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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

  • Explanation of risk factors

    When I bought the LIC Term Insurance plan from the InsuranceDekho website, I was delighted at how they fearlessly explained all the risk factors that could come my way and how can I handle those risks in advance.

    A
    Advait Kumar
    On: Apr 18, 2023

  • Useful riders

    When I purchased the LIC Term Insurance plan from InsuranceDekho, I came across some good riders which further helped me increase the scope of the coverage of my term plan. Highly appreciate. 

    N
    Nidhi Manral
    On: Apr 13, 2023

  • Flexible term lengths to suit your needs

    As no two people’s circumstances are the same, InsuranceDekho provides flexible term lengths as per the individual’s interest. By purchasing the LIC Term Insurance Policy, I could choose a coverage period that suits my individual needs. Thanks for providing us the peace of mind.

    A
    Ayan Khan
    On: Apr 10, 2023

  • Unmatched financial protection for loved ones

    The InsuranceDekho website with its LIC Term Insurance plan provided me with excellent financial protection for my loved ones. I have no concerns now about the financial assistance for my family. Thanks to InsuranceDekho. 

    S
    Siya Kapur
    On: Apr 05, 2023

  • Comparing plans is easy

    One can easily compare all the plans on the InsuranceDekho website with their comparison tool. It is very easy to use and once you put in your details, it chalks a plan for you. In the same way, I bought the LIC Term Insurance Plan and it has suited me well, and happy that it compared all the plans before making the final decision.  

    T
    Tom Williams
    On: Apr 03, 2023

  • The interface is quite easy to use

    The website of InsuranceDekho was so user-friendly that I was able to easily use it without any help. The easy-to-use interface of InsuranceDekho made it easier for me to buy the LIC Term Insurance plan without any effort. Highly recommend it to everyone.

    A
    Agamya Awathi
    On: Mar 28, 2023

  • Amazing understanding

      My friend suggested me the InsuranceDekho website as I was looking for insurance online. Everything was available in one place. I was highly impressed by it. I compared the plan and I choose LIC Term Insurance. The team understood my concerns very well regarding the claim settlement and resolved them to my satisfaction. Thanks a lot, team InsuranceDekho.   

    N
    Niharika Mahajan
    On: Mar 24, 2023

  • Time convenient

      I purchased the LIC Term Insurance plan from InsuranceDekho. It was a very easy task to purchase a term plan from this website. It took me only a few minutes to purchase the term plan and the entire process was digital, convenient, and very time-saving. It was a good first experience with InsuranceDekho. 

    P
    Parth Jain
    On: Mar 21, 2023

  • Well-guided by experts

      The entire process of buying the LIC Term Insurance plan from InsuranceDekho became easier as it was well-guided by a team of experts. They not only explained everything about the plan but also ensured that I choose the best among all the plans as per my needs. Keep up the good work. 

    A
    Anjali Doshi
    On: Mar 17, 2023

  • Helpful customer care services

    I had some queries related to my LIC term plan 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. 

    T
    Tanmay Dabur
    On: Feb 21, 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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