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LIC Term Insurance FAQs

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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

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
1.5 Crore
2 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.51%
Starting From 707/Month
Key Features:
  • Zero Cost Benefit
  • Terminal Illness
  • Nominee's Choice payout
  • Voluntary Top Up
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 98.14%
Starting From 812/Month
24hr Claim Settlement
Key Features:
  • Waiver of Premium on Disability
  • Terminal Illness
  • Life Stage Benefit
  • Special Exit Benefit
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.4%
Starting From 771/Month
24hr Claim Settlement
Key Features:
  • Terminal illness
  • Special Exit - Option to get your premiums back
  • Renewability Option
See More Plans

Benefit

  • What is the revival period for LIC term insurance plans?

    LIC offers a 5 years of revival period from the date of first unpaid premium.

  • Is a free-look period offered for LIC term insurance plans?

    LIC offers a free-look period of 30 days from the date of policy issuance under which the policyholder can return/cancel the insurance policy if he/she is not satisfied with the term insurance policy.

  • Is suicide covered under LIC Jeevan Amar plan?

    No. suicide is not covered under the LIC Jeevan Amar plan. If the life assured commits suicide within first 12 months of the policy term, the insurance company will provide 80% of the total premiums paid till the date of life assured’s death.

  • What is the minimum and maximum entry age for LIC term insurance plans?

    Minimum entry for LIC term insurance plans is 18 years and maximum entry age is 65 years. Anybody who is above 18 years and below or 65 years can purchase LIC term insurance plans.

  • Why should I choose LIC term insurance plans?

    LIC term insurance plans offer high life coverage at a reasonable price. These plans provide financial protection to your family in your absence. You can also enhance the base of these plans by adding riders to the plan.

Claim Settement

  • What all documents are acceptable for ID Proof and address proof?

    The following documents are acceptable as ID and Address Proof-

    • PAN Card Passport
    • Aadhar Card
    • Driving License
    • Bank Account Statement
    • Voter Identity Card.

  • Who is entitled to receive LIC term insurance claims?

    The claim amount can be received by the nominee, the proposer, (in case you are not the policyholder), assignee, legal heirs.

  • How much time is to take for a claim settlement?

    As per the Insurance Regulatory Authority of India (IRDAI), all claims reported are settled within 30 days from receipt of required documents, in case further investigation is required the claim is settled within 120 days from the receipt of required documents.

  • Can I report a claim for LIC term insurance at any branch?

    Yes, you can report a claim for LIC term insurance plans at any branch across India.

  • Who is a nominee?

    The nominee or the beneficiary is the person appointed by the policyholder at the time of policy issuance for receiving the benefits of the insurance policy. In case the nominee is a minor, the benefits would be received by the appointee mentioned in the policy.

Over View

  • What is the claim settlement ratio of LIC?

    LIC featured a high claim settlement ratio of 96.69% in the FY 2019-2020.

  • Is policy loan facility available under LIC Tech Term plan?

    No, policy loan facility is not available under the LIC Tech Term plan.

  • What are different rider’s options available under LIC Term insurance plans?

    The riders available under LIC are LIC’s Accidental Death Benefit, LIC New Term Assurance Rider, LIC’s Linked Accidental Death Benefit Rider, LIC’s Accidental Death, and Disability Benefit Rider, LIC’s New Critical Illness Benefit Rider, and LIC’s Premium Waiver Benefit Rider

Plans

  • Do LIC Term Insurance plans offer maturity benefits?

    No, maturity benefits are not available under LIC term insurance plans.

  • What are the different premium payment modes available for the LIC Jeevan Amar plan?

    Different premium payment modes available for the LIC Jeevan Amar plan are monthly, quarterly, half yearly and yearly premium payment.

  • What are the different death benefit payout options offered under LIC Jeevan Amar plan?

    LIC Jeevan Amar plan offers two death benefit options namely Level Sum Assured and Increasing Sum Assured.

  • Is there a option to receive the death benefit in instalments for LIC Tech Term Plan?

    Yes, the beneficiary can choose to receive death benefit in instalments instead of receiving it in lump sum, over a chosen period of time such as 5 or 10 years. The instalments will be paid yearly, half yearly, quarterly or monthly as opted for.

  • Can I nominate a person in my LIC Tech Term plan?

    Yes, life assured can make a nomination in his/her LIC Tech Term plan as per Section 39 of the Insurance Act, 1938.

Premium Calculator

  • 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.

  • How will I get maturity under my term LIC Term insurance plans?

    You will not receive anything as there are no maturity benefits under LIC term insurance plans. The only benefit you get is the death benefit. Your family or your loved ones can gain the sum assured in your absence.

  • What is the grace period offered for LIC term plans?

    LIC offers a grace period of 30 days for yearly and half-yearly premium payments under the LIC Term Insurance plans.

  • What is the toll-free customer care number of Life Insurance Corporation of India?

    The 24x7 toll-free number of Life Insurance Corporation Of India is 022 6827 6827.

LIC Term Insurance User Reviews

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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.

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