Anmol Jeevan II is a term assurance plan providing pure life cover to the insured. This protection plan provides financial protection to the family and assures that the family can lead a comfortable & financially independent life, even after death of the life insured.

Key Features

• Pure term plan with death benefit

• Higher life cover available

• Flexibility to choose sum assured

Benefits

  • Death Benefit

    In case of untimely demise of the life insured, the sum assured is payable to the nominee.

  • Tax Benefit

    Under this plan, the premium payment is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 60 years
Age at Maturity - 70 years
Policy Tenure 5 years 35 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Semi Annually & Annually -
Sum Assured 25 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Surrender Benefit Nil -
Riders Not Available -

3. LIC’s e-Term

LIC’s e-Term is a non-participating ‘Online Term Assurance Policy’ providing financial protection for the family in case of unfortunate demise of the insured. As this plan is available online, you can get it discounted rates.

Key Features

• Pure life cover at affordable premiums

• Differential premium rates for non-smokers

• Buy plan through hassle-free online procedure

• Avail Tax benefits under the Income Tax Act.

Benefits

  • Death Benefit

    In the event of untimely death of the life insured during the policy term, the sum assured is paid to the nominee.

  • Tax Benefit

    Under this plan, the premium payment is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 60 years
Age at Maturity - 75 years
Policy Tenure 10 years 35 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Annually Only -
Sum Assured 25 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Surrender Benefit Nil -
Riders Not Available -