Kind of Term plan in LIC
i) Pure risk plan without maturity

LIC ANMOL JEEVAN: Term plan for insurance less than Rs 25 lacs.
LIC AMULYA JEEVAN: Term plan for insurance equal to 25 lacs or more

i) Term plan with ROP(Return Of Premium

REGULAR (annual/half yearly) PREMIUM PAYMENT: Pay premium yearly, Enjoy high insurance cover & get total premium paid throughout the term back on maturity.
LIMITED PREMIUM PAYMENT: Pay premium for 3, 4 or 5yrs, Enjoy high insurance cover & get maturity equal to total premium paid with reversionary bonus and final additional bonus.
iii) Limited premium payment term plan with maturity equal to cover

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LIC ANMOL JEEVAN (Table no 164) is a pure risk plan without maturity. There is least premium & highest cover in this plan, among all the plans of LIC OF INDIA. The minimum insurance cover in this plan is Rs 5 lac and maximum insurance cover of Rs 24 lac.

Features:
Highest life insurance cover with least premium
Minimum insurance Rs 5lac and maximum insurance Rs 24lac
Tax benefit U/S 80(C) on the premium paid under this plan
Lesser the age lesser the premium
Lesser the term lesser the premium

Eligibility

Age at entry (min) 18yrs completed
Age at entry (max) 55 yrs (Nearest Birthday)
Age at maturity(max) 65 yrs (Nearest Birthday)
Sum Assured (min) 5 lac
Sum Assured (max) 24 lac
Sum Assured in multiples Rs 1 lac

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Illustration:
Ram, age 30yrs of age, buys life insurance of Rs 15lac under table term 164 for 15yrs, his premium will be Rs 4217 and the benefit illustration is as under:

Age Insurance Premium Tax Benefits
30 15,00,000 4217 100%
31 15,00,000 4217 100%
32 15,00,000 4217 100%
33 15,00,000 4217 100%
34 15,00,000 4217 100%
35 15,00,000 4217 100%
36 15,00,000 4217 100%
37 15,00,000 4217 100%
38 15,00,000 4217 100%
39 15,00,000 4217 100%
40 15,00,000 4217 100%
41 15,00,000 4217 100%
42 15,00,000 4217 100%
43 15,00,000 4217 100%
44 15,00,000 4217 100%
Maturity 15,00,000 NIL

LIC AMULYA JEEVAN (Table no 190) is a pure risk plan without maturity. There is least premium & highest cover in this plan, among all the plans of LIC OF INDIA. The minimum insurance cover in this plan is Rs 25 lac and no upper limit.

Features:
Highest life insurance cover with least premium.
Minimum insurance Rs 25lac and no upper limit.
Tax benefit U/S 80(C) on the premium paid under this plan
Lesser the age lesser the premium
Lesser the term lesser the premium

Eligibility

Age at entry (min) 18yrs completed
Age at entry (max) 60 yrs (Nearest Birthday)
Age at maturity(max) 70 yrs (Nearest Birthday)
Sum Assured (min) 25 lac
Sum Assured (max) No upper limit
Sum Assured in multiples Rs 1 lac
Term (min) 5yrs
Term (max) 35yrs

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Illustration:
Ram, age 30yrs of age, buys life insurance of Rs 55lac under table term 190 for 35yrs, his premium will be Rs 21340 and the benefit illustration is as under:

Age Insurance Premium Tax Benefits
30 55,00,000 21340 100%
31 55,00,000 21340 100%
32 55,00,000 21340 100%
33 55,00,000 21340 100%
34 55,00,000 21340 100%
35 55,00,000 21340 100%
36 55,00,000 21340 100%
37 55,00,000 21340 100%
38 55,00,000 21340 100%
39 55,00,000 21340 100%
40 55,00,000 21340 100%
41 55,00,000 21340 100%
42 55,00,000 21340 100%
43 55,00,000 21340 100%
44 55,00,000 21340 100%
45 55,00,000 21340 100%
46 55,00,000 21340 100%
47 55,00,000 21340 100%
48 55,00,000 21340 100%
49 55,00,000 21340 100%
50 55,00,000 21340 100%
51 55,00,000 21340 100%
52 55,00,000 21340 100%
53 55,00,000 21340 100%
54 55,00,000 21340 100%
55 55,00,000 21340 100%
56 55,00,000 21340 100%
57 55,00,000 21340 100%
58 55,00,000 21340 100%
59 55,00,000 21340 100%
60 55,00,000 21340 100%
61 55,00,000 21340 100%
62 55,00,000 21340 100%
63 55,00,000 21340 100%
64 55,00,000 21340 100%
65 Maturity NIL

Regular premium Term plan with ROP
In this Term plan (regular premium) the premium is returned at maturity at the end of term. In this kind of plans the premium is bit higher than normal term insurance but it is worth buying as all your premium will be refunded to you.

Features:
Higher the term lesser is the premium
All premium paid is returned at the end of the term.
Tax benefit on premium paid U/S 80C and tax free maturity U/S 10 10(D)
Loan is available in this plan after 3yrs
This policy can be surrendered after 3yrs
Additional benefits like CIR (critical illness riders) & Accidental benefits

Eligibility:

Age at entry (min) 18yrs completed
Age at entry (max) 50 yrs (Nearest Birthday)
Age at maturity(max) 70 yrs (Nearest Birthday)
Sum Assured (min) 28 lac
Sum Assured (max) No upper limit
Sum Assured in multiples Rs 1 lac
Term (min) 20yrs
Term (max) 35yrs

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Illustration:
Ram, age 30yrs of age, buys life insurance of Rs 28lac under regular premium term insurance for 21yrs, his premium will be Rs 15234 and the benefit illustration is as under:

Age Insurance Premium Tax Benefits Maturity
30 10,00,000 50415 100%
31 10,00,000 12616 100%
32 10,00,000 12616 100%
33 10,00,000 12616 100%
34 10,00,000 12616 100%
35 10,00,000 0 0
36 10,00,000 0 0
37 10,00,000 0 0
38 10,00,000 0 0
39 10,00,000 0 0
40 10,00,000 0 0
41 10,00,000 0 0
42 10,00,000 0 0
43 10,00,000 0 0
44 10,00,000 0 0
45 10,00,000 0 0
46 10,00,000 0 0
47 10,00,000 0 0
48 10,00,000 0 0
49 10,00,000 0 0
50 Maturity Rs1,57,622

Limited premium payment Term plan with ROP
In this Term plan (limited premium payment) the premium is returned with bonus and final additional bonus at maturity at the end of term. The customer has option to choose from the premium paying term from 3, 4 & 5 yrs. Since it is with profit & limited premium payment plan so premium in 1st year is bit higher than the premium of subsequent years.

Features:,/
Limited premium payment term 3,4 or 5yrs.
All premium paid will be returned as maturity along with regular bonus and final additional bonus.
Best for people who want less years of premium payment.
Eligibility:

Age at entry (min) 12yrs completed
Age at entry (max) 60 yrs (Nearest Birthday)
Age at maturity(max) 70 yrs (Nearest Birthday)
Sum Assured (min) 1 lac
Sum Assured (max) No upper limit
Sum Assured in multiples Rs 1 lac
Term (min) 10yrs
Term (max) 30yrs

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Illustration:
Ram, age 30yrs of age, buys life insurance of Rs 10lac under limited premium payment term 5yrs for 20yrs, the benefit illustration is as under:

Age Insurance Premium Tax Benefits Maturity
30 10,00,000 50415 100%
31 10,00,000 12616 100%
32 10,00,000 12616 100%
33 10,00,000 12616 100%
34 10,00,000 12616 100%
35 10,00,000 0 0
36 10,00,000 0 0
37 10,00,000 0 0
38 10,00,000 0 0
39 10,00,000 0 0
40 10,00,000 0 0
41 10,00,000 0 0
42 10,00,000 0 0
43 10,00,000 0 0
44 10,00,000 0 0
45 10,00,000 0 0
46 10,00,000 0 0
47 10,00,000 0 0
48 10,00,000 0 0
49 10,00,000 0 0
50 Maturity Rs1,57,622

Limited premium paying term plan with maturity equal to insurance cover chosen
There is no plan comparable to this plan in entire life insurance industry. In this plan the maturity is almost equal to the life insurance cover chosen. In this plan also there is option to choose the premium paying term is also limited and bonus accrued is maximum.

Features:
Mongaturity will be almost equal to insurance cover chosen
Limited premium paying term
Highest bonus in this plan
Increasing insurance cover from the day 1
Loan and surrender value possible after 3 years
Maximum term available in this plan

Eligibility:

Age at entry (min) 18yrs completed
Age at entry (max) 50 yrs (Nearest Birthday)
Age at maturity(max) 80 yrs (Nearest Birthday)
Sum Assured (min) 30 lac
Sum Assured (max) No upper limit
Sum Assured in multiples Rs 5 lac
Premium Paying Term (min) 20yrs
Premium Paying Term (max) 35yrs

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Illustration:
Ram, age 35yrs of age, buys life insurance of Rs 50 lac under 190 table for a term of 35years, his annual premium will be Rs 27,350. During this tenure of 35yrs Ram will pay Rs 9,57,250 and if nothing happens to Mr. Ram, this money will go waste. Now If Ram will pay Rs 44,849 for 25years, He will pay Rs 11,21,225 during 25yrs of tenure. Ram will pay Rs 1,63,975 extra over a term of 25 years and he will get maturity of Rs 50,00,000 at the age of 80.

Age Insurance Premium Tax benefit Maturity
35 5000000 44,849 13200  
36 5056000 44,849 13200  
37 5112000 44,849 13200  
38 5168000 44,849 13200  
39 44,849 13200  
40 5280000 44,849 13200  
41 5336000 44,849 13200  
42 5392000 44,849 13200  
43 44,849 13200  
44 5504000 44,849 13200  
45 5560000 44,849 13200  
46 5616000 44,849 13200  
47 5672000 44,849 13200  
48 5728000 44,849 13200  
49 5784000 44,849 13200  
50 5840000 44,849 13200  
51 44,849 13200  
52 5952000 44,849 13200  
53 6008000 44,849 13200  
54 6064000 44,849 13200  
55 6120000 44,849 13200  
56 44,849 13200  
57 44,849 13200  
58 6288000 44,849 13200  
59 6344000 44,849 13200  
60 6400000 0 0  
61 1456000 0 0  
62 1512000 0 0  
63 1568000 0 0  
64 1624000