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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

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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

  • Hassle-free claim settlement

    I filed a claim on the InsuranceDekho website since I was insured with the LIC Term Insurance- Tech Term Plan from their website. The process involved no complications at all. The claim was settled in very less time and at ease. The team guided me well in the process.  

    S
    Sierra D’souza
    On: Sep 07, 2023

  • Availability of good term insurance plans

    The InsuranceDekho website has a collection of good term insurance plans. Out of those I chose the LIC Term Insurance Policy. I am happy with the plan since it has met all my needs and did not exceed my budget. 

    H
    Hitain Soni
    On: Sep 06, 2023

  • Affordable Protection with High Coverage

    The LIC Term Insurance Policy I discovered on InsuranceDekho offers a high coverage amount at a surprisingly affordable premium. It's a cost-effective way to protect my loved ones.

    S
    Soniya Sharma
    On: Sep 05, 2023

  • Got a plan according to my choice

    I had purchased the LIC Term Insurance Policy from InsuranceDekho a year ago and I wanted to modify my term plan to increase the coverage of my term plan. So, I visited InsuranceDekho to learn about the different riders available under this plan. The information on the website was readily available and I could easily update my policy.

    S
    Soni Puri
    On: Sep 01, 2023

  • Received the best guidance

    I had some queries related to my LIC Term Insurance Policy which I had purchased from InsuranceDekho. So I contacted the customer care number of InsuranceDekho to get my queries resolved, the customer care assistant listened to my queries and provided me with effective solutions. Thanks to InsuranceDekho for helping me clear my doubts.

    R
    Rajiv Jain
    On: Aug 31, 2023

  • Availability of riders

    On InsuranceDekho’s website, I found information on different term insurance riders that help in increasing the coverage of the term insurance policy. While purchasing the LIC Term Insurance Policy from InsuranceDekho I added a suitable rider to my policy. It was very easy to opt for a rider while purchasing the plan from the website. 

    D
    Dhruv Patel
    On: Aug 28, 2023

  • Paperless policy issuance

    I am very satisfied with the services provided by InsuranceDekho. I purchased the LIC Term Insurance Policy from InsuranceDekho, the entire policy issuance process was hassle-free, time-saving, and paperless. 

    M
    Monali Ahuja
    On: Aug 24, 2023

  • Compared several plans at once

    Before purchasing a term plan from InsuranceDekho I wanted to compare several options. I compared several term plans using the premium calculator tool according to my budget and requirements. I purchased the LIC Term Insurance Policy after comparing several term plans.

    A
    Anil Kumar
    On: Aug 23, 2023

  • Claim settled on time

    I filed a claim for LIC Term Insurance Policy at InsuranceDekho’s website. The process of filing the claim was hassle-free and time-saving. Minimum documentation was required to file a claim at InsuranceDekho’s website. The claim was settled on time with consideration. 

    M
    Mamta Mishra
    On: Aug 22, 2023

  • Good experience

    It was my first time purchasing a term plan from InsuranceDekho. I purchased the LIC Term Insurance Policy from InsuranceDekho. The online process to purchase the plan was completely hassle-free, the payment was smooth and I am extremely satisfied with the fast services. Within a few days of making the payment, the policy documents were provided. It was a good first-time experience with InsuranceDekho. 

    S
    Savita Gogia
    On: Aug 16, 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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