LIC Term Insurance plans
Term Insurance Plans are pure Life Insurance plans gives high coverage at a lower premium. LIC Term Insurance plans can be obtained after Medical tests and submitting financial papers to the Life Insurance company for approval. Term Insurance provides death benefits to the nominee if death happens to the policyholder during the term of the policy.
If Term Policy matures then no maturity would be payable to the Policyholder. LIC Term Insurance plans are best for High Net worth individuals like Salaried, businessmen, frequent travelers, Home loan re-payers etc.
In LIC of India, there are two kind of Term Insurance Plans.
They are :
Comparison between other Term Insurance Plans in the market :
LIC Term Insurance plans cannot be compared with any other Term Insurance plans in the market. LIC of India holds the highest claim settlement ratio in Insurance Industry. LIC has also got highest number of Policy holders in the world. LIC offers Term Insurance Policy after Medical tests and scrutiny of Financial papers only. Once approved term plan becomes pure life cover plan and provides full sum assured in case any thing happens to the policy holder.
LIC of India being a Government of India Life Insurance Company, Proposers trust and insure themselves. Life Insurance Corporation of India is the largest life insurance Company in India which was started in the year 1956. Life Insurance Corporation of India is the only Life Insurance company which is fully owned by Government India.
LIC of India with head quarters in Mumbai is having 8 Zonal Offices, 113 Divisional Offices, 2048 Branch Offices with 1346 Satellite Offices and 1242 Mini Offices across the country besides 7 subsidiary companies and overseas operations in 13 countries, and is manned by more than 1.20 lakh Employees. In Indian Insurance Sector LIC of India is the only Insurance Company to have Government’s Sovereign Guarantee which means all policies* sold are guaranteed by Government of India.