LIC Term Insurance

LIC offers 4 types of term insurance plans with benefits like cheaper premiums, high CSR, rider benefits, short and long-term tenure plans, and flexible premium paying options. And, not forget, being the largest life insurance company in India, LIC comes with the unshakeable trust of its customers.

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LIC Term Insurance

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LIC Term Insurance Plans

You are going to make a major decision to purchase term life insurance for your family. Since it is for the long term, you should be very careful before finalizing any insurance plan. So now you can end your research. LIC Term insurance has plans that complete all of your requirements and provide financial support to your family in case of your absence.

According to the Recently published IRDAI Report in (2021-2022), LIC term insurance plans have settled approximately. of Rs. 13000 cr of claims, which is highest in the market in the same financial year.

LIC term plans reported a solvency ratio of 1.76 during the year financial year 2022, which is considered the highest in the market.

About LIC

LIC is one of the most popular and economical insurance providers in India. Launched on 1 Sept 1956, by the government of India Till now LIC has sold over 100 million policies. LIC is also one of the most trusted insurance providers in India. LIC also deals in the health insurance business. Today has more than 1 lakh employees that work 24/7 to assist their customers in every possible aspect. Recently the Indian government started selling some stake in LIC in the open market.

List of LIC Term Insurance Plans 2024

LIC term insurance offers four different types of term plans in India, which helps to cover every category of people in India.

Plans

Age Limits

Min. Maturity Age

Policy Duration

Min. Sum Assured

LIC Saral Jeevan Bima18-65 Age70 years5-40 years5 Lakh
LIC Jeevan Kiran18-65 Age80 years10-40 years50 lakh
LIC New Tech term18-65 Age80 years10-40 years5 Lakh
LIC New Jeevan Amar18-65 Age80 years10-40 years25 Lakh

All you need to know about LIC Term Insurance Plans

LIC Saral Jeevan Bima Term Plan

LIC Saral Jeevan Bima is a basic term insurance plan offered by LIC Term Life Insurance. In this plan, the policyholder only opted for the death benefit.

Eligibility criteria of Saral Jeevan Bima Plan

Terms Limits
Entry Age18-65 Age
Maximum Maturity age70 years
Policy Term5- 40 years
Premium Paying TermMonthly
Quarterly
Half Yearly
Annually
Maximum Sum assured25 Lakh
Minimum sum assured5 lakh

Death Benefits

In case of the death of the policyholder, the LIC Saral Bima Plan offers a lump sum amount to the Nominee as Discussed in Policy terms. LIC Saral Bima also has criteria for the policies in the waiting period:

  • In case, the policyholder dies during the waiting period, the nominee will get 100% of all the premium paid. (excluding Taxes)
  • In case, the policyholder dies after the waiting period the nominee will get the death benefit amount among the highest;
For Regular Premium For One-time Premium
10 times of Annual premium paid-
105% of all premium paid till date of death125% of single premiums paid
Sum assured according to policy paid on deathSum assured according to policy paid on death

Maturity Benefits

LIC Saral Jeevan Bima did not offer any type of maturity benefit.

LIC Jeevan Kiran Term Insurance Plan

LIC Jeevan Kiran's term insurance plan is one of the latest launched Term Insurance plans offered by LIC Term Insurance. In this plan, the policyholder can opt for death benefits and Maturity benefits.

Eligibility criteria of LIC Jeevan Kiran insurance plan

Terms Limits
Minimum entry age18 years
Maximum entry age65 years
Maximum maturity age80 years
Minimum maturity age28 years
Policy terms10-40 years
Minimum sum assured15 lakh
Premium paying termMonthly
Quarterly
Half-yearly
Annually

Death benefits

In the LIC Jeevan Kiran plan, the nominee will get a lump sum payout as a death benefit, depending upon the chosen plan. LIC Jeevan Kiran also has criteria for the policies in the waiting period:

  • In case, the policyholder dies during the waiting period, the nominee will get 100% of all the premium paid. (excluding Taxes)
  • In case, the policyholder dies after the waiting period the nominee will get the death benefit amount among the highest;
For Regular Premium

For One-time Premium

10 times of Annual premium paid-
105% of all premium paid till date of death125% of single premiums paid
Sum assured according to policy paid on deathSum assured according to policy paid on death

Maturity Benefits

In the LIC Jeevan Kiran term insurance plan, if a policyholder survives the policy duration, he/ she can take back all the premiums that were paid during the policy term.

LIC New Tech plan

LIC New Tech term insurance plan is an online term insurance plan offered by LIC. This plan provides the dual benefits in sum assured i.e-As level sum assured and online sum assured.

Eligibility criteria:

Terms Limits
Entry age18-65 years
Policy term10-40 years
Premium Paying TermRegularSingle Limited
Minimum sum assured50 Lakh
Maximum sum assuredNo limit depends on underwriter
RidersSame as other plans.

Death Benefits

Death benefits of LIC New Tech Term Insurance are the same as other LIC plans. While increasing sum assured will be started from 5th year onwards till the 15th year of the policy term.

For Regular Premium For One-time Premium
10 times of Annual premium paid-
105% of all premium paid till date of death125% of single premiums paid
Sum assured according to policy paid on deathSum assured according to policy paid on death

Maturity Benefits

No maturity benefits are applicable in the LIC New Tech term plan.

LIC New Jeevan Amar

LIC New Jeevan Amar is Popularly famous for good interest rate for women ,and increasingly higher interest rate.

Eligibility criteria

Terms Limits
Entry age18-65 years
Policy term10-40 years
Premium Paying TermRegularSingle Limited
Minimum sum assured20 Lakh
Maximum sum assuredNo limit depends on underwriter
RidersSame as other plans.

Death Benefits

Death benefits of LIC New Jeevan Amar term insurance are the same as other LIC plans. While increasing sum assured will be started from 5th year onwards till the 15th year of the policy term.

For Regular Premium For One-time Premium
10 times of Annual premium paid-
105% of all premium paid till date of death125% of single premiums paid
Sum assured according to policy paid on deathSum assured according to policy paid on death

Maturity Benefits

No maturity benefits are applicable LIC New Jeevan Amar

LIC Term Plan Key features

The Features of the LIC Term Plan are given Below

  • Good Solvency Ratio

    Solvency Ratio is a metric to determine the financial health of the insurance company, whether they will support customers in tough times or not. LIC term plans have the highest solvency ratio in the insurance market compared to the others. I.e - In the Latest report published by IRDAI, LIC term insurance has a solvency ratio of 1.76
  • Highest Annual premiums

    The amount of premiums received by Insurance companies determines the trust and reliability of insurance companies among customers. LIC Term Plans Reported 428024.97 cr of premiums, which are considered the highest in the market.
  • Claim settlement ratio

    The claim Settlement ratio is the metric used to determine how many Claims are settled In the same financial year. LIC Term plans have reported a total approx 13000 cr of claims settled in the same financial year, which is also the highest in the insurance market.
  • Owned by the Government of India

    In India, hundreds of insurance companies provide term life insurance, but only a few are owned by the Government of India. LIC Term plans are one of those.
  • Availability of riders

    The LIC Term insurance plans consist of multiple riders, customers can opt-out depending on their needs. Here is a list of the riders available:
  • Flexible-Premium Paying Options

    LIC Term insurance plans offer flexibility in premium-paying options. Customers can opt for any options from the following terms:
    • Monthly
    • Quarterly
    • Half yearly
    • Annually

Calculate LIC Term Life Insurance Premuim

Here is the LIC Term insurance Plans premium Chart that helps you to understand the LIC Term LIfe Insurance. You can also explore all the aspects and parameters involved in premium calculation with the help of LIC term life insurance Premium calculator.

LIC Saral Jeevan Bima Plan

The following information illustrated as:

Age-30 yrs
Sum assured- 5 lakh
Policy Term- 20 yrs

LIC Saral Jeevan Bima Plan

Premium paying options Premium amount in INR
Regular2095
Premium paying term for 10 years3010
Premium paying term for 5 years4955
Single pay20310

LIC New Tech Term Plan

The following Illustrated as in Different Age group , Sum assured , And policy terms.

LIC New Tech Term Plan

Age Policy term Sum assured Premium amount
281050 lakhRs. 29824
411555 lakhRs.94105
462060 lakhRs. 201638

LIC Jeevan Kiran Term Plan

The following are illustrated as in different age groups, sum assured, and policy terms.

LIC Jeevan Kiran Term Plan

Age Policy term Premium
201020060
302012080
403012520
5040-

Lic New Jeevan Amar

The following are illustrated as in different age groups, sum assured, and policy terms.

Lic New Jeevan Amar

Age Policy term Sum assured Premium
181050 lakh5140
251050 lakh5504
281050 lakh5763
301050 lakh6023

How many types of riders do LIC Term Plans have?

LIC Term plans have multiple types of rides available depending upon the needs and requirements of the customers. Some of the most common riders are described below:

  • Accidental Death and Disability Benefits Rider

    If the policyholder is involved in an accident that resulted in permanent disability or in a position that can't work further. By this rider, a monthly payment will be given to the policyholder for 10 years and all the future premiums of the term plan will be waived off.
  • Accident death benefits rider

    This rider is only available under limited regular premium or limited premium paying options. In this rider, an additional sum assured will be paid (Only in case the policyholder dies after 180 days of accident).
  • Critical illness Rider

    In critical illness rider, A particular amount of sum assured will be paid to the policyholder( in case any critical illness has been diagnosed from the table)
  • Premium waiver Benefit Rider

    This rider can be opted for with a base LIC term plan. In the Premium waiver rider, the premiums of the term plan will be paid off until the expiry of the riders.

How to Buy a LIC Term Insurance Plan Online?

To buy, a LIC Term insurance plan online you have to follow the below steps:

  • Step-1:

    First, Visit the Official website of LIC India and go to the buy policy online section.

  • Step-2:

    Choose the term insurance plan you want to purchase, according to the list of needs and requirements from the list of plans.

  • Step-3:

    Fill out all the personal details as mentioned. (Like name, address, phone number)

  • Step-4:

    Select the right sum assured as per your requirement.

  • Step-5:

    Select the premium paying frequency.

  • Step-6:

    Review all the necessary details carefully.

  • Step-7:

    Pay your premium amount from any of the given methods (like- credit, debit, net banking, etc)

  • Step-8:

    Once your premium gets paid you will receive a notification by email and registered mobile number.

How to raise claims in long-term life insurance plans?

LIC Term insurance made the claim process very convenient and easy. So, in hard times the policyholder family will get support as soon as possible.

To file a Claim in LIC Term life insurance plans, one has to follow these steps:

  • Step-1:

    Submit Original policy documents to the nearby LIC office according to pin code.

  • Step-2:

    Submit the death certificate of the Policy Holder and cause of death.

  • Step-3:

    Attaches nominee bank mandate, so LIC term insurance can transfer the lumpsum amount into it.

How to contact LIC Term Insurance?

To contact the LIC Term insurance, customers can use both offline and online ways.

For Offline

For Online

Yogakshema Building, Jeevan Bima Marg, P.O marg-19953 Mumbai -400021 IRDAI Reg-512.Customer care- 022-6827-6827 (Monday- Friday-08 am to 08 pm) (Saturday-10- 06 pm)

Conclusion

LIC term insurance plans are famous in India for low premiums and higher insurance coverage. LIC Term plans have multiple riders which full fill all the requirements and needs of the customers. In India, lic term plans are also famous for their trust and reliability.

LIC Term Life Insurance: FAQ's

1. How many types of LIC term insurance plans are available in the market?

LIC Term Life insurance offer 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

2. What is the eligibility criteria to buy LIC term life insurance plans?

LIC term life insurance plans require only basic eligibility criteria, the customer must have between 18 to 65 years of age.

3. Where can I buy LIC new tech term plan?

You can buy LIC new tech term plan online on the official website of LIC term insurance.

4. What are the documents required to buy LIC term insurance plans?

For buying a LIC term life plan, the customer must have Age proof, address proof and income proof with them.

5. Can I revive my lapsed LIC term plan insurance?

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.

6. What is the Limit of revival period in LIC term life insurance?

LIC term life insurance offers 5 years of revival period for their customers.

7. Can we buy additional riders with LIC term life plans?

Yes, Additional Riders will easily buy up with LIC term life plans and it also renewed time to time as per needs.

8. What is the solvency ratio of LIC term life insurance plans?

LIC term life insurance having a solvency ratio of 91% which is highest in the market.

9. Did all LIC term insurance plans provide death or maturity benefits?

The death and maturity benefits are available only in selected LIC term insurance plans. Like-(LIC Jeevan Kiran, etc)

10. What are the Maturity benefits in LIC term life insurance plans?

Maturity Benefits refers to Amount paid back to the customer if they survive the policy period. (Taxes Are excluded)

Other Term Insurance Companies

LIC Term Insurance Reviews

Read what our customers have to say about LIC term insurance company

Customer Review Image

Rahul kumar

Chennai

February 16, 2024

Peace of mind during uncertain times"- i had query regarding my lic term, so i decided to talk with policyx.com advisor. I had resolved all my queries regarding same.

Customer Review Image

Varsha Verma

Goa

October 4, 2023

Policyx.com s partnership with LIC Term Insurance is a winning combination for anyone seeking financial security.

Customer Review Image

Vaishali

Mysore

October 4, 2023

LIC Term Insurance, suggested by Policyx.com, offers comprehensive coverage at a competitive premium.

Customer Review Image

Charu Verma

Guwahati

October 4, 2023

I m impressed with Policyx.com s dedication to helping users find quality insurers like LIC Term Insurance.

Customer Review Image

Bhumika Sahu

Gandhinagar

October 4, 2023

LIC Term Insurance, discovered through Policyx.com, has been a reliable safeguard for my family s future.

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Ayesha Tiwari

Dehradun

October 4, 2023

Policyx.com simplified my search for term insurance, and LIC Term Insurance provided comprehensive coverage.

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Anuja Singh

Chandigarh

October 4, 2023

Policyx.com s user-friendly interface simplifies the search for term insurance, and LIC Term Insurance fit my needs perfectly.

Customer Review Image

Anshul Kapoor

Allahabad

October 4, 2023

Choosing LIC Term Insurance through Policyx.com was the right decision. They ve been supportive during a recent claim.

View All LIC Term Insurance Reviews

Varun Saxena

Written By: Varun Saxena

Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.