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 17 1 2 3 4 5
  • LIC Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    I have taken a Life Insurance Policy from LIC. This is a term insurance which covers all types of death till 30 years.There is no returns, after 30 years in case of death amount goes to the nominee and it has good coverage and the payment options also good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 13, 2020
  • LIC
    LIC Life Insurance
    "Future for life"
    0.5 3.0/5 "Satisfactory"
    I just opened the new life insurance policy from LIC. Through agent i have bought the policy. For the life safety purpose, i have taken this policy. I bought the term insurance plan which has tax benefits also. I'm satisfied with the sum assured amount also. Monthly i pay the premium amount of Rs. 980. I pay the premium to the agent via cash.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 12, 2020
  • LIC Life Insurance
    "Good Insurance plan"
    0.5 5.0/5 "Blown Away!"
    It was a good annuity I get from LIC so I have selected this company. My agent has preferred the good plan about my term insurance. I have been paying the premium amount of Rs. 25,000 annually. They have provided me a sum assured value of Rs. 15L. I need to pay the premium amount for 15 years and the life is getting cover for till my death.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 11, 2020
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken term plan through LIC agent and its for the tenure of 15 years. After the completion of this policy, I will receive a money which can be used for my family benefits. This policy is very useful and am paying the premium through cheque.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 09, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 3.5/5 "Pretty good"
    I have taken life insurance policy directly through LIC agent .This was a term plan it is applicable till the age of 70years old.I am paying the premium on half yearly basis ,This is a death benefit plan totally useful for family members .Each and every details about the policy was clearly shared by the agent.This policy is still active and much comfortable .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 21, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with LIC on 5 months before. While taking this policy the agent has given all details and provided hard copy documents on time. Payment option was bit lesser rate when compare to other. The scheme is good. I have directly contact them to apply this insurance. It is a term plan policy with tenure of 25 years. I use to pay premium on yearly basis of 24K and provide cheque to agent.
    Was this review helpful? 1
    , bareilly
    Reviewed on Nov 29, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken term insurance from LIC. Policy coverage value Rs. 25,00,000. Premium i am paying annually Rs. 45,000. Customer service and responsiveness is good. All type of death covered in this policy. Tax exemption benefit i am availing in this insurance.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 15, 2019
  • LIC Life Insurance
    "Transparency and clarity policy"
    0.5 4.0/5 "Great!"
    It was a 25 years of term insurance from LIC. Once i called them to make the premium through online after that i have enter the policy number and i made the payment. I have taken the policy 12 years back. I have clear clarity on the sum assured amount of Rs. 1 lakhs.
    Was this review helpful? 0
    , jaipur
    Reviewed on Nov 08, 2019
  • LIC Life Insurance
    "LIC is good for long term investment"
    0.5 3.5/5 "Pretty good"
    For the long term insurance i have chosen the life insurance policy from LIC. Customer care is giving a proper response. LIC is the old company so i have selected them. I have been paying the premium amount of Rs. 50000 per year and i get a sum assured amount of Rs. 10 to 15 lakhs. I used to pay the premium through cheque by visiting their branch.
    Was this review helpful? 0
    , muzaffarpur
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I took a life insurance policy with LIC because of trust and the benefits are good. Its a long term plan and the tenure period is 21 years. Only 2years left to complete the policy. I am doing yearly premium of around 2500rupees through online or cash or cheque.
    Was this review helpful? 0
    , kanpur
    Reviewed on Sep 29, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I have taken one life insurance policy with LIC before 3 years. I am paying the premium half yearly 8,900 rupees through online. The payment mode is convenient for me. I have no problem with the customer service. Its a long term plan and the tenure period is 20 years.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 17, 2019
  • LIC Life Insurance
    "LIC is Good"
    0.5 4.0/5 "Great!"
    Bought my life insurance policy from Life Insurance Corporation of India. My term plan is Jeevan Anand and i never contacted the customer care service but whenever i have any clarification i used to visit their branch and rectify the same. I am paying the premium amount of Rs. 2500 every month.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 31, 2019
  • LIC Life Insurance
    "LIC for life"
    0.5 5.0/5 "Blown Away!"
    LIC is a hassle free company and one of my colleague is working as a LIC agent and the deduction is happening from the salary. It is a Jeevan Anand policy. I have been paying the premium amount of Rs. 5000 approximately on a monthly basis and its a long term plan of 20 years.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 27, 2019
  • LIC Life Insurance
    "Need to improve the benefits"
    0.5 3.5/5 "Pretty good"
    The reason for taking the policy with LIC is its reliable and tax benefits. They are sending regular reminder for the premium due. I have taken a JEEVAN BHIMA GOLD and its a long term plan of 15 years. I am paying per year around 16K through online. The benefits are average and there are much better policies available since its a Stable one.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 06, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I took a life insurance policy with LIC. I know this insurer from my childhood and even my parents hold a policy with LIC. They are trustable in the market. I feel, the benefits are okay. Its a long term plan called JEEVAN ANAND. The tenure period is 21 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 02, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in LIC on 1 year before. I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to payment through an online.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 31, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    They pass the claim within the time and its good. But the term insurance is better than money back policy. Previously my neighborhood has working as a LIC agent, hence i have chosen the policy from them. I have done the ECS to make the payment as per my mode.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 25, 2019
  • LIC Life Insurance
    "Average"
    0.5 4.0/5 "Great!"
    I hold a salary account, if I forgot to do the payment they will automatically debit the payment from my account where I could avoid unnecessary charges. I have taken a life insurance and term plan for a year through mobile app. I have received the insurance paper through email.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 24, 2019
  • LIC Life Insurance
    "LIC is beneficial"
    0.5 4.0/5 "Great!"
    LIC is providing a online facility which is beautiful hence we don't need wait for the agent to give call and need to give suggestions. Totally i have taken 3 policies so far. I have chosen the quarterly payment mode. I'm satisfied with the sum assured amount. Its a long term plan and we have taken it long back.
    Was this review helpful? 0
    , thane
    Reviewed on Jul 24, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance in LIC on 1 year before. The policy is for more than 10 years. I am paying premium in the monthly package and they use to detect an amount from salary account. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jul 23, 2019
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