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LIC Term Insurance

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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

LIC Term Insurance Reviews

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  • LIC Life Insurance
    "Benefits part should be increased"
    0.5 2.0/5 "Expected more"
    I have term insurance with LIC, they give the life coverage to the nominees, they have option to add multiple nominees. I have taken it for 20 lakhs hence I need to pay the premium around Rs. 7000 per annum, the draw back with this policy they wont provide paritial amount to the holder.
    Was this review helpful? 0
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my Term insurance with Life insurance corporation of India, i have applied through on line ,by checking there policy benefit, and policy coverage, and there premium amount i felt is bit high compare to other institution and i use to pay through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 27, 2018
  • LIC Life Insurance
    "Excellent policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance policy with LIC. Since LIC has tie up with all the banks, the agent has provided the policy. Since its a government based company and the premium is cheaper, i have selected Life Insurance corporation of India. I have to pay the premium amount of Rs. 14000 every year. I have selected the tenure period of 70 years age of my age. They will provide a sum assured amount of Rs. 1Cr
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 19, 2018
  • LIC Life Insurance
    "Useful policy"
    0.5 4.0/5 "Great!"
    I have purchased a term insurance policy 1.5 years back. There is no particular reason for choosing the LIC. I pay the premium amount of Rs. 26000 and i have chosen the annual payment mode. Sum assured amount was Rs. 70 lakhs. Total tenure period of the policy upto 70 years of my age.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My life was insured with Life insurance corporation of India. This is a 15 years term plan policy. I have taken this policy in the year of 2015. I pay the premium amount of Rs. 1600 every month. There is a sum assured amount of Rs. 2 lakhs. This is a tax benefit policy. Bank people has recommended this policy to me. The premium amount is being auto deducted through ECS.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 02, 2018
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I am having a term plan with LIC from last 6 years, the terms and conditions of this policy was very well explained by the customer support. I pay my premium once in a year and i am happy with the payment options I am happy with the returns and benefits of this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 26, 2018
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my term insurance with Life insurance of India, there service was very good, the agent had clearly explain me about the policy clearly, the premium they have charge me was nominal they have charged me up to 33,600 , and i pay premium on yearly basis and i use to pay my premium by giving money to agent, they time to time update me.
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 25, 2018
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    I believe LIC because of trust ability and reputation, the policy which I taken it is recommendable. The agent are professional whenever I reach for any queries they are answerable. The benefits are good for long term plan which I am holding now.
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 24, 2018
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA from past many years. The nae of the policy that i am using is JEEVAN SARAL policy where the premium i pay for yearly once 24-25k. it is a long term plan and the reason for taken this policy is because of easy settlement.
    Was this review helpful? 1
    , mumbai
    Reviewed on Nov 23, 2018
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my term insurance with Life insurance of India Endowsement policy from past three years,now i have been closed because i got lapse in payment so i close and premium i was paid up to 5000 rupees in half yearly and there service is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 21, 2018
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a term plan policy with LIC. It was taken in the year of 2009. The tenure period is 10 years and almost 9 nine years completed. Every 4 years, I got some maturity amount. It is a money back policy. The policy coverage and benefits are good. For one year, the premium is Rs.2800.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 15, 2018
  • LIC Life Insurance
    "Good card"
    0.5 4.0/5 "Great!"
    I have been using my Term insurance with Life insurance corportion of India, there service was good, like while taking insurance they have explain me the policy clearly, the premium i use to pay for 6 months around 30,000 and i pay it through on line only, till now my experience with LIC was good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 01, 2018
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my Term insurance with Life insurance corporation of India, there service is excellent like they have clearly explain all the policy which is covering in this insurance and the premium for this insurance they have charge me up to 500 rupee for a month,and it use to get deducted automatically from my account .
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 01, 2018
  • LIC Life Insurance
    "Good & Future investment"
    0.5 5.0/5 "Blown Away!"
    My experience with LIC is pretty good. The policy coverage and the plan benefits are good and okay.I make the payment directly to the office and am more convenient. It is a long term plan and the premium is Rs.1500 per month, After maturity I will get good return. I have received the hard copy when I have taken the policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 30, 2018
  • LIC Life Insurance
    "Average service"
    0.5 3.5/5 "Pretty good"
    I have been holding my term insurance with Life Insurance Corporation of India, there premium with they charge me is nominal compare to other insurance companies like i keep on observing often they are providing average service and benefit is also quite okay.
    Was this review helpful? 0
    , mumbai
    Reviewed on Oct 30, 2018
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been taken my Term insurance from life insurance corporation India,i am paying premium for month rupees 18 thousand and i do my payment through cheque and they cover all benefit related to life and there customer support team is good they response to me very well.
    Was this review helpful? 0
    , mumbai
    Reviewed on Oct 29, 2018
  • LIC Life Insurance
    "Satisfied with the service"
    0.5 5.0/5 "Blown Away!"
    The other term insurance I hold with LIC is for the tenure for 12 years. The sum assured and the plan benefits are good. The nominee will get the benefits of the policy. Earlier I had a policy with LIC which got matured and I got my benefits as soon as possible.
    Was this review helpful? 1
    , korba
    Reviewed on Aug 13, 2018
  • LIC Life Insurance
    "Experience is good"
    0.5 5.0/5 "Blown Away!"
    I also have taken a term insurance with LIC. The tenure is for 15 years. The agent whom I got the policy from also takes the payment. The benefits of this policy would be for my nominee. I am happy with LIC as they are quick to provide the benefits after the maturity.
    Was this review helpful? 0
    , korba
    Reviewed on Aug 13, 2018
  • LIC Life Insurance
    "Unhappy with the services"
    0.5 1.0/5 "Really Bad"
    I have taken a term insurance with LIC and the tenure is for 25 years. The services are not up to the mark. The benefits are always only after the maturity term, and there is no benefits that a customer can get during the term. The payment options online is chargeable so I go over to the count and submit my cheque.
    Was this review helpful? 1
    , chennai
    Reviewed on Aug 04, 2018
  • LIC Life Insurance
    "Experience is good"
    0.5 4.0/5 "Great!"
    I have a term insurance with LIC. The services are okay, but I do not get any receipt after I make a payment. The sum assured and the benefits are good. The tenure is for 25 years and the premium is paid on a quarterly basis. The payments can be done online.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 02, 2018
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