An LIC term plan is one of the best possible term plans that you can ever own. So if you are looking to buy a term insurance cover for yourself, you should definitely consider getting the cover from the Life Insurance Corporation of India, or LIC as it is better known. LIC has long been a market leader and their life insurance plans are all excellent. The LIC term plans are no different. Take a look at this article to know all about an LIC term plan and why it may be a good choice for you.
Is LIC term plan useful?
An LIC term plan is very useful. Let us take a look at the key advantages you get when you buy a term life insurance policy from LIC:
- Substantial life cover: When you buy the term plan from LIC, you get a substantially large life insurance cover. Depending on what your requirements are, you can choose your sum assured. You can get a cover of as high as INR 10 crores as per the terms and conditions of the policy. This is a very useful benefit of buying an LIC term plan.
- Affordable: If you thought a high cover would drill a hole in your pocket, you were mistaken. The LIC term insurance policies are very reasonably priced. As a result, you get to own a large life cover without paying too high a premium. Choose an LIC term plan if you want the best cover at the best rate.
- Flexible premium payment modes: If you feel the premium is steep, don’t give up on the idea of buying an LIC term plan. Simply opt for a quarterly or monthly payment mode and pay your premiums in easy installments. LIC gives you the option of paying the premium in four ways – annually, semi-annually, quarterly or monthly. You can choose a mode based on your economic capacity and then pay your premiums without them becoming a financial liability.
- Flexible payout options: You can opt for a lump-sum payout or a staggering payout for the sum assured of an LIC term plan. In the former, after your death, your nominee will receive the entire death benefit in one instalment and the policy will terminate. In the latter, the death benefit will be broken up in parts and paid over a period of time. Discuss the payouts with your family and see which they will benefit from more. Make the best choice thereafter.
- Long duration: You can insure your life insurance cover for long durations of 20 or 30 years when you choose to buy an LIC term plan. So you buy a plan today and stay covered for the next three decades. Amazing, isn’t it?
Why LIC term plan?
If you are wondering why you should get your term plan from LIC and not any other insurance provider, take a look at the following:
- Highest claim settlement ratio: LIC is by far the highest settler of life insurance claims in India. The insurer settles over 99% of the life insurance claims that are made. This is an incredible figure which only LIC boasts of. Need we say more?
- Modern and dynamic: Just because it is one of the oldest life insurance companies in India, LIC doesn’t lag behind in the newness quotient. The company is up-to-date and at par with all the latest technologies and features. You get to access a very modern website and mobile app. You also get the latest digital aids when you buy an LIC term plan. LIC offers a great product with all the best qualities. This is why you should get an LIC term plan.
- Good customer support: LIC has an excellent team of customer support executives. You can therefore reach out to LIC at any time and get your issues resolved.
The bottom line
So as you can clearly see from the points mentioned above, there are many reasons that make an LIC term plan stand out. You also get a lot of reasons for choosing this particular insurance provider. So if you are looking for a new life cover, do check out the term life insurance policies from the Life Insurance Corporation of India. You will end up making a great decision after that.