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LIC Term Plans
  • 100 Years @ Rs. 17* Day
  • 1 Crore Life cover @ Rs. 411 Month*
  • 36 Critical Illness Cover
  • Death Benefit Payout in Instalments
  • Lower Premium Rates For Women

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LIC Term Insurance Plans

LIC of India remained the best and largest term insurance policy providers operating till now with 2048 branches located in every state or districts of India. LIC also termed as Life Insurance Corporation of India have gained much popularity and gathered the trust of Indian population by providing a permanent solution to their financial insecurities.

LIC term plans are tailormade to suit the financial safety demands of the customer and simultaneously ensuring worthwhile returns in compensation for the trust shown by the policyholder on the company.

LIC term plans also give the freedom to attach riders with the base policy for enhanced protection and cope up with the dynamic environment.

Why LIC Term Plans Are The Most Preferred Plans?


Brand Value & Strength

As among the oldest life insurers regulated by the government, LIC is a dominant brand name that surpassed many milestones to increase its reach and provide financial safety at a reasonable cost.


Online claim settlement procedure

The online facility was introduced by LIC of India in order to cope up with development in digital media and to ensure faster service of claim settlement under term insurance.


Customer Satisfaction Rate

The company has established a record of selling more than 2 million policies starting from the first date of policy sales. Due to higher claim settlement ratio, the company has earned customer satisfaction by adhering to the requirements of policyholders.


Solvency Ratio

With adherence to the rules and guidelines passed by IRDAI, the life insurance companies have to maintain a minimum solvency ratio of 1.5. LIC of India holds a ratio of 1.58. Solvency ratio reflects the ability of a company to pay the liabilities.


Tax Benefit

The company never forgets to behold the interest of the customer, that is why each term plan under LIC contains tax benefits up to a maximum of Rs 1,25,000.



LIC term insurance is distributed into three term plans that provide unique feature and flexible to choose policy term and premium paying terms.


ECS/ATM Payment Option

LIC also launched offline facility like ECS and ATM, to help the policyholders to easily submit the premium on the due date.


Online PAyment

If the policyholders are comfortable with the online premium paying system, then they can deposit through Payment Gateway on LIC Website, authorized banks (Axis or Corporation bank) or mobile application, etc.


Higher security at a lower rate

While financially securing the lives of family, it also provides high coverage amount to confront the future risk of increasing inflation rate. The maximum coverage or sum assured available under term plans is unlimited subject to the underwriting process.


Awards and achievements

LIC has been dedicated a number of titles nationally and internationally for exhibiting their excellence in the insurance sector in recent years. Some awards conferred by the company are ‘World’s Greatest Brands 2015 Asia and GCC’, ‘India’s Most trusted brand of the year’, ‘Brand Icon Award’ etc.


Claim Settlement Ratio

The current claim settlement ratio of the LIC India is 98.04% which is indicative of number of claims accepted and settled with the payment of the coverage amount requested by the nominees or claimant. This is the major reason why LIC is ranked on the top most position when it to ‘Best life insurance company in India’.


Lower Premiums for non-smoker

LIC term plan give the benefit of lower premiums if the policyholder keeps its health on the right track and safekeeping themselves from any smoking habits. The premium rates for non-smokers are much lesser in contrast to smokers.

Types of LIC Term Plans

  • Lic Jeevan Amar Plan
  • Lic E Term Plan
  • Lic Amulya Jeevan
  • Lic Anmol Jeevan

Lic Jeevan Amar Plan

Lic Jeevan Amar Plan

Lic Jeevan Amar is a newly launched term plan by LIC. LIC of India has introduced this as an extension to Jeevan Amulya which has been withdrawn. This plan contains death benefits to the family. On the death of the life assured, the family will get full payment of the sum assured either in lumpsum or in annual income.

Eligibility Criteria:

LIC Term PlanJeevan Amar Plan
Minimum Age of the Policyholder18 years
Maximum Age of the Policyholder65 years
Maximum Age of Maturity80 years
Minimum Policy Term10 years
Maximum Policy Term40 years
Minimum Sum AssuredRs 25 lakhs
Maximum Sum AssuredUnlimited
Premium Paying TermSingle-Premium OR Yearly OR Half-Yearly

Special Features:

  • Lower premium for those who do not smoke tobacco or any other hallucinogenic substance.
  • Special premium discount to female life assured starting from Rs 3,000 per year.
  • Rebates on choosing the higher sum assured i.e. more than 50 lakhs. The maximum amount of rebates offered is 20%. The discount will fluctuate according to the type of sum assured opted.
  • Increase in sum assured after a period of time if Increasing sum assured option is chosen. In this, the sum assured will keep on increasing on the policy anniversary.

Lic E Term Plan

Lic E Term Plan

Lic E Term is an online term plan that provides financial help to the family through the payment of death benefit. This plan can only be purchased online. The premium rates are lower for healthy individuals and female assured.

Eligibility Criteria:

LIC E Term Plan
Minimum Age of Entry18 years
Maximum Age of Entry60 years
Maximum Age of Maturity75 years
Minimum Term of the Policy10 years
Maximum Term of the Policy35 years
Minimum Sum AssuredRs 25 lakhs (for aggregate category)
Rs 50 lakhs (for Non-smoker category)
Maximum Sum AssuredNo limitations (regards to underwriting process of the company)
Premium Paying TermSame as the policy term
Premium Paying FrequencyYearly

Special Features:

  • The policyholder must be earning in order to obtain the coverage.
  • Lower premium rates for non-smoker category who maintains a healthy lifestyle even throughout the policy.
  • Sum Assured amount as purchased by the assured will be paid on the demise to the beneficiaries.
  • All types if death caused due to accidents or any natural reason are covered under this term plan.
  • Tax benefits up to 1.5 lakhs against the premium paid for the term plan subject to continuation of policy.

Lic Amulya Jeevan

Lic Amulya Jeevan

The Amulya Jeevan plan acts as a protection cover to the family of when the life assured is no more. However, LIC has withdrawn this plan for now. The minimum sum assured available is Rs 25 lakhs and maximum has no limitation.

Eligibility Criteria:

LIC Term PlanAmulya Jeevan 2
Minimum Age of Entry18 years
Maximum Age of Entry60 years
Maximum Age of Maturity70 years
Minimum Term of the Policy5 years
Maximum Term of the Policy35 years
Minimum Sum AssuredRs 25 lakhs
Maximum Sum AssuredNo limitations (regards to underwriting process of the company)
Premium Paying TermSame as the policy term
Premium Paying FrequencyYearly/ Half-yearly

Special Features:

  • Higher coverage options with no limitation and at a lower value of premium.
  • 100% settlement of claim to assist the family to survive after the demise of life assured.
  • Tax benefits in the annual payment of Income Tax for the yearly income through regular submission of premium towards the term plan.
  • Assured can cancel the policy within 15 days of Free Look Period if he/she is not happy with the terms and conditions of LIC term policy.
  • Policy once lapsed can be revived within 2 years through the payment of outstanding premiums.

Rates of Premium under Amulya Jeevan 2 term plan:

The premiums values illustrated below is calculated by taking Rs 1 crore as standard sum assured under distinct policy terms and age of the life assured purchasing the LIC term plan. The rates are for non-smoker category.

Age of the life assuredPolicy Term of LIC Term Plan
5 years10 years15 years20 years25 years
20 yearsRs 11,500Rs 11,500Rs 11,500Rs 11,500Rs 11,700
30 yearsRs 12,800Rs 12,900Rs 14,200Rs 16,040Rs 19,600
40 yearsRs 20,300Rs 24,100Rs 29,700Rs 35,700Rs 42,300

The premiums calculate above are on a yearly basis as chosen by the policyholder.

If the life assured wants to pay monthly then an additional 2% of the premium specified in the table have to be paid.

Lic Anmol Jeevan

Lic Anmol Jeevan

Lic Anmol Jeevan is a unique term insurance plan that offers death benefit when an assured meets his/ her ultimate death and leaves behind the most precious lives. The idea of this term plan is to ensure financial protection even after death.

Special Features:

  • Highly affordable rates of premiums starting from Rs 1,254 for a sum assured of Rs 6 lakhs for 20 years of age.
  • Guaranteed payment of sum assured as death benefit on the event of the death of the life assured to assist the family in sustenance.
  • Flexible premium paying term and frequencies.
  • Revival of policy is also available in case life assured fails to submit premium for a long duration (maximum of two years). Revival can be practiced if all the due premiums till the date of revival are paid.
  • Grace period of 30 days is allowed if premiums are not paid on the due date.
  • Tax exemptions are gifted to the assured against the premium paid towards the LIC term insurance plan.

Eligibility Criteria:

LIC Term PlanAnmol Jeevan
Minimum Age of Entry18 years
Maximum Age of Entry55 years
Maximum Age of Maturity65 years
Minimum Term of the Policy5 years
Maximum Term of the Policy25 years
Minimum Sum AssuredRs 6 lakhs
Maximum Sum AssuredRs 24 lakhs
Premium Paying TermRegular Pay (Same as the policy term)
Premium Paying FrequencyYearly/ Half-yearly

Rates of Premiums:

The premium values depicted below is calculated by taking Rs 10 lakhs and 20 lakhs as the sum assured with fluctuating policy term and age of assured. The rates are for non-smoker category.

Age of the life assuredPolicy Term of LIC Term Plan
5 years10 years15 years20 years
10 lakhs (SA)20 lakhs (SA)10 lakhs (SA)20 lakhs (SA)10 lakhs (SA)20 lakhs (SA)10 lakhs (SA)20 lakhs (SA)
30 yearsRs 2,310Rs 4620Rs 2370Rs 4,740Rs 2,650Rs 5,300Rs 3,020Rs 6,040
40 yearsRs 3480Rs 6960Rs 4,100Rs 8,200Rs 5,070Rs 10,140Rs 6,030Rs 12,060
50 yearsRs 7,910Rs 15,820Rs 9440Rs 18,880Rs 11,210Rs 22,400Not ApplicableNot Applicable

LIC Riders

1. New Term Assurance Rider

This rider can be attached to any of the above-menined term policies where the assured can increase his financial security and can save his fanily from future financial crisis.

Eligibility Criteria:

Minimum Age of Entry18 years
Maximum Age of Entry60 years
Maximum Age of Maturity75 years
Minimum Term of the Policy5 years
Maximum Term of the Policy35 years
Minimum Sum AssuredRs 1 lakhs
Maximum Sum AssuredRs 25 lakhs
Premium Paying TermRegular Pay (Same as the policy term)
Limited Pay
Single Pay

2. Critical Illness Rider

In case the life assured detected with a critical illlness during the term of the policy, then the additional sum assured taken will be paid to meet the hospitalization expenses for the treatment of critical illness.

The rates of premium are different for male and female life assured of distinct ages. Moreover, the premium will be calculated by taking into consideration the policy term and the age of the assured.

Eligibility Criteria:

Minimum Age of Entry18 years
Maximum Age of Entry65 years
Maximum Age of Maturity75 years
Minimum Term of the Policy5 years
Maximum Term of the Policy35 years
Minimum Sum AssuredRs 1 lakhs
Maximum Sum AssuredRs 25 lakhs
Premium Paying TermRegular Pay (Same as the policy term)
Limited Pay (Policy term- 1)

Disesas covered under Critical Illness rider are-

  • Cancer of Specified Severity
  • Open Heart Replacement/ Repair of Heart Valves
  • Open Chest CABG
  • Frist heart attack or myocardial infarction
  • Aortic Surgery
  • Primary (Idiopathic) Pulmonary Hypertension
  • Alzheimer's Disease/ Dementia
  • Stroke resulting in Permanent Symptoms
  • Kidney failure requiring regular dialysis
  • Benign brain tumor
  • Blindness
  • Major Organ/Bone Marrow Transplant
  • Multiple Sclerosis with persisting symptoms
  • Motor Neurone disease with permanent symptoms
  • Permanent Paralysis of Limbs
  • Coma of specified severity
  • Third Degree Burns


LIC says that if the death of life assured has occurred due to suicide commitment in the first year of the policy commencement, then the term policy cover will cease without the payment of any benefits.

However, 80% of the total premium deposited till date fo death will be returned to the family. The premium paid is exclusive of any taxes, extra premium and rider premiums.

LIC Term Plan Review

LIC, as we all know, has been operating as the most successful life insurance company in India due to its efficient customer services and priority towards customer satisfaction. LIC term plans are fabricated to meet the growing need for financial safety from uncertain events like death.

The objective of LIC term insurance plan is to ensure financial safety to every income group at lower prices with higher coverage. The assured should not feel worried about timely payment of coverage, as LIC holds 98.04% of claim settlement ratio. Most of the claims registered with LIC of India are settled with the correct submission of information by the claimant.


  • Identity Proof such as Aadhaar card, PAN card, Passport.
  • Evidence of Age such as Birth Certificate, matriculation certificate etc.
  • Address Proof of the policyholder.
  • Income proof like salary slips or bank statement, Income tax returns.
  • Medical reports depending on the coverage purchased and health status.
  • LIC Policy document
  • Death certificate as issued by the local municipal body located nearby.
  • Bank details of the claimant like passbook photocopy, any canceled cheque and IFSC code.
  • Claim Form B Treating Medical Practitioner certificate declaring his/ her verdict on the illness that caused death of the assured.
  • Claim Form B1 – if the life assured received treatment in a hospital
  • Claim form B2 – have to be filled in by the medical practitioner who was treating the last illness of the deceased life assured.
  • Claim Form C – Certificate of Identity and burial or cremation to be completed and signed by a person of known character and responsibility
  • Claim form E – for salaried life assured where Certificate by Employer is necessary on death.

The claimant/ nominee must carry the Certified photocopies of-

  • First Information Report
  • Post-mortem Report
  • Police Investigation Report.

All these are required to submit in supplement to the documents mentioned in the death claim.

If any death claim arises during the term of the policy then follow the simple procedure-

  • Intimate LIC for about the death claim through LIC customer care number.
  • Gather all the documents according to the nature of the claim and as requested by the corporation.
  • Submit the complete documents to nay nearby LIC branch.
  • The company will carry out close investigation of facts and figures revolving to approve the authencity of the claim.
  • Once the claim is accepted by the LIC of India, the claimant/ nominee will receive a guarenteed amount of coverage.
  • The claim payment will be directly transferred to the bank account of the nominee.

Due to the impressive claim settlement ratio, LIC of India is considered as the life insurance to invest.

Among all the available LIC Term insurance plans, LIC e-term is the best option to go for. It is a comprehensive and pure term insurance cover that offers wide coverage in the hour of need. It will be there to provide require financial support to your family along with amazing benefits. Customers can easily buy it online without the intervention of an agent.

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Last updated on 13-11-2019