About LIC Term Insurance - An Overview

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 offerings cater to the needs of its customers in every segment of society. The reliability of this company makes it a household name.

Notably, the term plans offered by the company 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.

Term Insurance Plans offered by LIC

LIC currently offers 2 different term insurance plans to address the different needs of its customers.

Let's have a quick overview of these term insurance plans.

Let's delve into these 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 plan 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 Entry	Minimum: 18 years Maximum: 65 years
   Maximum age at Maturity	80 years
   Policy Term	10 to 40 years
   Premium Payment Options	Single premium, Regular premium, Limited premium
   Sum Assured	Minimum: 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.

   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 Entry	Minimum: 18 years Maximum: 65 years
   Maximum age at Maturity	80 years
   Policy Term	10 to 40 years
   Premium Payment Options	Single premium, Regular premium, Limited premium
   Sum Assured	Minimum: 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 policy 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 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 LIC Tech Term insurance plans. 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.