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LIC India Term Insurance Plans
LIC was established through the Life Insurance Corporation Act passed by the Parliament of India on 1st September 1956 as a sole life insurance provider in the Indian insurance sector. This makes LICI the oldest and the most trusted Life Insurer in the insurance sector. Among 28 insurance companies in the insurance sector, LICI still enjoys the major part of the market share through an experience of years of efficient service. The company currently has a huge customer base comprising of more than 250 million people and is still providing excellent quality of service standards. The range of products the company offers include different types of term plans, Child Plans, traditional saving plans, ULIPs and pension plans.
Why LIC Term Insurance Plans?
Term insurance plans are favoured by people even though there is usually no maturity benefit because it enables people to buy high amount of coverage levels at very low premiums. This way, people can secure their family sufficiently against any loss of income which the family might face in the absence of the life insured. Moreover, with cheaper rates of premiums, these plans are not hard on the pocket and helps people to fund their income replacement requirement easily.
What are LIC Term Insurance Plans?
Term insurance plans offer protection to individuals at low cost. The plans promise considerable benefits if the policyholder dies during the tenure of the plan. There is usually no maturity value payable under the plan if the person survives till the end of the tenure. The plan comes cheap and offers high coverage at lower rates of premiums. These plans are called the basic form of insurance since they provide only for the death of the insured during the tenure of the plan and no maturity value.
When Should a LIC Term Plan be taken?
It is always a good idea to buy a term plan early on in life. The younger the person is, the cheaper the plan will be for him or her. Also, it is a good idea to buy a term plan earlier because that would ensure the policyholder would be covered for a longer period of time. Since term plans are the cheapest types of life insurance, everyone can afford to have a term plan.
LIC India Term Insurance Plans
LIC was established through the Life Insurance Corporation Act passed by the Parliament of India on 1st September 1956 as a sole life insurance provider in the Indian insurance sector. This makes LICI the oldest and the most trusted Life Insurer in the insurance sector. Among 28 insurance companies in the insurance sector, LICI still enjoys the major part of the market share through an experience of years of efficient service. The company currently has a huge customer base comprising of more than 250 million people and is still providing excellent quality of service standards. The range of products the company offers include different types of term plans, Child Plans, traditional saving plans, ULIPs and pension plans.
Why LIC Term Insurance Plans?
Term insurance plans are favoured by people even though there is usually no maturity benefit because it enables people to buy high amount of coverage levels at very low premiums. This way, people can secure their family sufficiently against any loss of income which the family might face in the absence of the life insured. Moreover, with cheaper rates of premiums, these plans are not hard on the pocket and helps people to fund their income replacement requirement easily.
What are LIC Term Insurance Plans?
Term insurance plans offer protection to individuals at low cost. The plans promise considerable benefits if the policyholder dies during the tenure of the plan. There is usually no maturity value payable under the plan if the person survives till the end of the tenure. The plan comes cheap and offers high coverage at lower rates of premiums. These plans are called the basic form of insurance since they provide only for the death of the insured during the tenure of the plan and no maturity value.
When Should a LIC Term Plan be taken?
It is always a good idea to buy a term plan early on in life. The younger the person is, the cheaper the plan will be for him or her. Also, it is a good idea to buy a term plan earlier because that would ensure the policyholder would be covered for a longer period of time. Since term plans are the cheapest types of life insurance, everyone can afford to have a term plan.