LIC offers 4 different Term Plans
1. Anmol Jeevan-I
2. The Convertible Term Assurance Policy
3. Two Year Temporary Assurance Policy
4. Amulya Jeevan-I
1. Anmol Jeevan I
Anmol Jeevan is the most sold Plan in Term Plan, have a look at its features & benefits:
Benefits
Survival Benefits: There are no Survival Benefits
Death Benefit: Before the Policy expires the sum assured is paid to the life insured in the event of death.
Eligibility
Age at entry: Minimum and maximum age at entry are 18 yrs respectively & 55 yrs
Age at maturity: Your maximum age at maturity should be 65 yrs
Term (benefit period): Minimum & maximum term are 5 yrs & 25 yrs respectively
Coverage Amount (Sum Assured): The minimum & maximum sum assured are Rs.5, 00,000 & Rs. 3, 00, 00,000 respectively
Mode of Premium payment: You can opt for Yearly, Half- Yearly and Single premium
Loan option: No loan will be granted under this plan.
2. The Convertible Term Assurance Policy
This Term Plan gives you an option of converting the policy into endowment assurance or limited payment whole life assurance. It is designed to meet the needs of those who are initially unable to pay the larger premium required for a Whole Life or Endowment Assurance Policy, but hope to be able to pay for such a policy in the near future.
Benefits
Survival Benefits:
There are no Survival Benefits
Death Benefit: The life insured gets the death benefit of an amount total sum assured.
Eligibility
Age at entry: The maximum & minimum age at entry is 20 yrs & 50 yrs respectively.
Coverage Amount: The minimum & maximum Sum Assured is 50,000 & 1,00,00,000 respectively
Term: You can take the minimum term of 5 yrs & maximum term of 7 yrs
Mode of Payment: You can opt for Yearly, Half-yearly, Quarterly, Monthly, and Salary Saving Scheme.
Loan: You can’t take a loan against this plan
3. Two Year Temporary Assurance Policy
This Term Plan covers the individuals who require the risk cover for very short period, those people who go for tours for a year or so.
Features:
- This is the Term Plan which covers an individual who requires risk cover for a maximum of two years.
- Single Premium is paid to cover in the entire period.
- No loan will be granted against the Two Year Temporary Assurance policy.
Benefits
Survival Benefits: There are no survival benefits
Death Benefit: The life insured gets the death benefit of an amount total sum assured
Eligibility
Age at entry: The maximum & minimum age at entry is 18 yrs & 60 yrs respectively.
Coverage Amount: The minimum & maximum Sum Assured is 50,000 & 1, 00,000 respectively
Term: You can take the Term of 6,12,18,24 months
Mode of Payment: The plan has single premium paying process.
4. Amulya Jeevan-I
Benefits
Death Benefit: Before the Policy expires the sum assured is paid to the life insured in the event of death.
Maturity Benefit: Nil
Eligibility
Age at entry: Minimum and maximum age at entry are 18 yrs respectively & 60 yrs
Age at maturity: Your maximum age at maturity should be 70 yrs
Term (benefit period): Minimum & maximum term is 5 yrs & 35 yrs respectively
Coverage Amount (Sum Assured): The minimum sum assured is Rs.5, 00,000 & there is no upper limit.
Mode of Premium payment: You can opt for Yearly, Half- Yearly and Single premium
Loan: No loan will be available under this plan.