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:
- LIC Tech Term Plan
- LIC Jeevan Amar
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Claim Process at LIC Term Insurance
Claim IntimationIn the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
Submission of DocumentsClaim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
Claim EvaluationOnce the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
Claim SettlementIf 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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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.