LIC Term Insurance Plans in India for Disabled People – A Complete Guide

According to the 2011 census, the number of people with disabilities in India is around 2.68 crore, out of 121 crores of the total population. The government has schemes that help these people to lead a dignified life just like others. There are support groups as well that assist people with disabilities with necessary assistance. However, with India still called an underinsured nation, it wouldn’t be a surprise that people don’t know about the insurance policies available for disabled persons.

Twenty-eight-year-old Ajay Kumar lives with his wife and kid in a house near his parents and currently works in a private bank. Two years back, he lost one leg in an accident. He goes around doing his duties while walking with an artificial leg. While being worried about his family’s future, Ajay approached his manager for help in financial planning, who told him about the LIC term insurance for disabled people. He immediately bought a policy with a decent amount of coverage and is now confident that this policy will help his family members handle their finances even in any untoward situations such as his death.

Looking at the number of disabled people in India, there is a strong need for investment products that cater to them as per their requirements. Therefore, an insurance product that suits their specific needs is the need of the hour.

Term insurance is one of the best options that they can have to secure their family’s future financially. It is one of the essential investments that disabled people should make during their lifetime so that their family members remain financially strong even in their absence.

Many insurance companies are now offering term insurance plans for disabled people. Still, many look for policies from LIC for the physically disabled, as LIC is one of the oldest public sector insurance companies in India. 

Note: The decision of accepting a disabled person’s application for term insurance lies with the Underwriters of the insurance company. The underwriters can accept or reject the application based on the information available on a case-to-case basis. 

2 Best LIC Term Insurance Plans for Disabled Peoples in India

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

The LIC term insurance policies that can be bought by people at affordable premiums are given below:

1. LIC Jeevan Amar Term Plan

This is a pure protection plan that offers financial protection to the policyholder’s family in case of their death during the policy term. Its features are:

• The eligible age of the policyholder must be within 18 to 60 years.
• Policy tenure is between 10 to 40 years.
• The minimum sum assured is Rs 25 lakhs without any maximum limit.
• The death benefit is payable under two options: Level sum assured or Increasing sum assured.
• No maturity benefits shall be paid on the survival of the policy term.
• Option to include LIC’s accident benefit rider at an additional premium.
• Can choose to receive death benefits in installments of 5 or 10 or 15 years instead of a lump sum.

2. LIC Tech Term Plan

This is yet another LIC term plan but can be purchased only via online medium. It is aimed to provide financial protection to the policyholder’s family in case of his/ her unfortunate death during the policy term. Its features are:

• The policyholder must be a minimum of 18 years and a maximum of 65 years.
• Policy term ranges from 10 to 40 years.
• The minimum sum assured is Rs 50 lakhs, and there is no maximum limit.
• Two options to choose for death benefit: Option 1: Level Sum Assured and Option 2: Increasing Sum Assured.
• No maturity benefits are paid on the survival of the policyholder.
• LIC accident benefit rider can be taken at an additional premium.
• Choice of receiving death benefits in installments of 5 or 10 or 15 years instead of a lump sum can be exercised by the policyholder.

If you are disabled or handicapped and choose to buy any of the above plans, it is required for you to assess your risks in life and choose a plan accordingly. Moreover, by opting for a pure term insurance plan, you not only pay the lowest premium but can create an excellent financial corpus for your family members to lead a comfortable lifestyle without any compromises, even if you are not with them.

Therefore, don’t wait for the right time to buy a term insurance plan. Visit iiflinsurance.com and pick the right one according to your requirements.