What is the policy Coverage that LIC offers? Life Insurance is one of the primary coverage of all insurance policies. There are many insurance companies that offer life insurance coverage but you have to compare coverage options and premium ratings before you consider purchasing coverage from a Life insurance company.
LIC which stands for Life Insurance Corporation of India offers Life insurance policies to individuals. It is based in India and currently, the company is insuring more than 200 million lives in India. LIC policy offers one of the best solutions for all your Life Insurance needs.
Also, the corporations have a wide range of Life insurance coverage options that policyholders would love to buy. That is individuals can choose from the extensive list of insurance products ranging from Whole Life insurance, pure protection to an endowment, and more.
While individuals’ coverage options differ, each individual needs are quite different from one another. So, the LIC insurance policy offers plans to meet your individual needs while giving you affordable options to fit your budget.
LIC Policy Insurance Plans
LIC offers an extensive list of plans to customers. Even if you can’t afford to purchase an expensive plan, there is an affordable plan available for you to purchase. But it is best you understand each of the plans and what it covers so you can have an understanding of the type of Life coverage option you want to purchase. However, under each of the listed plans is a sublist of other plans. Hence, below are the lists of plans available on LIC
LIC Endowment Life Policy
An endowment Life insurance policy offered by LIC is a policy that combines the benefits of Life insurance plus the concept of savings. This type of policy offers death and maturity benefit.
This means that when the policyholder dies, the family of the deceased will receive a good amount of money and financial support at any point in time. However, policyholders must make sure that the premium rates are duly in order to enjoy Death benefits.
LIC Whole Life Plan
The Whole Life Policy plan offered by LIC is a type of permanent life coverage. That is if you would love to get insurance coverage for the whole of your life and even after you die then the Whole Life Plan is best for you. In this plan, the policyholder will have to pay a premium for 35 years or till 80 years.
However, as you pay a premium regularly, you will receive bonuses plus a sum assured. The sum assured is the highest sum of your annual premium. There are several benefits you get when you apply for a Whole Life Plan like death benefits, survival benefits, and maturity benefits.
LIC Tech Term Plan
This type of Policy provides a pure protection plan. Also, when the policyholder passes away, this coverage option would offer financial support to the deceased family. But you can only get The Tech Term LIC plan online with no agents involved.
The Tech Term offer benefits like the level sum assured and increasing sum assured benefits. Also, the policyholder can choose how he/she wants to pay the premium. The plan also has special coverage for women.
LIC Death Benefit
In the case where the life that is insured dies, during the period of the policy, the death benefit will be payable to the insurer’s beneficiary. But it is worthwhile to know that the absolute amount paid as the death benefit is determined on the death benefit option the policyholder chose at the time the policy was purchased.
How to Purchase a Plan on Life Insurance Corporation
You can purchase a plan directly from the LIC website. all you need to do is to visit licindia.in and select the type of plan you would love to purchase. Nevertheless, since you already have a knowledge of what the platform is and the policy it offers, you can decide on the policy that best suits you and how much coverage option you want. Note that you can fill out the online application on their website to get started. Also, if you want to purchase a LIC Tech Term Plan online with no intermediary agents involve.