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LIC Term Plan Policy: Life Insurance Corporation is the largest and oldest insurance company in India. It keeps on bringing new insurance policies according to the needs of every section and people of the country. During the Corona period, awareness among people about the insurance policy (LIC’s Tech Term Plan) has increased very rapidly. Nowadays people are buying policies fiercely. The craze of term policy has increased very fast in the market. Now hearing the name of term plan, the first question that comes to mind is that what is the difference between term plan and ordinary life insurance policy?
What is LIC Tech Term Policy?
Let us tell you that in ordinary policy, you keep on depositing premium and on maturity you get lump sum money or money back in the form of money back. On the other hand, in term plans, you do not get any kind of money on maturity. In this, your policy expires after a certain period of time. If the death of a policyholder occurs during the time period of taking the policy, then his family gets financial security in such a situation. LIC has launched a term policy keeping in mind the needs of its investors. The name of this policy is LIC Term Policy No. 854 (LIC’s Tech Term Plan). Through this policy, you can protect your family in case of emergency. Through this policy, you get the benefit of minimum sum assured of at least Rs 50 lakh.
LIC term plan details-
1. This policy is a term plan scheme through which you can protect your family in case of emergency.
2. Your age should be between 18 to 65 years to invest in this.
3. The minimum sum assured of this policy is Rs 50 lakh.
4. If different women buy this policy, then they get a special discount.
5. This policy can be purchased for tenures ranging from 10 to 40 years.
6. Only people with own income can invest from the policy.
7. The maximum age of maturity of this policy should be up to 80 years.
Three options are available to pay premium-
You can pay premium in three ways in LIC’s term policy. The first option is Regular Premium, the second is Limited and the third is Single Premium. In regular premium, you have to pay premium every year. Whereas in limited premium, you have to pay premium for every 5 or 10 years. Whereas in single premium, you have to pay premium only once.
How much premium will have to be paid-
If you buy a policy at the age of 21 for a tenure of 20 years, then your premium will be Rs 6,438. At the same time, a premium of Rs 8,826 for the age of 40 years and if you buy this policy for 20 years at the age of 40, then you will have to pay a total amount of Rs 16,249 as annual premium. You can buy this policy by visiting LIC’s website.
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