Lic Term vs Bandhan Term Insurance

  • Multiple policy tenure to choose from
  • Premiums starting @Rs 15/day
  • 30-day grace period
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Lic Term vs Bandhan Term Insurance

Lic Term

One of the most trusted and legacy insurance names. LIC started its journey 6 decades ago and more than 250 million people are associated with the brand.

Bandhan Term Insurance

Bandhan Life also known as Aegon Life Insurance is one of the best term insurance provider that has served more than 5 million customer till date.

COMPANY DETAILS Edit LIC Term Insurance

Lic Term

 Edit Bandhan Term Insurance

Bandhan Term Insurance
Rating
Number of term insurance plans and add-ons
Annual Premiums Collected (2023-24)

Annual Premiums Collected (2023-24)

Rs 474668.14 crores

Annual Premiums Collected (2023-24)

430.91 Cr
Payout Options

Payout Options

Lump sum, monthly, or a combination of both

Payout Options

Lump sum, monthly, or a combination of both
Claim ratio

Payout Options

98.6%

Payout Options

99.66%
Solvency Ratio

Solvency Ratio

1.8

Solvency Ratio

2.5
Pan India Presence

Pan India Presence

2000+

Pan India Presence

150
Riders Available

Riders Available

Accidental Death and Disability Benefits Rider, Accidental Death Benefits Rider, Critical Illness Rider, Premium Waiver Benefit Rider

Riders Available

Accidental Death Benefit Rider, Critical Illness Rider
Policy Term

Policy Term

5 to 35 years

Policy Term

5 to 70 years

Know More About Companies

Overview

LIC Term Insurance Plans: Overview

LIC is India's largest insurance provider with a maximum market share and trustability. It offers a wide range of insurance products such as term, pension, ULIP Plans, micro, withdrawn, and even health plans. LIC term plans provide financial protection to your loved ones in case of your unfortunate demise.

According to the recently published IRDAI report for 2022-2023, LIC term insurance plans settled claims of Rs. 13,000 crores, the highest in the market in the same financial year. In addition, LIC term plans reported a solvency ratio of 1.8 during the financial year 2023.

What are some of the
Benefits
that set them apart?

  • 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 option, etc.

Riders

Riders You Can Avail With LIC Term Insurance Plans

Name of the rider Benefits
LIC Accidental Death and Disability Benefits Rider Additional benefits are offered in case the policyholder is diagnosed with any of the critical illnesses mentioned or disability due to the accident.
LIC Accidental Death Benefits Rider A lump sum amount is offered in case of the policyholder’s demise due to an accident if you have opted for an accidental death benefit rider.
LIC Critical Illness Rider A lump sum amount is offered in case the policyholder is diagnosed with any of the critical illnesses mentioned.
LIC Premium Waiver Benefit Rider Future premiums are waived off in case of the policyholder’s demise due to an accident or any of the critical illnesses mentioned if you have a premium waiver benefit rider.

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LIC Term Insurance

Explore India’s best-selling Term insurance plans below

One of the most trusted and legacy insurance names. LIC started its journey 6 decades ago and more than 250 million people are associated with the brand.

LIC Jeevan Amar

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

LIC Jeevan Amar (Pros)

LIC Jeevan Amar
  • Choose your policy term
  • Flexibility to choose from two benefit
  • Special rates for women

LIC Jeevan Amar (Cons)

LIC Jeevan Amar
  • No maturity benefits
  • No survival benefits
  • No policy loan

LIC Jeevan Amar (Other Benefits)

LIC Jeevan Amar
  • High sum assured rebate
  • Choose the riders of your choice
  • Attractive premium rates for non-smokers

LIC Jeevan Amar (Eligibility Criteria)

LIC Jeevan Amar
  • Entry age - 18 years
  • Max entry age - 65 years
  • Min sum assured - 25 lakhs
  • Max maturity age - 80 years
  • PPT - RP/SP/LP

LIC Tech Term Plan

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 ...

Unique Features

  • Online Application
  • Rebate on High Sum Assured
  • Lower Premium for Women

LIC Tech Term Plan (Pros)

LIC Tech Term Plan
  • Choose from two benefit options
  • Opt for payment of benefit in installments
  • Special rates for women

LIC Tech Term Plan (Cons)

LIC Tech Term Plan
  • No maturity benefits
  • No survival benefits
  • No policy loan

LIC Tech Term Plan (Other Benefits)

LIC Tech Term Plan
  • High sum assured rebate
  • Choose your policy term
  • Enhance your protection with riders

LIC Tech Term Plan (Eligibility Criteria)

LIC Tech Term Plan
  • Entry age - 18 years
  • Max entry age - 65 years
  • Min sum assured - 50 lakhs
  • Max maturity age - 80 years
  • PPT - RP/SP/LP

Bandhan Term Insurance

Explore India’s best-selling Term insurance plans below

Bandhan Life also known as Aegon Life Insurance is one of the best term insurance provider that has served more than 5 million customer till date.

Bandhan Life i-term Prime

Bandhan Life i-term Prime

Bandhan iTerm Prime Plan is a pure protection term insurance plan that comes with affordable premiums. The plan has a minimum sum assured of 25 lakhs ...

Unique Features

  • Affordable Premiums
  • High Coverage
  • Riders Available

Bandhan Life i-term Prime (Pros)

Bandhan Life i-term Prime
  • Bandhan Life Women CI Rider
  • Bandhan Life CI Care Rider
  • Bandhan Life WoP Rider on CI

Bandhan Life i-term Prime (Cons)

Bandhan Life i-term Prime
  • No Maturity Benefit
  • No Loan Allowed
  • Policy Terminates Post Payment of Death

Bandhan Life i-term Prime (Other Benefits)

Bandhan Life i-term Prime
  • Surrender Benefit
  • Inbuilt Terminal Illness Benefit
  • Life Coverage Till the Age of 100 Years

Bandhan Life i-term Prime (Eligibility Criteria)

Bandhan Life i-term Prime
  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 100 Yrs
  • Premium Payment Term - SP

Bandhan Life iTerm Comfort

Bandhan Life iTerm Comfort

Bandhan Life iTerm Comfort, from Bandhan Life Insurance Company, is a pure protection plan that offers a guaranteed lump sum payout in the event of yo...

Unique Features

  • Comprehensive protection
  • Special exit value
  • 2 rider benefits

Bandhan Life iTerm Comfort (Pros)

Bandhan Life iTerm Comfort
  • Bandhan Life CI Care Rider
  • Bandhan Life AD Rider
  • Suicide Cover After 12 Months

Bandhan Life iTerm Comfort (Cons)

Bandhan Life iTerm Comfort
  • No Maturity Benefit
  • No Loan Allowed
  • No Surrender Benefit

Bandhan Life iTerm Comfort (Other Benefits)

Bandhan Life iTerm Comfort
  • Tax Benefit
  • Option to Attach or Detach Riders
  • Policy Revival Within 5 Years

Bandhan Life iTerm Comfort (Eligibility Criteria)

Bandhan Life iTerm Comfort
  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - 40 Years

Bandhan Life Saral Jeevan Bima

Bandhan Life Saral Jeevan Bima

Bandhan Life Saral Jeevan Bima is a pure protection, simple, and easy to understand plan that offers a death benefit to your nominee in case of your d...

Unique Features

  • Flexible premium payment term
  • Affordable premiums
  • Tax benefits

Bandhan Life Saral Jeevan Bima (Pros)

Bandhan Life Saral Jeevan Bima
  • Flexible premium payment term
  • Affordable premiums
  • Tax benefits

Bandhan Life Saral Jeevan Bima (Cons)

Bandhan Life Saral Jeevan Bima
  • 1 year WP for suicide
  • No policy loan
  • No pre-existing illness cover

Bandhan Life Saral Jeevan Bima (Other Benefits)

Bandhan Life Saral Jeevan Bima
  • Hassle-free buying process
  • Tax benefits
  • Riders availability for enhanced protection

Bandhan Life Saral Jeevan Bima (Eligibility Criteria)

Bandhan Life Saral Jeevan Bima
  • Entry age - 18 years
  • Max entry age - 65 years
  • Min sum assured - 5 lakhs
  • Max maturity age - 85 years
  • PPT - RP/SP/LP

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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