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LIC Term Insurance Plans
LIC Term Insurance
LIC Term Insurance
One of India's most trusted and legacy insurance brands, LIC began its journey six decades ago and serves over 250 ...Read More
98.15%
Claim settlement ratio
Rs 4,88,848.92 crores
Annual Premium
2
Active plans
2.11x
Solvency ratio
🛡️ IRDAI Approved
⭐ 4.5/5 · 1,013 reviews
✅ 98.15% claim settlement ratio
📊 2.11x solvency ratio
🌐 2048 pan-India
What you get with LIC Term Insurance
The headline features and policy mechanics, at a glance.
Annual Premium Rs 4,88,848.92 crores
Affordable premium options starting from entry-level to comprehensive whole-life protection.
98.15% claim settlement ratio
Industry-leading approval rate on eligible term insurance claims in the most recent fiscal year.
2.11x solvency ratio
Well above IRDAI's 1.5× floor — strong indicator of long-term claim-paying ability.
2 active term plans
Choose from level cover, increasing cover, and return-of-premium variants.
4+ optional riders
Extend a base policy with add-on covers — critical illness, accidental death, waiver of premium and more.
2048 pan-India presence
Branch offices and claim service centres across India for easy policy servicing.
LIC Term Insurance Plans: Overview
LIC is India's largest and most reliable insurance provider with the highest market share. It offers a wide range of insurance products such as term, pension, ULIP Plans, micro, withdrawn, and health plans. LIC term plans provide financial protection to your loved ones in case of your unfortunate demise.
According to the IRDAI report for 2024-2025, LIC term insurance plans settled claims worth ₹13,000 crores, the highest in the market for that financial year. Additionally, LIC term plans reported a solvency ratio of 2.11 during the financial year 2024.
Key Features of LIC Term Plans
- Multiple plan options to choose from
- Death benefits for your loved ones
- Choice of additional riders
- Tax-saving benefits
- Hassle-free purchase process
- Affordable premium prices
- Flexible sum assured
- Flexible premium payment options
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LIC Term Insurance
Types of LIC Term Insurance Plans
Every plan currently being sold by LIC Term Insurance, shown side-by-side so you can shortlist quickly.
LIC Tech Term Plan
LIC's Tech Term plan is a non-linked, non-participating online, pure risk premium plan that provides financial protection to the insured's family in c...
Unique Features
- Online Application
- Rebate on High Sum Assured
- Lower Premium for Women
LIC Jeevan Amar
LIC Jeevan Amar plan is a non-linked, non-participating, without profit, offline pure protection term insurance plan. With several benefits, LIC Jeeva...
Unique Features
- Rebate on High Sum Assured
- Discounted Premium for Women
- Add-on cover with Accident Benefit Rider
Term Plans Comparison
Side-by-side across the 2 most-bought LIC Term Insurance plans on PolicyX.
| Feature | LIC Tech Term Plan | LIC Jeevan Amar |
|---|---|---|
| Plan type | Term Plan | Term Plan |
| Sum assured | Base sum assured: Rs 50 lakhs to no limit. | Rs 25 lakhs to No Limit |
| Entry age | Minimum Age - 18 years Maximum Age - 65 years | Minimum Age - 18 years Maximum Age - 65 years |
| Top benefits | Choose from two benefit options · payment of benefit in installments | Choose your policy term · Flexibility to choose from two benefit options |
Riders You Can Avail With LIC Term Insurance Plans
Enhance your term plan with optional add-on riders for broader protection.
LIC Accidental Death and Disability Benefits Rider
Offers additional benefits if the policyholder suffers accidental death or disability.
LIC Accidental Death Benefits Rider
Provides a lump sum benefit to the nominee if the policyholder's death is due to an accident.
LIC Critical Illness Rider
Offers a lump sum benefit upon diagnosis of any of the specified critical illnesses.
LIC Premium Waiver Benefit Rider
Waives off future premiums if the policyholder suffers an accidental disability or is diagnosed with a specified critical illness.
Benefits of LIC Term Insurance
LIC Term Insurance is one of the most trustworthy and reliable insurer partners. Here are the reasons why you should choose LIC Term Insurance Plans:
01
Good Solvency Ratio
A high Solvency Ratio of 2.11 indicates LIC's strong financial health and ability to meet future claim obligations.
02
High Premium Collection
The amount of premiums received by insurance companies reflects customer trust and reliability. LIC has a significant premium collection.
03
Claim Settlement Ratio
LIC boasts a high Claim Settlement Ratio of 98.15%, indicating its efficiency in settling claims within the same financial year.
04
Owned by the Government of India
As a Government of India-owned entity, LIC offers unparalleled trust and security in the insurance sector.
05
Availability of Riders
LIC Term insurance plans offer a variety of riders, allowing customers to customize their coverage based on individual needs.
Documents required
For policy purchase and claim submission. Have these ready before you start.
- Photo ID Proof
- Age Proof
- Address Proof
- Medical Records
- Income Proof
Eligibility Criteria of LIC Term Insurance Plans
To purchase an LIC term insurance plan, certain eligibility criteria must be met. Let's understand them in detail.
Age: Individuals aged 18 to 65 are eligible. The policyholder's age significantly influences the premium.
Health Condition: As term insurance covers life, most insurers require a health examination to assess current health and inherent risks. Full disclosure of medical history is crucial to avoid claim settlement issues.
Income: While there's no specified minimum income, insurers may request bank statements and salary slips to determine appropriate coverage.
Smoking Habits: Disclosure of current or past smoking habits is mandatory, as it impacts health risks and premiums.
Citizenship: Indian citizens, NRIs, and PIOs can all purchase an LIC term insurance plan in India.
Additional Benefits of LIC Term Plans
LIC Term Plans offer a range of additional benefits. Let's understand these benefits in detail:
High Sum Assured Discount
Plans like LIC's Digi Credit Life and LIC's Yuva Credit Life offer rebates for high sum assured.
Installment Payout Option
LIC's Digi Term Plan allows policyholders to receive benefits in installments.
Special Premium Rates for Women Term insurance plans such as LIC's Digi Credit Life and LIC's Yuva Credit Life offer preferential premium rates for women. Flexible Loan Interest Rates
LIC's Digi Credit Life allows policyholders to choose loan interest rates as per their needs.
Premium Payment Flexibility
LIC's Digi Credit Life offers single and limited premium payment options.
Types of LIC Term Plans
There are various LIC term plans based on their features, policy tenure, and benefits. You can choose the one that best suits your requirements.
Basic Term Plan
Plan Name: Plan Name: LIC Saral Jeevan Bima
These plans only provide a sum assured to the nominee in case of the policyholder's death, with no survival benefits included.
Term Insurance with Monthly Income
Plan Name: Plan Name: LIC Jeevan Kiran
These plans offer a regular monthly income to the policyholder's dependents after their demise.
Term Insurance with Critical Illness
Plan Name: Plan Name: LIC Tech Term
These plans offer inbuilt coverage against specified critical illnesses.
Term Insurance with Accidental Disability & Death Cover
Plan Name: Plan Name: LIC’s Yuva Term
These plans offer inbuilt coverage for accidental disability and death.
How to Buy a LIC Term Insurance Plan?
Step-by-step guides for the four key moments in your policy lifecycle. Click a tab to switch.
- Visit the PolicyX.com website or the LIC Term Insurance official website to compare and choose a suitable term plan.
- Enter your personal details such as name, date of birth, gender, annual income, and smoking status to get a customised quote.
- Compare plan options — choose your sum assured, policy term, premium payment term, and any optional riders.
- Fill in the proposal form with your contact details, nominee information, and medical history accurately.
- Upload the required documents: identity proof, address proof, income proof, and recent photographs.
- Pay the first premium online via net banking, UPI, debit/credit card, or cheque.
- Complete the medical examination if required (depends on your age and sum assured).
- Receive your policy document via email and registered post after underwriting approval.
- LIC Term Insurance offers a convenient and easy claim process, ensuring timely support for the policyholder's family during difficult times. Policyholders can choose between online and offline claim submission processes.
- Report your LIC Term plan claim by visiting the LIC website and clicking on the 'Claim Settlement' section under 'Customer Services'.
- LIC's customer support staff will review your claim form and assist you at every step. They will evaluate your claim and notify you if any documents are still pending.
- Your claim will be resolved once you have informed the insurer of your claim and all necessary documents have been received.
- The LIC term plan claim settlement procedure can be reported by visiting your local LIC branch office. For details of LIC Insurance branches, you can visit their website to locate the nearest branch. You must submit the essential documents at the branch so that your claim can be processed.
- Log in to the LIC Term Insurance customer portal or the PolicyX.com dashboard before your policy renewal date.
- Review your existing policy details — coverage, premium amount, and nominee information.
- Choose to continue with the same plan or upgrade your sum assured if eligible.
- Pay the renewal premium online via net banking, UPI, debit/credit card, or cheque.
- Download the renewed policy document from your registered email or the insurer portal.
- Visit the official LIC India website and navigate to the 'Buy Policy Online' section.
- Select the term insurance plan that best suits your needs and requirements.
- Fill in all required personal details (e.g., name, address, phone number).
- Choose the appropriate sum assured and premium payment frequency.
- Complete the premium payment using available methods (e.g., credit card, debit card, net banking).
- Upon successful payment, you will receive a confirmation via email and registered mobile number.
- You can use the LIC Premium Calculator to calculate your premium amount.
Why Choose PolicyX.com?
Don't just take our word for it — check out what our happy customers say about us!
All my claims were rejected for 3 years. Then, I received a text from PolicyX team, who noticed that my claims hadn't been settled. They managed to get my claims settled, totalling ₹4.5 L. I really appreciate the efforts of the PolicyX advisors for their support in settling my claims.
Ravindra SinghI highly appreciate the help of the PolicyX team for settling my claim of Rs. 5 Lakhs with zero deductions. I took a policy online from them in March 2024. As a customer, it's been a great experience throughout the process.
Priti VarshneyI'm very satisfied because my claim of over ₹2 L has been settled as a result of your team effort. However, I was very upset with the insurer, who delayed the claim for almost 2 months. But with your support and interaction, the claim was settled within 30 days & I appreciate it a lot.
Nisha MaryI bought my health policy from PolicyX, and so far, it's been a very pleasant experience with the team. I really appreciate the help for renewing my health policy. I look forward to continuing my relationship with PolicyX and recommend it to everyone.
Ajay ShahPolicyX has been a savior during a medical emergency in my family recently. My wife was admitted in the hospital, and the insurance company declined my claim request. The PolicyX team handled the situation very well and I received the claim right on time.
Vijay RathodI purchased a health plan for the very first time and the support by PolicyX is commendable. They helped me with the paperwork, explained the policy details to me with patience and supported me at every step of policy buying. A big thanks to you guys.
Uma MahajanFrequently asked questions
The 14 most-asked questions about LIC Term Insurance, answered.
LIC Term Life Insurance offers four different types of term plans in India. LIC Saral jeevan Bima LIC Jeevan Kiran plan LIC new tech term plan LIC new Jeevan Amar
LIC term life insurance plans require only basic eligibility criteria, the customer must be between 18 to 65 years of age.
You can buy LIC’s new tech term plan online on the official website of LIC term insurance.
For buying a LIC term life plan, the customer must have Age proof, address proof, and income proof.
Yes, you can revive your lapsed LIC term insurance policy through online or offline modes. A basic penalty amount should be paid to revive the policy.
LIC term life insurance offers a 5-year revival period for their customers.
Yes, you can buy additional riders with LIC term life plans as per needs.
The death and maturity benefits are available only in selected LIC term insurance plans. Like-(LIC Jeevan Kiran, etc)
The entry age for purchasing an LIC term life insurance plan ranges from 18 to 65 years, policy term from 10 to 40 years, and up to the age of 80 years at maturity, and the minimum sum assured is ₹50 lakh.
The solvency ratio of LIC term life insurance plans is 2.11.
You can file a Bajaj Life Insurance claim by notifying the insurer, fill claim form online or offline, submitting the required documents such as the death certificate, ID proof, policy copy, track status until settlement to the nominee’s bank account.
Yes, you can renew online with the help of the Bajaj Life Insurance digital portal or app using net banking, cards, or UPI. You can also set auto-debit for premium payments.
Yes, premiums increase with age because insurers view older people as higher risk, so younger ones pay lower premiums.
You can purchase the LIC Tech Term Plan via LIC’s official website or reliable insurance portals. You can also buy from offline agents.
Customer satisfaction
Aggregate ratings from 1,013 verified PolicyX customers who bought a LIC Term Insurance plan.
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Written and reviewed by
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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