LIC Term Insurance Plans
Claim Settlement Ratio | 98.62% |
Customer Care | 8:00 AM to 8:00 PM |
Death Benefit Paid For | 73,3809 Policies |
Inception | 1956 |
Presence | 2048 Branches |
Total Death Benefit Paid | 12797.85 Crore |
LIC is the most trusted brand for life insurance products in India. It is a state-owned insurance provider, one of the oldest and largest life insurance companies in India. LIC has curated 2 term insurance plans that provide financial protection at a reasonable price. These LIC term insurance plans help you ensure that your family is financially protected even in your absence. LIC has designed these term insurance plans to cater to different insurance requirements of different people. You can enhance the coverage under these term plans by adding riders to the plan with an additional premium.
LIC Term Insurance Plans
LIC offers 2 term insurance plans which are as follows:
1. LIC Jeevan Amar Plan: LIC Jeevan Amar Plan is pure protection and non-linked without a profit plan. The plan offers the flexibility to choose from two death benefit options namely Increasing Sum Assured and Level Sum Assured. The family of the life assured will receive the death benefit in case of unforeseen demise of the life assured during the policy term. This plan offers attractive premium rates for customers who don’t smoke. Under LIC Jeevan Amar Plan, one gets the freedom to enhance your coverage by adding a rider to the policy at an additional cost.
2. LIC Tech Term Plan: LIC tech term plan is a traditional term insurance plan that provides financial aid to the family in case of an unfortunate event. It is a pure non-risk, non-linked risk premium plan. This plan can only be purchased through the online website of the LIC. The plan has many key features like the option to choose from 2 death benefit options- Level Sum Assured and Increasing Sum Assured. All kinds of death are covered under the LIC Tech Term Plan.
Term Life Insurance Premium Calculator
Gender
- Male
- Female
Date of Birth
Do you smoke or chew tobacco?
- Yes
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Choose required coverage to secure your family’s future
Best LIC Term Insurance Plans
![United IndiaCar Insurance](https://ins-common-logos-prod.s3.ap-south-1.amazonaws.com/brokerage/logo/life/max-life.jpg)
- LIFE COVERTax Free₹2 Cr
- CLAIMS SETTLED ₹99.65%
Revised Zero Cost Benefit
Terminal Illness
Cover Continuance Benefit
Insta-Payment on Claim Intimation
Nominee's Choice payout
![United IndiaCar Insurance](https://ins-common-logos-prod.s3.ap-south-1.amazonaws.com/brokerage/logo/life/hdfc.jpg)
- LIFE COVERTax Free₹2 Cr
- CLAIMS SETTLED ₹99.39%
Terminal illness
Special Exit - Option to get your premiums back
Renewability Option
![United IndiaCar Insurance](https://ins-common-logos-prod.s3.ap-south-1.amazonaws.com/brokerage/logo/life/pnb-metlife.jpg)
- LIFE COVERTax Free₹2 Cr
- CLAIMS SETTLED ₹99.06%
Life Stage Benefit
![Must Buy Must Buy](https://static.insurancedekho.com/pwa/img/must_dot.png)
![Must Buy Must Buy](https://static.insurancedekho.com/pwa/img/must_id_logo.png)
Why to Buy Term Insurance Policy Online from InsuranceDekho
- Tax benefit upto 1,50,000*
- Claim support everyday 10AM-7PM
- 80 Lacs+ happy customers
LIC Term Insurance Contact Details
Claim Process at LIC Term Insurance
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FAQs
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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.
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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.
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Do Term insurance premiums include GST?
Yes, a GST slab of 18% is added to the premium charged for a plan.
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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.