LIC Term Insurance Plans

LIC term plans can secure your family against any loss of income that the family might face in the absence of the policyholder. People favor these plans even though they do not offer any maturity. The LIC term plan allows insurance buyers to buy a high amount of coverage levels at very low premiums. This way, buying LIC online term plan is an easy and time-saving process.

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LIC term plans do not burn a hole in the pocket and help an individual to fund his/her need for income replacement. A person can buy a LIC term policy online and offline.

Benefits of LIC Term Plan

When buying a plan, look for different LIC term insurance online to get the most benefits. Listed below are some of the major advantages of availing LIC term insurance plans:

  • High insurance coverage at an affordable premium rate.

  • The policy provides a rebate on the premium amount for non-smokers.

  • The policyholder has the flexibility to choose the sum assured amount of the policy.

  • The LIC term plan fulfills the requirements of the policy buyers ranging from a minimum of 18 years to a maximum of 75 years of age.

  • The LIC term insurance premium rates are flexible in terms of payment.

  • Offers additional rider benefits to enhance the policy coverage.

  • The policy enables the insured to have a good lifestyle while paying the premiums.

  • LIC online term insurance plans can be purchased in an easy and hassle free-way.

  • LIC term plans offer a claims settlement ratio of 98%.

Types of LIC Term Insurance Plans

Plan Names

Entry Age (Minimum to Maximum)

Maturity Age

Policy Term (Minimum to Maximum)

Tax Benefits

LIC Tech-Term

18-65 years

80 years

10-40 years

Offers tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act

LIC Jeevan Amar

18-65 years

80 years

10-40 years

Offers tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act

LIC Saral Jeevan Bima

18-65 years

70 Years

5 - 40 Years

Offers tax benefits under Section 80C of the Income Tax Act

The Life Insurance Corporation of India offers the best term insurance plans with different features and benefits. LIC online term plans can be purchased online at lower premium rates by visiting the company’s website. The LIC term plans can be bought through intermediaries. Here we have discussed in detail the different LIC term insurance plan and their features and benefits.

LIC Tech-Term Plan

A LIC term plan, which is a non-linked and non-participant online complete risk-proof plan that offers financial security to the policyholder's family in case of demise of the policyholder in 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 at any point in time from anywhere across the globe.

  1. Features of LIC Tech-Term Plan

    • The plan offers level sum assured and increasing sum assured options, you can select any of these.

    • You have the option to opt for a single premium, limited premium, or regular premium payment.

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

    • Attractive premium rates for women.

    • You can avail of two categories of LIC term plan premium rates, namely smoker and non-smoker. Note that the rates in regards to 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 accident benefit rider and enhance the policy coverage by making an additional payment.

  2. Eligibility Details of LIC Tech-Term

     

    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

LIC Jeevan Amar

A LIC term insurance plan is an offline, non-participating, non-linked pure protection plan that takes care of the financial liabilities of the insured's family in case of his/her demise while the policy is active.

  1. Features of LIC Jeevan Amar Plan:

    • The alternative is to enhance your policy by making an additional payment to avail accident benefit rider.

    • Advantage of high sum assured rebate.

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

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

    • Option to easily choose the suitable policy term as well as premium paying term.

  2. Eligibility Details of LIC Jeevan Amar

     

    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

LIC Saral Jeevan Bima

Saral Jeevan Bima by LIC is the standard life insurance plan. The plan is geared towards affordability. It aims to help policyholders make informed decisions. One can purchase this plan both online and offline.

  1. Features of LIC Saral Bima Plan

    • During 45 days (waiting period) of risk commencement

    • If the policyholder dies for any reason other than an accident and the policy is in the waiting period, the entire amount equivalent to all the premiums received apart from taxes will be paid.

    • If the policyholder dies due to an accident and has paid all the premiums, the sum assured will be paid to the nominee. 

    • After 45 days (waiting period) of risk commencement, if the policyholder dies but has paid all the premiums, the sum assured will be paid to the nominee. 

    • There is no maturity benefit applicable if the policyholder survives the policy term. 

  2. Eligibility Details of Saral Jeevan Bima

    Minimum

    Maximum

    Entry Age

    18 years

    65 years

    Maturity Age

    NA

    70 years

    Policy Term

    5 years

    40 years

    Sum Assured

    5 lakhs

    25 lakhs

    Premium Payment Term

    NA

    NA

    Premium Payment Frequency

    Yearly, Half-Yearly or Monthly (only under ECS/NACH)

LIC Term Plan Exclusions

Similar to other insurance policies, LIC term insurance also comes with 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 date or the revival date. In that case, there is no death benefit paid to the beneficiary of the policy.

  • The beneficiary of the plan is eligible to receive 80% of the paid premium till then. Provides that all the LIC term insurance policy premiums are duly paid.

  • Besides, while buying a LIC term plan online, it is always recommended to read the policy document and get a proper understanding of the exclusions and inclusions.

LIC Term Insurance Riders

LIC term insurance plan offers the rider benefits to enhance the coverage of the policy. While buying any LIC term plan, it is better to opt for that extra layer of security in your plan. Let's take a look at the riders offered by the policy.

  1. LIC Accident Benefit Rider

    The Accidental Benefit Rider offered within LIC term plan can be decided on, by installment of extra premium, whenever inside the premium paying term of the Base Policy gave the remarkable premium paying term of the Base Policy just as Rider is, in any event, five years yet before the arrangement commemoration on, which the age closer birthday of Life Assured is 65 years.

    The advantage secured under this rider will be accessible during the remarkable premium paying term of the base policy or up to the policy commemoration on, which the age closer birthday of the Life Assured is 70 years, whichever is prior, given the LIC term insurance is in power on the date of the mishap.

  2. LIC New Critical Illness Benefit Rider

    Under this rider benefit, the insured person gets coverage for 15 critical illnesses, including cancer for specific severity, kidney failure, open chest CABG, blindness, stroke, permanent paralysis of limbs, Alzheimer's, third-degree burn, etc.

    Entry Age

    Maturity Age

    Premium Payment

    Sum Assured

    Minimum- 18 years

    75 Years

    Regular pay, limited pay

    Minimum-Rs.1,00,000

    Maximum- 65 years

     

     

    Maximum-Rs.25,00,000

  3. LIC New Term Assurance Rider

    This is a death benefit rider, which can be purchased along with the basic policy coverage. Under this rider benefit, an extra sum assured amount will be paid to the beneficiary of the LIC term policy along with the basic life insurance coverage in case of uncertain demise of the insured during the policy term.

    Entry Age

    Maturity Age

    Premium Payment

    Minimum- 18 years

    75 Years

    Same as basic plan

    Maximum- 60 years

     

     

Claim Settlement Process of LIC Term Insurance Plan

You can file a claim for bought LIC online term plan as well as offline plans. To file a claim, the policyholder is required to fill the claim form thoroughly and provide certain important documents such as:

  • Policy document of the LIC term plan.

  • Death certificate, which states the cause of death

  • Along with these documents, the nominee will have to provide a mandate so that the LIC can transfer the claim amount to the beneficiary's account through the NEFT process.

Once the beneficiary of the LIC term policy submits the claim form along with the important documents, the insurance company verifies the claim form. After verifying the form thoroughly, the insurance company processes the claim and transfer the benefit amount to the nominee's account.

Before zeroing in on the LIC term insurance plan, it is crucial to know the claim settlement process of the company so that an individual can easily process the claim in case of any eventuality.

Important Things to Consider When Buying a Term Insurance Plan

Term insurance is the only insurance product available in the pure insurance category. A term plan is the most basic life insurance plan since it covers only the risk of death. On the policyholder's death, the insurance company pays the sum assured to the nominees/beneficiaries.

If the policyholder survives the LIC term insurance policy term, he/she or his/her nominees do not receive anything. Term insurance is also the cheapest type of insurance available as the premiums cover the risk of one's life. The following things should be kept in mind while buying a LIC term insurance plan:

  1. Coverage:

    One of the most important things for buying a LIC term plan is determining the amount of cover required. This depends on many factors, important ones being family's lifestyle, policy applicant's current life-stage, responsibilities, liabilities, inflation, etc. Assessed meticulously, one will be able to afford the plan such that the family will have sufficient funds in the unfortunate event of the policyholder passing away to continue living comfortably.

  2. Life-Stage and Number of Family Members:

    One has to understand that when buying a LIC term insurance plan is purchased not for the benefit of the policyholder but that of his/her family. A term plan is bought to ensure the financial protection of loved ones in the absence of the family's breadwinner. Thus, one has to consider who all are there in the family as the number of dependents in a family may vary at different stages in life. The financial or any other responsibilities of an unmarried/single person are very different from that of a married person and one with children. A term plan should be able to provide for family members.

  3. Ability to Maintain Lifestyle:

    The chosen LIC term plan should be such that it should allow the family to maintain the lifestyle they are used to even in the absence of the primary earning member of the family. The insurance amount (sum assured) under the LIC term insurance plan should adequately consider inflation, rising costs, expenses, and other such factors so that the needs and aspirations of the family are taken care of well.

  4. Claim Settlement Ratio:

    Most prospective buyers of a term plan, for that matter of any life insurance plan, are unaware of it or, worse, ignore the Claim Settlement Ratio even though it has far-reaching ramifications. Simply put, Claim Settlement Ratio (CSR) is the ratio of claims settled by the insurance company and total claims received by the insured company in a financial year. A higher claim settlement ratio indicates higher chances of the nominee/family receiving the claim amount after the passing away of the policyholder. The ratio is published annually by the Insurance Regulatory and Development Authority (IRDAI) and is generally available on the insurance company's website.

  5. Service Standards and Claim Settlement Process:

    A life insurance company should have an effective claim settlement process, i.e., it should settle claims quickly in a simple, hassle-free manner when the policyholder's family needs to help the most. This is important because the family will be under tremendous strain and emotional pain due to the loss of a family member. They require reassurance and support at this crucial time and no unpleasantness in claiming what is due to them. Quality customer service and positive experience at every customer touchpoint will go a long way in nurturing this long-term customer-insurance company relationship, adding trust and credibility.

How Can I Buy LIC Term Insurance Plan?

If you wish to buy a LIC term plan, it could be done in the following ways:

  1. Online:

    The company offers a plan called the e-Term Plan, which is available online only. The policy buyers only need to log into the company's website, select the LIC online term plan of their choice, choose the coverage amount, and provide the details. The premium of the LIC online term plan will be determined using the filled details. The customer then needs to pay the premium of the selected LIC online term plan online through credit card, debit card, or net banking facilities, and the policy will be issued.

    Intermediaries: LIC term plans, which are not available online, can be bought from brokers, agents, banks, etc., where the mediators help with the application process.

    However, it is always better to buy the LIC term plan online as it is quick and involves less hassle.

  2. Documents Required to Buy LIC Term Plan

    While buying the 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.

LIC Term Insurance - FAQ's

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(Based on 26 Reviews)
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LIC Term Insurance Plans Reviews & Ratings

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 25 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.
Kamal
Badayun, February 16, 2021
Affordable premiums
The term insurance plan which I bought of Lic India is first class and very amazing. I like the plan because it has various features and benefits which makes the plan worthy. Also, the premium rate of the plan is according to my budget and much affordable.
Sharad
Malpur, November 05, 2020
Beneficial plan
My LIC India term insurance plan is really good and beneficial in nature. They have provided with certain features and my life has been protective to me and my family.
Nitesh
Latur, November 05, 2020
Low premium
I got my term insurance plan of LIC India. It is really easy to attain and my term plan is really good as it has several add on features included into the same. The premium rate of my plan is really affordable in nature.
Manu
Dehradun, November 05, 2020
Tax benefits
Somebody into my circle recommended me to get the LIC India term insurance policy. So, I gave it a try and started searching for some plans. Quite easy to check features and benefits of all LIC term plans.
Gauri
Garhmukteshwar, October 21, 2020
Amazing plans
It is a really good and amazing plan and I took the LIC term insurance plan for the safety and security of my plan needs and wants.I took the plan online and have checked good number of plans of LIC term plan.
Bhushan
Faridabad, October 21, 2020
Best policy
My lic term insurance plan which I bought recently have given me so much of help and satisfaction. It is a good plan with sense of safety and security. Claims are easy to go and basically it is a best plan for your future needs.
Trilok
Haldwani, October 21, 2020
Good plans
I have got the lic India term insurance. The maturity year is pretty good and I am much happy with my term plan.
Ajeet
Basanti, January 08, 2019
Very Good Plan
Recently I took the Term insurance of LIC and found it too useful. The maturity year is good which 75 years. I feel it is good as it can used by my family after me if by chance some problem may occur. We should always secure our life so it was a good experience and I am getting good benefits too. Thank you.
Jayant
Buxar, July 20, 2016
Excellent Work
The premium is low but the paybacks are high. Service is fast and because of that the claiming is simple to sanctioned. The lic term plan is suggested by my father and after seeing the terms and conditions i buy it.
Saurabh
Ahmedabad, July 20, 2016
Super Policy
My lic term plan is providing the best services. Policy covers maximum expenditures and good returns. Claims are easy to sanctioned, updates of the plan is mailed to email address. Best investment which reduces taxes.
Devesh
Uttamnagar, July 19, 2016
Perfect Policy
LIC online term plan is very easy to buy and renewals is also simple. The updates regarding policy can be visit on the website of the insurance company. Service is fast and behaviour of the staff is nice. The investment is less and the returns are high.
Lokesh
Jaipur, July 19, 2016
Trustworthy
The lic term insurance plan is fantastic which i have seen comes from ages and providing good policies to the customers. Service is the best no doubt in that, online portal is also easy to access and anyone can operate it easily.
Gautam
Hyderabad, July 19, 2016
Good Service
I have lic term insurance plan which is very beneficial for me and my family members from last few years. The policy coverage is high and the premium is less. Service is fantastic which is facilitate by the executives and members.
Arun
Ahmednagar, March 09, 2016
term
help me, plane choose
Sanjeev
Noida, January 02, 2016
plan
life insurance
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