Term Insurance plan and its uses

Term Insurance plan is a plain Life Insurance policy with no other benefits other than the death benefit.  The Life Insurance plans can be divided into two parts. Insurance policy with returns and Term policy. With returns, the Policy is also called an Endowment plan which is a mix of insurance and savings.

 Instead of paying the entire funds for insurance only, people prefer to go for Endowment plans, which give the policyholder coverage and returns on the investment with bonus accumulation.

In most cases, a Term plan is a pure life insurance plan with gives life coverage only and no return of premium. Nowadays, there are many kinds of Term plans in the market such as

1. Regular Premium paying plans,
2. Limited Premium paying term plans,
3. Single Premium Term plans and
4. Return of Premium plans

There are people who prefer term plans as they think the returns from the Endowment plans are very low. That is sometimes correct also. 

What is Term Insurance and its benefits? Is the doubt many people have in their minds. Term plans are required for HNIs, NRIs, Professionals, Sports stars, film stars, and those who are having big obligations. 

Buy Term plans when you are you and healthy. When you buy at a younger age the mortality charges would be less. 

LIC TERM PLAN - LIC JEEVAN KIRAN POLICY - RETURN OF PREMIUM TERM PLAN - BUY TERM POLICY

LIC TERM PLAN JEEVAN KIRAN POLICY 

LIC of India has launched a new Term plan in the market. LIC JEEVAN KIRAN POLICY  is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan which offers a combination of protection and savings. 

This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term and returns the total premiums paid* in case of survival till maturity. This is a non-participating product under which benefits payable on death or maturity are guaranteed and fixed irrespective of actual experience. 

Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus. 

Basic conditions for LIC Jeevan Kiran policy:

Minimum Age at Entry: 18 years (last birthday)

Maximum Age at Entry: 65 years (last birthday)

Minimum Age at Maturity: 28 years (last birthday)

Maximum Age at Maturity: 80 years (last birthday)

Policy Term: 10 years to 40 years

Premium Payment Term

•Under Regular Premium: Same as Policy Term

•Under Single Premium: Not applicable

 Minimum Basic Sum Assured: Rs. 15,00,000/-

Surrender of  LIC Jeevan Kiran Term plan:

Under Regular Premium payment, the policy can be surrendered by the Policyholder at any time during the policy term provided two full years’ premiums have been paid. Under Single Premium payment, the policy can be surrendered by the policyholder at any time during the policy term. 

The Surrender Value payable shall be higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

Under Single Premium Policies:

The Guaranteed Surrender Value shall be as under:

• During first three policy year: 75% of the Single premium Paid.
• Thereafter: 90% of the Single premium Paid.

Single Premium referred to above shall not include taxes, rider premium(s) and extra premium, if any.

Death Benefit under LIC Jeevan Kiran Term plan:

The death benefit payable on the death of the life assured during the policy term after the date of commencement of risk but before the date of maturity shall be “Sum Assured on Death”

Maturity Benefit under LIC Jeevan Kiran Term plan:

On Life Assured surviving the stipulated Date of  Maturity, “Sum Assured on Maturity” shall be payable, where “Sum Assured on Maturity” is equal to “Total Premiums Paid” under Regular Premium Payment policy and “Single Premium Paid” under Single Premium Payment Policy.  

Source: LIC Jeevan Kiran policy 

Term plan, Rs. 1 Crore @ Rs. XX/day - How term plans are so cheap online - How it works

After Corona attack, everyone wants to buy Life Insurance as soon as possible. The same way many online portals also started marketing their products. Many people also started buying online Insurance plans without considering who would help for claims etc., 

You can see a number of Term plan advertisements on websites and television. A normal person may not be able to buy as per the calculations shown. The premium calculated is for a plain plan of Rs. 1 Crore. No extra benefits added to that. 

Term Insurance, 1 Crore @ Rs. XX/Day

BUY Term plan with all benefit 

GIVE  A MISSED CALL AT : 9886568000 

Lifetime doorstep services

Whenever requirement for Term insurance comes, please go for all riders like

•  Accident Benefit, 
• Critical Illness rider
• Waiver of Premium etc.,

Buying online products is very easy. You might have seen after the delivery of the product how many people fight for installation with their little know knowledge and finally break it. 

Insurance is not a product. Life Insurance is for your life for the betterment of your nominees future.  Many buy Insurance online and forget to update them with family members. Buying Life Insurance offline is always good. The policyholder would have a satisfaction meeting, discussing and declaring everything to the Insurance Executive. 

Insurance should be purchased from an experienced Advisor who can do the due diligence in a proper way. In the future, if he is not there also, the claim should not be a problem. 

Term plan, Rs. 1 Crore @ Rs. XX/day - How term plans are so cheap online - How it works

After Corona attack, everyone wants to buy Life Insurance as soon as possible. The same way many online portals also started marketing their products. Many people also started buying online Insurance plans without considering who would help for claims etc., 
You can see a number of Term plan advertisements on websites and television. A normal person may not be able to buy as per the calculations shown. The premium calculated is for a plain plan of Rs. 1 Crore. No extra benefits added to that. 

Term Insurance, 1 Crore @ Rs. XX/Day

BUY Term plan with all benefit

GIVE  A MISSED CALL AT : 9886568000 

Lifetime doorstep services

whenever anyone wants to go for a term plan, please add all riders like Double Accident Benefit, Critical Illness rider etc.,

Buying online products is very easy. You might have seen after the delivery of the product how many people fight for installation with their little know knowledge and finally break it. 

Insurance is not a product. Life Insurance connected with your life and your nominees future.  Many buy Insurance and never discuss that with family members. Insurance is a long term affair, it has to be discussed with family before planning.

Insurance should be purchased from an experienced Advisor who can do the due diligence in a proper way. In the future, if he is not there also, the claim should not be a problem.