Navigating Term Assurance Plans: A Deep Dive into LIC’s Offerings
Discover the essentials of Term Assurance Plans with our detailed guide on LIC’s New TECH TERM, New Jeevan Amar, Saral Jeevan Bima, and Jeevan Kiran. Learn about key features, eligibility, and the security these plans offer for peace of mind.
Introduction
Explanation of term assurance plans
The significance of term insurance in financial planning
Section 1: Understanding Term Assurance Plans
Definition and purpose
How term assurance plans differ from other insurance products
Bonuses and Returns:
No discretionary benefits like bonus; fixed benefits payable on death or maturity8
Section 2: The Benefits of Term Assurance Plans
Affordable premiums
Flexibility in coverage
Riders and additional benefits
Section 3: LIC’s New TECH TERM
Key Features:
Non-linked, without profit, pure protection online term assurance plan
High coverage at low cost
Flexible payment options1
Eligibility Criteria:
Entry age: 18 to 65 years
Maturity age: up to 80 years
Sum assured: Minimum Rs. 50 lakh2
Bonuses and Returns:
No maturity benefit; the plan is designed to offer financial protection by paying a death benefit1
Section 4: LIC’s New Jeevan Amar
Key Features:
Non-linked, non-participating offline term assurance plan
Two benefit options: Level Sum Assured and Increasing Sum Assured
Accident Benefit Rider option3
Eligibility Criteria:
Entry age: 18 to 65 years
Maturity age: up to 80 years
Sum assured: Minimum Rs. 25 lakh4
Bonuses and Returns:
No bonuses; the plan provides a death benefit only3
Section 5: LIC’s Saral Jeevan Bima
Key Features:
Non-linked, non-participating, pure risk life insurance plan
Assured death benefit
Available for purchase online and offline5
Eligibility Criteria:
Entry age: 18 to 65 years
Maturity age: up to 70 years
Sum assured: Rs. 5 lakh to Rs. 25 lakh6
Bonuses and Returns:
No maturity benefit; the plan ensures a death benefit5
Section 6: LIC’s Jeevan Kiran
Key Features:
Non-linked, non-participating, individual, savings, life insurance plan
Protection and savings combination
Return of total premiums paid at maturity7
Eligibility Criteria:
Entry age: 18 to 65 years
Maturity age: up to 80 years
Sum assured: Minimum Rs. 15 lakh8
Section 7: How to Choose the Right Term Assurance Plan
Factors to consider
Policy comparison tips
Conclusion
Recap of term assurance plans’ importance
Encouragement to consult with a financial advisor for personalized advice
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