• LIC Term Insurance

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    LIC offers five variable options under its term insurance plans and they can be bought traditionally through the branches of LIC. For those who wish a quicker and tech-savvy approach, some plans can be purchased over LIC’s portal as well. These plans feature simple terms and conditions and can be easily availed through minimal or no paperwork. These plans also offer tax benefits on the payment of premiums and the final sum assured that is payable to the nominee. Loans can also be taken in lieu of these term plans and this gamut of offering from LIC is also known as Term Assurance Plans.

    Types of LIC Term Plans:

    There are five types of term plans offered by LIC and they are -

    Out of the above plans, Bhagya Lakshmi and New Jeevan Mangal are primarily micro insurance products that have a term insurance feature.

    LIC Amulya Jeevan II

    A traditional term plan from LIC Insurance, this plan is available through the branches of LIC and its basic features are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 60 years

    Maturity Age

    Maximum of 70 years

    Premium

    Minimum – Based on the minimum sum assured value and the age of the insured

    Maximum – No limit

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term (5 years to 35 years)

    Policy Term

    Minimum – 5 years

    Maximum – 35 years

    Premium Payment Mode

    Annual and semi-annual

    Sum Assured

    Minimum – INR 2500000

    Maximum – No limit

    Death Benefit

    The entire Sum Assured value will be paid to the nominee

    LIC Anmol Jeevan II

    Another traditional plan from LIC, Anmol Jeevan II has almost similar features as Amulya Jeevan II.

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 55 years

    Maturity Age

    Maximum of 65 years

    Premium

    Minimum – Depends on policy term and age of the insured subject to sum assured

    Maximum – No limit

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term

    Policy Term

    Minimum - 5 years

    Maximum – 25 years

    Premium Payment Mode

    Annual or semi-annual

    Sum Assured

    Minimum – INR 600000

    Maximum – INR 2400000

    Death Benefit

    The entire Sum Assured value will be paid to the nominee

    LIC Bhagya Lakshmi

    An offline plan in the micro-insurance segment, Bhagya Lakshmi can be really helpful for the rural population or the ones belonging to low income groups. Unlike conventional term insurance plans, this plan offers a maturity benefit too. The plan details are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 55 years

    Maturity Age

    Maximum of 65 years

    Premium

    Minimum – depends on the age of insured, policy term and sum assured

    Maximum – subject to a Sum Assured amount of INR 50000

    Premium Payment Term

    Limited Pay –

    Minimum – 5 years

    Maximum – 13 years

    Sum Assured

    Minimum – INR 20000

    Maximum – INR 50000

    Policy Term

    Premium paying term plus 2 years

    Premium Payment Mode

    Annual, semi-annually, quarterly or monthly. Salary deductions are also

    Maturity Benefit

    Sum Assured on Maturity = 110% of all premiums paid

    Death Benefit

    Sum Assured on Death

    LIC e-Term

    LIC’s only online plan that is a pure term plan and considered only on individual basis. The basic features of this plan are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 60 years

    Maturity Age

    Maximum of 75 years

    Premium

    Minimum – depends on factors decided by the insurer

    Maximum – No limit subject to the Sum Assured amount chosen

    Premium Payment Term

    Limited Pay – Premium paid for 5 years

    Single Pay – One time lump sum payment of premium

    Sum Assured

    Minimum –

    1. Aggregate Category – INR 25 lakhs

    2. Non-smoker Category – INR 50 lakhs

    Maximum – No limit

    Policy Term

    Minimum - 10 years

    Maximum – 35 years

    Premium Payment Mode

    Annual only

    Death Benefit

    Sum Assured on Death

    LIC New Jeevan Mangal

    A micro-insurance plan with an accidental death benefit rider that offers to return the premiums paid on maturity. The basic features and benefits of this plan are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 55 years

    Maturity Age

    Maximum of 65 years

    Premium

    Minimum – depends on factors decided by the insurer

    Maximum – No limit subject to the Sum Assured amount chosen

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term

    Single Pay – One time lump sum payment of premium

    Sum Assured

    Minimum – INR 10000

    Maximum – INR 50000

    Policy Term

    Single Pay Premium – 5 years to 10 years

    Regular Pay Premium – 10 years to 15 years

    Premium Payment Mode

    Single, annually, semi-annually, quarterly or monthly

    Maturity Benefit

    Sum Assured on Maturity

    Death Benefit

    Sum Assured on Death = 105% of all premiums paid for regular pay and 125% of premium for single pay policies

    Accidental Death Benefit

    Additional Sum Assured over and above the Base Sum Assured

    Basic Features & Benefits of LIC Term Plans

    • The oldest and the most trustworthy insurer in India in the public sector
    • Flexible options in insurance pertaining to term, cover amount and premium payment
    • Customers can buy selected plans online in the comfort of their homes
    • Customers can avail of certain tax benefits under relevant sections of the IT Act, 1961
    • Some plans can be converted to other plans offered by LIC

    How to claim LIC Term insurance?

    To claim death benefits, you will need to fulfil certain formalities. They are:

    • Process: To claim the death benefits you will have to collect the document required and submit them at the LIC office. Once the documents are received and the claim verified, the policy being in effect and the claimant being the beneficiary, LIC will process the claim and release the sum assured.
    • Documents required:
      • You will need 3 key documents to make a claim for the death benefits of any policy.
      • The original policy document.
      •  The death certificate of the policyholder
      • The claim form, also known as Claim Form A or Form No.3783.
      • An NEFT mandate that will allow LIC to transfer the amount to your account.

    Exclusions of LIC Term Plan:

    Every insurance policy, including term insurance policies, has certain conditions under which claims will not be entertained. These conditions are known as exclusions. The main exclusion that applies to the policies issued by LIC relates to suicide committed by the policyholder. In such a case, if the policy is less than 12 months old then LIC will not pay anything to the beneficiary. If it is more than 12 months old then they will pay 80% of the premiums paid to the beneficiary and not entertain any claims for the sum assured.

    Why choose LIC Term Insurance Plan?

    There are many reasons why LIC is a good choice for term insurance policies. These reasons are:

    • It has the best claims settlement ratio of over 98%. This means that it successfully settle 98% of the claims that they get.
    • It has out-performed all its competitors from the private sector, especially in terms of claims settlement.
    • It has insurance plans that can be bought online. This means that easier to ensure that you are covered.

    LIC Term Plans FAQs:

    1. Q. What are the various types of LIC Term Plans?

    A. The five types of term plans are LIC Amulya Jeevan – II, LIC Anmol Jeevan – II, LIC Bhagya Lakshmi, LIC e-Term and LIC New Jeevan Mangal.

    2. Q. What are the various benefits available under the plans from LIC?

    A. Each term plan from LIC has differing death benefits and add-on benefits as per the riders chosen, but the basic benefits allow a pay-out of sum assured in a lump sum amount.

    3. Q. What is the minimum sum assured for LIC Term Plans?

    A. The minimum sum assured under the various term plans from LIC is INR 10000 and that is available under the New Jeevan Mangal Plan.

    4. Q. Can one be given rebates on premiums?

    A. There are term plans from LIC that offer preferential rates on premiums for non-smokers and females.

    5. Q. What is the maximum and minimum policy term available under these plans?

    A. LIC term plans have a minimum policy term of 5 years and a maximum term of 35 years, subject to the entry age and the maturity age of the life insured.

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    LIC Term Insurance Reviews

  • Page 1 of 13 1 2 3 4 5
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken 2 term insurance policies with LIC. Both the policies are long term and it was taken before 9 or 10 years. I never used to interact with the customer service because I used to do everything on the online portal. I used to pay the premium through net banking. I pay around Rs.24,000 yearly.
      Was this review helpful? 0
      , thane
      Reviewed on Jan 25, 2018
    • LIC Life Insurance
      "Good policy to use "
      0.5 5.0/5 "Blown Away!"
      I pay Rs,5,000 as premium to my Term life insurance policy. I hold this policy for past 10years with this policy. This policy has the tenure of 15years. The customer support is good with the LIC and the plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , madurai
      Reviewed on Jan 18, 2018
    • LIC Life Insurance
      "Better term policy"
      0.5 4.0/5 "Great!"
      LIC term plan has been used by me for more than 10years from LIC . I got this LIC term life insurance policy for more than 10years. The customer support service is good with the LIC . I would say the plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2018
    • LIC Life Insurance
      "Very good policy to use"
      0.5 4.0/5 "Great!"
      I have got the term life Insurance policy with LIC very recently. The customer support gave me good response from LIC. This policy has the tenure of 35years. The policy coverage is Rs ,1crore. I pay the premium of Rs,50,000 per year. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • LIC Life Insurance
      "Accidental policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from LIFE INSURANCE CORPORATION OF INDIA. Yearly i have to pay 12500. After maturity period i will get a return of 10 lakhs. Its a term insurance and its a accidental policy. This will be benefited only after the death of the policy holder.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 12, 2017
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My Life Insurance was taken with LIC 1 year back . The tenure period was 25 years and premium paid on half yearly basis. The customer service and responses was up to the mark. Its a long term plan and the the coverage returns was excellent . My overall experience was good and Its recommendable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 04, 2017
    • LIC Life Insurance
      "Term insurance "
      0.5 3.5/5 "Pretty good"
      I have taken term insurance from LIC. The insurance amount is 10000 andd that is to be paid annually. The maturity period is 35 years for 35 years i have to pay 10000 and in future if any thing happens to me then, my family will get 50 lakhs as insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2017
    • LIC Life Insurance
      "Better policy to use"
      0.5 4.0/5 "Great!"
      Got the Term life insurance policy with LIC around 6 years ago. The customer support is good with LIC. They intimations are given time to pay the premium amount. The plan benefits and the coverage is good with the Life insurance corporation of India term plan.
      Was this review helpful? 0
      , goa
      Reviewed on Nov 09, 2017
    • LIC Life Insurance
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My life Insurance is with LIC . The tenure period was 10 years and premium paid on half yearly basis.The customer service and responses was up to the mark. Its a long term plan and Its a tax benefit . They are providing door step service for collecting cheques. My overall experience was very good.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 08, 2017
    • LIC Life Insurance
      "Necessary spending"
      0.5 5.0/5 "Blown Away!"
      I have a Life Insurance with LIC, which I feel is really good thing to have. The whole idea of investing for the futute is pretty good, generally the long-term plan is something that will give you good returns. I believe it's a necessary spending.
      Was this review helpful? 0
      , bundi
      Reviewed on Nov 02, 2017
    • LIC Life Insurance
      "Better Money back plan"
      0.5 4.0/5 "Great!"
      I have the Money back Life Insurance policy for past 7years with LIC and this policy has the tenure of 20years. It is an long term plan so I will be getting the money back after the policy gets matured. The plan benefits and the coverage is good with his policy.
      Was this review helpful? 0
      , kekri
      Reviewed on Oct 28, 2017
    • LIC Life Insurance
      "Good Term policy "
      0.5 4.0/5 "Great!"
      I have term Insurance policy with LIC. I got this insurance policy for more than 10years. This policy has the tenure of 15years. The customer support is good with LIC, they give good response to the customers. I pay the premium of Rs,2000 every month. I pay the premium ECS mode.
      Was this review helpful? 0
      , kannur
      Reviewed on Oct 28, 2017
    • LIC Life Insurance
      "Good Term policy "
      0.5 4.0/5 "Great!"
      I have term Insurance policy with LIC. I got this insurance policy for more than 10years. This policy has the tenure of 15years. The customer support is good with LIC, they give good response to the customers. I pay the premium of Rs,2000 every month. I pay the premium ECS mode.
      Was this review helpful? 0
      , kannur
      Reviewed on Oct 28, 2017
    • LIC Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have my policy with LIC for 2 to 3 years. It is a very simple process with lesser documentation. The term plan policy tenure is for approximately 2 to 3 years. I pay yearly premium of 39,000. The representative were helpful. The payments are made through cheque.
      Was this review helpful? 0
      , raipur
      Reviewed on Oct 23, 2017
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have LIC Policy from last 4 years and it is a long term insurance. The tenure of this policy is 19 years. I pay a premium of Rs 1500 as quarterly payment. The payment option is also convinient to me, i pay through cheque. I am also happy with the coverage returns which they are giving.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • LIC Life Insurance
      "Secure investment and secure plan"
      0.5 5.0/5 "Blown Away!"
      I have term insurance with LIC, I am making the premium around Rs.15,000 on yearly basic it has the tenure of 30 years. After that I wont get any sum assumed, but my family will get the amount Rs.50 lakhs in one shot amount. I am working with same LIC its good.
      Was this review helpful? 0
      , indore
      Reviewed on Oct 17, 2017
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      My life Insurance was taken with LIC since my company had a tie up with . Its a corporate Insurance and the tenure period is 20 years. Its a long term plan and I have taken for myself and family . The policy coverage i s 2lakhs and I am satisfied with it. I am paying through cheques , they are providing door step service to collect the cheque and the premium paid on quarterly basis. I get tax benefits for this.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 14, 2017
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      My life Insurance was taken with LIC. Its a long term plan and the tenure period is 25 years . I am paying 14,000 on early basis and I am satisfied with the policy coverage also. This is taken for myself and Its a tax benefits. The online payment option is very convenient and I am satisfied with the service also,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 07, 2017
    • LIC Life Insurance
      "Jeevan key saat be or Jeevan key baath be"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from LIFE INSURANCE CORPORATION OF INDIA. Its a term insurance of 10 years. The annual premium is 25000 which i used to pay through cheque. After the completion of my maturity period i will get 4 lakhs. And in every 2 years i will get 30000.
      Was this review helpful? 0
      , allahabad
      Reviewed on Sep 23, 2017
    • LIC Life Insurance
      "Claim settlement is the best"
      0.5 5.0/5 "Blown Away!"
      LIC is the best in the market and the most secured as well. I have also taken a term plan. It has a very good claim settlement ratio. The benefits are only for the nominee. The payments have become very convenient. I can pay through net banking, credit card or paytm as well.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 22, 2017
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