LIC Term Plan: Your Rs 17,445 per annum investment will get you a Rs 1 crore life cover in this Life Insurance policy; here is how

LIC Term Plan: Life Insurance Corporation of India or LIC of India has various types of insurance policies that have been designed to service the requests of all strata in society. Some people believe that LIC doesn't offer term plans, which is absolutely incorrect. The list of LIC policies includes LIC Term Plan Policy as well. However, it can be bought online only. LIC Term Plan offers protection to the policyholder's family at low cost. LIC Term Plan Policy is sold in the name of LIC Tech Term Plan.

As per the LIC Term Plan policy premium calculator, if a person who is 30 years of age, buys LIC term policy online, then his or her annual premium inclusive of the GST (Goods and Service Tax) will be Rs 9,912 for Rs 50 lakh life cover. However, for Rs 1 crore life cover, the annual premium is Rs 17,445 inclusive of the GST. So, in LIC Term Plan Policy, if a person invests Rs 27 per day for the entire year, he or she can get a life cover of Rs 50 lakh. While for Rs 1 crore life coverage, one needs to fish out around Rs 48 (Rs 47.79) for the entire year. So, your daily investment of Rs 48 in this Life Insurance policy will give you Rs 1 crore life coverage while Rs 27 per day investment in the same policy will giver Rs 50 lakh life coverage.

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Term of the LIC Tech Term Plan is 10 years to 40 years. One who is aged from 10 years to 65 years can buy this LIC Policy online. But, the life cover benefit under this LIC Term Policy is up to 80 years only. If a LIC Tech Term Plan policy holder dies after 80 years of age, then he or she won't be eligible for life cover benefit. In this LIC policy, if the policy holder dies within the maturity period, then he or she is eligible for the life coverage.

This LIC Term Plan Policy comes with accidental benefit rider as well. However, for males the LIC term plan premium is higher while for females policy premium is lower. Also, for non smokers, the LIC term plan policy is lower while for smokers, the term plan policy premium is slightly higher.