LIC Online Payment 2021, LIC Term Plan: Why You Should Choose LIC
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| LIC Online Payment, LIC Term Plan |
Term insurance is a sort of life insurance policy that covers you for a set amount of time or a set number of years. A death benefit will be paid if the insured dies during the period stated in the policy and the policy are active or in effect.
What Is LIC?
State-owned insurance company LIC was established on August 23, 1955. At present, LIC is one of the biggest insurance companies in the world in terms of assets, and it owns a market share of more than 17% in the life insurance industry.
LIC has a wide range of life insurance products such as residential and non-residential inorganic, endowment, term, critical illness, and general health insurance and for individuals and groups of individuals. While a lot of other companies offer products similar to LIC's, the LIC online payment option is more interesting, especially if you have some urgent financial matters that need to be paid on time.
Why should you choose LIC?
- Customer Relation: You have a good understanding of the company as a whole. They have an excellent customer relationship. They have been focusing on customer satisfaction for years now.
- Cheaper Term Insurance: Your agent can save you a substantial amount of money. It can cost around 7% of the premium as commission for the agent to sell you the term insurance policy. This is much lesser than other insurers.
- Does not increase the commission: If you choose to use a selected broker for term insurance, the agent can earn a lot of commission. So make sure to choose a broker whose commissions are not highly regulated or fixed.
- No Real Estate requirement: LIC does not have a minimum residential status to purchase a term insurance policy.
What is LIC Term Plan?
There are two types of term plans offered by LIC, one of which is a term plan which covers you for a fixed period of 3 years and the other one is an annual plan, which is a single premium term plan. The premiums for this particular cover- The LIC yearly plan will be as per the annual premium which is paid by the policyholder at the end of every financial year, while the premium for the single premium term plan will be borne by the policyholder.
You need to remember that the premium amount differs from one state to another and thus you should take the amount mentioned in your policy document as a reference. LIC NPS: Is It A Good Investment Choice? Once the cover is over, the money comes out of the policy holder's pocket and goes into the NPS account.
What are the benefits of the product?
The term insurance policy gives the assurance of financial protection during the term of the insurance cover. If your dependent or yourself or your spouse has a health issue, the insurance will ensure that if you or your dependent has to undergo the treatment, the financial support you require for the treatment will be provided by the insurer.
The product may provide some additional cover like add-on benefits like sickness and maternity. How much financial protection should a person opt for a term insurance plan? The following are some guidelines for the same: You should not go for a policy with a term length of fewer than 5 years Life insurance policies come with various life term periods.
How to buy a LIC Term Plan online?
As per the Insurance Regulatory and Development Authority of India (IRDAI) regulations, LIC is not allowed to sell any policy or provide any financial services without an advisor/client relationship. So you must consult your advisor/financial advisor before going ahead with LIC.
It is also necessary to ensure that your investments are comprehensive and you have sufficient risk cover. For example, if you buy LIC online for the first time you should ensure that your entire family is covered.
If there is an individual in your family, he/she needs a separate LIC policy with adequate coverage. Also, as mentioned earlier, get a life cover to be on the safe side. What are the factors to consider while buying term insurance online? This is an extremely important decision.
Conclusion
Since the advent of the new online-penetrated internet, life insurance penetration has increased significantly in India. As India moves toward a cashless economy and the use of credit cards increases, life insurance is becoming a much more accessible product.
Now, you don't have to visit a life insurance agent to get a term insurance policy. Rather, you can get a term insurance policy for your family, as long as your family is within a set of permissible criteria. The popularity of online term insurance in India is further reflected in the fact that a whopping 99% of the market is sold online.
From minimum premiums of Rs.50 per month, you can get a term plan that provides Rs.1 crore worth of coverage at Rs. 5 lakh. However, the very important lifetime cover is as low as Rs.
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