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LIC Tech Term Insurance User Reviews

101 reviews Rate This
LIC
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
Rating of Tech Term Plan
4.7
Based on
14 User reviews

  • Professional Customer Service

    InsuranceDekho offers amazing services. My purchase of LIC Term Insurance- Tech Term Plan was smooth and easy. Thanks to the customer support executives who solved my queries even at night. I loved their policy tracking feature the most. After my purchase, simply visiting an online portal helped me to know the status of my health insurance policy. 

    P
    Priyanka Ghosh
    On: Jul 17, 2023

  • My insurance was renewed in a timely manner.

    I bought the LIC Term Insurance- Tech Term Plan from the InsuranceDekho website a year ago and came back to renew it. The procedure for renewing the policy was way too simple and took very little time. The personnel assisted me during the process.

    N
    Nagma Ali
    On: Jul 14, 2023

  • Premium Budget-Friendly Plans

    A remarkable experience of buying a term insurance plan from InsuranceDekho. I bought  the LIC Term Insurance- Tech Term Plan from their online platform. The overall process was very smooth and exciting. Besides getting security, I gained a lot of additional knowledge about term plans through the official website of the company. I highly recommend considering InsuranceDekho for purchasing a health insurance plan.

    S
    Sanaya Joshi
    On: Jul 11, 2023

  • Transparent Premium Calculation

    InsuranceDekho's premium calculation process for term insurance is transparent. They provide a clear breakdown of the premium amount, explaining the factors considered in determining the cost of the LIC Term Insurance- Tech Term Plan. Their transparency builds trust and confidence in their offerings.

    K
    Kiaan Dhami
    On: Jul 06, 2023

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.

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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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