LIC User Reviews
Claim Settlement Ratio | 98.62% |
Customer Care | 8:00 AM to 8:00 PM |
Death Benefit Paid For | 73,3809 Policies |
Inception | 1956 |
Presence | 2048 Branches |
Total Death Benefit Paid | 12797.85 Crore |
Comprehensive Coverage
InsuranceDekho offers a wide range of coverage options, with allowing me to customize my LIC Term Insurance Policy to meet my family's unique needs.
User Reviews on LIC Term Insurance Alternatives
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Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
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FAQs
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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.
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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.
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Do Term insurance premiums include GST?
Yes, a GST slab of 18% is added to the premium charged for a plan.
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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.