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  • LIC Term Insurance

     4.5 / 5.0   by 278 users
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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

  • Page 1 of 14 1 2 3 4 5
    • 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
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken 2 life insurance in LIC, name of the policies are money back and term insurance. Totally duration is 29 years and the payment was done through net banking. The services are excellent in LIC, The policy coverage and plan benefit is excellent. I have chosen long term policies and it was through agent before 2 to 3 years ago,
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 03, 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 services"
      0.5 5.0/5 "Blown Away!"
      I have taken a insurance from LIC. It is a term insurance. The tenure is for 25 years and the premium is normal and I pay it by cash in the office. I pay the fee on a half yearly basis. The customer services are good. The sum assured and the benefits are good.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Aug 21, 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
      "Satisfied with the service"
      0.5 4.0/5 "Great!"
      I have taken a term insurance with LIC. The services are good and the tenure is for 25 years. The customer services are good. I am also satisfied with the sum assured and the plan benefits. The premium is paid online and there are no hassles overall.
      Was this review helpful? 0
      , jamnagar
      Reviewed on Aug 11, 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
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My life insurance policy is with LIC from more than 10 years and it is a term insurance. I pay a premium of Rs 9000 on yearly basis and i am convenient with the payment options. I am satisfied with the terms and conditions like the policy coverage and plan benefits of the policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have taken a term insurance with LIC from last 3 years and it is an average policy. I pay a premium of Rs 33000 on annual basis through net banking and i am convenient with the payment options. I am overall satisfied with the coverage and returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 28, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 10 years and it is a term plan. It is one of the good policy to use. I pay a premium of Rs 5000 every month and my premium gets auto deducted. I am happy with the coverage and returns of this insurance policy.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jun 26, 2018
    • LIC Life Insurance
      "Life insurance with LIC"
      0.5 5.0/5 "Blown Away!"
      I have a couple of policy with LIC, and i have to pay a premium of 15000 yearly. I have an endorsement policy, life insurance which will provide the benefit after the maturity period. And the term insurance were the nominees will get benefited.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 25, 2018
    • LIC Life Insurance
      "EXCELENT"
      0.5 5.0/5 "Blown Away!"
      My insurance is a long term insurance for 15 years. I have to pay the payments for my insurance is for 3 months once. Payment i would be doing directly in the office. My insurance is matured. Customer service not yet contacted, documentation is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2018
    • LIC Life Insurance
      "Average term policy"
      0.5 5.0/5 "Blown Away!"
      Got the Term insurance policy from the Lic around a year ago. The customer support service and the response is good from the LIC because I have my friend their. This policy has the tenure of 78years, The plan benefits and the coverage is good with this policy. I pay the premium amount of Rs,6,500 annually .
      Was this review helpful? 0
      , nasik
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a short term life insurance policy with LIC 2 years back, i am happy with the returns of this insurance policy as i get Rs 32 lakhs after the maturity period. I pay my premium once in 6 months through net banking. The maturity period of this insurance is after 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
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