LIC Term Insurance Benefits
Claim Settlement Ratio | 98.62% |
Customer Care | 8:00 AM to 8:00 PM |
Death Benefit Paid For | 73,3809 Policies |
Inception | 1956 |
Presence | 2048 Branches |
Total Death Benefit Paid | 12797.85 Crore |
LIC Term Insurance Plans are specifically designed to ensure that your family members are secured even in your absence, by providing them financial protection in order to meet their daily financial expenses and achieve their goals and aspirations. LIC has curated these plans keeping in mind that you live a life where you are worried about the financial condition of your family in your absence.
LIC Term Insurance Plans Benefits
LIC Term insurance offers the following benefits to its valued customers:
1. Financial Assistance: LIC term insurance plans provide a death benefit in case of an unfortunate demise of the life assured during the policy term. These plans are designed to provide financial assistance to your family in desperate times. With LIC Term Insurance plans one can ensure that their family is not financially bothered to meet their daily expenses or are not able to achieve their goals. In difficult times the nominee/beneficiary can choose to receive the death benefit payout in lump sum or instalments over a period of time, to meet their daily financial needs.
2. Affordable Premiums: LIC term insurance plans offer high life cover at an affordable price. These plans offer you comprehensive coverage without bothering your budget. LIC has designed these plans keeping in mind that anybody can purchase the terms plans.
3. Multiple Premium Payment Modes: For LIC term insurance plans multiple premium payments modes are available. One can choose to pay the premium monthly, quarterly, half yearly or yearly according to their budget.
4. High Claim Settlement Ratio: LIC has featured a high claim settlement ratio of 96.69% in the FY 2019-20. High claim settlement ratio of the insurance company reflects that the insurance company understands its customers and wants its customer to fully trust the insurance provider. If you choose an insurance provider with a high claim settlement ratio you can rely on them to settle your claim as early as possible.
5. Additional Coverage: Under LIC term insurance plan you can add riders which are additional coverages that enhance the base cover of the policy. These riders come with an additional premium. LIC term insurance plans offer several riders namely critical illness cover, permanent disability, accidental death cover, etc on payment of additional premium.
6. Tax Benefits and Exemptions: Premiums paid towards LIC term plan and LIC riders qualify for tax exemption as per Section 80C and 10(10D) of the Income Tax Act, 1961.
Term Life Insurance Premium Calculator
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Best LIC Term Insurance Plans
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.7%
- Revised Zero Cost Benefit
- Terminal Illness
- Cover Continuance Benefit
- Insta-Payment on Claim Intimation
- Nominee's Choice payout
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.2%
- Waiver of Premium on Disability
- Terminal Illness
- Life Stage Benefit
- Special Exit Benefit
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.4%
- Terminal illness
- Special Exit - Option to get your premiums back
- Renewability Option
Why to Buy Term Insurance Policy Online from InsuranceDekho
- Tax benefit upto 1,50,000*
- Claim support everyday 10AM-7PM
- 80 Lacs+ happy customers
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FAQs
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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.
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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.
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Do Term insurance premiums include GST?
Yes, a GST slab of 18% is added to the premium charged for a plan.
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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.