LIC term insurance plans cater to the needs of its customers in every segment of life. The mass reliability of this company makes it a household name. LIC term life insurance is available to insurance holders at affordable premiums providing them cover against death, disability, and income loss. LIC Term Insurance Policy brings versatile features to the insured individual such as special premium rates for women, flexibility to choose from benefit options, smoker and non-smoker premium rates, and more.In addition to this, customers have the option to personalize their plans according to their financial requirements.
LIC Term Life Insurance is available offline and online via their official website https://licindia.in/home. The insurer offers 4 LIC Term Insurance Plans namely
LIC Saral Jeevan Bima
LIC Jeevan Kiran
LIC New Tech Term
LIC New Jeevan Amar
LIC Top Term Insurance Plans
To understand the multiple features and benefits of LIC term policy read the article below in detail.
Comprehensive Plan
LIC Saral Jeevan Bima
LIC Saral Jeevan Bima is a standard term plan that offers financial security to your family at affordable rates and provides sum assured up to Rs. 25 Lakhs.
Unique Features
Accidental death in waiting period
Flexible premium payment terms
A grace period of 30 days
Saral Jeevan Bima (Pros)
Discount on High Sum Assured
Discount on Online Purchase
Premium Payment Flexibility
Saral Jeevan Bima (Cons)
No Policy Surrender
Loading on Half Yearly Premium
No Maturity Benefit
Saral Jeevan Bima (Other Benefits)
Tax Benefits
Lapsed policy revival till 5 years
High Sum Assured
Saral Jeevan Bima (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age - 65 Years
Minimum Sum Assured - 5L
Maximum Maturity Age - 70 years
Premium Payment Term- 5 and 10 years
Comprehensive Plan
LIC Jeevan Kiran
The plan offers death benefits in 4 types of instalments and comes with a Settlement Option. It offers premium payment flexibility as well.
Unique Features
Surrender Value
Maturity Benefit
Rider Options
LIC Jeevan Kiran (Pros)
TROP on Survival till Maturity
Rebate on Online Purchase
High Sum Assured Rebate
LIC Jeevan Kiran (Cons)
High Premium For Smokers
No Suicide Cover
Loading on Half Yearly Premiums
LIC Jeevan Kiran (Other Benefits)
Accidental Death Rider
Disability Benefit Rider
Accident Benefit Rider
LIC Jeevan Kiran (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Minimum Sum Assured - 15 L
Maturity Age- 70 years
Premium Payment Term- 10 years to 40 years
Specialized Plan
LIC New Tech Term Plan
A pure protection term plan that protects your family's financial needs after your demise. The plan is available online only, and comes with several benefits.
Unique Features
Avail two benefit options
Death benefit Available
Non-smoking discounts
New Tech Term Plan (Pros)
Maturity Benefits
Discounts for Women
Death Benefit Instalments
New Tech Term Plan (Cons)
No Loan Available
No Suicide Cover
No Surrender Value
New Tech Term Plan (Other Benefits)
No Limit on Max Sum Assured
Tax Benefit
Annualized Premium
New Tech Term Plan (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age - 65 Years
Minimum Sum Assured - Rs.50 L
Maturity Age - 80 years
Premium Payment Term - 10 years to 40 years
Affordable Plan
LIC New Jeevan Amar
The plan offers the choice between Level Sum Assured and Increasing Sum Assured benefits, coupled with non-smoker and smoker premium rate categories and rebates.
Unique Features
Level Sum Assured
Increasing Sum Assured
Special Premium Rate for Women
New Jeevan Amar (Pros)
Maturity Benefits
Premium Payment Flexibility
Affordable Premiums
New Jeevan Amar (Cons)
High Premium for Smokers
No Suicide Cover
No Adventure Sports Cover
New Jeevan Amar (Other Benefits)
Death Benefit in Instalments
High Sum Assured
Surrender Benefit
New Jeevan Amar (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age - 65 Years
Minimum Sum Assured - Rs. 25 L
Maturity Age - 80 years
Premium Payment Term - 10 years to 40 years
LIC Term Life Insurance At A Glance
Before purchasing the LIC Term Insurance Plans insured individuals must take a glance at the eligibility criteria, features and sum assured options available
Entry Age
Minimum - 18 Years Maximum - 65 Years
Policy Term
5 to 40 Years / No Limit
Sum Assured
Minimum - 1 Lakh Maximum - No limits, subject to underwriting decision
Premium Paying Term
Same As Policy Term
Key Features of LIC Term Insurance
This section gives a glance into the company's performance based on several factors such as:
Annual Premium
The annual premium of the company allows the policyholder to get an idea of the company's performance and growth. As per the IRDAI annual report of 2021-22, the annual premium of the company is 428,024.97 crores.
Claim Settlement Ratio
The CSR of the company helps the potential policyholder to understand the company's claim settling ability. As per the IRDAI Annual Report, the CSR of LIC is 98.74%
Solvency Ratio
The Solvency Ratio of the company helps in assessing the company's ability to settle its long-term expenses. LIC has a solvency ratio of 1.79 ( IRDAI mandates every insurance company to maintain a solvency ratio of 1.5).
All You Need To Know About LIC Term Insurance? Find complete details in one go!
LIC's Saral Jeevan Bima Plan is a pure-risk life insurance plan which provides financial protection to the insured's family in case of his/her unfortunate death during the policy term. The plan offers death benefits and maturity benefits
Entry Age
Minimum - 18 years Maximum - 65 years
Maximum Maturity Age
70 years
Policy Term Single/Regular/Limited Premium
No limit 5 to 40 years
Premium Paying Term
Regular Premium - Same As Policy Term Limited Premium - 5 and 10 years Single Premium - Premium is payable in lumpsum
Minimum Sum Assured
Rs. 5,00,000
Maximum Sum Assured
Rs. 25,00,000 per life basis
1. Death Benefit
1.1 In case of death of the Life Assured other than due to an accident during the waiting period, an amount equal to 100% of all premiums is received by the nominee.
1.2 In case of death of the Life Assured due to an accident during the Waiting Period and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:
For regular premium or limited premium payments equal to the Sum Assured on Death which is the highest of:
10 times the Annualized Premium,
105% of all premiums paid as on the date of death, or
Absolute amount assured to be paid on death
For a Single premium policy, equal to the Sum Assured on Death which is the higher of:
125% of Single premium or
Absolute amount assured to be paid on death
2. Maturity Benefit
No maturity benefit shall be payable on the Life Assured surviving the stipulated Date of Maturity.
LIC Jeevan Kiran
A plan that offers a combination of protection and savings features. LIC Jeevan Kiran Policy will provide financial support to the family in case of unfortunate death of the life assured during the policy term and returns the total premiums paid in case of survival till maturity.
Entry Age
Minimum - 18 years Maximum - 65 years
Maximum Maturity Age
80 years
Policy Term
10 to 40 years
Premium Paying Term
Regular Premium - Same As Policy Term Single Premium - Not Applicable
Minimum Sum Assured
Rs. 15,00,000
Maximum Sum Assured
No limits, subject to underwriting decision
Optional Riders
LIC Accidental Death and Disability Benefit Rider LIC Accident Benefit Rider
1. Death Benefit
Under the Regular Premium Payment Policy, "Sum Assured on Death" is defined as the highest of:
7 times of Annualized Premium; or
105% of "Total Premiums Paid" up to the date of death; or
Basic Sum Assured
Under the Single Premium Payment Policy, "Sum Assured on Death" is defined as the higher of:
125% of Single Premium; or
Basic Sum Assured.
2. Maturity Benefit
Sum Assured on Maturity shall be payable, where "Sum Assured on Maturity" is equal to "Total Premiums Paid" under Regular Premium Payment policy and "Single Premium Paid" under Single Premium Payment Policy.
LIC New Tech Term
LIC Tech Term Plan provides the flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured and is available only as an online term insurance policy.
Entry Age
Minimum - 18 years Maximum - 65 years
Maximum Maturity Age
80 years
Policy Term
10 to 40 years
Premium Paying Term
Regular Premium - Same As Policy Term Single Premium - Not Applicable Limited Premium - [Policy Term minus 5] years for Policy Term [10 to 40] years
Minimum Sum Assured
Rs. 50,00,000
Maximum Sum Assured
No limits, subject to underwriting decision
Optional Riders
LIC Accident Benefit Rider
1. Death Benefit
For Regular premium and Limited premium payment policies, "Sum Assured on Death" is defined as the highest of:
7 times of Annualized Premium; or
105% of "Total Premiums Paid" up to the date of death; or
The absolute amount assured to be paid on death
For the Single Premium policy, "Sum Assured on Death" is defined as the higher of:
125% of Single Premium; or
Absolute amount assured to be paid on death.
Increasing Sum Assured
The absolute amount assured to be paid on death shall remain equal to Basic Sum Assured till the completion of the fifth policy year. Thereafter, it increases by 10% of the Basic Sum Assured each year from the sixth policy year till the fifteenth policy year till it becomes twice the Basic Sum Assured.
2. Maturity Benefit
Maturity Benefit On survival of the life assured to the end of the policy term, no maturity benefit is payable.
LIC New Jeevan Amar
A unique LIC Term Insurance Policy wherein there are special premium rates for women along with the Benefit of an attractive High Sum Assured Rebate.
Entry Age
Minimum - 18 years Maximum - 65 years
Maximum Maturity Age
80 years
Policy Term
10 to 40 years
Premium Paying Term
Regular Premium - Same As Policy Term Single Premium - Not Applicable Limited Premium - [Policy Term minus 5] years for Policy Term [10 to 40] years [Policy Term minus 10] years for Policy Term [15 to 40] years
Minimum Sum Assured
Rs. 20,00,000
Maximum Sum Assured
No limits, subject to underwriting decision
Optional Riders
LIC Accident Benefit Rider
1. Death Benefit
Death Benefit For Regular premium and Limited premium payment policies, "Sum Assured on Death" is defined as the highest of:
7 times of Annualized Premium; or
105% of "Total Premiums Paid" up to the date of death; or
The absolute amount assured to be paid on death
For the Single Premium policy, "Sum Assured on Death" is defined as the higher of:
125% of Single Premium; or
Absolute amount assured to be paid on death.
Level Sum Assured : The Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term
Increasing Sum Assured : The absolute amount assured to be paid on death shall remain equal to Basic Sum Assured till the completion of the fifth policy year. Thereafter, it increases by 10% of the Basic Sum Assured each year from the sixth policy year till the fifteenth policy year till it becomes twice the Basic Sum Assured.
2. Maturity Benefit
Maturity Benefit On survival of the life assured to the end of the policy term, no maturity benefit is payable.
Benefits of LIC Term Insurance
Moving forward, let's take a look below at some of the benefits available with LIC Term Insurance:
Avail High Coverage at Affordable Premiums
LIC Term Policy is affordable and loaded with various benefits for insured individuals. There are special premium rates for women, smokers, and non-smokers.
Optional Rider Benefits
There are various rider options available with the LIC life insurance plans like accident benefit rider, Accidental death and disability rider, and more.
Avail high coverage @ affordable prices
LIC Term Insurance allows you to avail higher coverage of up to crores by paying a nominal price. For example, you can avail a LIC Tech Term Plan's coverage of Rs. 1 Crore by paying Rs. 6,254/- yearly.
Special premium rates for non-smokers and females
To encourage a healthy lifestyle, LIC term plans offer special discounts for non-smokers and encourage people to quit smoking. Also, the plans offered by LIC offer special premium rates to females.
Enhanced coverage with rider benefits
LIC term plans allow you to enhance your basic coverage with the help of several available riders. You can opt for a rider benefit by paying an additional amount and can get coverage.
Protection against loans and other liabilities
With LIC term plans, you can ensure the safety of your outstanding loans and liabilities. The term plans offered by LIC help in clearing out the outstanding loans if something unfortunate happens to the policyholder.
Avail Tax Benefits
Investing in LIC Term Life Insurance Plans allows insured individuals to avail of tax benefits
Your absence should not make your loved ones financially handicapped. With LIC online Term Plans, provide complete protection to your loved ones.
How Can I Buy LIC Term Insurance Plan
A LIC term policy can be purchased easily in a few steps. Read along to find out:
Step 1: 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 from the list of available plans.
Step 3: Enter your personal details, such as your name, age, gender, and contact information.
Step 4: Select the sum assured and the policy term that you require.
Step 5: Choose the premium payment frequency and mode of payment (net banking, debit/credit card, etc.).
Step 6: Review the policy details and premium amount before making the payment.
Step 7: Make the payment using the selected mode of payment.
Step 8: Once the payment is processed, you will receive a confirmation message and the policy document via email.
Important Things to Consider When Buying a LIC Term Life Insurance Plan
Buying a LIC term policy is an important decision that provides financial security to your family in case of your demise, and therefore, you should consider the following factors before you choose a specific plan. Here are some important things to consider when buying a term insurance plan from LIC:
The coverage amount
The coverage amount of your term insurance LIC plan should be sufficient to meet the financial needs of your dependents in case of your untimely demise. Consider factors such as your current income, future expenses, outstanding debts, and inflation while determining the coverage amount. LIC offers 3 term plans so that you can choose the most suited one for yourself.
Policy duration
The duration of your LIC term life insurance plan should be aligned with your financial goals and retirement plans. Consider factors such as your age, retirement age, and financial commitments while choosing the LIC term policy duration.
Costs of the Premium
The premium costs of your term insurance LIC plan should fit your budget. Consider factors such as your income, expenses, and savings while choosing the premium amount. You can use the premium calculator available on the insurance provider's website to estimate the premium costs.
Riders
Riders are additional benefits that you can opt for with your LIC plan. Consider riders such as accidental death benefits, critical illness cover, and waiver of premium while choosing your term insurance plan.
Claim settlement ratio
Choose an insurance provider with a high claim settlement ratio to ensure that your dependents receive the insurance benefits without any hassles. LIC has a CSR of 98.74 % which showcases how reliable the company is.
Exclusions
Read the policy documents carefully to understand the exclusions of your term insurance LIC plan. Exclusions are conditions that are not covered under the insurance policy, and you should be aware of them to avoid any surprises during the time of filing claims.
Premium payment frequency
Choose the premium payment frequency of your LIC plan that suits your financial goals and budget. You can choose to pay the premium annually, half-yearly, quarterly, or monthly, depending on your convenience.
LIC Term Insurance Riders
LIC Term insurance plan offers various riders to enhance coverage of the policy. While purchasing life-term insurance for you and your family, it is always a good idea to add an extra layer of protection to your plan. Let's take a look at the additional riders offered by the LIC term insurance plans.
LIC Accidental Death & Disability Benefit Rider
In the event of disability, this rider will pay the Accident Benefit Sum Assured in the form of monthly instalments for 10 years. Also, all the future premiums of the rider as well as the base plan, if any, will be waived under the policy to the extent of Accident Benefit Sum Assured.
Whereas, in case of death, the amount equal to Accident Benefit Sum Assured will be paid to the nominee.
LIC Accident Benefit Rider
The rider is available under ‘Regular Premium' and ‘Limited Premium' payment policies, wherein the beneficiary receives the additional sum assured plus the death benefit if the insured dies in an accident or within 180 days from the date of the accident.
LIC New Critical Illness Benefit Rider
This critical illness 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
his rider can be opted with the base plan at the inception or at any time during the premium paying term of the base plan. It assists the insured with a waiver of future premiums payable under the base LIC life insurance plan till the expiry of the rider.
LIC Term Plan Exclusions
LIC Term Insurance plans exclude the suicidal death of the insurance holder during the tenure of the policy and are not covered under the plan.
However, if the policyholder commits suicide within the initial 12 months from the policy's starting date in that case there is no death benefit paid to the beneficiary of the policy.
Procedure to Purchase LIC Term Insurance Plans
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.
** To buy other offline term insurance plans, you have to visit the nearest LIC branch to invest in the same.
Claim Settlement Process of LIC Term Insurance Plan
To file a claim for death benefits under the LIC Term Insurance plan, you need the following documents ready:
Original policy documents
Submit the death certificate of the policyholder which states the cause of the death.
The nominee needs to provide a mandate so that the LIC can transfer the claim amount to the beneficiary's account through NEFT.
The insurance company will verify the claim form when the beneficiary of the LIC term plan submits it along with the required documents. The insurance company processes the claim and transfers the benefit amount into the nominee's account after verifying the documents.
LIC call center: 022 6827 6827 (Monday to Friday: 08.00 a.m. to 08.00 p.m. / Saturday: 10.00 a.m. to 06.00 p.m.)
LIC Term Insurance: FAQs
1. What are the various LIC Term Life Insurance Plans available to customers?
There are currently 4 LIC Term Insurance Plans available to insurance holders namely:
LIC Saral Jeevan Bima
LIC Jeevan Kiran
LIC New Tech Term
LIC New Jeevan Amar
2. What are the various Rider options available under the LIC Term Life Insurance Plans?
The various rider options available with LIC Term Insurance Policy are as follows:
Accident Benefit Rider
Accidental Death and Disability Benefit Rider
Critical Illness Rider
3. What are the eligibility criteria for LIC Term Life Insurance Plans?
The LIC Term Policy has eligibility criteria between 18 to 65 years.
4. What are the sum assured options available to insured individuals under the LIC Term Insurance Policy?
The sum insured options are vast under all the LIC Term Insurance ranging between 5/15/25/50 Lakhs to unlimited upper value.
5. Is LIC Tech Term Insurance Plan an online plan?
Yes, LIC Tech Term Plan will be available online via LIC's official website.
6. 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.
7. 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.
8. 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.
9. How to pay the premium of the LIC term plan? What are the online payment modes available?
You can pay the premium of LIC term insurance online through different payment modes such as:
Credit card
Debit card
Net Banking
Phone Banking
10. How I can check the status of my LIC Term Insurance policy?
Policyholders can check the status of their LIC term insurance online by logging in to the e-portal.
11. Can I cancel my LIC term insurance online?
You can not cancel the policy online. So, you can visit the nearest branch of LIC term insurance to cancel the policy.
12. What is the maximum and minimum policy term available under the plans of LIC term insurance?
LIC term plans have a minimum policy term of 5 years and a maximum policy term of 35 years.
13. What is the revival period for LIC of India term insurance plans?
LIC offers a revival period of 5 years from the date of the first unpaid premium.
14. What is the maximum and the minimum range of age to buy LIC term insurance?
The age gap to buy a LIC term insurance plan is minimum 18 and maximum 75 years.
15. Does LIC term insurance plan provide any benefit for non-smokers?
Yes, LIC term insurance plan provides rebate on premium amount for non smokers.
16. What are the types of LIC term plans introduced by the company ?
The present term insurance plan introduced by the company are:
LIC Tech Term Plan
LIC Jeevan Amar
LIC Saral Jeevan Bima
17. Documents required for buying LIC Term Plan?
Documents required for buying tech term plan are:
Age proof
Identity proof
Income proof
Latest medical report
18. Can you buy LIC term plan insurance online?
You can buy LIC term plan insurance online. You can buy it through debit card, credit card or net banking facilities.
19. How do I choose the right LIC Plan for term insurance?
To choose the right LIC Plan for term insurance, you should consider factors such as the coverage amount, policy duration, premium costs, riders, claim settlement ratio, exclusions, and premium payment frequency. You can use online premium calculators to estimate the premium costs and compare different plans to make an informed decision.
20. Can I add riders to my term plan LIC?
Yes, most insurance providers offer riders such as accidental death benefits, critical illness cover, and waiver of premium, which can be added to your term insurance plan for additional benefits.
21. How is the premium amount calculated for a term insurance plan LIC?
The premium amount for a term insurance plan LIC is calculated based on factors such as the coverage amount, policy duration, age of the policyholder, smoking habits, and medical history. The premium costs can be estimated using online premium calculators available on the insurance provider's website.
22. Can I surrender my LIC term insurance plan before the policy term ends?
No, a term insurance plan cannot be surrendered before the policy term ends as it is a pure protection plan and does not have a surrender value. However, some insurance providers may offer a surrender value in case of a few specific term plans.
23. Can I revive my lapsed LIC term insurance plan?
Yes, most insurance providers allow policyholders to revive their lapsed-term insurance plans within a specific period. However, you may need to pay a penalty and submit additional documents for the revival of the plan.
Read what our customers have to say about LIC term insurance company
Aryan Dhaneja
Indore
October 4, 2021
fast claim settling...really happy with the help I received. Will be forever grateful to the agent who helped! Thanks
Kushagra Tyagi
Agra
September 28, 2021
badhiya support mila customer team se! compare kiye kaafi plans and I bought one jo mere liye suitable tha with the help i got
Govind Deb
Kanpur
September 28, 2021
it was a pleasure purchasing life insurance from LIC. Very supportive staff and patient. Thanks guys!
Saheba Quereshi
Chandigarh
September 27, 2021
thanks LIC for settling my claims so shortly! it was really urgent and I m happy to have placed my trust on the company
Kamlesh Kumar
Agra
September 22, 2021
sahi plan mil gyaa...i have to thank LIC jinke plans are budget mein...so i got gud cover at low premiums...
Sania Sharma
Agra
September 22, 2021
the best thing about LIC is that the premiums are not heavy on the pocket...I recently bought theri tech term plan and i have faced no issues during buying
Gulsham
Guwahati
September 21, 2021
the whole life cover i bought from policy will cover me till 100! I m secured till life and at very reasonale premium monthly
Kshtiz Chabbra
Pune
September 20, 2021
LIC ke plans are pretty reasonable priced which is what i like ...they can be bought by simple ppl like us!
