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LIC Term Insurance Plans

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LIC Term Insurance
Highlights
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

LIC is the most trusted brand for life insurance products in India. It is a state-owned insurance provider, one of the oldest and largest life insurance companies in India. LIC has curated 2 term insurance plans that provide financial protection at a reasonable price. These LIC term insurance plans help you ensure that your family is financially protected even in your absence. LIC has designed these term insurance plans to cater to different insurance requirements of different people. You can enhance the coverage under these term plans by adding riders to the plan with an additional premium.

LIC Term Insurance Plans

LIC offers 2 term insurance plans which are as follows:

1. LIC Jeevan Amar Plan: LIC Jeevan Amar Plan is pure protection and non-linked without a profit plan. The plan offers the flexibility to choose from two death benefit options namely Increasing Sum Assured and Level Sum Assured. The family of the life assured will receive the death benefit in case of unforeseen demise of the life assured during the policy term. This plan offers attractive premium rates for customers who don’t smoke. Under LIC Jeevan Amar Plan, one gets the freedom to enhance your coverage by adding a rider to the policy at an additional cost.

2. LIC Tech Term Plan: LIC tech term plan is a traditional term insurance plan that provides financial aid to the family in case of an unfortunate event. It is a pure non-risk, non-linked risk premium plan. This plan can only be purchased through the online website of the LIC. The plan has many key features like the option to choose from 2 death benefit options- Level Sum Assured and Increasing Sum Assured. All kinds of death are covered under the LIC Tech Term Plan.

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Term Life Insurance Premium Calculator

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Choose required coverage to secure your family’s future

50L
1Cr
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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Best LIC Term Insurance Plans

1 Crore
2 Crore
  • LIFE COVER
    Tax Free
     ₹1 Cr
  • CLAIMS SETTLED ₹99.4%
Starting From ₹ 1398/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Special Exit Benefit
  • Right Green Tick Terminal illness
  • Right Green Tick Accidental Death
  • LIFE COVER
    Tax Free
     ₹1 Cr
  • CLAIMS SETTLED ₹99.7%
Starting From ₹ 1132/Month
Key Features:
  • Right Green Tick Special Exit Benefit
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User Reviews

4.8
Rating based on
101 User reviews
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What users are saying
  • All
  • Provide Flexibility

    At Insurancedekho companies, you can Compare plans whenever you are free and contact the customer support team at your convenience. I have no words to express my thanks to the customer team of InsuranceDekho. I bought my LIC Term Life Insurance Plan conveniently through your "anytime assistance" feature.

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    V
    LIC
    By Vanshikha Sharma
    On: Feb 09, 2024
  • Best Customer Support

    My purchase of a team insurance policy from InsuranceDekho was amazing. The customer support team made my purchase of the LIC term insurance plan quick and easy. Loved it!

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    J
    LIC
    By Janvi Pal
    On: Dec 12, 2023
  • An affordable plan

    I used the online term calculator to evaluate the premium of the LIC Term Insurance Policy. When I found that the premium of the plan matched my budget, I instantly bought it.

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    D
    LIC
    By Dev Shree
    On: Nov 24, 2023
  • I got friendly suggestions

    When I was buying the LIC Term Insurance Policy from InsuranceDekho, the team provided me with friendly advice. They not only helped me select the desired term plan but also explained everything about the buying process.

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    D
    LIC
    By Deepti Garg
    On: Nov 21, 2023
  • Empowerment through Term Insur...

    With the LIC Term Insurance Policy, InsuranceDekho empowers customers like me  with valuable knowledge about term insurance. It's a knowledge hub for making well-informed financial choices.

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    M
    LIC
    By Mamta Khati
    On: Nov 15, 2023
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Why to Buy Term Insurance Policy Online from InsuranceDekho

  • Tax benefit upto 1,50,000*
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LIC Term Insurance Contact Details

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Claim Process at LIC Term Insurance

  • 1

    Claim Intimation

    In the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
  • 2

    Submission of Documents

    Claim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
  • 3

    Claim Evaluation

    Once the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
  • 4

    Claim Settlement

    If claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.

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FAQs

  • How often can I pay my premiums for LIC’s term insurance plans?

    LIC’s term insurance plans allow premium payments in different modes. Policyholders can pay premiums monthly, quarterly, half-yearly, or annually as his/her requirements.

  • Are Term insurance premiums exempt from tax?

    Yes, the premium paid for term insurance policies is allowed as a tax-free deduction from your taxable income. Premiums paid up to INR 1.5 lakhs can be claimed as a deduction under Section 80C of the Income Tax Act,1961.

  • What are the different ways of paying LIC Term Insurance premiums?

    LIC Term insurance premiums can be paid through cash, cheque, demand drafts, net banking, UPI, NEFT, mobile wallets, or any other digital mode.

  • Do Term insurance premiums include GST?

    Yes, a GST slab of 18% is added to the premium charged for a plan.

  • What happens when the premium is not paid?

    If the premium is not paid in case of term insurance plans for the specified duration, the policy lapses. In case of a lapse, the coverage halts and the policyholder loses the premiums paid earlier.

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