LIC Term Insurance

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LIC Term Insurance

Over the years, LIC has grown to become one of the largest insurers in the industry. The government-owned entity continues to hold a dominating share of the market in the life insurance space even today. Being a leader among other companies, LIC term insurance plans cater to the needs of its customers in every segment of society. The reliability of this company makes it a household name.

Notably, the LIC term plans are available at affordable premium rates with multiple choices in death benefit payout. In addition, customers have the option to personalize their plans according to their financial needs.

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LIC Term Insurance

Term Insurance Plans offered by LIC

2 different LIC term insurance policies are provided by the LIC company to address the different needs of its customers.

Let's have a quick overview of LIC term insurance policies.

S.No.LIC Term Insurance PlansWho Should buy?
1LIC Jeevan Amar PlanThis LIC Term plan is ideal for women looking for low premium rates
Non-smokers who wish to get benefitted from their low premium rates.
People looking for options in death benefits, premium rates, or premium payment.
2LIC Tech-Term PlanThis LIC term policy is suitable for people who are looking to buy a low-cost, high-sum assured insurance plan.

Let's delve into the above-mentioned LIC term life insurance plans to understand them better.

  1. LIC Jeevan Amar Plan

    LIC Jeevan Amar is a non-linked and without profit, pure protection plan. Individuals have the option to choose from the level sum assured or increasing sum assured death benefits. This LIC term policy is not available online, therefore, the interested person has to visit the nearest LIC branch to invest in the same.

    Key Features of the Plan

    • Two different premium rates for smokers and non-smokers
    • The death benefit is payable in a lump-sum or instalments
    • Women can enjoy lower premium rates
    • Additional accident benefit rider that can be availed to enhance basic coverage
    • Free-look period of 15 days, within which the policyholders can withdraw from the plan

    Eligibility Criteria

    Age at EntryMinimum: 18 years
    Maximum: 65 years
    Maximum age at Maturity80 years
    Policy Term10 to 40 years
    Premium Payment OptionsSingle premium, Regular premium, Limited premium
    Sum AssuredMinimum: Rs. 25,00,000
    Maximum: No Limit
  2. LIC Tech Term Plan

    LIC Tech Term Plan is a non-linked and non-participating, online, pure risk premium plan, that offers financial protection to families of policyholders in case of their unfortunate death within the policy period. Read more details about this LIC term life insurance plan below:

    Key Features of the Plan

    • Available with two benefit structures – the level sum assured and increasing sum assured
    • Offers flexibility to take death benefit in instalments
    • Women can choose from discounted premium rates
    • Option to enhance plan coverage through accidental death benefit rider
    • Discount on premiums to non-smokers

    Eligibility Criteria

    Age at EntryMinimum: 18 years
    Maximum: 65 years
    Maximum age at Maturity80 years
    Policy Term10 to 40 years
    Premium Payment OptionsSingle premium, Regular premium, Limited premium
    Sum AssuredMinimum: Rs. 50,00,000
    Maximum: No Limit

LIC Term Insurance Riders

LIC, in its attempt to provide increased support during financial need, offers a number of term insurance riders that one can easily avail for additional coverage.

  • LIC New Term Assurance Rider can be attached with a basic LIC life insurance plan at a nominal premium to avail life cover in case of the unfortunate demise of the insured during the tenure of the policy.
  • LIC Accident Benefit Rider available under Regular Premium and Limited Premium payment policies, the beneficiary receives the additional sum assured plus the death benefit if the insured dies in an accident or due to one within the tenure.
  • LIC New Critical Illness Benefit Rider is a non-linked rider that will reduce the financial burden of the insured if they are diagnosed with any of the 15 pre-specified critical illnesses.
  • LIC Premium Waiver Benefit Rider assists the insured with a waiver of future premiums payable under the base LIC life insurance plan till the expiry of the rider.

Procedure to Purchase LIC Term Insurance Plans

It is important to mention that the company provides online buying options for only one of the LIC term insurance plans i.e. LIC Tech Term insurance plan. In order to buy the same from their website, please follow the steps:

  • Visit the official website of LIC.
  • Scroll down to the section 'Buy Policy Online'.
  • Click on the tab 'Click here to buy' found at the end of the 'Buy Policy Online' section.
  • Scroll down and click on the tab 'Click to Buy Online'.
  • Fill in the required details and confirm the details.
  • Click on the tab 'Calculate Premium'.
  • Submit the OTP.
  • Analyze the details and add riders if you want to.
  • Pay using available payment modes.
  • The company will share the policy documents over a registered e-mail id. It will also send a hard copy to the registered address.

As mentioned before, the LIC Jeevan Amar term insurance plan is not available online. You have to visit the nearest LIC branch to invest in the same.

LIC Term Insurance: FAQs

1. Can the death benefit option be changed later?

No, the option chosen at the time of inception remains the same throughout and cannot be changed by the policyholder or the claimant.

2. Do term plans offer an option to increase coverage?

Yes. LIC offers an additional Accident Cover under both its term plans that users can avail to cover death due to an accident.

3. Can the term plans offered by LIC be bought online?

Only the Tech Term plan can be bought online. The LIC Jeevan Amar term insurance plan is not available online. You have to visit the nearest LIC branch to invest in the same.

4. What should I do in case I lose my original term policy document?

You have to visit the nearest LIC branch and apply for a new one.

5. How much time does LIC take to settle a claim?

LIC ideally takes 30 days to settle claims. As per IRDAI, every insurer should settle death claims within 30 days.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.4/5 (29 Total Rating)

October 4, 2021

Aryan Dhaneja

Indore

fast claim settling...really happy with the help I received. Will be forever grateful to the agent who helped! Thanks

September 28, 2021

Kushagra Tyagi

Agra

badhiya support mila customer team se! compare kiye kaafi plans and I bought one jo mere liye suitable tha with the help i got

September 28, 2021

Govind Deb

Kanpur

it was a pleasure purchasing life insurance from LIC. Very supportive staff and patient. Thanks guys!

September 27, 2021

Saheba Quereshi

Chandigarh

thanks LIC for settling my claims so shortly! it was really urgent and I m happy to have placed my trust on the company

September 22, 2021

Kamlesh Kumar

Agra

sahi plan mil gyaa...i have to thank LIC jinke plans are budget mein...so i got gud cover at low premiums...

Last updated on June 2021

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