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LIC Term Insurance

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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

Term Life Insurance Premium Calculator

Gender

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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
2.5 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.51%
Starting From 707/Month
24hr Claim Settlement
Key Features:
  • Zero Cost Benefit
  • Terminal Illness
  • Nominee's Choice payout
  • Voluntary Top Up
  • Tax Benefits
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 97.84%
Starting From 812/Month
24hr Claim Settlement
Key Features:
  • Waiver of Premium on Disability
  • Terminal Illness
  • Life Stage Benefit
  • Tax Benefits
  • Special Exit Benefit
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.4%
Starting From 771/Month
24hr Claim Settlement
Key Features:
  • Tax Benefits
  • Terminal illness
See More Plans

About LIC Term Insurance

LIC term insurance plans provide financial protection for your loved ones even when you are not around. If a mishap like the death of the sole breadwinner of the family happens, the company pays a death benefit to the nominee or beneficiary of the policy. Read on to find out more about term life insurance plans offered by LIC of India.

Key Features of LIC Term Insurance Plans

Features

Coverage

Claim settlement ratio

98.62%

Founding year

1956

Claim assistance

24*7

Official website

www.licindia.in

Riders

Available

Benefits of LIC Term Insurance Plan

The Life Corporation of India (LIC) attracts many policyholders by providing unique features and advantages with their term insurance plans. Some of the benefits of LIC term insurance plans are highlighted below:

  • Affordable Premiums: LIC term plans allow you to protect your loved ones at affordable premiums. You can invest in higher sum assured term insurance plans without worrying about your existing budget.
  • Special Discounts: Your lifestyle habit like smoking can help you avail of discounts on LIC term life insurance plans. This means the LIC provides special discounts to non-smokers. Additionally, low-premium rates are offered to woman policyholders.
  • Loan Coverage: One of the most important reasons to buy term insurance from LIC is that it provides coverage for outstanding loans and debts. If the policyholder dies during the policy tenure, the LIC of India will pay them. Your loved ones will be protected from any kind of financial burden that may arise during those tough times.
  • Rider Benefit: The policyholders of LIC term insurance plans can enjoy enhanced coverage by purchasing riders with their base term plan. You may have to pay an additional premium to buy additional protection.
  • Tax Benefits: Under Section 80D of the Income Tax Act of 1961, the premium paid for the term insurance plan provided by LIC is eligible for a tax deduction.

Steps To Calculate LIC Term Insurance Premium

Policyholders can use the LIC term insurance premium calculator to determine the estimated premium for their term plan. Here’s a comprehensive guide on how to use a term life insurance premium calculator:

  • Visit the official website of InsuranceDekho.
  • Click on “LIC term insurance,” available under the “Term insurance companies” page.
  • Next, fill out the required details, including name, age, gender, and others.
  • Hit the “Calculate Premium” button.
  • The premium for your LIC term insurance plan will be calculated.

This premium may vary if you include any riders with your base LIC term insurance plan.

Best LIC Term Insurance Plans 2023

The table below highlights a variety of term insurance plans offered by the LIC of India:

Term Insurance Plan

Entry Age

(in years)

Maturity Age

(in years)

Policy Tenure

(in years)

Sum Assured (Min)

LIC New Tech Term Plan

18-65 years

80 years

10-40 years

Rs. 5 lakhs

LIC New Jeevan Amar Plan

18-65 years

80 years

10-40 years

Rs. 25 lakhs

LIC Saral Jeevan Bima Plan

18-65 years

70 years

5-40 years

Rs. 5 lakhs

Let’s understand the features and benefits of each plan in detail:

LIC New Tech Term Plan

  • The minimum entry age is 18 years and the maximum age is 65 years.
  • Policyholders can select from limited and regular premium payment options.
  • The grace period is 30 days. You can renew your expired term insurance plan within this period.
  • There is no maximum sum assured limit under the LIC New Tech Term.
  • Avail of tax benefits under Section 80C and Section 80D of the Income Tax Act.

LIC New Jeevan Plan

  • The plan is available in two variants: increasing the sum assured and level the sum assured.
  • Additional rebates for female policyholders and individuals purchasing high-sum assured policies
  • The minimum policy tenure is 10 years, and the maximum is 40 years.
  • There is no sum assured limit for LIC New Jeevan Plan.
  • A death benefit is paid to the nominee in the event of the policyholder's demise.

LIC Saral Jeevan Bima Plan

  • Policyholders can select from three premium paying terms- single, regular, and limited pay.
  • The maximum sum assured for LIC Saral Jeevan Bima Plan is Rs. 25 lakhs.
  • The minimum entry age to buy the policy is 18 years and the maximum age is 65 years.
  • The plan comes with a waiting period of 45 days. If any mishap occurs during this period, LIC of India is liable to pay back 100% of the premium to the nominees of the policy.
  • Policyholders are eligible for tax benefits under Section 10(10D) and Section 80C of the Income Tax Act.

Riders Available with LIC

Some of the term insurance riders that you can buy with LIC are as follows:

  • Accidental Death Benefit Rider: LIC accidental death benefit rider is paid out if the policyholder meets an accident during the policy term.
  • LIC New Critical Illness: If the policyholder is diagnosed with any kind of critical illness such as limbs, Alzheimer’s disease, and more then the LIC New Critical Illness rider provides the necessary coverage.
  • LIC New Term Assurance Rider: The LIC New Term Assurance Rider provides an extra sum assured to the nominees of the policyholder if the policyholder meets an unfortunate demise.

Factors Affecting LIC Term Insurance Premium

Some of the factors affecting LIC term insurance premiums are as follows:

  • Coverage Amount: It is very important to determine the term insurance coverage amount as this will help you get the right coverage for your loved ones. While determining the coverage amount, you should take into account details like your income, age, gender, and other factors.
  • Policy Duration: The policy duration also affects the term insurance premium. The longer the policy tenure, the higher the term insurance premium that you will have to pay. You can also use a term insurance premium calculator to check the exact premium you will have to pay.
  • Riders: On adding different riders to the LIC term insurance plan, the term insurance premium will become higher. So, while buying a term insurance plan, you should be careful in adding riders to the existing plan.
  • Lifestyle Habits: Another factor that affects term insurance premiums is your lifestyle. This means that if you lead an unhealthy lifestyle, for instance, if you are a smoker and are at risk of diseases, then the term insurance premium will be higher.

How To Choose The Best Term Insurance Plan?

Here is how you can choose the best term insurance plan:

  • First and foremost, you need to understand your financial requirements. Based on your income, you should buy a term insurance plan that meets your financial needs in the long run.
  • You should also check the services offered by different term insurance companies. This will be helpful in understanding which term insurance company you should choose over another.
  • You must also check the claim settlement ratio of the different term insurance companies. The higher the claim settlement ratio, the more reliable it will be for claim settlement.
  • You should buy a term insurance plan from a company that offers 24*7 claim support.

Exclusions Under LIC Term Insurance Plans

LIC term insurance has some exclusions that LIC of India does not cover. One of the notable exceptions is the suicide of the policyholder during the first year of the policy. In this case, the LIC is not liable to pay any death benefit to the nominees of the policyholder. However, a nominee or beneficiary may receive a refund of 80% of the premium paid.

Therefore, it is important to read all the terms and conditions mentioned in the policy document carefully at the time of purchase.

Process to Buy LIC Term Insurance Plans

Here’s a comprehensive guide to buying LIC term insurance plans:

Documents Required to Buy LIC Term Insurance Plans

  • Latest medical reports
  • Age proof such as Aadhaar card
  • Identity proof
  • Salary slips for the last 3 months
  • Income tax return copy
  • Address proof

Steps You Need To Follow

  • Visit the official website of InsuranceDekho.
  • Under the "Term Insurance Companies" section, Select "LIC Term Insurance."
  • Fill in the relevant details in the term insurance premium calculator.
  • The LIC term plans will be displayed on your screen.
  • Compare and select the plan that suits your needs.
  • Make a premium payment online to complete the process.
  • The policy document will be shared with your registered email.

Why Should You Buy LIC Term Life Insurance Online?

LIC of India provides excellent customer service to its policyholders. The company allows you to buy term life insurance plans online with ease. Additionally, policyholders are eligible to avail themselves of numerous benefits when they purchase term plans online. Some of these benefits include:

  • You can secure the future of your loved ones without involving yourself in tedious paperwork processes. Simply visit the official website of InsuranceDekho, select the LIC term insurance plan, and pay a premium online.
  • Some term insurance companies offer discounts and rebates to policyholders when purchasing term insurance online. You can visit the official website of the company to check the LIC term plans, on which you can save a premium.
  • Policyholders can purchase term insurance quickly and easily. Within a few minutes, you can ensure financial protection for your family.

How to Renew LIC Term Insurance Plan Online?

The process to renew the LIC Term Insurance Plan online is described below:

  • Visit the official website of LIC of India.
  • Log in to the LIC customer portal using your policy number and date of birth.
  • Select the term insurance plan that you want to renew.
  • Make a premium payment online.
  • Once the above process is complete, the details of your renewed term life insurance plan will be sent to your registered email ID.

How to Raise Term Insurance Claim?

The nominees of term insurance plans offered by LIC may have to undergo a strict process to claim a death benefit. Read on to find out a detailed guide on the claim settlement process for LIC term plans.

Documents Required To Claim LIC Term Insurance

  • Original policy document
  • Claimant form
  • Bank account details of nominee or beneficiaries
  • Medical reports of the life assured
  • FIR copy (only in case of accidental death)
  • Death certificate issued by the valid authority

Steps You Should Follow To Claim LIC Term Insurance

  • Download the claim form from the company’s official website.
  • Fill in the form thoroughly.
  • Attach all the necessary documents and submit the form to the nearest LIC branch office.
  • The LIC will process your claim request and verify all the information you provide. In some cases, an insurance company may send investigating officer to the treatment centre for document verification.
  • Once the verification process is completed, LIC of India will either pay a death benefit or may reject your claim request.

It is suggested that you should not lie to an insurance company in any case. For instance, if the insurance company finds out that you, the policyholder, died due to any pre-existing medical condition about which they were not informed, then your claim request might get rejected.

Who Should Buy LIC Term Insurance?

The following are eligible for LIC term insurance plans:

  • Young professionals
  • Newly married individuals
  • Salaried individuals
  • People with debts

When is the Right Time to Buy LIC Term Insurance?

You should ideally buy a LIC term insurance plan as early as you can. It is advisable to buy a term insurance plan until you have financial dependents. So, when you are in your 20s, you should plan to buy a term insurance plan, as doing so will help you buy a term insurance plan at a lower premium.

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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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FAQ About LIC Term Insurance

  • 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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