In India, when it comes to purchasing a life insurance policy, the first corporation that comes into our mind is the Life Insurance Corporation of India (LIC). It’s one of the most trusted brands that deal in a wide range of life insurance plans. So, among all the obtainable choices, it sometimes becomes pretty hard to pick the best LIC policy for 10 years. So, in order to provide simplicity to you, below we have given 3 best LIC policy for 10 years.
LIC e-Term Insurance Plan
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This is an online term plan of Life Insurance Corporation of India (LIC). It considered the best LIC policy for 10 years available on the online platform. The Life Insurance Corporation of India (LIC) online e-term policy is a genuine term policy that promises payment of Sum Assured only in case the life insured dies within the period of this LIC e-term insurance plan. The features of the LIC e-term insurance plan are as follows:
Key Features Of The LIC E-Term Insurance Plan:
- This plan’s validity or the term is a minimum of 10 years to a maximum of 35 years.
- This plan comes with the Sum Assured of minimum INR 25 lakhs to 50 lakhs for the non-smoker policyholder; otherwise, there is no certain maximum limit for the total Sum Assured.
- The premium payment mode or frequency is annual which come with a grace period of maximum 30 days.
- The annual premium of the LIC e-term insurance plan is minimum INR 2875 and there is not any maximum limit for premium payment; it entirely depends on your total sum assured amount.
- This plan comes with a freelook period of 30 days, which means you can return your policy within 30 days from the receipt date of your policy document in case you do not like the terms & conditions of the policy.
Benefits of LIC E-Term Insurance Plan:
You can increase the cover from INR 1 lakh to INR 25 lakhs
If your policy gets lapsed, then you can renew it within 2 years from the 1st unpaid premium date
In case you return your LIC e-term policy within the cooling-off / freelook period then the payments that you paid will be returned to you excluding any expenses for the stamp duty
This best LIC policy for 10 years i.e. the LIC e-term insurance plan will lapse if the premiums aren’t paid within 30 days i.e. the grace period
You can avail the Tax benefits with the LIC e-Term insurance Plan under the usual tax laws.
If an unfortunate event takes place where the insured person faces demise, then the beneficiary or nominee will get the total sum assured in the form of the death benefit.
Eligibility Details of LIC e-Term Insurance Plan
Entry Age: Minimum 18 years to Maximum 60 years
Maturity Age: There is no minimum limit for maturity age but the maximum maturity age is 75 years
Sum Assured: Minimum INR 25 lakhs for the aggregate category and there is not any maximum limit
Policy Term: Minimum 10 years to Maximum 35 years
Premium Payment Frequency: Annually
Premium Payment Term: Equal to your policy term
LIC Jeevan Saral Insurance Plan:
LIC offers Jeevan Saral plan, which is basically an Endowment plan that has a ton of adaptability and accompanies a decision of the excellent sum just as the installment mode. This one is another best LIC policy for 10 years.
In case of the passing of the policyholder, the family is qualified to get the demise benefits all through the time of the strategy while such advantages are liable to the premium paid.
The Sum Assured on development is liable to one’s age when the existence was guaranteed and is payable just on one’s survival toward the finish of the strategy term. Let’s know in details about the best LIC policy for 10 years.
Key Features of LIC Jeevan Saral Insurance Plan:
- LIC Jeevan Saral plan gives various premium installment options from monthly, quarterly, semi-yearly, and every year to the client, which one can get deducted consequently from the paid account all through the approach term.
- This life coverage plan has a few advantages that add on to the benefit of the protection business of the enterprise.
- It brings the policyholder benefits regarding dedication focuses, notwithstanding the long-lasting advantages all through the approach term, which is payable after the strategy complete tenth year.
- Jeevan Saral Plan of LIC has two extra riders.
- The base period of passage is 18 years and the most extreme time of section is 50 years.
- INR 1 lakh is the base Sum Assured that can go up to a limit of INR 25 lakhs.
Benefits of the LIC Jeevan Saral Insurance Plan:
A singular amount sum is paid to the group of the policyholder as long as the strategy term proceeds, which incorporate multiple times the premium, paid on a month to month premise alongside reliability increases, though the superior return bars the main year installments and rider premium for this best LIC policy for 10 years.
Premium profit for strategy development incorporates the Sum Assured and Loyalty increases assuming any, payable as a singular amount.
Certain advantages or highlights can be added to a protection approach so as to upgrade life spread or assurance. Doing this requires an extra premium to be paid by the policyholder.
The LIC Jeevan Saral offers add-on rider advantage as term rider which offers the base aggregate guaranteed of INR 1 lakh and most extreme INR 25 lakh.
The approach can be surrendered simply after it has crossed in any event 3 years. On the off chance that a policyholder surrenders this strategy, the ensured surrender esteem is determined to be 30% of the premium paid altogether, which prohibits the premiums paid for the primary year just as the extra installments for riders benefits.
The Special Surrender Value is paid and is commonly more than the Guaranteed Surrender Value, which anyway is liable to the specific time frame for which the premiums installments are managed without disappointment.
On the off chance that if the guaranteed quit paying the premium after the fruition of 3 approach years, LIC Jeevan Saral strategy gains a paid up an incentive for the decreased whole guaranteed sum and the arrangement keeps on being upheld.
Additionally, the arrangement likewise gives coincidental passing and handicap advantage under which an additional entirety guaranteed sum is paid to the recipient of the strategy if there should be an occurrence of the unplanned downfall of the safeguarded individual.
LIC Jeevan Saral additionally offers credit office to the approach holder.
Eligibility criteria of LIC Jeevan Saral Insurance Plan:
Entry Age: Minimum 12 years to Maximum 60 years
Maturity Age: There is no minimum limit for maturity age but the maximum maturity age is 70 years
Sum Assured: Minimum 250 times of your month to month premiums
Policy Term: Minimum 10 years to Maximum 35 years
Premium Payment Frequency: Monthly (INR 250 for 12 to 49 years old individuals are INR 400 for individuals aged between 50 to 60 years), quarterly, half yearly, annually
Premium Payment Term: Equal to your policy term (Maximum premium is INR 10000 monthly)
LIC New Jeevan Mangal Insurance Plan:
The New Jeevan Mangal from LIC is fundamentally a micro insurance strategy, which is intended to offer insurance and the significant serenity to people. This is another best LIC policy for 10 years.
This arrangement intends to verify the funds of your friends and family in case of your death, guaranteeing that life proceeds with paying little respect to any episodes. Upgraded insurance at moderate rates makes it perfect for the concerned family individual.
Key Features of LIC New Jeevan Mangal Insurance Plan:
Individuals can pick an arrangement term extending from 1 to 15 years under the normal premium mode and 5 to 10 years under the single premium mode.
A policyholder can make premium installments either month to month, quarterly, half-yearly or annually.
Policyholders can get benefit assurance up to the tune of INR 50,000.
There are two premium choices; the regular premium and single premium, helping individuals select an arrangement which suits their necessities.
Benefits of the LIC New Jeevan Mangal Insurance Plan:
You can’t avoid the amount proportional to the premiums on survival till the development date.
Individuals are qualified for tax cuts on the premiums paid and the compensation out got on development/demise.
An incidental demise advantage will be paid to the chosen one in case of the death of the policyholder. This happens because of a mishap in this best LIC policy for 10 years
A passing advantage proportional to the whole guaranteed will be paid to the candidate of a policyholder on account of his/her terrible death. This sum relies upon the approach picked and premiums paid.
Eligibility Criteria Of The LIC New Jeevan Mangal Insurance Plan:
Entry Age: Minimum 18 years to Maximum 55 years
Maturity Age: There is no minimum limit for maturity age but the maximum maturity age is 65 years
Sum Assured: Minimum INR 10000
Policy Term: Under the regular premium the policy term is 1-15 years. But under the single premium mode, the policy term is 10 years.
Premium Payment Frequency: Monthly, quarterly, half-yearly, annually
Premium Payment Term: Equal to your policy term
To find out the best LIC policy for 10 years you must compare each plan.
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