LIC’s special policy, get 50 lakh insurance by paying 24 rupees daily: The premium amount varies for people of different ages. For a 21-year-old, taking a policy for 20 years will cost Rs 6,438 per annum. 8,826 will have to be paid every year for a policy that lasts for 40 years.
If you are an LIC policy holder or want to buy a new policy then you must know which LIC policy is the cheapest. By paying less, you can guarantee higher returns and coverage. There is also a new term insurance policy that you should be aware of. Along with being the cheapest, Tech Term Plan is also a term insurance policy.
This policy is available to anyone who is at least 18 years of age. Applicants must be at least 65 years of age to qualify. Tech term plans are available for anyone up to this age.
This policy allows you to withdraw a plan of 50 lakhs without any maximum limit. This policy allows you to invest any amount as per your wish. In this policy you are covered till the age of 80 years, not after that.
Minimum 10 years and maximum 40 years can be covered in this policy. If you are male or female then you can take this policy. To qualify for the policy, one must have an income of his own.
How to pay premium
This policy offers three modes of premium payment. The first is a regular premium, which means the premium should be paid for the same number of years as the policy was taken.
The other is a limited premium policy, in which the policy holder pays less than the term of the policy. Lastly, single premium policies require only one premium payment during the term of the policy. Option of two sum insured is also available.
Firstly, the Sum Assured will remain the same throughout the term of the policy. Also, the policyholder can increase the sum insured at a later stage if he so desires. Under the policy, after five years, the Sum Assured can be increased by 10% annually for a period of ten years. It will stop increasing after doubling the sum assured.
How much money will the nominee get
In the event of the death of the Life Assured during the policy term, the nominee can receive the lump sum amount simultaneously. It is also possible to receive the amount in installments of five, ten and fifteen years.
At the time of taking the policy, the policyholder has to choose whether to transfer the money in one go or in installments. Second, non-smokers have a huge advantage. Non-smokers with this plan have to pay a lower premium. Women pay lower premiums as compared to men because of a specific feature.
How much premium will have to be paid
The premium amount of an individual varies depending on his age. Suppose a 21 year old person takes a policy for 20 years and pays Rs 6,438 every year for 20 years. 8,826 will have to be paid every year for a policy covering 40 years.
For a 40-year-old person insured for 20 years, the annual cost will be Rs 16,249. A premium of Rs 28,886 is payable for 40 years. Buying this policy online is the only way to buy it. This information is on the website of LIC. This amount includes an insurance cover of 50 lakhs.
Maturity amount not available
To buy a policy of Rs 50 lakh for 40 years, a youth of 21 years will have to pay Rs 8,826 per year. You have to pay Rs 24 as premium per day.
During the policy term, the insured can get a return in case of any untoward incident. The insured does not receive anything if he survives till the end of the policy term. As far as the maturity amount is concerned, there is no amount.
