Premium for LIC Term Insurance With a 1 Crore Policy

With a 98.52% claim settlement ratio (1) and 68 years of legacy, the Life Insurance Corporation of India or LIC, is a household name name when it comes to life insurance companies in India. 

The insurer offers different types of insurance plans according to an individual's specific needs and budget. So, they have numerous best-selling plans; among them, one that is widely purchased and trusted is the LIC 1 crore term insurance plan. 

If you are also looking to buy the same policy and want to know the premium for LIC term plan 1 crore, read on the blog till the end. 

Before we get into the details, let’s understand what the 1 crore LIC policy is.

What Is A 1 Crore LIC Policy?

A 1 crore LIC policy refers to a life insurance plan from LIC where the sum assured, or the amount guaranteed to be paid to the nominee upon the policyholder's death, is ₹1 crore.

Simply put, the LIC term policy of 1 crore is a pure risk protection plan that offers a death benefit of Rs. 1 crore to the policyholder’s family in case of their sudden demise. Your family can use the money to take care of their day-to-day expenses or in case of a medical emergency.

Now, you must be wondering if you should opt for a LIC 1 crore term insurance plan or not.   

So, if you are the sole breadwinner of your family and have multiple financial dependents, this plan is a must-buy to secure everyone’s financial future. 

1 Crore Term Insurance Plans By LIC 

Two of LIC’s term insurance plans, i.e., LIC New Tech Term and LIC New Jeevan Amar, offer a sum assured for up to 1 crore. Read on to know the details about each. 

1. LIC New Tech Term

This plan is a non-linked, non-participating, individual, and pure-risk premium plan that gives financial security to the policyholder’s family if something unfortunate happens to them during the policy term.

Eligibility Criteria of LIC New Tech Term

Benefits of LIC New Tech Term

• The plans allow policyholders to choose from 
• Two benefit options: Level Sum Assured and Increasing Sum Assured. 
• This term insurance plan’s policy term is 10 to 40 years. So, policyholders can choose the terms that suit their needs. 
• Choose the premium payment term between Regular Premium, Single Premium, and Limited Premium.
• You can add LIC’s Accident Benefit Rider to enhance the policy coverage. 
• Special rates for women policyholders and non-smokers
• The death benefits can be availed in instalments.

Sample Illustrative Premium For LIC New Tech Term

The below sample illustrative premiums are calculated according to 

• A male individual who is a non-smoker, 
• chooses Level Sum Assured, Basic Sum Assured of Rs. 1 Crore 
• and want to pay premiums on a regular basis. 

To know the LIC New Tech Term plan premiums, according to your specific situation, get in touch with our insurance advisor at +91-7551196989. 

2. LIC New Jeevan Amar

The LIC New Jeevan Amar is also a non-linked, non-participating, individual, and pure-risk premium plan. If, due to any unfortunate situation, the policyholder dies during the policy term, this term plan will provide financial assistance to the family. 

You can buy LIC New Jeevan Amar via LIC agents or brokers because it is only available offline. 

Eligibility Criteria of LIC New Jeevan Amar

• Option to get the death benefit in instalments
• Discounts are available on high sum assured
• Special discounts for women policyholders
• Optional LIC’s Accident Benefit Rider can be added to the policy by paying an extra premium. 

Sample Illustrative Premium For LIC New Jeevan Amar

• The below  sample illustrative premiums are calculated according to 
• A male individual who is a non-smoker, 
• chooses Level Sum Assured, Basic Sum Assured of Rs 50 lakhs 
• and want to pay premiums on a regular basis. 

How Is Premium For A 1 Crore LIC Policy Calculated?

The LIC 1 crore policy premium depends on various factors, such as 

• Risk cover type of the policy, like if it is “Level Sum Assured” or “Increased Sum Assured.”
• The age and gender of the applicant (PS: LIC offers special premium rates for women policyholders )
• The minimum policy term of LIC 1 crore plans is between 10 years to 40 years, so the premium amount also varies depending on the chosen policy term. 
• The type of premium payment term chosen, such as single, regular, or limited, affects the LIC 1 crore term plan rates.
• Chosen sum assured, and riders.
• Smoking and drinking habits

Factors Influencing Premiums For A 1 Crore Policy

The LIC premium for 1 crore policy is not fixed, and the final amount may vary according to the below factors. 

• Age: The primary factor that influences the premium amount of any policy is the age of the policyholder. If the applicant is young, then they are less likely to suffer from age-related diseases, and the chances of premature death are minimal. Hence, they are eligible for lower premiums. So, it is advisable to get life insurance as early as possible to secure lower premiums.
• Policy Term: The length of the policy term affects the premium amount. If you are opting for a longer policy term, you have to pay higher premiums. Plus, adding riders also increases the premium. 
• Medical Records: While purchasing life insurance, you need to go through an underwriting process. This process includes a thorough medical examination of the policyholder where the insurance company understands the potential diseases you might get in the future. So, these tests also help determine the life insurance premium.
• Drinking and Smoking Habits: The smoking and drinking habits of an individual also determine the premium amount. Scientific facts say that people who have these habits are more likely to get various diseases and have a high mortality rate. So, as the risk of these individuals is higher, they also need to pay higher premiums.

Conclusion 

In conclusion, the LIC 1 crore term insurance plan protects the policyholder’s family in case of his/her unfortunate death. As illustrated in the above example, it is smart to invest in a term insurance policy at an early age. You can choose the LIC New Tech Term Plan or the LIC New Jeevan Amar Plan and there are other LIC plans like LIC Jeevan Labh to secure the future of your loved ones.

Also Read: 

What Is the Eligibility for 1 Crore Term Insurance?

Frequently Asked Questions (FAQs) 

Ques 1. What is an LIC 1 crore term insurance policy?

Ans. The LIC 1 crore term insurance plan allows you to secure the financial future of your family with a sum assured of 1 crore. This money will make your family financially independent in case of your sudden demise.

Ques 2. What is the claim settlement ratio of LIC?

Ans. The claim settlement ratio of LIC is 92.65% in FY 2022-23.

Ques 3. What are the insurance plans provided by LIC?

Ans. Some of the popular insurance plans of LIC are:

• LIC Nivesh Plus
• LIC Index Plus
• LIC SIIP
• LIC New Jeevan Shanti
• LIC Jeevan Utsav
• LIC Jeevan Umang
• LIC New Jeevan Amar
• LIC Bima Jyoti

Ques 4. Does LIC provide term insurance?

Ans. LIC provides 4 types of term insurance plans: 

• LIC Saral Jeevan Bima
• LIC Jeevan Kiran
• LIC Yuva Term
• LIC Digi Term