LIC Term Insurance Benefits

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.