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LIC Term Insurance User Reviews

101 reviews Rate This
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

Term Life Insurance Premium Calculator

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Choose required coverage to secure your family’s future

50L
1Cr
1.5Cr
2Cr
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
1.5 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
See More Plans
Rating of LIC
4.8
Based on
101 User reviews

  • Top insurance companies listed

    The InsuranceDekho website has a list of top insurance companies to choose from. Out of all those I chose the LIC Term Plan. the plan meets all my requirements well and has amazing features and benefits.

    S
    Suraj Gupta
    On: Jan 12, 2023

  • Helpful customer care services

    I had some queries related to my LIC term plan which I had purchased from InsuranceDekho. So I contacted the customer care number of InsuranceDekho to get my queries resolved, the customer care assistant listened to my queries and provided me with effective solutions. 

    T
    Tanmay Dabur
    On: Jan 05, 2023

  • Top-notch customer care

    Customer care team at InsuranceDekho are well-spoken and they provide effective solutions for queries. I had my doubts before purchasing LIC’s Tech Term plan, the customer care executive cleared my doubts and guided me through the purchase process. 

    R
    Ritika Malik
    On: Jul 27, 2021

  • Premium calculation was simple

    I was highly concerned about the premium I had to pay for my LIC Jeevan Lakshya Term Insurance plan. Thanks to the premium calculator at InsuranceDekho, I was able to calculate it without any effort.

    K
    Kamlesh Mitra
    On: Jul 21, 2021

  • Quick and easy claim settlement

    I found the claim process for the LIC life insurance very easy. I basically followed the steps mentioned at the InsuranceDekho website and was helped a lot by the team. I highly recommend the company! 

    B
    Balwinder Bagga
    On: Jul 20, 2021

  • Easy online payment

    I would like to acknowledge InsuranceDekho for making online premium payments super easy for me. I am not used to online purchases, so I was not sure how to proceed. I got step by step guidance from the website and paid for LIC Tech Term plan in a hassle-free way.   

    R
    Ruchi Mahommed
    On: Jul 15, 2021

  • Excellent customer service

    InsuranceDekho has an excellent customer service team that helped me with my LIC Tech Term policy issuance and claim settlement. I would definitely recommend the company to my friends. 

    S
    Shrikant Srivastav
    On: Jul 13, 2021

  • Flawless claim processing

    Claim processing under LIC Jeevan Lakshya term insurance plan was flawless thanks to the straightforward instructions given on InsuranceDekho. I intimated my carrier and uploaded the necessary documents. Once the documents got approved, my claim got settled.

    T
    Tuhin Das
    On: Jul 06, 2021

  • Unbiased platform

    I found completely unbiased guidance from InsuranceDekho when I came here looking for a befitting term insurance plan to protect my family. I checked the specifications of all the policy quotes and decided to buy LIC Jeevan Amar plan. 

    S
    Sushil Verma
    On: Jun 29, 2021

  • Significant news

    I am a policyholder of LIC’s Jeevan Amar term insurance plan. From the news section of InsuranceDekho, I received significant information on Pradhan Mantri Jeevan Jyoti Bima Yojana, its eligibility, benefits, premium amount and termination of assurance. Thanks to the team for providing such informative news. 

    H
    Hemant Khanna
    On: Jun 23, 2021

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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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