Compare & Buy Car, Bike and Health Insurance Online - InsuranceDekho
Track & Policy DownloadLogin

LIC Life Insurance T&Cs

Following are the Terms and Conditions of LIC Term Insurance Plans:

1. Free-look Period: LIC offers a free look period of 15-30 days from the date of issuance of the life insurance policy. If the policyholder does not comply with the terms and conditions of the policy, he/she may return the policy to the LIC stating the reason for objections. On receipt of the same, the LIC will cancel the policy and refund the amount of premium deposited after deducting the risk premium for policy and rider, and charges for medical examination, if any.

2. Grace Period: LIC offers a 30 days grace period for payment of yearly, half-yearly or quarterly premiums and 15 days grace period for monthly premium payments from the date of first unpaid premium payment. Failing to pay the premium before the grace period expires, the life insurance policy will lapse. If the life assured passes away within the grace period but before the due premium payment the policy will still be valid and the benefits will be payable after deducting the unpaid premiums. Above mentioned grace period is applicable for life insurance riders as well.

3. Forfeiture and Non-forfeiture Regulations: Under LIC life insurance plans, in case of Regular Premium and Limited Premium payment policies, if the premiums have been paid for less than 2 and any subsequent premium has not been paid in respect of the life insurance policy, all the benefits will cease after the expiry of the grace period and nothing will be payable. In case two full years premiums have been paid and any subsequent premiums have not been duly paid, the life insurance policy shall not be ceased but shall be considered as a paid-up policy till the policy term ends.

4. Revival of Lapsed Policies: If your life insurance policy has lapsed due to nonpayment of due premium within the grace period, it may be revived within the revival period and before the maturity date, on payment of all the premiums along with interest as fixed by the LIC from time to time. In addition, proof of insurability might be required. The revival of the discontinued policy will take effect only after approval by the insurance company.

5. Surrender: The policyholder can surrender the life insurance policy any time during the policy term provided premiums have been paid for at least two full years. On surrender of the policy, LIC will pay the Surrender Value equal to higher of Guaranteed Surrender Value.

6. Termination of Policy: LIC life insurance policy will immediately and automatically terminate on the earliest occurrence of any of the following events:

  • The date on which lump-sum death benefit / final instalment of death benefit is paid
  • On the expiry of the policy’s revival period
  • On payment of free look cancellation amount.
  • On the date of policy maturity.
  • On the date of payment of surrender benefit
  • In the event of forfeiture.

7. Suicide Exclusion: The policy will be void if the policyholder or the life assured commits suicide (whether sane or insane at the time) at any time or after the date on which the policy has commenced but before the expiry of one year from the date of commencement of the policy.

8. Assignments: Assignment is allowed under the term insurance plan as per section 38 of the Insurance Act, 2015, as amended from time to time.

9. Nominations: Nomination is allowed under the term insurance plan as per section 39 of the Insurance Act, 2015, as amended from time to time.

10. Tax: The policyholder may be entitled to certain tax benefits on his premiums and benefits. All the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by the policyholder.

Term Life Insurance Premium Calculator

Gender

  • Male
  • Female

Date of Birth

calendericon

Do you smoke or chew tobacco?

  • Yes
  • No

Choose required coverage to secure your family’s future

50L
1Cr
1.5Cr
2Cr
Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

LIC Life Insurance Plan List

    Name of PlanSum Assured
    LIC Bima Jyoti20 lac - 10 cr Check Premium
    LIC Jeevan Umang20 lac - 10 cr Check Premium
    LIC SIIP20 lac - 10 cr Check Premium
    LIC Jeevan Anand20 lac - 10 cr Check Premium
    LIC Jeevan Labh20 lac - 10 cr Check Premium

    Life Insurance News

    User Reviews

    Write your review
    What users are saying
    • All
    • Exceptional Team Support

      I recently had an outstanding experience with InsuranceDekho's support team regarding my LIC life insurance policy. Their exceptional dedication to customer satisfaction reaffirmed my confidence in both InsuranceDekho and LIC life insurance.

      V
      LIC
      By Vishesh Arora
      On: Mar 11, 2024
    • Buy Conveniently

      Nice place to purchase a Life insurance policy. I bought the LIC Life Insurance Plan. The process was quite smooth and easy. The policy tracking feature is very impressive. It's been a week since I bought the LIC life insurance policy. It was easy for me to know the status of my plan on InsuranceDekho’s online portal.

      M
      LIC
      By Manish Rathor
      On: Feb 09, 2024
    • Recommended Service

      This platform is my favorite place to buy a Life insurance policy. I bought the LIC LIfe insurance plans from Insuranedekho’s website. All the documentation and paperwork were done online easily and safely. I recommend everyone who is looking forward to buying an affordable life insurance plan.

      S
      LIC
      By Soniya Rajput
      On: Dec 12, 2023
    • User-friendly website

      The website of InsuranceDekho is extremely easy to use. I was easily able to scroll through the different sections of the website when I was buying LIC Life Insurance Policy from InsuranceDekho. 

      S
      LIC
      By Shreya Deol
      On: Nov 24, 2023
    • Smooth process

      The overall process of buying the LIC Life Insurance Policy from InsuranceDekho was quite easy. On the website, a range of plans was available and all the information related to plans was provided there.

      S
      LIC
      By Samir Hussian
      On: Nov 21, 2023

    Best Insurance Advisors in Your City.

    Find the right LIC Life Insurance for you
    By clicking, I agree to *terms & conditions and privacy policy.