LIC User Reviews
|Claim Settlement Ratio||98.62%|
|Customer Care||8:00 AM to 8:00 PM|
|Death Benefit Paid For||73,3809 Policies|
|Total Death Benefit Paid||12797.85 Crore|
I am a policyholder of LIC’s Jeevan Amar term insurance plan. From the news section of InsuranceDekho, I received significant information on Pradhan Mantri Jeevan Jyoti Bima Yojana, its eligibility, benefits, premium amount and termination of assurance. Thanks to the team for providing such informative news.
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LIC Term Insurance Contact Details
Insurance Dekho755 1196 989Mon to Sun 10:00 AM to 7:00 PM
LIC Term Insurance022-6827-6827Mon to Sat 8:00 AM to 8:00 PM
Claim Process at LIC Term Insurance
Claim IntimationIn the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
Submission of DocumentsClaim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
Claim EvaluationOnce the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
Claim SettlementIf claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.
FAQ About LIC Term Insurance
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.