LIC 1 Crore Term Insurance Plan

Life is unpredictable, and ensuring the financial well-being of your family against the most unforeseen tragedy is of utmost importance. Life insurance is crucial to securing a safety net for our families. When it comes to insurance, Indian customers have trusted Life Insurance Corporation of India (LIC of India) since its inception in the insurance market. Covering the financial and lifestyle needs of the customers, the LIC offers different types of life insurance plans in India. Customers can compare and buy a suitable life plan from the various categories, including LIC term plan, LIC endowment plan, LIC whole life plan, LIC ULIP plan, and LIC pension plan.

LIC 1 crore term insurance is one of the best plans to ensure strong financial coverage for your loved ones. But before jumping into the details to buy a LIC 1 crore plan, you should know the value of your life. How much money does your family need to spend life peacefully, even in your absence? Let’s find out the details.

Losing the sole breadwinner of a family is the most difficult incident ever. The dependents struggle to live their life peacefully. In such conditions, the family faces both emotional and financial breakdowns. You never want to imagine your family in such a situation, right? The best way to overcome this nightmare is to secure your family in your absence by streamlining a source of income even in your absence.

The value of your life is equal to or greater than your yearly income capacity in the remaining years of your life. Also, don’t forget to add any outstanding liabilities or debts like home loans, education loans, vehicle loans, or any credit card balances you have yet to pay.

Say your monthly income is Rs. 30,000, and you will retire in the next 25 years. The value of your life you can calculate in the following manner.

30,000 X 12 X 25 = 90,00,000

To arrange such a big fund for your family in your absence, buying LIC 1 crore term insurance is the way possible. LIC of India, being one of the best life insurance companies in India, offers multiple benefits to the policyholder. Let’s discuss the LIC term insurance 1 crore benefits in detail.

Term insurance from a trusted life insurance company guarantees a happy life for your family in your absence. LIC of India has designed multiple-term insurance plans offering customers a sum assured of 1 crore or above. These policies offer a high sum assured at an affordable premium cost with additional benefits. So, to ensure financial protection for your family in your absence, buying a one-crore policy in LIC can be your smartest decision.

Your family can use this regular payout to manage day-to-day expenses and tackle unexpected emergencies. To ensure that your family gets the predefined benefits without fail, you can make an LIC premium payment online or check your LIC policy status by logging in to the customer portal.

Let’s understand the workings of LIC term insurance 1 crore plan with a simple example. Rohit is a software engineer who lives with his family in a rented house. After a few years, he bought a house in the city with the help of a home loan. After four years of paying the loan, Rohit died due to a heart attack. Since he had already purchased an LIC term insurance 1 crore plan, the nominees got the claim amount as requested. They used that amount to pay the loan and manage the other liabilities.

Buying an LIC term insurance policy for 1 crore provides peace of mind to the insured for the financial security of their family. The LIC policy also provides tax benefits to the policyholder upto a limit that reduces the liability. From different types of life insurance plans offered by LIC of India, 1 crore policy in LIC provides extended financial security. Before purchasing a plan, you need to compare the benefits of life insurance plans offered by different life insurance companies.

Also read: Best LIC plans for your parents to help them enjoy their golden years.