All you need to know about LIC 10 Crore Term Insurance

What is LIC 10 Crore Term Insurance Policy

The unfortunate demise of the sole earning individual of a family can impose a serious burden on the family members making it difficult to bear the expenses. This pain can be elevated in case of HNI families due to their high standard of living and hence the high recurring expenses. To prevent this, most HNIs, who are intelligent investors and financial planners, always have insurance by their side.

But the question arises, which policy should one opt for and for how much amount? If an HNI has a term insurance of Rs. 10 crores handy, he can conveniently take the joy of the happy moments and make a fine cushion for his loved family. In this article, we are going to discuss such policies of LIC Term Insurance which offer a cover of 10 crores and can be opted by HNIs for protecting their family in the terms of their financial requirements, in case of the policyholder’s demise. 

Term insurance is one the simplest and non complex forms of life insurance. Term plan offers a large sum of your family at the time of the death of the policyholder. The plan covers your family from the risk of death for the limited tenure called term.

We all work hard to enhance our lifestyle and financial status, to fund our education of the children and secure a suitable retirement for ourselves. Term insurance takes care of the family in case of unfortunate times. With term insurance, your family can continue to maintain their lifestyle by funding day to day essential expenditures and also achieve their life goal even in your absence.  

Watch this video and know more about 10 Crore LIC Term Plan : 

Why Buy LIC Term Insurance ?

Disability, disease, death all are realities and are less talked about, Nevertheless, all these three are realities we can’t possibly overcome with certainty.  

But to take a cover, following aspects of term insurance can help:

• A lump sum fun to meet the immediate need
• If opted for, a regular income to meet the household income

Merits of Term Insurance

• Safety for dependents from your financial liabilities like any debt or loan
• Tax savings of upto Rs 1.5 Lacs on the premium paid u/s 80C on Income Tax, as per prevailing tax laws
• A regular income source along with a lump sum amount to endure day to day expenses are being met
• Financial protection in the most unfortunate and uncertain circumstances.
• Long term insurance cover till the age of 85 can be ideal if you wish to leave a legacy for your family, subject to maximum tenure of policy of 50 years.

LIC 10 Crore Term Insurance Plan

This plan offers financial support and back up to the family of the insured/policyholder. The mechanism is such that they guarantee to pay the assured sum of Rs 10 Cr to the policy nominee on the demise of the insured. Taking into account the rising inflation and expenses one needs to bear, even day-to-day payables can seem difficult in unfortunate times and this is why LIC has come up and designed several plans offering an assured sum of Rs 10 cr. The best thing about these plans is the availability of several options with attractive benefits such as monthly income, one-time payout among others.

Options Under LIC 10 Crore Term Insurance

As discussed that LIC offers various alternatives for the plan, let us now discuss the same:

Amulya Jeevan LIC Term Plan 10 Crore 

Eligibility:

The minimum age of the policyholder should be 18 years while the maximum age is capped at 60 years. The maximum Maturity age can be 70 years.

Key Benefits:

1. The premium can be paid half-yearly, yearly, or by a single premium method.
2. A rebate of 5% of the sum assured on a single premium mode is offered while buying LIC 10 crore policy.
3. There also exists a grace period of 15 days for yearly or half-yearly premium payment modes.
4. In this plan, the minimum sum assured is Rs. 25 lakh with no upper cap.
5. The assured sum is transferred to the nominees in case of demise of the insured.
6. A cooling-off period of 15 days is offered by the insurer in case the insured doesn’t want to continue with the plan.

Anmol Jeevan II

This is a protection plan offering financial protection to the insured’s family in case of demise.

Key Benefits:

1. On survival to the end of the policy tenure, nothing shall be payable.
2. In case of demise of the life assured during the policy tenure, the sum assured shall be payable.

LIC Tech Term Plan

This is an online LIC 10 cr policy that can be conveniently purchased anytime from the comfort of your home providing a non-linked, pure-risk, and non-participating premium plan that offers the option to secure one’s family future with the assured sum of 10 cr or more. 

Eligibility:

The minimum entry age to enter is 18 years while the max-age is capped at 65 years. Here the maximum age permitted at the time of maturity is 80 yrs.

Key Benefits:

1. This plan offers a policy tenure between 10 to 40 years.
2. The minimum assured sum here is Rs 50 lakhs with no upper cap. Nevertheless, the basic sum insured amount should be in multiples of Rs 35 lakh for an assured sum of above Rs 75 lakhs.
3. Two death benefit options, namely Increasing Sum Assured and Level Sum Assured are offered in this plan.
4. Special plans are offered for female applicants.
5. It offers Regular, Single, and Limited premium payment option
6. Accident benefit Rider is also available on payment of extra premium

Jeevan Amar LIC 10 Cr Term Plan

It is a pure protection plan offering life insurance at a comparatively economical premium.

Eligibility: 

The entry age is 18 years while the maximum age can be 65 years. Here the maximum maturity age is 80 years. 

Key Benefits:

1. Special premium rates are offered to female applicants.
2. Coverage can be enhanced by paying an extra premium.
3. The option to get death benefits in installments is also available.
4. This plan offers a policy tenure between 10 to 40 years.
5. Two death benefit options, namely Increasing Sum Assured and Level Sum Assured are offered in this plan.
6. It offers Regular, Single, and Limited premium payment option
7. The minimum assured sum is Rs 25 lacs with no upper limit.

Which is the Best Option?

As we discussed the four plans above, this might create confusion among HNIs and a query may arise which is the best?. The answer to this is very subjective as every individual is different and has different nature. The most common mistake people make while choosing an insurance plan is deciding over the premium amount. Premium is indeed a significant aspect but not the only aspect. Before investing, an individual should read the policy document and terms and conditions very carefully, compare them with one another, and then decide what’s best for him.

Claim Process at LIC

Another significant option to be considered is the claim process and details. In case of demise, the benefits are to be claimed by the nominee/beneficiary and following documents must be submitted:

1. Policy Document
2. Death Certificate along with the cause of death
3. Mandate Documents
4. Once submitted, the LIC will start vouching and verifying the details.
5. Once verified, the settlement procedure will start.

What is Term Insurance?

Term insurance can be called one of the most basic types of insurance policies offered where the insurer ensures that the family members of the insured are given compensation up to the sum assured amount in case of demise of the insured during the selected tenure of the term insurance. These are designed to offer financial support to the family in case of an unfortunate event. Most term insurance plans come with other rider benefits at a slightly higher premium. HNIs can definitely consider the high sum assured plans where they can secure their family and benefit over the term.

More Information:
LIC Tech Term Plan
LIC Jeevan Akshay Policy
LIC Term Plans
LIC Jeevan Amar Plan