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What are the Policy Details of the LIC 1 Crore Plan?
LIC 1 Crore policy is an ideal way of safeguarding the future of your loved ones after your demise. These plans by LIC of India offer a Death benefit of Rs. 1 Crore and above in case the policyholder dies during the policy tenure. On the other hand, in case the policyholder survives till the policy tenure, the plan offers maturity benefits that can be further used for the fulfillment of financial objectives.
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
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- What are the Policy Details of the LIC 1 Crore Plan?
LIC 1 Crore Policy not only offers comprehensive coverage to the family after your demise but also provides financial support to you allowing you to achieve your future financial goals. Let’s explore the policy details of LIC 1 Crore plans:
LIC 1 Crore Policy Details
Below-mentioned are the standard policy details of LIC Crorepati plans. To understand the plan-specific details, refer to the policy document.
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Grace Period
LIC 1 Crore plans come with a grace period of 30 days, which allows the policyholder to pay their outstanding premiums. The policy will remain in force with all the benefits as per the policy’s terms and conditions.
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Free-look Period
In case the policyholder is not satisfied with the terms and conditions of their LIC policy, they have the option to cancel their policy within 15 days from the date of receipt. This period of 15 days is known as the free-look period.
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Surrender
The policyholder has the benefit to surrender their LIC 1 Crore policy anytime, provided that the two full years’ premiums have been paid. Upon surrendering the LIC policy, the company will pay the surrender value equal to the higher Special Surrender Value or Guaranteed Surrender Value.
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Revival
If the policyholder is unable to pay the outstanding premiums during the grace period, then the policy will lapse, and the policyholder will not be entitled to any benefit. However, the policyholder has the option to revive their lapsed LIC 1 Crore policy within 5 consecutive years from the date of the first unpaid premium.
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Rebates
LIC 1 Crore plans offer rebates on choosing the high sum assured. Also, the plan offers rebates on the mode of premium payment.
Inclusions and Exclusions of LIC 1 Crore Policy
| Inclusions | Exclusions |
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Suicide committed at any time within 12 months of date of commencement of risk |
How to Buy LIC 1 Crore Plans from Policybazaar?
To buy LIC 1 Crore Plans from Policybazaar, you can follow the below-mentioned steps:
Step 1: Visit LIC of India, and fill out the form by putting your details such as your name and contact number
Step 2: Click on the “View Plans”
Step 3: Then, enter your age and your residential city.
Step 4: Once done, the page will show the available plans.
Step 5: You can customize the investment amount or the tenure at your convenience
Step 6: Buy the plan and pay the premium online.
**Note: You can also opt for Policybazaar’s offline door-to-door services.
LIC Resources
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LIC Online Services |
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FAQ's
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Q: What will happen if I forgot to pay my outstanding premiums during the grace period?
Ans: In such a scenario your policy will get lapsed and you will not be able to avail any benefits. -
Q: How to check the returns or maturity of my LIC 1 Crore policy?
Ans: To check the maturity amount of your LIC 1 Crore policy, you can use the LIC maturity calculator.
Different types of Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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