If you have a family whose future is your prime concern and you are someone who is looking to leave something behind for them, chances are that you will look to a life insurance policy to solve this need. The advantage that these life insurance policies bring to customers is that of providing them a choice between different types of insurance plans like endowment and term insurance plans. These plans also offer the advantage of very high sum assured that can ensure that, should something happen to you, your family’s financial future will be secure.
LIC Insurance with high sum assured
These are some of the plans from LIC that offer really high sum assured. They can be a mix of term insurance plans provide pure protection, endowment plans providing survival and death benefits or even pension plans that help you ensure a pleasant retirement.
LIC Term insurance plans:
Term insurance plans are traditional insurance products that offer a high sum assured for a relatively low annual premium. These plans are the ideal, cost effective, protection solutions.
Amulya Jeevan – I:
This is a plan that is a term insurance plan that offers protection through high sum assured with long policy terms.
Amulya Jeevan – II:
The Amulya Jeevan – II is a term insurance plan that offers no maturity benefits but does offer the entire sum assured as the death benefit.
This is a term insurance plan that can be bought online and offers discounts on the premiums for policyholder who are not smokers.
- Amulya Jeevan – I:
Endowment plans offer two types of plans, participating and non-participating plans. This means that some of the plan take part in company profits and others don’t. These plans typically offer death and
Single Premium Endowment Plan:
This is an endowment plan for which the premium is paid in a single lump sum.
New Endowment Plan:
The New Endowment Plan is an endowment life insurance policy where the insurance cover chosen can easily be past Rs. 1 crore.
New Jeevan Anand:
This is an endowment scheme that offers discounts on the premiums if the sum assured is really high.
Limited Premium Endowment Plan:
This is an endowment plan where the premiums are not paid for the duration of the policy but for a limited period only.
LIC’s Jeevan Lakshya:
This is a participating endowment plan that offers high sum assured and maturity benefits for policyholders.
New Endowment Plus:
The New Endowment Plus is a ULIP and an endowment that invests in various funds. It allows policyholders to take advantage of investments made in the markets to build up savings.
Money back plans are insurance policies that come with both death and maturity benefits.
New Money Back Plan-20 Years:
This is a money back life insurance plan that comes with a limited premium paying term.
New Money Back Plan-25 Years:
Just like the 20 year plan, this insurance plan comes with a limited premium term and a tenure that is 25 years.
LIC’s New Bima Bachat:
This is a savings and protection plan that is not linked and participates in the company profits.
Pension plans are those life insurance policies that can be used to provide oneself with a source of income even after retiring.
New Jeevan Nidhi:
This is a pension plan that has no limits on the maximum sum assured and can be taken for 9 years, 12 years, or 15 years.
All these plans serve specific purposes and can be used to fulfil various needs that you as a customer, may have. If you are looking for protection then you have the term plan to choose from, if you want maturity benefits too then you have the endowment, money back and pension plans and if you are not averse to a little bit of risk then you always have the ULIP plans that can create savings through investments in debt and equity markets.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017