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LIC Term Insurance Benefits

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Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

Benefits of LIC Term Insurance

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.

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Disclaimer :
1. Premium has been calculated for coverage till 60 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

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    LIC Term Insurance Contact Details

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    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.

    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.