Prices Increasing soon Prices Increasing Soon

What Documents are Required to Buy LIC Term Insurance?

LIC is one of the largest and oldest insurance companies in India and boasts a very large customer base. Life Insurance Corporation of India provides a variety of insurance plans designed to fit different needs. One such plan that provides long term coverage at affordable premiums is LIC term insurance plans.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

What are LIC Term Insurance Plans in India?

The LIC of India offers an extensive range of life insurance plans from term insurance plans to savings and investment. LIC Term plans are a pure protection plan that safeguards your dependents such as children, parents, and spouse from financial difficulties that might befall them, if anything happens to you.

While buying a LIC term insurance policy online, it is important to know everything about the plan undertaking, especially the documents required for term insurance LIC, for a hassle-free and easy buying experience. Online term plans are economical for everyone and provide you with high coverage at low premium rates. As with all financial solutions, the procedure of purchasing a term plan requires a specific set of documents from the potential life assured. Here are the important documents required for term insurance LIC from an insurance buyer:

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What are the Documents Required to Buy LIC Term Insurance?

While buying an LIC Term Plan, you can make the process fast when you have prior knowledge of all the documents needed to buy term plan. Following is a list of documents required for term insurance LIC:

Types of Documents Documents Required for Term Insurance LIC
Officially Identity Documents
  • Voter’s ID
  • Passport
  • Aadhar card
  • National population register comprising of details such as name, address, and Aadhar number
  • Job card issued by NREGA duly attested by a State Government Office
  • PAN Card
  • Form 60
Age Proof
  • Aadhar card
  • Passport
  • Voter ID
  • Driving License
Income Proof For Salaried Individuals For Self Employed
  • Bank Statements representing salary slips of last 3 months
  • Form 16 of the latest year
  • Income tax returns of latest 2 years
  • Form 26 AS
  • Income tax returns of last 2 years
  • Audited balance sheet and profit loss account for last 2 years issued by a certified CA
  • Computation of income generated
Address Proof
  • Utility bills such as electricity, piped gas and water bills, telephone bills not older than 2 months
  • PPO (Pension Payment Orders) of the retired persons
  • Property Tax Receipt or Municipal Tax Receipt
  • Accommodation allotment letter from the employer authorized by the Central or State Government, financial institutions, PSUs, commercial banks, etc.
Medical Documents
  • Past and present medical records
  • Medical test reports assigned by the insurance company
Photographs
  • Latest passport size photographs

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

What is the Importance of Documents Required for Term Insurance LIC?

It is almost impossible to always forestall the financial difficulties that might arise in our lives. Here is one of the most crucial pieces of financial assistance that can help all insurance buyers. Let’s discuss the importance of documents required for term insurance LIC:

Identity Proof: Purchasing term insurance would need an official photo ID proof from the policyholder. This could be an Aadhar card, PAN card, passport, voter ID card, and driving license. All these documents provide the poof for the age of the life assured. The assured’s age is the important factor in assessing the premium charges. In some situations, like a discrepancy in the official name, an official request letter attested by a public servant is submitted along with an official photograph.

Income Proof: These documents are important to evaluate the policyholder’s yearly income. This further helps to decide the life cover amount to be provided to the policyholder that is sufficient to meet the financial requirements of your dependents in case assured is not around them.

Age Proofs: Most LIC term plans offer policies above a specific age limit i.e., above 18 years. Thus, when applying for a LIC term plan, insurance providers ask to provide a document that can serve as age proof to ensure that you are eligible to take a term plan. Alternatively, a high school mark sheet or leaving certificate, a birth certificate can also be used to provide age proof.

Address Proof: These documents are required to verify if the policyholder is a citizen of a mentioned country or not.

Medical Proofs: The term insurance premium rates and total sum assured amount are dependent mainly on your present medical health and any medical/health risks you might face in the coming years. This is the reason why past and current medical documents are an essential part of your term plan documentation process.

With all these documents/proofs in place, any person can simply avail of various important benefits of LIC term plans. One can save a large amount of money every fiscal year by availing of the LIC term plan tax-saving benefits.

How To Buy LIC Term Insurance Plans in India?

Here is how you can buy LIC Term insurance plans in India:

  • Step 1: Visit the LIC Term Insurance page

  • Step 2: Fill in the required details like Name, Age, Gender, and mobile number

  • Step 3: Click on ‘Check Your Premiums Now’

  • Step 4: Choose the right annual income, smoking habits, educational qualifications, and type of occupation

  • Step 5: Select the most suitable plan and proceed to pay

FAQs

  • The different types of LIC term insurance plans available in India are:
    • LIC New Tech Term
    • LIC New Jeevan Amar
    • LIC Jeevan Kiran
    • LIC Saral Jeevan Bima
  • Each LIC Term plan has varying death benefits and add-on options as per the chosen riders, but the basic benefit enables a payout of sum assured in a lump sum amount.
  • You will be required to submit the following documents required for term insurance LIC claim:
    • Original documents of policy
    • Claim application form
    • Photo ID of a claimant
    • Bank statement or canceled cheque of a claimant
    • Statement by attending physician
    • Medical documents
    • Statement by treating doctor
    • Police investigation report/FIR copy, in case of accidental death
  • No, you cannout buy a term insurance plan without providing income proof as it is important document to decide the term insurance premium rates against the insurance coverage required.

Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
16 Apr 2024

Term Life Insurance in Haryana 2024

Haryana, meaning Forest Land of Hari, is an Indian state that

Read more
16 Apr 2024

Term Insurance for Maharashtra

Maharashtra, a state filled with lively cities and beautiful

Read more
11 Apr 2024

Government Term Insurance Schemes 2024

The Government of India is committed to the welfare and

Read more
03 Apr 2024

How Policybazaar Helps With Dedicated Claim Assistance

Mr. Kumar has been working with a Public sector bank in Delhi.

Read more
19 Mar 2024

Kotak Term Insurance Login

Kotak Life Insurance is one of the leading insurers offering a

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL