Why is LIC Term Plan the Best of Term Plans?
When buying term insurance, you will come across many options. Thankfully, there are some very good term insurance policies available in India these days. However, if you want the very best, you should go for the LIC term plans. Term insurance from the Life Insurance Corporation of India is unparalleled. LIC is a leader in the Indian life insurance market and it is not surprising to see some of the best term plans being offered by none other than LIC.
How to choose your term plan?
If you have decided to go with LIC for your term plan, you surely have made a very wise choice. However, to ensure you get the best possible cover, you need to choose the right type of term insurance plan. There are some variations in term insurance. They are:
- Level term plans: Level term insurance is the purest form of life insurance. Here, your term plan only covers your life and does not offer any return. So if you outlive the policy period, you do not get anything in return. If you die before the policy ends, your family gets the death benefit and the policy terminates. It is a straightforward type of life insurance that just offers a life cover.
- TROP: TROP or term insurance with return of premium is another type of term insurance where you get the premium you paid, back. This happens if you outlive the policy period. Certain deductions are made, but you get a majority of the amount you paid over the years. The premium value of a TROP is higher than that of a level term plan, but you do have a return component associated with the term plan.
Choose carefully from between the LIC term plans to find your ideal cover. Go through the policy wordings to understand what each plan offers. Weigh them against your own requirements and you will be able to find the best match.
Advantages of buying an LIC term plan
Let us look at some of the most useful benefits of an LIC term plan:
- Value for money: The LIC term plans are available at some very competitive prices. As a result, you get to cover your life at a really affordable rate. The plans also are loaded with features. So you indeed get some great value for the money that you pay.
- Flexible premium options: You can pay your LIC term plan premium annually, semi-annually, quarterly or monthly. This makes it easy for you to manage your finances and keep your life covered in an economic manner.
- Highest claim settlement ratio: This is the biggest advantage of buying an LIC term plan. LIC has the highest claim settlement ratio. It settles over 99% of the claims made. So if you have an LIC term plan, in all probability, your family will get the claim after your death.
- Good assistance: LIC has a good customer support team who are always willing to help you. So if you have any issue about your plan, you can reach out to the customer support team and get it resolved in a quick and efficient manner.
Where to look for the best deals online?
LIC has an excellent digital presence. So if you are sure you want an LIC term plan, you can directly visit the insurance provider’s website. The plans are also available on the LIC mobile app. It is however a good idea for you to compare the available options before you make your purchase. Not only will you find the best plan at the best rate, you will also get to know about the features of the different LIC term plans. You will know exactly what your cover will comprise of and you will end up making a proper judgement.
The bottom line
Getting an LIC term plan is a very good idea. Life Insurance Corporation of India is a trusted name and has been the favoured life insurance provider of Indians for many decades. As we saw from the points mentioned above, you too will get many benefits if you buy an LIC term plan. So go online, explore your options and find a good term life cover for yourself.