The amount of premium is different for people of different ages. For example, if a 21-year-old takes a policy for 20 years, he will have to pay 6,438 rupees every year. If he takes a policy for 40 years, then he will have to pay 8,826 rupees every year.
If you are a policy holder of LIC or are looking for a new plan, then you must know which is the cheapest policy. Which one gets more returns and cover guaranteed by paying less money. Now a term insurance policy is also coming, about which you should be aware. There is a similar policy called Take Term Plan which is a term insurance policy and is by far the cheapest.
This policy can be taken by a person of at least 18 years. The maximum age limit is 65 years. Anyone up to this age can take a take term plan. Under this policy, a plan of 50 lakhs can be taken and there is no maximum limit. That is, you can invest as much money as you want in this policy. This policy only provides coverage up to 80 years, not more than that. This policy can be taken for at least 10 years and maximum for 40 years. Both men and women can take this policy. The condition for taking the policy is that those who have their own income can take it.
How to pay premium
There are three ways you can pay premium in this policy. The first is regular premium, that is, for the number of years for which the policy is taken, the premium will have to be paid only for that year. The second is limited premium in which the policy holder has to pay for less than the term of the policy. Third is the single premium in which the premium has to be paid only once while taking the policy. There are two options also in the sum of insurance. First, the same amount that is taken while taking the policy, the same amount will remain in force during the entire policy. Secondly, the policy holder can either increase the sum assured or the sum assured later. After 5 years, the policy can increase the sum assured for 10 percent every year for 10 years. The increase will stop once the sum is doubled.
How much money will the nominee receive
If the policy holder dies during the policy, the nominee can get the lumpsum amount at one time. Or if you want, you can take the amount as installment in 5, 10 and 15 years. How the nominee has to take the money, at one time or in installments, this election has to be done by the policy holder while taking the plan. The second big advantage is for no smoker. People who do not smoke, have to pay a lower premium in this plan. Special facility has been given for women and they have to pay a lower premium than men.
How much premium will have to be paid
The amount of premium is different for people of different ages. For example, if a 21-year-old takes a policy for 20 years, he will have to pay 6,438 rupees every year. If he takes a policy for 40 years, then he will have to pay 8,826 rupees every year. In the same way if a 40-year-old takes a policy for 20 years, then he will have to pay a premium of Rs 16,249 every year. For 40 years, the premium becomes Rs 28,886. This is an online policy which can be purchased online only. For this, you have to go to the LIC website. This amount is for insurance cover of 50 lakhs.
Maturity money is not available
A youth of 21 years will have to pay Rs 8,826 every year for a policy of 50 lakh, which will have to be filled for 40 years. See according to daily, the cost of premium will come to Rs 24. This is a term insurance policy in which if any untoward happens during the policy period with the insured, then returns are given. If the insurance holder survives till the policy term, they get nothing. Maturity amount is not available in it.