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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 insurance plans are available at affordable premium rates with multiple choices in death benefit payout. In addition to this, customers have the option to personalize their plans according to their financial requirements.
At present, LIC offers 3 different plans under their LIC term insurance segment and they can be bought traditionally through their branches.
Continue for deep insights into LIC term insurance.
This section gives a glance into the company’s performance based on several factors such as:
Moving forward, let’s take a look below at some of the benefits available with LIC Term Insurance:
Your absence should not make your loved ones financially handicapped. With LIC online Term Plans, provide complete protection to your loved ones.
LIC offers 3 term plans to secure the financial needs of your family. Check them out:
LIC Tech Term is 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
LIC Jeevan Amar is an offline and affordable term insurance plan that offers complete flexibility to the policyholder, allowing them to choose their death benefits.
Unique Features
LIC Saral Jeevan Bima is a standard term plan that offers financial security to your family at affordable rates. Unlike other term plans offered by LIC, the sum assured under Saral Jeevan Bima is limited to Rs. 25 Lakhs.
Unique Features
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.
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.
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.
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.
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 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.
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:
** To buy other offline term insurance plans, you have to visit the nearest LIC branch to invest in the same.
To file a claim for death benefits under the LIC Term Insurance plan, you need the following documents ready:
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 Insurance Contact Address
Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512.
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.)
No, the option chosen at the time of inception remains the same throughout and cannot be changed by the policyholder or the claimant.
Yes. LIC offers an additional Accident Cover under both its term plans that users can avail to cover death due to an accident.
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.
You can pay the premium of LIC term insurance online through different payment modes such as:
Policyholders can check the status of their LIC term insurance online by logging in to the e-portal.
You can not cancel the policy online. So, you can visit the nearest branch of LIC term insurance to cancel the policy.
LIC term plans have a minimum policy term of 5 years and a maximum policy term of 35 years.
LIC offers a revival period of 5 years from the date of the first unpaid premium.
The age gap to buy a LIC term insurance plan is minimum 18 and maximum 75 years.
Yes, LIC term insurance plan provides rebate on premium amount for non smokers.
The present term insurance plan introduced by the company are:
Documents required for buying tech term plan are:
You can buy LIC term plan insurance online. You can buy it through debit card, credit card or net banking facilities.
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!
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