LIC Term Insurance

Life Insurance
  • Claim up to Rs. 1,50,000 deduction under section 80C*
  • Insurers provide online renewal of policy
  • Choose between annual and monthly premium payment options

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

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LIC Term Insurance Reviews

Page 1 of 15 1 2 3 4 5
  • LIC Life Insurance
    "Excellent "
    0.5 5.0/5 "Blown Away!"
    I have purchased one life insurance policy with LIC. Their customer service is good. Its a long term plan with the tenure of 21 years. The benefits are average in Jeevan Anand. I am doing half yearly premium of 6000 rupees through online. The policy coverage is 5L and taken for future savings.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jun 10, 2019
  • LIC
    LIC Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have 2 life insurance policy with LIC and its been 10 to 15 years. I am more happy with the benefits and service which was offered by them. Its a long term plan and the premium was paid annually around 11K through online. The payment mode is convenient for me.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 10, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have 2 policies with LIC and it was started before 2 years and one year ago. One is long term and short term plan. They are providing good service and even the benefits are satisfactory. The duration is 20 years and 30 years. Am paying 42K through online. Its convenient and very easy to pay but they are charging for online payment through debit card.
    Was this review helpful? 0
    , tenali
    Reviewed on Jun 08, 2019
  • LIC Life Insurance
    "Good plan"
    0.5 5.0/5 "Blown Away!"
    I took a life insurance with LIC recently before one year ago. Its a long term plan and need to pay the premium for 20 years. I have taken the policy for future savings and the customer service is good. I am paying monthly Rs.1300 through online.
    Was this review helpful? 0
    , bellary
    Reviewed on Jun 08, 2019
  • LIC Life Insurance
    "Very happy"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance with LIC. Its good and excellent, have taken the policy for tax benefits. I am satisfied with the benefits. Its a long term plan called Jeevan anand and the tenure is 21 years. Am making the premium yearly twice through cash or online website. It is very good and recently upgraded their app.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 28, 2019
  • LIC Life Insurance
    "Good plan"
    0.5 5.0/5 "Blown Away!"
    I am having one life insurance policy with LIC and it was taken last year from the website directly. I have chosen long term plan for tax benefits and the premium have to pay for 15 years. The customer service is good. I am happy with the benefits. I have enable ECS option for payment which was very convenient.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 24, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have 6 life insurance with LIC and it was purchased long back. Its a different kind of policies like Jeevan anand, endowment and term plan. The customer support is very good. The benefits are good for the term plan. The payment mode is online and am paying around 65K per year.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 13, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy with LIC because its been long time in the market which is reliable when compared to other insurer. I have selected a long term plan and the tenure is 15 years. I am paying premium of 4K monthly through cash. I have taken for savings.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 13, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a long term plan called JEEVAN ANAND, I have chosen LIC because of their benefits. It was taken through agent before 4 to 5 years. Am doing premium through cash. The tenure of policy is 21years and am paying half yearly premium of 7.5K. The sum assured is 6L.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 12, 2019
  • LIC Life Insurance
    "GOOD POLICY"
    0.5 5.0/5 "Blown Away!"
    I am not sure about the name of the policy with the LIFE INSURANCE CORPORATION OF INDIA where the maturity period of these policies is short term plan and also the premium paying for 3 months once, monthly once. The executive collected the documents and the process was good.
    Was this review helpful? 0
    , chennai
    Reviewed on May 07, 2019
  • LIC Life Insurance
    "Good features"
    0.5 4.0/5 "Great!"
    I have taken a term insurance from LIC. The customer support is good. They send reminders before the premium date. The tenure is for 25 years. The online options are good, as certain policies can be bought online. The payment option is online too. The sum assured and the plan benefits are good.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 04, 2019
  • LIC Life Insurance
    "Need to improve the benefits"
    0.5 3.0/5 "Satisfactory"
    I have 2 policies with LIC and its been 3 years. I never tried the helpline number. I pay monthly premium of Rs.1000 through cash. I have agent who takes care of my policy. Its a short term plan of 5 & 10 years. I feel, the benefits are lesser. It was taken for tax benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 04, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am holding the term plan with the HDFC LIFE since from last few months. The premium paying for this policy is for through the online for yearly once. The policy coverage is for self. The documentation process done executive explained regarding the policy details.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 03, 2019
  • LIC Life Insurance
    "Nice Policy"
    0.5 5.0/5 "Blown Away!"
    Yearly I pay Rs. 50,000 for 30 years term plan with LIC, the agents are average in terms of handling the queries. Every five year they raise the interest and there is a pre closure option before maturty. Its has tax covered under 80C with life cover.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 29, 2019
  • LIC Life Insurance
    "Best"
    0.5 4.0/5 "Great!"
    I have a term insurance with LIC , it was taken for tax benefits and other purposes before 10 years ago. LIC is good, the customer service is good and I didnâ??t visit the branch because the online service are pretty good, The benefits are satisfactory and the making yearly online payment of 60K.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 29, 2019
  • LIC Life Insurance
    "Better benefits"
    0.5 4.0/5 "Great!"
    I have taken a short term plan with LIC for tax benefits. They are doing satisfactory service and have been paying the premium for last 7 years. The total tenure is 15 years. The benefits are good with LIC. I do yearly premium of 15K through ECS.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 26, 2019
  • LIC Life Insurance
    "Excellent "
    0.5 4.0/5 "Great!"
    I took 2 policies with LIC and its a long term plan. I am happy with the benefits and the service. The agent is helpful and making the online premium. The online mode is convenient and I do quartely payment. The tenure is 15 years and the sum assured is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 25, 2019
  • LIC Life Insurance
    "Good "
    0.5 4.0/5 "Great!"
    I have taken 3 policies with LIC and have been using the service for past 9 years. The customer service is good. I am satisfied with the benefits. Its a long term plan for 20 years. Am paying the premium on monthly basis, its nearly Rs.3000. Its trustworthy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 24, 2019
  • LIC Life Insurance
    "Need to improve the benefits"
    0.5 3.5/5 "Pretty good"
    I have a life insurance policy with LIC and it was taken almost 3 to 4 years back. The benefits are average. It is a long term plan called JEEVAN ANAND. The tenure is 21 years and pay the premium through ECS. It is more convenient to make the premium. The service is average.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 24, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am holding the LIFE INSURANCE CORPORATION OF INDIA and i am holding the TERM PLAN with this LIC, the premium paying for 6 months once, and using it since from last 2009 approximately. the customer service is good and responsive with this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 12, 2019
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