Life Insurance Corporation of India (LIC), one of the leading insurance companies in the country, has launched its latest term insurance plans with enhanced benefits and coverage. These new plans are designed to provide comprehensive protection to policyholders and their families, ensuring that they are financially secure even in the event of an unforeseen death.
In recent years, the market has seen a significant shift towards term insurance, which provides coverage for a specified period, usually until a specific age or milestone. LIC’s latest term insurance plans cater to the evolving needs of the market, offering a range of features and benefits that make them an attractive option for individuals looking to secure their family’s financial future.
Key Features of the New LIC Term Insurance Plans
LIC’s new term insurance plans come with several features that make them stand out from the competition:
- Higher Sum Assured: The new plans offer a higher sum assured, which ensures that policyholders receive a lump sum payout in the event of death, providing financial security to their families.
- Increased Coverage for Spouse and Children: The plans now offer increased coverage for the spouse and children, ensuring that they are protected even after the policyholder’s passing.
- Optional Rider for Accidental Death Benefit: Policyholders can opt for an additional rider for accidental death benefit, which provides an additional indemnity in case of accidental death.
- Tax Benefits: The premiums paid towards the new LIC term insurance plans are tax-deductible under Section 80C of the Income Tax Act, providing tax relief to policyholders.
- Surrender Value: The plans offer a surrender value after a specified period, providing policyholders with a financial cushion in case they need to surrender the policy.
Benefits and Coverage
The new LIC term insurance plans offer a range of benefits and coverage that make them an attractive option for individuals and families:
- Death Benefit: In the event of the policyholder’s death, the nominee receives a lump sum payout that is typically 10-20 times the annual premium.
- Maturity Benefit: Upon the completion of the policy term, policyholders receive a maturity benefit, which is the sum assured.
- Accidental Death Benefit: If the policyholder
