Life Corporation of India had launched two new term insurance plans- New Jeevan Amar and Tech Term.
New Jeevan Amar and Tech terms are non-linked and non-participating plans, meaning that policyholders will have to pay fixed premiums and receive guaranteed returns.
Non-linked plans are purely risky products and are not linked to the stock market.
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Jeevan Amar term insurance plan:
Jeevan Amar offers the flexibility to choose from two options: level sum assured and increasing sum assured.
The option of a single premium payment or a recurring premium payment is also available to customers. Additionally, a limited premium payment option is provided.
The New Jeevan Amar plan offers special rates for women, although the premium rates for smokers and non-smokers are different, according to the material on the LIC website. The single premium plan’s entry-level premium is thirty thousand rupees. The cost for both regular and limited modes is 3,000.
The results of the urine cotinine test will be used to determine the non-smoker rates.
Under the regular premium plan, there is no surrender value. On top of that, customers can purchase an accident benefit rider by paying an additional premium.
Although the minimum sum secured is Rs. 25,000, there is no maximum amount established.
The New Jeevan Amar policy is available to purchase by citizens between the ages of 18 and 65. The policy has a 10- to a 40-year term.
Instead of getting the death benefits all at once, you can choose to get them in five-year instalments.
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Tech term insurance plan:
LIC tech term plan is a non-linked, non-participating online, pure-risk premium plan which provides financial protection to the policyholder’s family in case of the demise during the policy term.
The plan was introduced to facilitate easy access to term plans for those who are looking to buy from their homes. The tech term plan comes with other additional benefits such as flexible premium payment terms, death benefit payout, rebate on high sum assured and more.
The maturity age of the Tech term insurance plan is 80 years.
A single premium payment must be made in at least Rs. 30,000. Regular and Limited pay premiums must be at least Rs. 3,000.
No benefits can be claimed if the policyholder commits suicide within 12 months from the date of commencement of the policy.
LIC only entertains claims for up to 80% of the premiums paid.
