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LIC Term Insurance Plans

LIC term insurance plans can secure your family against any loss of income that the family might face in the absence of the policyholder. Individuals favour these plans even though they do not offer any maturity.

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The LIC term plan allows insurance buyers to buy a high amount of coverage levels at very low premiums. This way, buying an LIC online term plan is an easy and time-saving process.

LIC term plans do not burn a hole in the pocket and help individuals find the right term plan to replace income in their absence. An individual can buy these plans online or offline at their convenience.

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

Types of LIC Term Insurance Plans

Plan Names Entry Age (Minimum to Maximum) Maturity Age Policy Term (Minimum to Maximum) Minimum Sum Assured
LIC Digi Credit Life 18-45 years 75 years 15-40 years Rs. 50,00,000
LIC Digi Credit Life 18-45 years 75 years 5-30 years Rs. 50,00,000
LIC Yuva Credit Life  18-45 years 75 years 5-30 years Rs. 50,00,000
LIC Yuva Term Plan 18-45 years 75 years 10-40 years Rs. 50,00,000
LIC New Tech-Term 18-65 years 80 years 10-40 years Rs. 5,00,000
LIC New Jeevan Amar 18-65 years 80 years 10-40 years Rs. 25,00,000

* You can use the LIC term insurance calculator to get an estimate of the premiums you would need to pay for the desired LIC term plan.

The Life Insurance Corporation of India offers the best term insurance plans with different features and benefits. LIC online 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 plans offered by the LIC of India and their features and benefits.

  1. LIC Digi Term Plan

    The LIC Digi Term Plan is an affordable term insurance plan offered by the LIC of India. The plan is available online and offers financial security for your loved ones in case of an unexpected event. This pure protection plan provides high life cover at low premiums, ensuring your family is financially protected if something happens to you. Easy to buy and manage online, the LIC Digi Term Plan is perfect for individuals looking for a convenient and reliable way to secure their family’s future.

    Features of LIC Digi Term Plan

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

    • Select the most suitable premium pay term and policy term

    • Select the ideal benefit payout mode like lump sum or installments

    • Get attractive high-sum assured rebates

    • Special premium rates for female and non-smoking customers 

    Eligibility Details of LIC Digi Term

    Parameters Minimum Maximum
    Entry Age 18 years 45 years
    Maturity Age 33 years 75 years
    Policy Term Regular/Single/Limited Premium of 10 years: 15 to 40 years
    Limited Premium of 15 years: 20 to 40 years
    Sum Assured Rs. 50,00,000 Rs. 5,00,00,000
    Premium Payment Term Regular
    Limited Premium of 10 years
    Limited Premium of 15 years
    Single Premium
    Premium Payment Frequency Yearly, Half-Yearly, Quarterly or Monthly
  2. LIC Digi Credit Life

    The LIC Digi Credit Life Plan is an affordable insurance plan designed to provide financial protection for loans and credit obligations. Available online, this plan ensures that in case of an unforeseen event, your outstanding debts, such as home or personal loans, are covered, easing the financial burden on your loved ones. With a simple online application and affordable premiums, the LIC Digi Credit Life Plan is a smart choice to safeguard your family from financial stress and secure your credit commitments.

    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 plan can only be purchased online via the company website

    Eligibility Details of LIC Digi Credit Life

    Parameters Minimum Maximum
    Entry Age 18 years 45 years
    Maturity Age 23 years 75 years
    Policy Term 5 years 30 years
    Sum Assured Rs. 50,00,000 Rs 5,00,00,000
    Premium Payment Term Single, 5 years, 10 years, and 15 years
    Premium Payment Frequency Yearly, Half-Yearly, monthly, and quarterly
  3. LIC Yuva Credit Life 

    The LIC Yuva Credit Life Plan is an easy and affordable 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 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

    Eligibility Details of LIC Yuva Credit Life

    Parameters Minimum Maximum
    Entry Age 18 years 45 years
    Maturity Age 23 years 75 years
    Policy Term 5 years 30 years
    Sum Assured Rs. 50,00,000 Rs. 5,00,00,000
    Premium Payment Term For Policy Term 5-30 years: Single
    For Policy Term 10-30 years: 5 Years
    For Policy Term 15-30 years: 10 Years
    For Policy Term 25-30 years: 15 Years
    Premium Payment Frequency Yearly, Half-Yearly, Quarterly or Monthly
  4. 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. With affordable premiums, flexible policy terms, and the added benefit of loyalty bonuses, the Yuva Credit Plan ensures 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 pay term

    Eligibility Details of LIC Yuva Term Plan

    Parameters Minimum Maximum
    Entry Age 18 years 45 years
    Maturity Age 33 years 75 years
    Policy Term Regular/Single/Limited Premium of 10 Years: 15 - 40 years
    Limited Premium of 15 Years: 20 to 40 years
    Sum Assured 50 Lakhs 5 Crores
    Premium Payment Term Regular Premium: Same as the Policy Term
    Limited Premium Pay for 10 years
    Limited Premium Pay for 15 years
    Single Premium
    Premium Payment Frequency Yearly, Half-Yearly, Quarterly or Monthly
  5. 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 online 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

    • The 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.

    Eligibility Details of LIC Tech-Term

    Parameters Minimum Maximum
    Entry Age 18 years 65 years
    Maturity Age NA 80 years
    Policy Term 10 years 40 years
    Sum Assured 50 lakhs No Limit
    Premium Payment Term Regular Premium- Same as Policy Term
    Limited Premium: For 10-40 years Policy Term- Policy term minus 5 years
    For 15-40 years Policy term- Policy Term minus 10 years
    Single-Premium: NA
    Premium Payment Frequency Yearly, Half-Yearly, Quarterly or Monthly
  6. 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 oneself 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.

    Eligibility Details of LIC Jeevan Amar

    Parameters Minimum Maximum
    Entry Age 18 years 65 years
    Maturity Age NA 80 years
    Policy Term 10 years 40 years
    Sum Assured 25 lakhs No Limit
    Premium Payment Term Regular Premium- Same as Policy Term
    Limited Premium: For 10-40 years Policy Term- Policy term minus 5 years
    For 15-40 years Policy term- Policy Term minus 10 years
    Single-Premium: NA
    Premium Payment Frequency Yearly, Half-Yearly, Quarterly or Monthly

Benefits of LIC Term Insurance Plan

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

  • Affordable Premiums: Get high insurance coverage at cost-effective premium rates.

  • Premium Rebates for Non-Smokers: Special discounts on premiums for non-smokers.

  • Customizable Coverage: Flexibility to choose the sum assured that meets your financial needs.

  • Wide Eligibility Range: Suitable for individuals aged 18 to 75 years.

  • Flexible Payment Options: Multiple premium payment modes to suit your convenience.

  • Additional Rider Benefits: Enhance your policy with optional riders for extra protection.

  • Maintains Financial Comfort: Enables a secure lifestyle while ensuring premium affordability.

  • Easy Online Purchase: Buy LIC term plans quickly and hassle-free through their digital platform.

LIC Term Plan Exclusions

Like other insurance policies, LIC term insurance also has specific exclusions. These are 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 plan online.

Important Things to Consider When Buying a Term Insurance Plan

Term insurance provides financial security to the policyholder’s family by paying the sum assured to the nominee in the event of the policyholder’s demise. However, no maturity benefit is paid if the policyholder survives the term. As the most affordable life insurance form, term plans are ideal for ensuring family protection. Here are some key factors to consider when choosing a LIC term insurance plan:

  1. Coverage Amount

    Determining the right coverage amount is important. It should cover the family’s financial needs in the policyholder’s absence. Factors to consider include:

    • The family’s current lifestyle and future aspirations.

    • Outstanding liabilities such as loans or mortgages.

    • Inflation and rising costs.

    • The policyholder’s life stage and responsibilities.

  2. Life Stage and Family Dependents

    A 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 policyholder’s marital status and whether they have children.

    • Responsibilities that evolve with different life stages.

    The plan should adequately account for the unique needs of your dependents, ensuring their financial security in your absence.

  3.  Lifestyle Maintenance

    The assured sum should allow your family to maintain their current lifestyle comfortably. It should account for:

    • Daily expenses and essential needs.

    • Future goals like education and marriage.

    • Inflation and rising costs over time.

How To Buy Term Insurance From Policybazaar?

Step 1: Visit Policybazaar and go to Term Insurance

Step 2: Enter basic details like name, DOB, and phone No., and click on the ‘view plans’ button

Step 3: Submit your occupation type, annual income, educational qualification and smoking habits.

Step 4: Compare the policy details of different term plans available.

Step 5: Select the term Life Insurance Plan that fits your requirements and budget

Step 6: Pay via net banking, credit or debit card.

Claim Settlement Process for LIC Term Insurance Plans

Filing a claim for an LIC term insurance plan, whether purchased online or offline, is a simple process. Here’s how it works:

  1. Filing the Claim

    • The nominee needs to complete the claim form accurately.

    • Submit the required documents, including:

      • The original policy document.

      • A valid death certificate stating the cause of death.

  2. Bank Mandate for Payment

    • The nominee must provide an NEFT mandate to facilitate the transfer of the claim amount directly to their bank account.

  3. Verification and Processing

    • LIC verifies the submitted documents and claim form.

    • The claim is processed upon successful verification, and the benefit amount is transferred to the nominee’s account.

LIC Term Insurance - FAQs

  • Ans: The LIC term insurance premium can be paid through different payment modes, namely:
    • Cheque/DD payment at the branch and related counters

    • Payment at the Axis Bank

    • Payment at the Corporation Bank

    • LIC Online Payment options

    • NEFT

    • ECS

    • AP Online

    • MP Online

    • Suvidha Infoserve

    • Easy Bill Pay

    • Premium point by empowered agents

    • Life Plus SBA

    • Retired LIC Employee collection

    • Phone Banking

    • Authorized Service Provider (in selected cities)

    • For the online payment mode, the policyholder can pay via;

    • Credit Card

    • Debit Card

    • Net Banking

  • Ans: Online registered users can check the policy status of their LIC term plan by logging in to the e-portal. Alternatively, they can visit the branch personally to find out the policy status of their LIC term insurance plan.
  • Ans: For renewing the LIC term plan online, follow these easy steps;
    Step1: Enter your Client ID and Date of Birth to login into-portal
    Step2: Choose the LIC term plan and payment option (Net Banking/Debit/Credit Card)
    Step3: Print/save the premium deposit receipt on successful payment completion.
    Alternatively, you can pay via cheque at any of the nearest LIC branches in your city.
  • Ans: The nominee can personally visit the branch for claim settlement of any LIC term plan, and the customer service desk will help you there.
  • Ans: You can buy an LIC term policy online. Visit the company's official website and select the policy online based on your needs.
  • Ans: You can easily calculate the term insurance premium online by using the term insurance premium calculator online tool
  • Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
  • Ans: When buying LIC online term insurance, certain documents should be kept handy. These are:
    Age proof- passport, Aadhaar card, rental agreement, etc.
    Identity proof- Aadhaar card, PAN card, passport, license.
    Age proof- Aadhaar card, Matriculation certificate, and Birth certificate.
    Income proof- salary slip or Income Tax Return. Latest medical report.
  • Ans: Riders are an additional benefit that can be added to LIC term insurance plans to enhance the policy’s coverage. They provide an extra layer of security by offering specific benefits in addition to the base policy.
  • Ans: Adding riders to your LIC term insurance plan enhances coverage and provides financial support for specific risks like accidents or critical illnesses. This extra protection can be invaluable during unforeseen events

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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LIC Term Insurance Reviews & Ratings

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Jyotsana
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Nimesh
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amit
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Seema
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Ashraf
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Naman
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Chetan
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Bibek
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
Himanshi
Bablabona, February 22, 2021
Sufficient plan
I have recently bought a lic India term insurance plan and it has been a wonderful plan for me and my family. A sufficient plan for the safety and security of my family. It has given me few benefits too which makes the plan a wonderful.
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