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Why is LIC Term Insurance Important?

The LIC term insurance is the simplest for of insurance offerings. If the insuree survives the policy tenure, the term insurance will not give any survival or maturity benefits and if any uncertain event happens, a sum assured will be paid to the nominee of the insuree.

Following are the reasons why LIC term insurance is important!

Provides financial security:

An untimely demise is unfortunate and the financial liabilities that require to be borne by the family can be a burden. To prevent such a case from arising, it is an ideal way to invest in a LIC term insurance plan that will take care of the family in financial terms.

Highly flexible:

Flexibility is one of the significant advantages of a term plan. You can select any offline or online plans for which health plans are not mandatory. Investors can also alter the plan and customise a term plan as and when required as per the feasibility.

Riders of insurance:

Riders are the additional perks and benefits that come with the plans to suit the requirement of the insuree. These come with a nominal fee and should be taken only if one feels a dire need. Some of the riders that can be taken along with term plans are critical illness, death due to accidents, partial or permanent disability among others.

Insuree should opt for a rider only in the case of genuine news and be careful through the offer document for exclusion or inclusion before opting for any rider.

Low premium:

Since there is no involvement of the investment element in the insured amount, the premium for all term plans is very low when compared to any other type of insurance. Any individual might have to pay only about 1% of his annual income to get a life cover. Since this element is not there in the insured amount, the premium for term lic insurance is less than that of other policies.

For instance, a policy of Rs 1 Cr will have a premium of only around Rs 7.5k for one year.

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Get Best LIC Term Plan with our Best LIC Agent

The LIC Term Plan assists consumers in building a savings account while also providing insurance coverage. The LIC New Jeevan Anand policy is one of many endowment policies that provide individuals both life insurance and risk-free earnings in one package.

It’s a type of participation plan in which a person earns simple reversionary bonuses throughout the duration of the policy. A last further payout is also provided when the insurance matures or the person dies. There is also an optional rider benefit that allows someone to choose a greater level of coverage for his or her premiums, which are paid throughout the policymaking process.

They may also be eligible for premium discounts, which lowers the premium rate. Loans are also made available under the LIC Term Plan, providing customers with liquidity in the event that they require funds urgently.

A minimum paid-up value has been established for the policy. If a person does not wish to continue with the policy coverage, they can surrender it and receive the entire surrender value. The policy’s surrender value will be higher than the guaranteed surrender value or the extraordinary surrender value in most cases. The guaranteed surrender value will be computed as the total surrender value of the policyholder’s premiums paid plus any bonuses earned. The unusual surrender value, on the other hand, would very certainly be set by the LIC firm, and it would be determined on a regular basis.

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LIC Term Insurance

LIC Term Insurance offers robust financial protection at affordable premiums. As a leading life insurance provider, LIC ensures your family's security with straightforward term plans. These plans provide a predetermined sum assured to your beneficiaries in the unfortunate event of your demise during the policy term. LIC's term insurance stands out for its reliability, transparency, and the flexibility to choose coverage according to your needs. With a legacy of trust and a wide range of coverage options, LIC Term Insurance remains a prudent choice for those seeking a straightforward and comprehensive life insurance solution in India.

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