Introduction:
LIC New Jeevan Amar (Plan 955) is a non-linked, pure life insurance plan that is designed to provide financial security to the policyholder's family in the event of their untimely demise. Here are some key features typically associated with this term plan:
Key Features of LIC New Jeevan Amar (Plan 955):
Pure Protection Plan: This is a pure life insurance plan, which means there is no maturity benefit; however, it provides a death benefit.
Flexible Policy Terms: The policy term options generally range from 10 to 30 years, allowing policyholders to choose a term that best suits their needs.
Death Benefit: In the event of the policyholder's death during the policy term, the sum assured is paid to the nominee.
Premium Payment Options: Policyholders can choose between regular premium payments, limited premium payments, or a single premium payment, depending on their financial capacity.
Tax Benefits: Premiums paid towards the policy may qualify for tax deductions under Section 80C of the Income Tax Act, and the death benefit is usually tax-free under Section 10(10D).
No Survival Benefits: Since it is a term insurance plan, there are no survival benefits at the end of the policy term.
Revival of Lapsed Policy: There are provisions for the revival of a lapsed policy within a specific period.
Optional Riders: Policyholders may have the option to enhance coverage through additional riders, such as Accidental Death Benefit Rider or Premium Waiver Rider.
Introduction:
The LIC Yuva Term Plan (Plan No. 875) is a term insurance plan offered by Life Insurance Corporation of India (LIC) specifically designed for the younger generation. Here’s a brief overview and some key features of the plan:
Key Features of LIC Yuva Term Plan (875):
Type: This is a non-linked, non-participating term insurance plan.
Coverage: Offers financial protection to the policyholder’s family in case of their unfortunate demise during the policy term.
Policy Terms: Typically has flexible policy term options ranging from 10 to 25 years.
Age Eligibility: Generally available for individuals aged 18 to 50 years.
Sum Assured: The minimum sum assured usually starts at a certain amount (e.g., INR 1 lakh) and can go up to higher amounts according to the insured’s choice.
Premium Payment: Premiums can be paid annually, semi-annually, quarterly, or monthly.
Nominee Benefit: In the event of the policyholder’s demise, the nominee receives the sum assured amount.
Premium Waiver: Certain plans may offer the benefit of waiving off future premiums after the death of the policyholder, depending on the option chosen.
Benefits:
Financial Security: Provides a safety net for the family, ensuring they are financially secure in case of eventualities.
Affordable Premiums: Designed to be affordable, making it accessible for young individuals.
Flexibility: Option to choose different policy terms and sum assured based on individual needs.
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