Term Insurance plans in LIC

What is term insurance?

Term insurance plan is a life insurance plan which provides risk coverage for a fixed premium for a limited term. 

Death Benefits:

In the event of death of the policy holder happens within the policy period, the sum assured will be payable to the nominee as a death benefit.

(The nominee will not be paid by any benefits up to 12 months, if the death of the policy holder arises due to Suicide/ attempt to suicide.)

Income Tax Benefit:

Under section 80C, a deduction of Rs 1,50,000 can be claimed from your total income. In simple terms, you can reduce up to Rs 1,50,000 from your total taxable income through section 80C. This deduction is allowed to an Individual or a HUF.

Maturity Benefit:

No maturity benefit is available in term assurance plan, on survival of policy holder until the policy term expires.

Plans available with LIC:

1. LIC Anmol Jeevan -II (822)
2. LIC Amulya Jeevan - II (823)
3. LIC E-term (825)

Term Insurance plans are specially designed to provide financial stability and protection to one's family in case of unforeseen event at low cost.