LIC term plan

#1
Hi every one,

I have a query regarding LIC term plan.

I am planning to buy one for term of 25 years for cover of 25 Lacs. The premium comes around at around 5600 per year.
This is ideal plan for me, consider my age, income etc..

What I want to know is :
which points should I note while buying the policy ?
Should you declare all your other life policies ?
In which cases the claim gets rejected ?

Thanks !
Warm Regards
Jatin
 

comm4300

Well-Known Member
#2
Hi every one,

I have a query regarding LIC term plan.

I am planning to buy one for term of 25 years for cover of 25 Lacs. The premium comes around at around 5600 per year.
This is ideal plan for me, consider my age, income etc..

What I want to know is :
which points should I note while buying the policy ?
Should you declare all your other life policies ?
In which cases the claim gets rejected ?

Thanks !
Warm Regards
Jatin
Firstly, good choice of plan.

a) points to note - since it is a simple term plan - your family [nominee] gets the benefit - IF your death occurs during the policy period. make sure your nominee details are properly filled. Additionally, premium paid in the year is tax deductible, make use of it.
b) yes. since you don't want any delays IF claim situation arises.
c) if it is found that you have not entered correct information in the policy application - ex. untrue info about income, health - smoking habits etc.

if you have truthfully, filled in all the info correctly, there should be no problem. And LIC has a good record of settling claims.

additionally, make sure that your policy documents are kept at safe place, backed up and informed to family members.

all the best.
 
#3
dear comm4300,

Thanks for responding ...

This is what I need to ask LIC agent but,
does all sorts of deaths are covered under term plans ? e.g. terrorist attacks or natural disasters ?

Also in documents they are asking for last 3 years IT returns but I have only 1 years return (Since I have been working since last one year or so), the agent says its okay one will do .. So will it be fine ?
 

comm4300

Well-Known Member
#4
dear comm4300,

Thanks for responding ...

This is what I need to ask LIC agent but,
does all sorts of deaths are covered under term plans ? e.g. terrorist attacks or natural disasters ?

Also in documents they are asking for last 3 years IT returns but I have only 1 years return (Since I have been working since last one year or so), the agent says its okay one will do .. So will it be fine ?
natural disasters - yes. terrorist attack - need to check.

since you've just started working - 1 year should do.

congrats for good decision on your part.
 

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