Over the years, along with many things, the way of investment has also changed a lot. No doubt investing your hard-earned money into FDs, SIPs, and ev
Over the years, along with many things, the way of investment has also changed a lot. No doubt investing your hard-earned money into FDs, SIPs, and even real estate will bring you a lot of return. However, will your family get the required money if you cannot make it till the end and pass away all of a sudden? In case of untimely deaths, it becomes difficult for the families to cope with the loss and manage the investments, all at the same time. This is why you should purchase a term insurance plan as soon as possible. And if you are wondering which life insurance company to opt for, you can anyday trust Life Insurance Corporation of India (LIC). Let us discuss why you should buy a LIC term insurance plan.
Higher benefit at affordable rates
As you buy LIC term insurance, you can pay premiums at affordable rates but get higher benefits. And if you are a non-smoker, you can pay even less. Therefore, it can be said that at just some premium amount, your family can get a huge sum assured on your sudden demise. Also, as you pay the premiums monthly or half-yearly, or even annually, you do not have to compromise with your current lifestyle.
LIC term insurance plans come with great flexibility. Yes, you read that right! You can choose a sum assured as per your convenience and choice. Another flexibility that you get is in choosing the mode of payment. You can also choose the frequency of paying the payment.
Available for everyone
The LIC term insurance plans are available for almost everyone, whether young or old. The minimum entry age for the LIC term insurance plans is 18 years and the maximum entry age is 75 years. Therefore, you actually get a lot of time to decide on a LIC plan that is right for your family.
Options of riders
You will come across several types of riders while buying a term insurance plan from LIC. Buying a rider additionally will help your family member with better coverage. There are multiple sum assured options, and purchasing a rider will make the benefit even better.
You can switch plan
If you find the existing LIC term insurance plan not that great, you can switch the plan. You have to choose a plan that provides a sum assured as per the need of your family. However, you have to update this at the LIC office before taking any step.
Claim settlement ratio
Claim settlement ratio is one of the most important factors while choosing a life insurance company to buy a term insurance policy. As you choose LIC for a term insurance plan, you hardly need to worry about this. The higher the claim settlement ratio is of any insurance company, the easier it is to claim the sum assured. The higher percentage shows the claims made by the nominees against policies that have been settled by the company. The claim settlement ratio of LIC is 96.69%. This means out of 100 claims, 96 or 97 claims have been settled by the company.
You can buy policies online
To buy a term insurance policy from LIC, you do not necessarily have to get in touch with an agent or visit the office. You can visit the official website of the company and buy it online. You will get all the required information and have to follow some simple steps.
You will not only be able to come across several insurance companies and their term insurance policies but you can also compare them with each other to choose your preferred one.