What Is LIC Term Insurance 1 Crore?

LIC Term Insurance 1 Crore

LIC Term Insurance 1 Crore plan is such a term insurance policy that promises to provide you with the benefit of a sum assured of up to Rs.1 crore. In this, if the life assured dies during the policy term, then the sum assured of up to Rs 1 crore is provided as death benefit to the nominee by the life assured. You can secure the financial future of your family through this Rs 1 crore loan provided by LIC.

In view of the increasing inflation in the present times, term insurance coverage is more demanded by the people. The person wants that he can provide the benefit of maximum term coverage to his family members. Because of rising inflation in future the family may need more financial assistance. Keeping this in mind, such term insurance plans have also been introduced by LIC, in which you can get insurance coverage up to Rs 1 crore .

You can choose the coverage you need for a term insurance as per your requirement. You are provided with the option of Sum Assured ranging from Rs. 5 La to Rs. Crore in LIC Term Insurance Plan. If you want to go with LIC Term Insurance 1 Crore Sum Assured then you can choose it. However, you need to note that the higher the sum assured you choose, the higher the premium you will have to pay.

LIC Term Insurance 1 Crore Plan

Three such term insurance plans have been introduced by LIC through which you can get term insurance coverage of up to Rs 1 crore. We will discuss these plans in detail below so that you can get maximum information about these term plans.

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Following are the plans for LIC Term Insurance 1 Crore-

1. LIC Jeevan Amar Plan

Following are the features of this term insurance plan offered by LIC-

1. In this term insurance plan, you get minimum sum assured of 25 lakhs. While there is no limit on the maximum sum assured i.e. you can get the insurance benefit up to Rs 1 crore as maximum sum assured.
2. The minimum policy term for this plan is 10 years, while the maximum policy term is 40 years. You can choose the policy term as per your requirement as per your convenience.
3. The minimum age for this policy term has been kept at 18 years and maximum age at 65 years.
4. You are also provided with the option of adding riders to enhance your term coverage in this term insurance plan. You can add Accident Benefit Rider to it. For this you have to pay some extra premium.
5. In this plan, you get the option of single premium, regular premium and limited premium payment for premium payment. You can choose any of these as per your convenience.
6. In this you get 15 days free look period. Along with this, you also get a grace period of 30 days.
7. It is purely a term insurance plan. If the life assured survives the policy term, then no maturity benefit is provided to him.
8. Tax exemption is also available under the Indian Income Tax Act in this term insurance plan. In this you get tax exemption under section 80C and 10 (10D) of the Income Tax Act 1961. Tax benefit u/s 80C on the premium paid while tax benefit u/s 10(10D) is provided on the death benefit.
9. LIC Amulya Jeevan Plan

Following are the features of LIC Amulya Jeevan Plan-

1. The plan of this term insurance plan offered by LIC provides an amount of Rs 25 lakh as a minimum death benefit to the nominee on the death of the life assured. There is no limit on the maximum sum assured. Thus this plan makes you eligible to get a sum assured of up to Rs.1 crore.
2. The policy term of this term insurance policy is for a minimum of 5 years to a maximum of 35 years. Customers can choose the policy term as per their requirement.
3. The minimum age for this term plan should be 18 years and the maximum age should be 60 years.
4. Being a term insurance plan, you are not provided with any kind of maturity benefit. If the life assured survives till the completion of the policy term then no benefit is provided by the insurance company.
5. In this plan, you are provided with a free look period of 15 days and a grace period of 15 days by the insurance company.
6. You also get the option to increase your term insurance coverage by adding riders in this plan. You can enhance your coverage by adding Accident Benefit Rider to it. For this you have to pay a little extra premium.
7. This term insurance plan qualifies you for benefits under Section 80C of the Income Tax Act 1961 on the premiums paid while the death benefit received is tax exempt under Section 10(10D) of the Income Tax Act 1961.
8. LIC Tech Term Plan

Following are the features of LIC LIC Tech Term Plan-

1. In this term insurance plan, on the death of the insured, a minimum insurance benefit of Rs 5 lakh is provided to the nominee. There is no limit on the maximum sum assured. Therefore, through this plan, you can get a sum assured of up to Rs 1 crore.
2. This term insurance plan is available to you for a minimum policy term of 10 years to 40 years.
3. The minimum age of the subscriber for this plan should be 18 years and the maximum age should be 65 years.
4. In this, you get the option of single premium, regular premium and limited premium payment for the premium to be paid.
5. In this you also get the option of adding a rider. In this, you can further enhance your term insurance coverage by adding Accident Benefit Rider.
6. In this plan you get a free look period of 30 days and a grace period of 30 days.
7. This is a term insurance plan. Therefore, you are not provided any kind of maturity benefit in this.
8. In this plan you also get tax benefit under Section 80C and 10 (10D) of the Income Tax Act 1961.
9. This term plan can only be purchased through online mode. It is not available through offline mode.

Documents Required For LIC Term Insurance 1 Crore

The documents required for LIC Term Insurance 1 Crore are as follows-

1. Application Form
2. Medical Report
3. Identity proof (any one of the following):

• voter id,
• Aadhar card,
• Passport,
• PAN card,
• driving license.

4. Address Proof (Any one of the following):

• Aadhar card,
• Utility Bill.

5. Age proof (any one of the following):

• Birth certificate,
• driving license,
• Passport,
• School or College Certificate.

6. Income Proof (Any one of the following):

• it returns,
• Latest Bank Statement.