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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

  • Got to know about Claim Settlement Ratio

    While purchasing the LIC Term Insurance Policy plan from InsuranceDekho I got to know about Claim Settlement Ratio and how important it is while choosing an insurance provider. On the basis of the claim settlement ratio, I found a list of insurance companies to choose from. 

    R
    Reema Anand
    On: Aug 10, 2023

  • Time saver website

    All the term insurance policy services such as renewal, claim settlement process, and policy issuance are time-saving on InsuranceDekho’s website. By following the instructions on the website it took me less than 5 minutes to purchase LIC Term Insurance Policy

    F
    Faisal Khan
    On: Aug 08, 2023

  • Best term plans offered

    As I was looking through different term insurance plans offered by InsuranceDekho, I noticed some of these plans are provided by leading insurance companies in India. This convinced me to purchase the LIC Term Insurance Policy from InsuranceDekho.

    G
    Gargi Kandpal
    On: Aug 03, 2023

  • Easy claims settlement

    Filed a claim for the LIC Term Insurance Policy on the InsuranceDekho website. Firstly the claim procedure was quite easy, I followed the instructions stated on the website and secondly, the claim settlement was within the expected time period.

    A
    Archana Garg
    On: Aug 01, 2023

  • Knowledgeable and Friendly Team

    The customer support at InsuranceDekho deserves a special mention. I had some questions about the LIC Term Insurance Policy I wanted to buy, and the support team was incredibly helpful and patient. They took the time to explain all the details to me, ensuring that I fully understood my options before making a decision. Their knowledge and friendliness made the entire process a positive experience. I am impressed with their commitment to customer satisfaction.

    V
    Vishakha Pant
    On: Jul 25, 2023

  • Easy Online Renewals and Policy Management

    Renewing my LIC Term Insurance Policy with InsuranceDekho was a seamless process. The online platform allowed me to manage my policy efficiently.

    N
    Nikita Puri
    On: Jul 21, 2023

  • Reliable and Reputable Insurer

    InsuranceDekho has established a strong reputation in the insurance industry as a reliable insurer. Their commitment to delivering on their promises and providing exceptional service is evident throughout the entire customer journey. I bought the LIC Term Insurance Policy from them and am totally satisfied with the purchase.

    S
    Shibani Majumdar
    On: Jul 19, 2023

  • Well-explained Terms and Conditions

    The policies updated at InsuranceDekho are well-explained when it comes to the terms and conditions. I appreciate the clarity they offer and because of this clarity, I bought the LIC Term Insurance Policy. They made it easier to understand the policy's coverage and benefits.

    S
    Shaira Kapoor
    On: Jul 18, 2023

  • They have a personalized approach

    InsuranceDekho takes a personalized approach to customer service, which made a significant impact. Their team took the time to understand my specific needs and recommended the LIC Term Insurance Policy that aligned perfectly with my requirements. The level of attention and care they provided throughout the process was impressive. InsuranceDekho's personalized customer service made me feel valued and well taken care of.

    V
    Vibha Sahani
    On: Jul 13, 2023

  • Secure Your Family's Future

    I recently purchased the LIC Term Insurance Policy from InsuranceDekho, and I am delighted with the coverage it provides. The policy offers financial protection to my family in the event of any unfortunate circumstances. I highly recommend InsuranceDekho for their reliable term insurance policies.

    S
    Sarita Singh
    On: Jul 12, 2023

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LIC Term Insurance Contact Details

Reach us for help anytime

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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