A term life insurance is a type of life insurance plan which provides risk cover. A term insurance plan covers a human life for particular sum of amount which is called Sum Assured. On demise of insured individual, the Sum Assured is paid to the family members of the insured.
A term insurance plan is the cheapest among the full spectrum of life insurance products. One can get substantial life cover at relatively low costs. Term insurance plans are broadly classified into two categories- offline term plan and online term plan. The major difference among them lies in the fact that online term plans can be purchased online directly from the insurance company and are very cheap as compared to offline term plans as the product is directly sold to customer eliminating the need for intermediaries. Since the insurance company is able to save on distribution costs, the cost benefit is passed to the customer.
A term plan is broadly aimed at financial protection. A pure term plan has no maturity benefits. Only return of premium term plans have maturity benefit in the form of base premium amount which is returned after the end of complete policy term.
LIC Term Assurance Plans
- Two Year Temporary Assurance Policy
- The Convertible Term Assurance Policy
- Anmol Jeevan- I
- Amulya Jeevan-I
Compare premium quotes of LIC plans with other term plans of different insurance companies. You will be able to save on premium amount and may also get more extensive cover.