Online Term plans from LIC. Does it worth your money…?

Online term plans from LICTerm insurance plans.

They have now been into existing for long.

Though,

Online term plans from LIC are a new entrant but things are shaping very well for them.

Insurance term plans were first introduced in the year 2009 and since then they have only grown in their popularity.

Today,

They are the first choice among many insurance buyers.

The big reason why people prefer term plans than any other traditional plan is their affordability.

This is why…

Term insurance is also sometimes referred to as low cost insurance plans.

They are pure life cover policies as they don’t offer the facility of investments. Thus, whatever premium you pay, simply goes in to secure your life for a fixed term.

In case,

If any unfortunate event happens under the policy term then the same is paid back to your family.

Please Note:

Since they are pure life cover plans thus they carry no maturity benefits.

As the company is not liable to pay anything on expiry of the policy thus the maintenance comes really cheap.

Infact, they are among the most inexpensive insurance policies in its class which makes them more buyable.

Seeing the popularity and never ending demand of term plans, today many companies are banking on it.

Even LIC in the mid of 2014 launched its own pure life cover plans. Since, they are the recent thus getting lot of competition.

Today, companies like ICICI, HDFC and Max are giving tuff competition to LIC. But LIC being a state owned insurance company, they certainly have an edge over its competitors.

Term insurance policies from LIC

Here is the list of Term plans from LIC that is witnessing great demand.

1. LIC e-term plan:

It’s a pure protection plan that is only available online. With this plan LIC is surely capturing the ever growing online market. Key features to look at to buy LIC e-term plan:

Age range required:18 to 60 years
Plan will be valid for:
Min: 10 years,
Max: 35 years.
How much you can be assured for:
It is different for both:

Minimum
Non Smoker 25 lac.
Smoker 50 lac. Maximum there is no limit.
How will you pay premium:
You pay annually.

 

2. Amulya Jeevan II:

Buy as much sum assured as you want under this plan as there are no max limits. With less of the premium you get the benefit of higher life cover.

Though Amulya Jeevan doesn’t give you any maturity benefits but the life cover provided always remains enough to take care of the family.

Here are some of its features:

Age range required:18 to 60 years.
Policy remain valid for:Min: 5 years and
Max: 35 years.
Sum assured you can get:It starts from 25 lac and can go up to as high as you want.
How flexible your premium can be:You can pay any way you want either half yearly or yearly.

 

3. Anmol Jeevan II:

It’s another life protection plan from LIC that protects families of the insured in their hard times.

The minimum age required in the plan is same i.e. 18 years but the max is limited to 55 years. Here are some other features of this plan:

Validity of your plan:Your plan can remain valid for max 35 years.
How much you will have to pay for premium:Your minimum yearly premium can be Rs.2750/- and
Max depends on your life cover bought.
Will you be covered lifelong…?No,
Your policy will cease to exist the moment you turn 70.
Can you enhance your plans with riders…?Yes, you can.
With the help of a rider you can buy additional cover from Rs.1 lac to Rs. 25 lac.

 

4. Jeevan Mangal:

If you are too concerned about your money going in to premium simply getting wasted, then you should consider Jeevan Mangal for once.

What is it…?

It’s a term plan with return of premium benefits. Though premiums are little expensive under such plans but you are paid back your entire premium on the expiry of the policy.

Thus,

You get the dual advantage. First, you get to cover your life at the least expensive rates. Second you get the investment benefits as your premiums are paid back on maturity.

Product features include:

Age range required:18 years to 60 years.
Policy ceases to exist at:70 years of your age.
Flexibility in paying premium:You can premium:
Monthly, Quarterly, Half yearly and Yearly.

 

5. Bhagya Lakshmi Term plan:

It’s a non participating limited payment protection plan from LIC. Under Bhagya Lakshmi term plan you get the maturity benefits. You get 110% of the total amount of premiums paid. Features covered under this plan:

How much life cover you can get:Minimum is: 20,000/- and
Maximum is: 50,000/-
Age range covered: 18 to 55 years.
Maturity benefits: 110% of the premiums paid.
When can you pay: Monthly, Quarterly, Half yearly and Yearly.

Since, now you know what are the different term insurance plans from LIC are, thus the question arises:

 

Is it really worth buying Online term plans from LIC…?

Yes, it is worth buying term insurance plans from LIC

Yes, it is and the reason why you should buy term plans from LIC is:

1. Most trust worthy of all:

The company was first founded in 1956 and has been into operations since then. It is counted among one of the biggest insurance companies in the world.

With total asset value of $230 billion they are surely one of the biggest names in the sector.

As per Wikipedia LIC was having $54.4 billion in revenue in 2012 alone with profits ranging $3.5 billion.

LIC being among the oldest, biggest and financially safest companies even make them the most trust worthy of all.

2. Best claim settlement ratio:

LIC boasts to have an excellent claim settlement ratio. As per the records with IRDA, LIC had a claim settlement ratio of 98% in the year 2012-13. This means that in 2012-13 LIC paid out close to 98% of the claims received.

This is an excellent no. for any insurance company to have.

Claim settlement rate is the probability that your money is paid back when the claim is made. Thus higher it is the better it is and what better than LIC.

3. Fully state owned company:

LIC is 100% state owned insurance company. When it was founded in September 1956 then it was a mega collaboration of 245 different insurance companies in India.

Being the only fully govt. operated insurance companies makes them one of the safest options as they would never ever sink.

4. A well maintained portfolio of term plans:

In a very short span of time online term plans have grown in their popularity manifold. They are the only most affordable options with insurance companies to provide life cover.

Since term plans are basically meant to provide life cover to individuals that don’t provide anything on maturity, many consider it to be the loss of their investments.

Seeing this LIC has come out with a well maintained portfolio of Term plans. This portfolio even caters to those individuals who look for secured options without sacrificing investments.

Now with LIC you can go for term plans that provide you with safety options with return of premium benefits.

Thus they help you not only safe guarding your life but your financials as well.

LIC: 5 best plans to invest in 2015

LIC,

Today is the market leader in the insurance sector.

It started its operations back in 1818 under the name “Hindustan Insurance society” but later on changed itself to Life insurance corporation of India.

Being a 200 year old company they are well equipped with desired expertise. And this makes them the most respected company not only in India but in abroad as well. Today they are present in:

  • Mauritius,
  • United kingdom,
  • Bahrain,
  • UAE,
  • Kuwait,
  • Oman,
  • Qatar,
  • Nepal,
  • Shri lanka etc.

LIC is one of the largest and oldest companies in India that offers a big range of products.

Infact,

Their portfolio is so wide that sometimes it’s really hard to pick one. Here is the long list for you to consider:

Endowment plans from LIC

PlansWhat they mean to you…?
Single premium endowment plans Investment cum protection plan from LIC where premium is paid all at once.
New Endowment plan.Offers guaranteed returns along with bonuses. Accidental death or disability benefit rider also comes along with the plan.
New Jeevan Anand.Death benefits will either be 125% of the basic sum assured or 10 times the annual premium paid.
But in any case it won’t be less than 105% of all the premiums paid.
Jeevan Rakshak.You get a loyalty bonus which is paid either on maturity or to the nominee if death happens after 5 policy years.
Limited Premium plan.Name says it all. Premiums are limited under this plan.
For e.g. you can buy a plan for 20 years and will only have to pay for 15 years. Check out for more
Jeevan LakshyaOn the death of the insured, nominees receive 10% of the life cover on every successful completion of the policy year, till maturity. To catch more on Jeevan lakshya read this detailed post

Money Back plans from LIC

Plans What do they mean...!
New money back plan 20 yearsYou receive periodic payments on survival that is 20% of the basic sum assured after every 5th, 10th and 15th policy year.
New money back plan 25 years.Death benefits are either 125% of the basic life cover or 10 times the annual premium.
Survival benefits are 15% of the basic life cover after every 5th, 10th, 15th and 20th year.
New Bima BachatOn death of the policy holder within first 5 policy years, nominees will receive “The Sum Assured”.
And if he dies after completing 5 years then loyalty bonus will also be paid.
In case,
He survives the policy period then he will be paid:
15% of the life cover at the end of every 3 years.
New Children money back plan.Child specific plan for kids in the age range of 0 to 12 years.
On the successful completion of 18, 20 and 22nd year of the policy your kids receives 20% of the life cover.
Jeevan TarunIs very much similar to Children money back plan. Here a kid in the age range of 90 days to 12 years can be insured for a minimum sum of Rs.75,000/-

Term Assurance Plans from LIC

Plans What do they mean...!
Anmol Jeevan II planIt’s a pure protection plan from LIC, where you can get insured for a maximum sum of Rs.24 lac.
Amulya Jeevan II planThe plan starts with a minimum life cover of Rs.25 lac and extends to no limit.
Since Amulya Jeevan is a term plan thus you get no maturity benefits.
e-TermTerm insurance plan from LIC that takes care of your insurance needs Online.
Since no intermediary will be involved thus you will get the best buy.
New Term assurance riderA rider can be attached with any basic plan that can provide financial protection against death of the policy holder.

 

With every plan from LIC in front of you, things should be clearer, now. But if you feel like you are still finding it hard to choose the best insurance plans from LIC then consider these:

1. eTerm insurance plan:

If you want to consider the most affordable plan and still want to stay insured then consider eTerm from LIC.

It’s an “Online insurance plan” that covers your life financially against any threat. In case if any unfortunate thing happens to the life of the insured then his family can always feel safe.

It is the cheapest term plan in the sense that no intermediary is involved. There are no insurance agents or brokers involved. Thus, what you pay is pure premium and no commission. As no commission is paid thus what you get is the most affordable plan in return.

What is this policy…?

  • The insurance plan can be filed online.
  • Policy can be bought for a basic sum assured of Rs.25 lac.
  • People in the age group of 18 to 60 years are eligible to buy the plan.
  • There are no maturity benefits but nominees get the full sum assured on the death of the policy holder.

2. Jeevan Sangam:

To avail guaranteed return, Jeevan sangam is probably your best bet. Its single premium policy that keeps you financially protected for life.

Benefits you receive…

  • On maturity of the policy, not only the insured receives the entire sum assured but loyalty bonuses are also paid.
  • In case of death of the insured, nominees are paid 10 x the value of the single premium paid.
  • Loan facility can be easily availed by keeping the policy as security.
  • If want immediate cash or don’t feel like continuing the policy any further then you can easily surrender the policy. You will be paid 70% of the premium value if the policy is surrendered in the 1st year itself, otherwise 90% will be paid.

3. Jeevan Akshay

Want to cherish your life then invest in Jeevan Akshay and you will bless me forever.

The reason why I favor Jeevan Akshay is because it provides you a fixed sum every single year (annuity) for the rest of your life that starts with your first premium.

Since your annuity starts immediately after the premium payout, this helps you secure your financial life.

What the plan offers you…?

  • You get a fixed sum every single year for life.
  • The policy is a single premium scheme which lets you enjoy for life by just paying once.
  • The plan is highly flexible as you get 7 different annuity options to choose from.
  • Annuity is paid at a standard rate. It is paid for 5 to 20 years with a gap of every 5 years. It doesn’t matter if the insured is alive or not as the annuity is then paid to the annuitant.
  • Though standard plan gives you uniform payouts but with increasing annuity you increase your annuity by 3% per annum. Thus is a very good source to fight inflation.

4. New Children Money back policy:

The plan was only launched in the first quarter of 2015 and has gain popularity since then.

Meant to secure financial future of your kids the plan can help fund their education and marriage. Any child under the age of 0-12 can be covered under this plan.

Since it is meant to provide protection to your child thus LIC has made the plan very affordable. You can insure your kids for a minimum cover of Rs.1 lac. the premium of which can be paid at your own flexibility.

Though insurance will be the ultimate benefit you will buy for your kids, but you will get the advantage of availing loan as well. You would be able to buy loan after completing 3 years of paying premium.

The policy is a money back plan from LIC thus you get your cash back in the following order which you can put to use the way you want.

  • 20% of the life cover when your child completes his 18th
  • Next 20% on completion of 20th
  • Yet another 20% on 22nd
  • On your child’s 25th year the policy matures and you are paid back your rest of the 40% along with any accrued interest.

5. Jeevan Rakshak:

It’s a regular paying premium plan that yields you bonus in the long run. The benefit you get out of this plan is that if you don’t want to continue paying premium then you can simply surrender the policy after 3 years of the policy purchase. And you will get the guaranteed surrender value.

On death of the policy holder the nominee will receive the life cover which will be the highest of either:

  • Basic life cover,
  • 105% of all the premiums paid as on the date of death,
  • 10 times the yearly premium.

LIC is a well established and one of the most respected companies in India. And their every policy is crafted with utmost care. Thus, every scheme is best, provided you should know what you want.

Think twice before you leap and you will be offer the best.

This entry was posted in LIC.

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