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EVERYTHING ABOUT LIC TERM PLAN

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No matter what, things that are meant to happen will always find their way! Caught in the labyrinth of responsibilities, dreams, and desires, we keep spinning the so-called adventurous wheel of life with all our hopes and desires!

Amidst all these hustles and bustles, uncertainties are bound to happen, and there is no option of escaping them! You ought to face them like a fierce warrior. But there are ways in which you could help your family and dependents lessen the burden of losing you and from all the financial contingencies that follow after your unfortunate and untimely death.

Life Insurance plans are the policies wherein the insurer assures to pay a definite sum to the policyholder’s dependents on his demise during the policy term. Amongst the several insurers that we have in India, LIC Insurance Plan is one of the best and trustworthy insurers. With a minimum and maximum entry age of 18 and 60 respectively, the maximum policy term is 35 years, while the minimum is ten years. The minimum sum assured by LIC Term Plan is 6 lakhs.

How to renew LIC term Plan

Any life insurance policy is focused on securing and safeguarding the well-being of its worthy customer for a lifetime. So in short, it is a long-term contract. To keep the life cover active, one needs to renew or revive the plan on a regular basis by paying the premium until the end of the contracted term. Therefore, be vigilant to keep the policy in force by renewing it within the due date.

Read along to find out the best suitable way to renew your premiums well within the due date.

Payment by cheque

This is, in fact, the most traditional way of renewing your insurance policy by making premium payments. You will receive a receipt as proof, for submitting the cheque. It is advised to mention the policy number along with your phone number and name at the back of demand draft or cheque. The policy is renewed, subject to clearance of the cheque; so make sure that the cheque is paid at least three days before the due date.

Payment by credit card

If you wish to make the payment by credit card, you can fill out the credit card standing instruction form and sent a copy of the credit card’s front (Never disclose your CVV number at the rear of the credit card) to the insurer. The form can be downloaded either from their branch offices or from the website. You could also walk into the office, fill out the form and get the card swiped.

Bank account auto debit facility

If you find it hard to keep track of due dates, then you could probably take the auto-debit way. One can either set up a direct debit or get it done through the Electronic Clearance System mandate. By activating this, you let the bank automatically debit premium payments from your account within the due date and transfer the amount to the insurer. The facility can be availed by submitting a filled up mandate form along with a cancelled cheque at any of the branches of the insurer.

Online payment

When the due date is near approaching, and there is no way to reach out to the branches, then online payment is the best way possible to renew the policies. This can be done either through credit card or net banking.

How to compare policies online

When buying the insurance policy, committing blunders is common. You fail to understand your needs and eventually settle for lower policies that fail to meet the financial emergencies. So it’s always advisable to compare different policies and pick out the best out of it.

It is quite well known that buying policies online is much cheaper than buying the same offline. Moreover, you get to eliminate the middlemen or agents and choose what’s best for you by comparing all the policies using the following parameters:

  • Sum Assured

One needs to plan for their financial needs and future affordability, so that the sum assured is good enough to meet all financial needs. Once you have this amount figured out, narrow down only those policies that offer this amount.

  • Premium amount

This is the amount that you are asked to pay on a regular basis until the maturity of the term. You can compare all policies whose premium amount is affordable to you.

  • Tax benefits

One of the most important features of comparison is the tax benefits put forward by the companies. Check for those companies that help you add riders to your plan and customize the same. More the bonus and tax benefits, the more will be the saving and the amount you receive after the maturity period.

Win over the adversities in your life with LIC term plan. Buy it now and secure your future and present.

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