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LIC Term Insurance Plans

92 reviews Rate This
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

Term Life Insurance Premium Calculator


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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
    Tax Free
    1 Cr
Starting From 707/Month
24hr Claim Settlement
Key Features:
  • Zero Cost Benefit
  • Terminal Illness
  • Nominee's Choice payout
  • Voluntary Top Up
  • Tax Benefits
    Tax Free
    1 Cr
Starting From 857/Month
24hr Claim Settlement
Key Features:
  • Waiver of Premium on Disability
  • Terminal Illness
  • Life Stage Benefit
  • Tax Benefits
    Tax Free
    1 Cr
Starting From 771/Month
24hr Claim Settlement
Key Features:
  • Tax Benefits
  • Terminal illness
See More Plans

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.

LIC Term Insurance User Reviews

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What users are saying
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  • The LIC Term Insurance Policy offered by InsuranceDekho provides excellent coverage. I feel secure knowing tha...

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    By Rajdeep Bains
    On: Oct 31, 2023
  • With the LIC Term Insurance Policy from InsuranceDekho, I feel confident that I'm protecting my loved ones' fi...

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    By Luxmi Singh
    On: Oct 30, 2023
  • I recently had to make a claim with InsuranceDekho's LIC Term Insurance Policy, and they impressed me with the...

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    By Shiva Mahavir
    On: Oct 26, 2023
  • Transparency is key in the world of insurance, and InsuranceDekho excels in this regard. Their LIC Term Insura...

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    By Sangeeta Acharya
    On: Oct 24, 2023
  • I've been a policyholder of the LIC Term Insurance Policy with InsuranceDekho, and it's provided me with total...

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    By Mukul Kapri
    On: Oct 19, 2023
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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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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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