Premiums and Rates in LIC Term Plan

Premiums and Rates in LIC Term Plan
July 04 10:51 2018 Print This Article

Arguably the oldest and most trustworthy term insurance company in India, LIC or Life Insurance Corporation of India, provides many beneficial term life insurance plans. The Company offers five affordable, variable options in its term insurance plans category. Traditionally, these LIC term plans used to be purchased at many branches located in most towns and cities of the country. However, with the tech-savvy approach taking centre stage in current times, people are opting for quicker and more convenient ways of purchasing the different types of LIC term policies online.

Through this article, we wish to enlighten you about the best ways of purchasing an LIC term plan online and the advantages of going about the act as early as possible.

How to Buy LIC Term Plan

1. Buy Over the Internet!

If you are a prospective LIC term plan buyer who is comfortable making purchases over the Internet, then you may look forward to some effective and easy means of buying the policy you need. This logical option is best taken up after ascertaining your maturity and death benefit needs and the mode of payment of the sum assured. The entire process of buying an LIC term plan online – regardless of whether it is LIC e-Term, LIC Amulya Jeevan – II, LIC Anmol Jeevan – II, LIC Bhagya Lakshmi or LIC New Jeevan Mangal – is easy, fast, and secure.

2. Compare and Buy Term Insurance Online

To begin with, you need to log onto an insurance aggregator site like Coverfox.com that gives easy access to different term plans including the LIC term plans online. After you have compared the features and benefits of various term insurance policies, you need to fill in the requisite details like your name, age, condition of health, any pre-existing diseases, coverage needed, expected premium, tenure of coverage, etc.

After apt comparison of all the available LIC term plan offers, it is recommended that you freeze your buy upon the plan that offers the best coverage at the least cost. Once done, proceed to complete the payment process via reliable channels.

3. Get Discounts Online for Term Insurance by LIC

Apart from the ease and convenience of purchasing your desired LIC term plan online, you may look forward to getting discounted costs as the offline price of LIC term policies is higher than the corresponding online versions. This is because the amount saved as agent’s commission, infrastructure costs, administration cost etc., is passed on to customers in the form of rebates and discounts.

4. Benefits of LIC Term Plans

The simple terms and conditions of these term plans require minimal or no paperwork. In addition, they provide impressive tax benefits on premium payments. The final sum assured is payable to the nominee/beneficiary of the plan after the demise of the policyholder (within the tenure of the LIC term plan). In case the policyholder happens to outlive the policy tenure, no benefits as cash value are payable to him or her.

Advantages of Buying an LIC Term Plan Online

There are quite a few sound reasons to choose an LIC term plan when you are looking around for the best term insurance policies. The main reasons are:

1. High Claim Settlement Ratio

Claim settlement ratio refers to the successful number of claims paid for by the company divided by the total number of claims received by them annually. The latest recorded CSR of LIC is 98 per cent. This means that out of every hundred claims filed with the Company, 98 of them have been paid for to the nominees named in the said plans. In terms of claim settlements, LIC has managed to outperform all its competitors in the private sector.

2. Basic Features and Benefits of Term Plans by LIC

The essential features of term insurance plans relate to policy tenure, premium payment, cover amount, No Claim Bonus, add-ons, riders, ease of claim settlement, etc. One good thing about the purchase of these plans online is that they can be availed from the comfort of your home. Along with providing certain tax benefits under the Income Tax Act, 1961, these plans feature the coveted portability option wherein they can be converted into other LIC term plans without any ado.

Way Forward

Life’s a journey that’s vulnerable enough to be cut short sans any signal. However, if you are adequately equipped, you can take good care of your loved ones even when you are no more. Log onto Coverfox.com to compare and buy LIC term plan online today!

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Jessica Moreno
Jessica Moreno

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