Why Choose LIC Term Plans?
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Good Solvency Ratio
A high Solvency Ratio of 2.11 indicates LIC's strong financial health and ability to meet future claim obligations.
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High Premium Collection
The amount of premiums received by insurance companies reflects customer trust and reliability. LIC has a significant premium collection.
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Claim Settlement Ratio
LIC boasts a high Claim Settlement Ratio of 98.15%, indicating its efficiency in settling claims within the same financial year.
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Owned by the Government of India
As a Government of India-owned entity, LIC offers unparalleled trust and security in the insurance sector.
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Availability of Riders
LIC Term insurance plans offer a variety of riders, allowing customers to customize their coverage based on individual needs.
Eligibility Criteria of LIC Term Insurance Plans
To purchase an LIC term insurance plan, certain eligibility criteria must be met. Let's understand them in detail.
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Age: Individuals aged 18 to 65 are eligible. The policyholder's age significantly influences the premium.
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Health Condition: As term insurance covers life, most insurers require a health examination to assess current health and inherent risks. Full disclosure of medical history is crucial to avoid claim settlement issues.
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Income: While there's no specified minimum income, insurers may request bank statements and salary slips to determine appropriate coverage.
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Smoking Habits: Disclosure of current or past smoking habits is mandatory, as it impacts health risks and premiums.
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Citizenship: Indian citizens, NRIs, and PIOs can all purchase an LIC term insurance plan in India.
Additional Benefits of LIC Term Plans
LIC Term Plans offer a range of additional benefits. Let's understand these benefits in detail:
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High Sum Assured Discount
Plans like LIC's Digi Credit Life and LIC's Yuva Credit Life offer rebates for high sum assured.
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Installment Payout Option
LIC's Digi Term Plan allows policyholders to receive benefits in installments.
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Special Premium Rates for Women
Term insurance plans such as LIC's Digi Credit Life and LIC's Yuva Credit Life offer preferential premium rates for women.
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Flexible Loan Interest Rates
LIC's Digi Credit Life allows policyholders to choose loan interest rates as per their needs.
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Premium Payment Flexibility
LIC's Digi Credit Life offers single and limited premium payment options.
Types of LIC Term Plans
There are various LIC term plans based on their features, policy tenure, and benefits. You can choose the one that best suits your requirements.
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Basic Term Plan
Plan Name: LIC Saral Jeevan Bima
These plans only provide a sum assured to the nominee in case of the policyholder's death, with no survival benefits included.
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Term Insurance with Monthly Income
Plan Name: LIC Jeevan Kiran
These plans offer a regular monthly income to the policyholder's dependents after their demise.
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Term Insurance with Critical Illness
Plan Name: LIC Tech Term
These plans offer inbuilt coverage against specified critical illnesses.
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Term Insurance with Accidental Disability & Death Cover
Plan Name: LIC’s Yuva Term
These plans offer inbuilt coverage for accidental disability and death.
Riders You Can Avail With LIC Term Insurance Plans
| Name of the Rider |
Benefits |
| LIC Accidental Death and Disability Benefits Rider |
Offers additional benefits if the policyholder suffers accidental death or disability. |
| LIC Accidental Death Benefits Rider |
Provides a lump sum benefit to the nominee if the policyholder's death is due to an accident. |
| LIC Critical Illness Rider |
Offers a lump sum benefit upon diagnosis of any of the specified critical illnesses. |
| LIC Premium Waiver Benefit Rider |
Waives off future premiums if the policyholder suffers an accidental disability or is diagnosed with a specified critical illness. |
Documents Required to Buy LIC Term Insurance Policy
Here are the documents required to buy a LIC Term Insurance Plan:
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Photo ID Proof
Passport, Aadhaar card, PAN card, or Driving license.
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Age Proof
Passport, Aadhaar card, PAN card, or Driving license.
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Address Proof
Utility bill, passport, voter ID, or ration card.
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Medical Records
If requested by the insurer.
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Income Proof
Bank statement or last three months' salary slips (for salaried individuals).
How to Calculate Premiums
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Visit the official LIC India website and navigate to the 'Buy Policy Online' section.
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Select the term insurance plan that best suits your needs and requirements.
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Fill in all required personal details (e.g., name, address, phone number).
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Choose the appropriate sum assured and premium payment frequency.
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Complete the premium payment using available methods (e.g., credit card, debit card, net banking).
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Upon successful payment, you will receive a confirmation via email and registered mobile number.
You can use the LIC Premium Calculator to calculate your premium amount.
How to File LIC Term Insurance Claims?
LIC Term Insurance offers a convenient and easy claim process, ensuring timely support for the policyholder's family during difficult times. Policyholders can choose between online and offline claim submission processes.
Online Process
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Claim Reporting
Report your LIC Term plan claim by visiting the LIC website and clicking on the 'Claim Settlement' section under 'Customer Services'.
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Claim Review
LIC's customer support staff will review your claim form and assist you at every step. They will evaluate your claim and notify you if any documents are still pending.
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Claim Approval and Settlement
Your claim will be resolved once you have informed the insurer of your claim and all necessary documents have been received.
Offline Process
The LIC term plan claim settlement procedure can be reported by visiting your local LIC branch office. For details of LIC Insurance branches, you can visit their website to locate the nearest branch. You must submit the essential documents at the branch so that your claim can be processed.
How to Port Your Policy
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Fill out the form on this page with the required details.
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Select your income and city, then click 'Proceed'.
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Update your education and occupation details.
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Choose your preferred plan and click 'Buy this plan'.
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Select the policy term, premium payment period, and any required riders, then proceed to pay.
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