Objective

This term insurance plan pays sum assured to the nominee in case of death of the insured.

What does it do?

Like all other pure term policies, this plan pays sum assured on unfortunate demise of the insured. The policy does not pay any maturity benefit and surrender benefit.

Pros

High sum assured policies of Rs 1 crore and above can get rebate on premium.
There is no maximum limit on sum assured.
The plan allows to reinstate a lapsed policy within 5 years from the date of lapse.
Premiums qualify for taxation benefits.

Cons

The policy cannot be availed by anyone who needs a life cover less than Rs 25 lakh.
The policy doesn't offer any riders for additional protection.

Suited for

A pure term policy is recommended for everyone with dependents.

Our View

LIC charges higher premiums as compared to other insurers. Similar protection is available at cheaper cost in the market. You can take this policy if you are comfortable paying huge premiums.

Eligibility

Entry Age (years)

Minimum

18

Maximum

60

Maximum Maturity Age (years)

70

Policy Term (years)

Minimum

5

Maximum

35

Sum Assured (Rs)

Minimum

25 lakh

Maximum

No Limit

Premium Payment Frequency

Annual, Half yearly and Single

Premium Payment Term

Regular through the term of the policy or Single

Policy Cover

Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation

NA

Grace Period

You are allowed to pay premiums within 15 days from the due date. If a due premium is not received within the grace period of 15 days, your policy will lapse and the life insurance cover will be terminated

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time during the term of the policy by paying all the due premiums and undergoing underwriting requirements, if any

Tax Benefits

Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

Customer Service

Address

LIC of India, Yogakshema, East Wing, 7th Floor, Jeevan Bima Marg, Mumbai - 400021