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LIC Term Insurance User Reviews

101 reviews Rate This
LIC Term Insurance
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
1.5Cr
2Cr
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
2.5 Crore
  • LIFE COVER
    Tax Free
     ₹1 Cr
  • CLAIMS SETTLED ₹99.51%
Starting From ₹ 682/Month
Claim Settlement
Key Features:
  • Right Green Tick Zero Cost Benefit
  • Right Green Tick Terminal Illness
  • Right Green Tick Nominee's Choice payout
  • Right Green Tick Voluntary Top Up
  • LIFE COVER
    Tax Free
     ₹1 Cr
  • CLAIMS SETTLED ₹95.28%
Starting From ₹ 812/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 ₹99.39%
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
Rating of LIC
4.8
Based on
101 User reviews

  • Educational Resources

    I found the educational articles and resources on InsuranceDekho's website very informative. They helped me understand the nuances of term insurance before making a decision to buy an LIC Term Insurance Policy

    S
    Shivali Garg
    On: Sep 27, 2023

  • Life Saver

    I bought a LIC Term Insurance Policy from InsuranceDekho, and it's been a fantastic experience. The team was helpful, and the policy offers great coverage. I feel secure about my family's future.

    P
    Pulak Parashar
    On: Sep 25, 2023

  • Peace of Mind with InsuranceDekho

    InsuranceDekho gave me the peace of mind I was looking for. Their LIC Term Insurance Policy is very comprehensive and affordable. Knowing that my family is financially protected in case something happens to me is a huge relief.

    S
    Shetaal Meena
    On: Sep 20, 2023

  • Affordable Premium

    The premiums for InsuranceDeko's LIC Term Insurance Policy are competitive and fit well within my budget. Happy to have bought this amazing policy on a friend’s recommendation.

    J
    Juhi Arora
    On: Sep 18, 2023

  • High Claim Settlement Ratio

    InsuranceDekho's high claim settlement ratio gives me confidence that my family will receive the benefits from the LIC Term Insurance Policy, which they deserve when the time comes.

    G
    Geeta Singla
    On: Sep 15, 2023

  • Comprehensive Coverage

    InsuranceDekho offers a wide range of coverage options, with allowing me to customize my LIC Term Insurance Policy to meet my family's unique needs.

    R
    Rajashri Bhagat
    On: Sep 14, 2023

  • Excellent Track Record

    InsuranceDekho has an excellent track record of honoring claims and delivering on their promises. Due to some emergency I had to file and claim for my LIC Term Insurance Policy. This reliability is a crucial factor in choosing a term insurance provider.

    G
    Gulshan Singhani
    On: Sep 13, 2023

  • Incentives for Healthy Living

    I appreciate that InsuranceDekho's LIC Term Insurance Policy often comes with incentives for healthy living. They may offer discounts or rewards for maintaining a healthy lifestyle, which is an added benefit for policyholders.

    A
    Apurv Majumdar
    On: Sep 12, 2023

  • Affordable Peace of Mind

    InsuranceDekho's LIC Term Insurance Policy has given me an affordable way to secure my family's financial future. It's a true peace of mind knowing that they will be financially protected even if I'm not there to provide for them.

    M
    Mandeep Ahluwalia
    On: Sep 11, 2023

  • Unmatched Financial Protection

    InsuranceDekho's LIC Term Insurance Policy offers unparalleled financial protection. It's a relief knowing that my loved ones will be secure even if I'm not around.

    S
    Sanju Singh
    On: Sep 08, 2023

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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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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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