LIC Term Insurance

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Highlights
Claim Settlement Ratio96.69% in FY 2019-20
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

About LIC Term Insurance

Life Insurance Corporation (LIC) is the largest and oldest life insurance provider in India. LIC is a firmly trusted brand and has the biggest market share in the Indian life insurance industry. Since its birth 60 years ago, the insurance company strives to provide its buyers with the best customer-centric plans to fit their every need and requirements along with exceptional customer service.

LIC has curated the term plans with a motive to fulfill a person’s requirement from a term insurance without bothering his/her budget. With 6 decades of providing services to people, the life insurance company always puts it’s customer first, LIC was rated as ‘Most Trusted Service Brand Of India’ by The Economic Times Brand Equity Service in 2012. LIC has a wide range of insurance products that one can choose from according to their requirements.

List of LIC Term Insurance Plans

Following are the 2 term insurance plans offers by LIC:

  1. LIC Tech Term Plan
  2. LIC Jeevan Amar

Term Life Insurance Premium Calculator

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Choose required coverage to secure your family’s future

50L
1Cr
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Disclaimer :
1. Premium has been calculated for coverage till 70 years
2. Eligibility depends on income, occupation and educational qualification

LIC Term Insurance Plan List

Name of PlanSum Assured
Tech Term Plan20 lac - 10 cr Get Quotes Now

LIC Term Insurance User Reviews

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What users are saying
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  • Top-notch customer care

    Customer care team at InsuranceDekho are well-spoken and they provide effective solutions for queries. I had m...

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    R
    LIC
    By Ritika Malik
    On: Jul 27, 2021
  • Premium calculation was simple

    I was highly concerned about the premium I had to pay for my LIC Jeevan Lakshya Term Insurance plan. Thanks to...

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    K
    LIC
    By Kamlesh Mitra
    On: Jul 21, 2021
  • Easy online payment

    I would like to acknowledge InsuranceDekho for making online premium payments super easy for me. I am not used...

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    R
    LIC
    By Ruchi Mahommed
    On: Jul 15, 2021
  • Excellent customer service

    InsuranceDekho has an excellent customer service team that helped me with my LIC Tech Term policy issuance and...

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    S
    LIC
    By Shrikant Srivastav
    On: Jul 13, 2021
  • Flawless claim processing

    Claim processing under LIC Jeevan Lakshya term insurance plan was flawless thanks to the straightforward instr...

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    T
    LIC
    By Tuhin Das
    On: Jul 06, 2021

Claim Process at LIC Term Insurance

  • 1

    Claim Intimation

    In the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
  • 2

    Submission of Documents

    Claim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
  • 3

    Claim Evaluation

    Once the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
  • 4

    Claim Settlement

    If claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.
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Why to Buy Term Insurance Policy Online from InsuranceDekho

  • Tax benefit upto 1,50,000*
  • Claim support everyday 10AM-7PM
  • 14 Lakh+ happy customers

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FAQ About LIC Term Insurance

  • How often can I pay my premiums for LIC’s term insurance plans?

    LIC’s term insurance plans allow premium payments in different modes. Policyholders can pay premiums monthly, quarterly, half-yearly, or annually as his/her requirements.

  • Are Term insurance premiums exempt from tax?

    Yes, the premium paid for term insurance policies is allowed as a tax-free deduction from your taxable income. Premiums paid up to INR 1.5 lakhs can be claimed as a deduction under Section 80C of the Income Tax Act,1961.

  • What are the different ways of paying LIC Term Insurance premiums?

    LIC Term insurance premiums can be paid through cash, cheque, demand drafts, net banking, UPI, NEFT, mobile wallets, or any other digital mode.

  • Do Term insurance premiums include GST?

    Yes, a GST slab of 18% is added to the premium charged for a plan.

  • What happens when the premium is not paid?

    If the premium is not paid in case of term insurance plans for the specified duration, the policy lapses. In case of a lapse, the coverage halts and the policyholder loses the premiums paid earlier.

LIC Term Insurance Contact Details

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