LIC Term Insurance For Disabled People

LIC Term Insurance For Disabled People – A term insurance plan is a low-cost life insurance policy offered by an insurance company. In the event of a calamity occurring prior to the expiration of the policy term, it serves as a financial cushion for the policyholder’s family and dependents. Thus, as indicated by the unmistakable requirements of an individual, buying a reasonable term insurance plan after a basic examination of various contracts is prudent. Because a disabled or differently abled person’s needs are so much more complex than those of physically fit people, this advice becomes even more important. Continue reading to learn the considerations that a disabled person should make when purchasing a policy in order to maximize benefits.

If you are disabled and you are thinking of getting life insurance, LIC term insurance may be a good option for you. LIC term insurance is a type of life insurance that has a duration of up to 10 years. This means that the premiums you pay each year will continue until the policy lapses or you cancel it. As with most life insurance products, there are pros and cons to consider before buying LIC term insurance. To help you decide, this article will outline the benefits and drawbacks of this type of policy.

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LIC Term Insurance For Disabled People

Because it is the most cost-effective way to ensure your loved ones’ financial security in the event of a calamity, a term insurance policy ought to be a key component of your investment portfolio. It differs from standard life insurance policies. You must have a thorough understanding of a term plan before you consider purchasing one. In the event that a calamity occurs during the policy’s term, a term insurance plan will guarantee that your nominees will receive the assured sum. This means you can ensure your loved ones’ financial future during your absence. However, there will be no maturity benefit if you survive the policy term. A term plan is a low-cost life insurance policy that covers the biggest death risk and provides significant benefits. because life can be unpredictable.

LIC Term Insurance for Disabled People is an excellent way to protect yourself and your family in case of an unforeseen accident or illness. If you are disabled, have a permanent injury, or are a caretaker for someone who is disabled, LIC Term Insurance can provide you and your family with financial protection in the event of an accident or illness. By choosing LIC Term Insurance, you can be sure that you and your loved ones are taken care of in the event of a tragedy.

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LIC Term Insurance For Disabled People

LIC Term Insurance For Disabled People Details

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Best LIC Term Insurance Plans for Disabled Peoples in India

If you’re someone who is disabled and Live in India, then you know that insurance is a necessity. LIC term insurance plans are specially designed for people who are disabled and need protection for a specific period of time. Here, we’ve compiled a list of the best LIC term insurance plans for disabled people in India. Make sure to read through the list carefully to find the right plan for you.

  1. LIC Jeevan Amar Term Plan
  2. LIC Tech Term Plan

The following LIC term insurance policies are available for purchase at reasonable premiums:

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1. LIC Jeevan Amar Term Plan

This is a pure protection plan that provides the policyholder’s family with financial protection in the event of their death during the policy term. It has the following characteristics:

  • The policyholder must be between 18 and 60 years old to be eligible.
  • Policy duration ranges from 10 to 40 years.
  • There is no ceiling on the amount that can be insured, but the minimum is Rs. 25 lakhs.
  • There are two ways to get the death benefit: Either an increasing or level sum assured.
  • On the continuation of the policy’s term, no maturity benefits will be paid.
  • Choice to incorporate LIC’s mishap benefit rider at an extra premium.
  • can choose to receive death benefits in five, ten, or fifteen-year installments as opposed to a single payment.

2. LIC Tech Term Plan

Another term plan from LIC, this one can only be purchased online. In the event of the unfortunate death of the policyholder during the policy term, it aims to provide financial support for their loved ones. It has the following characteristics:

  • The policyholder must be at least 18 years old and at least 65 years old.
  • Policy terms range from 10 to 40 years.
  • There is no maximum amount guaranteed; the minimum is Rs 50 lakhs.
  • There are two choices for the death benefit: Choice 1: Option 2: Level Sum Assured and Increasing the Guarantee Sum
  • On the basis of the policyholder’s survival, no maturity benefits are paid.
  • The LIC accident benefit rider is available for purchase for an additional fee.
  • The policyholder has the option of receiving death benefits in five, ten, or fifteen-year installments as opposed to a lump sum.

It is necessary for you to evaluate your life’s risks and select a plan accordingly if you are disabled or have a disability and decide to purchase one of the plans listed above. In addition, not only will you pay the lowest premium if you select a pure term insurance policy, but you will also be able to build a solid financial foundation that will enable your loved ones to live comfortably and without making any sacrifices even if you are not present.

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How can disabled persons benefit from term insurance?

Disability can be a major challenge for anyone, but it can be especially difficult for those with disabilities. That’s why it’s so important to have reliable term insurance to help cover expenses in the event that you become disabled. Here are a few things you need to know about term insurance to help you decide if it’s the right policy for you.

There are numerous ways that disability term insurance can benefit disabled people and their families. Some of the advantages of term insurance are listed below.

1.Financial assistance for the policyholder’s beneficiaries

Disability term insurance provides nominees with death benefits in the event of the policyholder’s death during the policy’s term. It may result in a loss of income for the beneficiaries who are still alive if the insured was the family’s sole or primary breadwinner. The demise advantages can assist the family with traversing these difficult stretches by guaranteeing that there’s a monetary wellbeing net they can return to. It can be used to handle significant expenses like tuition fees or to settle debts left by the deceased.

2.Monetary support to handle medical expenses

Disability management can be costly. In order to evaluate and manage the condition, it frequently necessitates frequent doctor visits. Crippled people may likewise expect treatment to deal with any entanglements that might emerge from the fundamental impediment. Medical expenses typically rise as a result of these factors, which can be costly. Term protection for debilitated people can help the safeguarded meet these expenses assuming the base arrangement is enhanced by extra riders, which most insurance agency offer.

3.Tax benefits to the investor

Putting money into term insurance can also help disabled people save money on their taxes. The investor’s premium can be deducted from their total income under Section 80C of the Income Tax Act, lowering their tax bill. The premium is deductible up to Rs. 1.5 lakhs. Due to the provisions of section 10 (10D) of the Income Tax Act, the nominee or beneficiary of the disabled person does not have to pay taxes on the death benefits they receive. As a result, disabled individuals can benefit from tax advantages and a protective cover by investing in term insurance.

What are the factors to consider before investing in term insurance?

Due to the higher level of risk involved, insurers typically include specific special clauses for disabled individuals. Before purchasing a plan, investors with disabilities must therefore comprehend the coverage’s terms. As will be discussed further down, you must also take into account a few crucial aspects if you have disabilities.

1.The cover offered

In the event that you pass away, you must check that the term insurance plan’s coverage is sufficient to help your heirs get through any financial difficulties. Determine whether the assured sum is sufficient to cover your dependents’ annual expenses.

2.The premium payable

Typically, the term insurance premium for disabled individuals is higher than the standard premium. However, in order to reduce the likelihood of defaulting on the payment, check to see that the premium you are required to pay is within your financial means.

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3.The rider options available

Typically, the term insurance premium for disabled individuals is higher than the standard premium. However, in order to reduce the likelihood of defaulting on the payment, check to see that the premium you are required to pay is within your financial means.

LIC Term Insurance For Disabled People The takeaway

Disability-related term insurance can be purchased without difficulty. All you have to do is make sure that the insurance company’s coverage is sufficient to meet your immediate medical needs and your nominee’s financial requirements in the event of your death. The Canara HSBC iSelect term plan includes a number of useful features. Benefits like a built-in terminal illness benefit, accidental death or disability coverage, an incremental sum assured feature, and a variety of options for paying out a death benefit are among these.

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