Finance

What Is LIC Term Plan?

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LIC term plan is one of the best term life insurance products available in the country. The Life Insurance Corporation of India (LIC) has long been India’s most preferred life insurance provider. All of the policies from LIC are very popular, including the LIC term life insurance plans. If you are looking for a good term life insurance cover, you should definitely consider getting an LIC term plan. Take a look at this article to know all about the LIC term plans and how they can help you cover your life.

Why should you be buying LIC term plan?

There are many advantages you get when you buy a term life insurance plan from LIC. These benefits include:

  1. High cover: A major reason why you should buy an LIC term plan is that you get a very high life cover with such a plan. So your life remains covered in a comprehensive manner and if anything were to happen to you, your loved ones would never suffer financially. So choose an LIC term plan and get a very large term insurance cover.
  2. Low cost: The LIC term plans are very reasonably priced. You get to have an excellent life insurance cover for a long duration and that too at an inexpensive rate. The term insurance rates from LIC match up to the best in the country and allow you to have a life cover even of you are on a budget.
  3. Flexible premium options: You can choose to pay your premium annually, semi-annually, quarterly or monthly. The number of instalments and premium value is for you to decide. So you can opt for a premium paying mode that suits your pocket. You don’t have to be financially tested just to pay a large premium. You can very well choose a smaller amount and pay the premium in parts.
  4. Excellent claim settlement: This is the biggest reason why you must own an LIC term cover. The claim settlement ratio of LIC is the best in the country. The insurer settles over 99% of their claims. So if you buy a term plan and maintain it properly, in all probability, your beneficiaries will get a claim after your demise.
  5. Pay-out variations: You can opt for flexible payment options too for the sum assured on an LIC term plan. You can opt for the lump sum options or the staggering pay-out option. In the former, your nominees will get the entire death benefit in one chunk and the plan will terminate. In the latter, the death benefit will be broken up in instalments and paid over a span of time. You can pre-decide on the payment method after assessing the finance-handling capacities of your family members/nominees.

Benefits of LIC term plan

Now that you know exactly why you should buy an LIC term plan, take a look at the benefits of such a plan if you still aren’t convinced:

  • Quick and convenient to buy: You can buy an LIC term plan online in just a few minutes online. The plans are easily available online and if you are young and healthy, you may not even need a medical evaluation. So you can literally sit at your computer and own a term life cover in a few minutes.
  • Great customer support: No matter what kind of help or assistance you need, the customer support cell of LIC will always help you. Customer satisfaction is LIC’s priority so you will never be disappointed with their customer support team.
  • Easy claim process: Last but not the least, LIC has a very easy claim process. Your loved ones will be distressed if you die. At such a time it would be unfair to put them through a difficult claim process. Buy an LIC term plan and rest assured that even at a difficult time, the claim process will be easy for your family members. If you buy the term life insurance from Coverfox.com you get enrolled into complimentary NASPRO program. Find more about it on Coverfox.com or call their expert insurance advisor to know the benefits.

The bottom line

The Life Insurance Corporation of India is the nation’s favourite life insurance provider for good reason. So if you are looking for a term life cover, buy an LIC term plan. You will get a great deal and will surely be able to cover your life in an easy, convenient and affordable manner.

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