Lic Term vs Kotak Term

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

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.

Kotak Term

Kotak Mahindra Life Insurance is one of the fastest growing life insurance companies in India, securing 50 million lives worldwide till date.

COMPANY DETAILS Edit LIC Term Insurance

Lic Term

 Edit Kotak Life Term Insurance

Kotak Term
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)

15320.46
Payout Options

Payout Options

Lump sum, monthly, or a combination of both

Payout Options

1
Claim ratio

Payout Options

98.6%

Payout Options

98.82%
Solvency Ratio

Solvency Ratio

1.8

Solvency Ratio

2.8
Pan India Presence

Pan India Presence

2000+

Pan India Presence

230+
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 Plus Benefit Rider, Accidental Permanent Disability 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 It offers a wide range of insurance products such as term, pension, ULIP Plans, micro, withdrawn, and even health plans.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

Kotak Life Term Insurance

Explore India’s best-selling Term insurance plans below

Kotak Mahindra Life Insurance is one of the fastest growing life insurance companies in India, securing 50 million lives worldwide till date.

Kotak Protеct India

Kotak Protеct India

Kotak Protеct India is an individual non-Linkеd, non-participating purе protеction term Insurancе plan, dеsignеd to offеr policyholdеrs a wid...

Unique Features

  • Short Term Cover
  • Multiple Policies
  • Wellness Program

Kotak Protеct India (Pros)

Kotak Protеct India
  • Short Term Cover
  • Multiple Policies
  • Wellness Program

Kotak Protеct India (Cons)

Kotak Protеct India
  • No Policy Loan Allowed
  • No Cover for Suicide
  • No Survival Benefit

Kotak Protеct India (Other Benefits)

Kotak Protеct India
  • Hospi Benefit
  • Optional Accidental Death Benefit
  • Telemedicine Consultation

Kotak Protеct India (Eligibility Criteria)

Kotak Protеct India
  • Entry Age -18 Years
  • Max Entry Age- 35 Years
  • Minimum Sum Assured - ₹1L
  • Maximum Maturity Age - 40 Yrs
  • Premium Payment Term - RP/SP

Kotak Term

Kotak Term

Kotak Term Plan is a non-linked non-participating individual pure protection life insurance plan that acts like a safety shiеld for your family's fin...

Unique Features

  • Low-Cost Plan
  • Conversion Option
  • Rider Options

Kotak Term (Pros)

Kotak Term
  • Low-Cost Plan
  • Conversion Option
  • Rider Options

Kotak Term (Cons)

Kotak Term
  • No Policy Loan Allowed
  • No Cover for Suicide
  • No Survival Benefit

Kotak Term (Other Benefits)

Kotak Term
  • Affordable Premiums
  • High Life Cover
  • Premium Payment Options

Kotak Term (Eligibility Criteria)

Kotak Term
  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - ₹3L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - RP/SP

Kotak Saral Jeevan Bima

Kotak Saral Jeevan Bima

Kotak Saral Jeevan Bima is a basic term insurance plan that is designed to offer financial protection to your loved ones in case of your demise. This ...

Unique Features

  • Death Benefit
  • Affordable Plan
  • Flexible-Premium Payment Modes

Kotak Saral Jeevan Bima (Pros)

Kotak Saral Jeevan Bima
  • Death Benefit
  • Multiple Premium Payment Term
  • Special Rates for Female Lives

Kotak Saral Jeevan Bima (Cons)

Kotak Saral Jeevan Bima
  • No Surrender Benefit
  • No Maturity Benefit
  • No Policy Loan

Kotak Saral Jeevan Bima (Other Benefits)

Kotak Saral Jeevan Bima
  • Life Cover Up To 70 Years
  • Instant Issuance
  • Tax Benefit

Kotak Saral Jeevan Bima (Eligibility Criteria)

Kotak Saral Jeevan Bima
  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - ₹5L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - RP/SP/LP

Kotak e-Term

Kotak e-Term

Kotak e-Term Plan is a pure risk cover term insurance plan that is truly an economical means of providing you with a high level of protection. It offe...

Unique Features

  • Available online
  • 3 plan variants
  • Life cover options

Kotak e-Term (Pros)

Kotak e-Term
  • Available online
  • 3 plan variants
  • Life cover options

Kotak e-Term (Cons)

Kotak e-Term
  • No Policy Loan Allowed
  • No Cover for Suicide
  • No Survival Benefit

Kotak e-Term (Other Benefits)

Kotak e-Term
  • Step-Up Benefit
  • Add-on Riders
  • Special Discounts

Kotak e-Term (Eligibility Criteria)

Kotak e-Term
  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - ₹51L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - 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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