Life insurance plans are a smart way to safeguard one’s family financially, in the event of an unfortunate eventuality. Life Insurance Corporation of India (LIC) offers customers several insurance plans, which have a sum assured over Rs.1 crore. These high sums assured insurance plans make a truly worthy investment, since they come with a range of benefits for both the policyholder and the nominee.
LIC Insurance Plans with a High Sum Assured
LIC Term Insurance Plans:
Term insurance plans are the most basic type of insurance policies. They provide the life assured a risk cover during the policy tenure and a death benefit to the nominee if the life assured passes away during the policy tenure. These policies offer a high sum assured at a relatively low cost. Listed below are a few term insurance plans from LIC that come with a high sum assured.
-Amulya Jeevan – II
LIC Whole Life Insurance Plan:
As the name suggests, a whole life insurance plan provides a risk cover against death to the policyholder for their entire lifetime. Listed below is a whole life insurance plan that is offered by LIC.
-LIC’s Jeevan Umang
LIC Endowment Plans:
An endowment plan guarantees the policyholder a lump sum amount on maturity of the policy. Thus, while these plans pay a death benefit if the life assured passes away during the policy tenure, they also pay a significant amount as the maturity benefit, if the life assured survives till maturity. A few endowment plans from LIC which offer a high sum assured are:
-LIC’s Jeevan Pragati
-LIC’s Limited Premium Endowment Plan
LIC Money-Back Plans:
In addition to the regular payouts, a money-back life insurance plan also provides survival benefits during specific policy anniversaries, thus helping the life assured meet significant milestones in his/her life. A few money-back plans from LIC which guarantee a high sum assured are:
-LIC’s New Money Back Plan – 20 Years
-LIC’s New Money Back Plan – 25 Years
LIC Pension Plans:
Pension plans can be purchased by any individual who wishes to secure his/her retirement years. The pension plans offered by LIC with a high sum assured are listed below:
-LIC’s Jeevan Akshay – VI
-LIC’s New Jeevan Nidhi
Unit Linked Insurance Plans or ULIPs offer the policyholder a risk cover during the policy tenure and also an option to invest in various funds that are offered by the insurer. The policyholder can choose any fund of his/her liking, based on his/her appetite for risk. A ULIP that is offered by LIC that can guarantee a high sum assured, based on the premium chosen at inception, is listed below:
-LIC’s New Endowment Plus
Since a life insurance policy is a long-term investment, it is necessary to opt for a plan that will meet your short-term and long-term goals.