Know Everything ABout LIC Term Insurance Plans

The Life Insurance Corporation of India (LIC) is a state-owned insurance firm. Since 1956, LIC has provided dependable life insurance services. Life Insurance Corporation is one of India's leading life insurance companies, offering term, whole life, endowment, and money back policies. LIC foresees your insurance needs and develops a strategy to satisfy them.

LIC tailors insurance policies to each individual's needs and provides affordable coverage. The Life Insurance Corporation offers term, endowment, money-back, and whole-life insurance plans. The Life Insurance Corporation has a number of options to choose from, depending on your needs and budget. LIC is the most recognised insurance business, and it makes every effort to suit each individual's insurance needs at a fair price.

Life Insurance Corporation has received numerous honours. LIC was crowned India's "Most Trusted Service Brand" by The Economic Times Brand Equity Service in 2012. LIC has been recognised as a "Reader's Digest Trusted Brand" since 2006. From 2011 through 2014, Life Insurance Corporation was crowned "India's Most Trusted Brand" for four years in a row. The Life Insurance Corporation of India (LIC) is a well-known and reputable life insurance company in India.

The Advantages of Purchasing a LIC Term Insurance Plan

Here are the benefits of Investing in LIC Term plan

• Payment options are flexible, as is the frequency of premium payments.
• Riders can help you increase your coverage by providing you with a variety of sum assured alternative.
• Allows you to maintain your current lifestyle while paying premiums.
• Conversions/Switching should be planned in advance (Limited)
• Can be purchased directly or through middlemen on the internet.
• Get covered with India's first and most reputable insurer.
• A 98 percent claim settlement ratio is the best in the industry (2015-16).

How can I apply for LIC Term Insurance?

A term insurance policy can be applied for in two ways:

• Online - The LIC e-Term Plan is the only insurance plan that can be purchased on the LIC's official website.

Step 1:Create a user account on the website.

Step 2: Pick the right plan for you. Premium on Coverage and Tenure is automatically calculated.

Step 3: Review the information and click the "Pay Premium" button.

Step 4: Make your payment using a debit/credit card or a Netbanking account.

• Offline - Plans that aren't available online can be purchased offline. LIC term insurance policies are available through LIC agents and brokers, as well as banks and other financial institutions.

Exclusions in the LIC Term Insurance Plan

• LIC term insurance, like any other insurance plan, has exclusions that mean the company is not obliged to pay claims.
• The suicide of a policyholder during the first year of coverage is a significant exception to term insurance. In this instance, there is no death benefit. If the policyholder commits suicide within one year of initiating the insurance, the nominee is entitled to a reimbursement of 80% of the premiums paid.
• Checks are required to confirm that all outstanding debts between the policyholder and the insurer have been paid.

Conclusion

With over six decades of expertise, LIC, India's first insurance firm, has been a pioneer in the insurance sector. Their customised, customer-centric plans assist every insurance consumer in achieving their aim of protection. They are, without a question, the best in the business.

Also read - How Much Term Insurance Cover One Should Have?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.