LIC offers 4 types of term insurance plans with benefits like cheaper premiums, high CSR, rider benefits, short and long-term tenure plans, and flexible premium paying options. And, not forget, being the largest life insurance company in India, LIC comes with the unshakeable trust of its customers.
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LIC is one of the most popular and economical insurance providers in India. Launched on 1 Sept 1956, by the government of India Till now LIC has sold over 100 million policies. LIC is also one of the most trusted insurance providers in India. LIC also deals in the health insurance business. Today has more than 1 lakh employees that work 24/7 to assist their customers in every possible aspect. Recently the Indian government started selling some stake in LIC in the open market.
LIC term insurance offers four different types of term plans in India, which helps to cover every category of people in India.
Plans | Age Limits | Min. Maturity Age | Policy Duration | Min. Sum Assured |
---|---|---|---|---|
LIC Saral Jeevan Bima | 18-65 Age | 70 years | 5-40 years | 5 Lakh |
LIC Jeevan Kiran | 18-65 Age | 80 years | 10-40 years | 50 lakh |
LIC New Tech term | 18-65 Age | 80 years | 10-40 years | 5 Lakh |
LIC New Jeevan Amar | 18-65 Age | 80 years | 10-40 years | 25 Lakh |
LIC Saral Jeevan Bima is a basic term insurance plan offered by LIC Term Life Insurance. In this plan, the policyholder only opted for the death benefit.
Eligibility criteria of Saral Jeevan Bima Plan
Terms | Limits |
---|---|
Entry Age | 18-65 Age |
Maximum Maturity age | 70 years |
Policy Term | 5- 40 years |
Premium Paying Term | Monthly Quarterly Half Yearly Annually |
Maximum Sum assured | 25 Lakh |
Minimum sum assured | 5 lakh |
In case of the death of the policyholder, the LIC Saral Bima Plan offers a lump sum amount to the Nominee as Discussed in Policy terms. LIC Saral Bima also has criteria for the policies in the waiting period:
For Regular Premium | For One-time Premium |
---|---|
10 times of Annual premium paid | - |
105% of all premium paid till date of death | 125% of single premiums paid |
Sum assured according to policy paid on death | Sum assured according to policy paid on death |
LIC Saral Jeevan Bima did not offer any type of maturity benefit.
LIC Jeevan Kiran's term insurance plan is one of the latest launched Term Insurance plans offered by LIC Term Insurance. In this plan, the policyholder can opt for death benefits and Maturity benefits.
Eligibility criteria of LIC Jeevan Kiran insurance plan
Terms | Limits |
---|---|
Minimum entry age | 18 years |
Maximum entry age | 65 years |
Maximum maturity age | 80 years |
Minimum maturity age | 28 years |
Policy terms | 10-40 years |
Minimum sum assured | 15 lakh |
Premium paying term | Monthly Quarterly Half-yearly Annually |
In the LIC Jeevan Kiran plan, the nominee will get a lump sum payout as a death benefit, depending upon the chosen plan. LIC Jeevan Kiran also has criteria for the policies in the waiting period:
For Regular Premium | For One-time Premium |
---|---|
10 times of Annual premium paid | - |
105% of all premium paid till date of death | 125% of single premiums paid |
Sum assured according to policy paid on death | Sum assured according to policy paid on death |
In the LIC Jeevan Kiran term insurance plan, if a policyholder survives the policy duration, he/ she can take back all the premiums that were paid during the policy term.
LIC New Tech term insurance plan is an online term insurance plan offered by LIC. This plan provides the dual benefits in sum assured i.e-As level sum assured and online sum assured.
Eligibility criteria:
Terms | Limits |
---|---|
Entry age | 18-65 years |
Policy term | 10-40 years |
Premium Paying Term | RegularSingle Limited |
Minimum sum assured | 50 Lakh |
Maximum sum assured | No limit depends on underwriter |
Riders | Same as other plans. |
Death benefits of LIC New Tech Term Insurance are the same as other LIC plans. While increasing sum assured will be started from 5th year onwards till the 15th year of the policy term.
For Regular Premium | For One-time Premium |
---|---|
10 times of Annual premium paid | - |
105% of all premium paid till date of death | 125% of single premiums paid |
Sum assured according to policy paid on death | Sum assured according to policy paid on death |
No maturity benefits are applicable in the LIC New Tech term plan.
LIC New Jeevan Amar is Popularly famous for good interest rate for women ,and increasingly higher interest rate.
Eligibility criteria
Terms | Limits |
---|---|
Entry age | 18-65 years |
Policy term | 10-40 years |
Premium Paying Term | RegularSingle Limited |
Minimum sum assured | 20 Lakh |
Maximum sum assured | No limit depends on underwriter |
Riders | Same as other plans. |
Death benefits of LIC New Jeevan Amar term insurance are the same as other LIC plans. While increasing sum assured will be started from 5th year onwards till the 15th year of the policy term.
For Regular Premium | For One-time Premium |
---|---|
10 times of Annual premium paid | - |
105% of all premium paid till date of death | 125% of single premiums paid |
Sum assured according to policy paid on death | Sum assured according to policy paid on death |
No maturity benefits are applicable LIC New Jeevan Amar
The Features of the LIC Term Plan are given Below
LIC Term plans have multiple types of rides available depending upon the needs and requirements of the customers. Some of the most common riders are described below:
To buy, a LIC Term insurance plan online you have to follow the below steps:
First, Visit the Official website of LIC India and go to the buy policy online section.
Choose the term insurance plan you want to purchase, according to the list of needs and requirements from the list of plans.
Fill out all the personal details as mentioned. (Like name, address, phone number)
Select the right sum assured as per your requirement.
Select the premium paying frequency.
Review all the necessary details carefully.
Pay your premium amount from any of the given methods (like- credit, debit, net banking, etc)
Once your premium gets paid you will receive a notification by email and registered mobile number.
LIC Term insurance made the claim process very convenient and easy. So, in hard times the policyholder family will get support as soon as possible.
To file a Claim in LIC Term life insurance plans, one has to follow these steps:
Submit Original policy documents to the nearby LIC office according to pin code.
Submit the death certificate of the Policy Holder and cause of death.
Attaches nominee bank mandate, so LIC term insurance can transfer the lumpsum amount into it.
To contact the LIC Term insurance, customers can use both offline and online ways.
For Offline | For Online |
---|---|
Yogakshema Building, Jeevan Bima Marg, P.O marg-19953 Mumbai -400021 IRDAI Reg-512. | Customer care- 022-6827-6827 (Monday- Friday-08 am to 08 pm) (Saturday-10- 06 pm) |
LIC term insurance plans are famous in India for low premiums and higher insurance coverage. LIC Term plans have multiple riders which full fill all the requirements and needs of the customers. In India, lic term plans are also famous for their trust and reliability.
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Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.
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