What is term policy in LIC?
A LIC term insurance plan is an offline, non-participating, non-linked pure protection plan that takes care of the financial liabilities of the insured's family in case of his/her demise while the policy is active.
What is the meaning of term policy?
Term insurance is a life insurance product, which offers financial coverage to the policyholder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.
What is term and paying term in LIC?
The policy term is the total duration of your life insurance coverage, while the premium paying term is the number of years for which the premiums have to be paid. The premium paying term can be equal to or less than the policy term.
Which is better LIC or term plan?
The amount provided as the death benefit in term insurance plans is much higher than the maturity benefit offered by life insurance policies. Even though most insurance buyers consider investing in life insurance policies to avail the dual benefit of life protection along with returns on the investment.