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LIC Term Insurance Benefits

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Highlights
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 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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Choose required coverage to secure your family’s future

50L
1Cr
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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Best LIC Term Insurance Plans

1 Crore
2 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.7%
Starting From 688/Month
Claim Settlement
Key Features:
  • Right Green Tick Revised Zero Cost Benefit
  • Right Green Tick Terminal Illness
  • Right Green Tick Cover Continuance Benefit
  • Right Green Tick Insta-Payment on Claim Intimation
  • Right Green Tick Nominee's Choice payout
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.2%
Starting From 730/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Waiver of Premium on Disability
  • Right Green Tick Terminal Illness
  • Right Green Tick Life Stage Benefit
  • Right Green Tick Special Exit Benefit
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.4%
Starting From 771/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Terminal illness
  • Right Green Tick Special Exit - Option to get your premiums back
  • Right Green Tick Renewability Option
See More Plans

User Reviews

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What users are saying
  • All
  • Provide Flexibility

    At Insurancedekho companies, you can Compare plans whenever you are free and contact the customer support team at your convenience. I have no words to express my thanks to the customer team of InsuranceDekho. I bought my LIC Term Life Insurance Plan conveniently through your "anytime assistance" feature.

    V
    LIC
    By Vanshikha Sharma
    On: Feb 09, 2024
  • Best Customer Support

    My purchase of a team insurance policy from InsuranceDekho was amazing. The customer support team made my purchase of the LIC term insurance plan quick and easy. Loved it!

    J
    LIC
    By Janvi Pal
    On: Dec 12, 2023
  • An affordable plan

    I used the online term calculator to evaluate the premium of the LIC Term Insurance Policy. When I found that the premium of the plan matched my budget, I instantly bought it.

    D
    LIC
    By Dev Shree
    On: Nov 24, 2023
  • I got friendly suggestions

    When I was buying the LIC Term Insurance Policy from InsuranceDekho, the team provided me with friendly advice. They not only helped me select the desired term plan but also explained everything about the buying process.

    D
    LIC
    By Deepti Garg
    On: Nov 21, 2023
  • Empowerment through Term Insur...

    With the LIC Term Insurance Policy, InsuranceDekho empowers customers like me  with valuable knowledge about term insurance. It's a knowledge hub for making well-informed financial choices.

    M
    LIC
    By Mamta Khati
    On: Nov 15, 2023
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Why to Buy Term Insurance Policy Online from InsuranceDekho

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

Term Insurance News

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.

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FAQs

  • 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.