LIC Term Plans
LIC's term insurance plan is nothing, but a policy that covers your life for a particular amount, which is also known as a sum amount. As compared to other policies offered by LIC, these plans are known to be the most economical that are purchased for life cover at low cost. Term insurance can be bought through various methods including online term plan and offline term plan. The method of LIC's online term insurance plan facilitates the user to buy the respective policy online through lic's official website. The online method of buying insurance plans is more economical than offline method, as they let you buy the insurance policy direct from the service provider.
Hence, you certainly save a good amount, which could be spent as a fee of mediators, in case of buying the policy from some other method. On the other hand, choosing the best term insurance plan as per your requirement may be confusing at times. Here comes the role of offline method of buying these plans! In order to perform the same, you can get the assistance of any registered insurance agent, who can suggest you the suitable plan as per your requirements. Term plans are crafted to provide financial protection to the insurer. And, the policy tenure for these plans is at least 10 years, which can not exceed 35 years in any case. Researches reveal that claim settlement ratio of LIC's term insurance plans is far better than the records of private insurance providers. Hence, if you are planning to buy a term insurance policy, keeping LIC's term insurance plan under your priority list will certainly be a great idea.