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LIC Policy: Get 1 Crore Insurance for Just 15K; Avoid These Common Mistakes!
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News18•20-09-2026, 15:36
LIC Policy: Get 1 Crore Insurance for Just 15K; Avoid These Common Mistakes!
- •Many are confused between traditional LIC policies and Term Insurance, unsure which is better.
- •Traditional LIC policies (Endowment, Money Back) offer low coverage and only 5-6% investment returns.
- •Term Insurance provides 1 crore coverage for a mere 13,000-15,000 rupees annual premium.
- •LIC also offers Term Insurance through 'Digi Term' and 'New Tech Plan' for substantial coverage.
- •It's advisable to get term insurance with coverage 15-20 times your annual income for financial security.
Key Questions Answered
A 30-year-old person can secure a 1 crore rupee life coverage by opting for a term insurance plan, which requires an affordable annual premium of just 13,000 to 15,000 rupees.
Traditional endowment and money-back policies bundle insurance with low-return investments, offering lower life coverage for high premiums. In contrast, term insurance is a pure protection plan that provides a significantly higher life cover at a much lower cost without maturity returns.
Financial guidelines recommend purchasing a term policy with a total coverage amount that is 15 to 20 times your annual income to ensure adequate financial security for your family.
