LIC Term Insurance Plans

They are life insurance in which a lump sum is paid to the policyholder's family if the policyholder passes away, so the family can continue their life without financial difficulties.

LIC Term Life Insurance Plans- An Overview

LIC Term Assurance Life Insurance is a pure protection plan that, in your absence, will secure your family's financial future by providing them with a good living standard even when you are no longer there. LIC term insurance plans offer high coverage at very reasonable premiums, making them a good, cost-efficient option. Buying an LIC term plan online is very fast and hassle-free; meanwhile, offline options let you choose the method that suits you best.

Note: Know more about what is term life insurance first before reading this article.

These LIC term insurance plans provide financial support to the family in case of the unfortunate death of the policyholder. They provide the family with a stable source of income, enabling them to live their lives with less worry. It represents both the peace of mind and financial security of the family over the coming years.

Explore LIC Term Insurance Plans for comprehensive term insurance plan coverage. Secure your family’s financial future with affordable and reliable term insurance plans:

Types of LIC Term Insurance Plans

The term insurance plans offered by the LIC of India are mentioned below with some plan details. Take a look, and choose the one LIC term insurance plan that suits your requirements:

* You can use the LIC term insurance calculator to estimate your premiums for the desired LIC term plan.

The Life Insurance Corporation of India offers various term insurance plans with different features and benefits. LIC term plans can be purchased at lower premium rates by visiting the company’s website or buying them through intermediaries. Here, we have discussed the different term insurance plan options offered by the LIC of India and their features and benefits.

LIC Digi Term Plan

The LIC Digi Term Plan is an affordable LIC term insurance plan. The plan can be purchased online and offers financial security to the insured's family in the event of an untimely death. This pure protection plan delivers very high life cover for minimal premiums, thus your family will be financially safeguarded in case something happens to you. Simple and manageable online, the LIC Digi Term Plan is suitable for the people who want a convenient and dependable method of securing their family's future.

Features of LIC Digi Term Plan

• Choose a death benefit from the two options available: level sum assured and increasing sum assured

• Choose the suitable premium paying term and policy term

• Pick the perfect benefit payout mode such as a lump sum or installments

• Avail high-sum assured rebates

• This LIC term plan is strictly for online purchase only through the company website

LIC Digi Credit Life

The LIC Digi Credit Life Plan is a low-cost LIC term insurance plan designed solely to provide financial protection for loans and credit obligations. This LIC term plan which is available online, will ensure that in the event of an unplanned incident, your debts like home and personal loans are covered, thus making it easier for your family to handle the financial responsibilities that come with it.

Features of LIC Digi Credit Life Plan

• You can choose to pay the premiums in a single or limited premium pay mode

• Choose the policy and premium pay term at your convenience

• Female customers will receive special premium rates

• Get attractive high-sum assured rebates

• The LIC term insurance plan can only be purchased online via the company website

LIC Yuva Credit Life

The LIC Yuva Credit Life Plan is a simple and affordable LIC term insurance plan for young individuals to cover loans and debts. It ensures that in case of any unforeseen event, your outstanding loans are paid off, reducing financial stress on your family. This LIC term plan helps you manage responsibilities confidently while keeping your loved ones secure.

Features of LIC Yuva Credit Life Plan

• Choose the suitable premium pay term

• Select the right policy term and premium pay term for your needs

• Get attractive premium rates for women and non-smokers

• Receive high-sum assured rebates

• Choose the loan interest rate as appropriate at the time of policy purchase

LIC Yuva Term Plan

The LIC Yuva Credit Plan is a specially designed life insurance policy that combines financial protection with savings to empower young individuals. This LIC term insurance plan offers affordable premiums, flexible policy terms, and the added benefit of loyalty bonuses so that young policyholders can confidently pursue their dreams without compromising on financial security.

Features of LIC Yuva Term Plan

Choose from 2 death benefit options: Level Sum Assured and Increasing Sum Assured

Pay the premiums in single, regular, or limited premium pay terms

Choose to receive the benefit amount in installments

Get special premium rates for female customers

Receive attractive sum-assured rebate benefits

Select the most suitable policy and premium paying term

LIC New Tech-Term Plan

LIC New Tech Term is an online complete risk-proof plan that offers financial security to the policyholder's family in case of death between the policy tenure. If one wishes to avail of this LIC term insurance, he/she can avail of this at his/her convenience anytime from anywhere across the globe.

Features of LIC New Tech-Term Plan

This LIC term plan offers level sum assured and increasing sum assured options, you can select any of these.

You can opt for a single, limited, or regular premium payment.

Option to choose the premium payment term and policy term. Besides, you also have the flexibility to pay in installment regarding the payment of benefits.

The plan offers attractive premium rates for women.

You can avail of two LIC term plan premium rates categories: smoker and non-smoker. Note that the rates regarding the non-smoker category will depend upon the urinary test. Apart from this, in case of any other case, the smoker rates will be implied.

Have the alternative to opt for an accident benefit rider and enhance the policy coverage by making an additional payment.

LIC New Jeevan Amar

LIC New Jeevan Amar is an offline pure protection plan that covers the financial liabilities of the insured's family in case of his/her demise while the policy is active.

Features of LIC New Jeevan Amar Plan

One can avail of the advantage of a high-sum assured rebate.

Separate categories of LIC term plan premium rates for both smokers and non-smokers.

The alternative is to choose either an increasing sum assured benefit or a level sum assured benefit.

Option to easily choose the suitable policy term and premium paying term.

Benefits of LIC Term Insurance Plan

Below are some of the advantages of purchasing LIC term insurance plans. Have a look:

Premium Rebates for Non-Smokers: LIC Term Life Insurance gives you special discounts on your premiums if you don't smoke.

Wide Eligibility Range: Anyone between the ages of 18 and 75 can buy LIC of India Term Insurance.

Flexible Payment Options: LIC Term Insurance lets you choose how you want to pay your premiums.

Extra Rider Benefits: You can add riders to your LIC Term Life Insurance Plan's standard coverage to get even more protection.

Financial Security: LIC Term Insurance Plans help you keep your life safe by offering low premiums.

Easy Online Purchase: Buy your LIC Term Assurance Plan quickly and hassle-free.

LIC Term Assurance Plan Exclusions

Like other insurance policies, LIC term insurance also has specific exclusions as follows:

• One of the most important exclusions on the LIC term insurance plans is that the suicidal death of the insurance holder during the tenure of the policy is not covered under the plan.

• However, suppose the policyholder commits suicide within the initial 12 months from the policy's starting or revival date. In that case, no death benefit is paid to the policy beneficiary.

• Until then, the plan's beneficiary can receive 80% of the paid premium, provided all the LIC term insurance policy premiums are duly paid.

• Besides, you should always read the policy document and understand the exclusions and inclusions before buying an LIC term assurance plan online.

Important Things to Consider When Buying a Term Insurance Plan

Just like other term plans, LIC Term Life Insurance plans also protect the policyholder's family financially by paying the sum assured to the nominee if the policyholder dies during the policy period. However, no maturity benefit is given if the policyholder survives the term. Being the cheapest way to get life insurance, term plans are great for protecting one's family. Here are some main factors to think over when selecting an LIC term insurance plan:

Coverage Amount: It's essential to fix the correct coverage amount for your LIC India Term Insurance. It should be enough to support the family financially if the policyholder is not there. Some points that can help you decide are:

• The family's current lifestyle and future plans.

• Unpaid debts like loans or mortgages, etc.

• Inflation and increasing prices.

• The policyholders' stage of life and commitments.

Life Stage and Family Dependents: The best term insurance plan is designed to secure the financial well-being of your loved ones. Consider the following:

• The number of dependents in the family.

• The marital status of the policyholder and whether the couple has children.

• Responsibilities that change as you go through different stages of life.

• The plan must fully take into account the unique needs of your dependents so that they can be financially stable even when you are not there.

Lifestyle Maintenance: The amount of money you need to leave your family should be enough for them to keep living the way they do now without any problems. It should have:

• Everyday expenses and needs.

• Future goals like education and marriage.

• Inflation and rising costs over time.

How To Buy LIC Plans From Policybazaar?

LIC plans can be bought in both online and offline methods. If you wish to buy LIC plans from Policybazaar, you can do so in a few easy steps as follows:

Step 1: Visit the official LIC Page on Policybazaar.

Step 2: Fill the form with your name and contact number *available on the top right corner.

Step 3: Next, fill in your age and current city.

Step 4: Once done, you can also check the other plans available and customize the amount and time period at your convenience.

Step 5: After this, you need to pay your premiums online and buy the desired plan.

Note: Use the LIC Calculator to check which LIC term life insurance plan best fits your needs and budget.

Claim Settlement Process for LIC Term Insurance Plans

It's easy to file a claim for a LIC term insurance plan, whether you bought it online or in person. This is how the LIC term plan claim settlement process works:

Filing the Claim

The nominee must fill out the claim form correctly.

Send in the papers you need to, such as:

• The original policy document.

• A valid death certificate indicating the cause of death

• Bank Mandate for Payment

The nominee of the LIC term insurance plan will have to provide an NEFT mandate to carry out the claim amount transfer directly to their bank account.

Verification and Processing

Review, verification, and processing of the claim are done by LIC after conducting necessary formalities.

After the verification process has been successfully completed, the claim is settled, and the amount of the LIC term insurance plan benefit is sent to the nominee's account.

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