LIC Term Insurance plans
LIC Term Plan offers protection to the policyholder’s family against the loss of revenue or income under unpredictable circumstances or situations.
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LIC Term insurance plan
We offer aid to the families by allowing the policyholder to buy the plan with high coverage at a low premium.
We provide LIC Term Insurance plans with reasonable premium rates and allows the individual to supply their need of income at the time of crisis without a toll on the budget.
Benefits of LIC Term Plan
To avail of the maximum benefits, we offer different plans to suit your requirements and needs. Some of the major benefits of LIC Term Insurance plans are as follows .
- High Assurance coverage at a reasonable premium rate
- Flexibility to choose the sum assured amount
- Flexible premium rates
- Rebate on premium value for the non-smokers
- Claim Settlement Ratio: 98%
- Online Buy Facility makes it quick and easy buy
- Includes additional rider benefits
- Available for young to old from 18 years to 75 years of age
- Tax Benefit under section 80 C
We offer two types of Term Insurance Plan: LIC Tech Term and LIC Jeevan Amar. Both the policies have different features and provide maximum benefits.
LIC Tech Term Plan: It is a traditional saving plan with complete risk proof to provide financial protection to the policy holder’s family in case of the policyholder’s death during the tenure of the policy.
- Flexibility to have an unchanging sum assured or an increasing sum
- Lower rates of premium are available for women policyholders and non-smokers
- Avail premium discounts for a higher amount of sum assured
- Create a source of income by opting to receive monthly, quarterly, or annually installments payment against the death benefit
- Accidental Death benefits available
- The minimum amount of sum assured is Rs. 50lakhs
Premiums can be paid as single, regular or limited premium as per your suitability. The frequency of the premium payment can be set as monthly, quarterly, semi-annually, and annually?
The tenure of the policy ranges from at least ten years to 40 years.
Serving the interests of our clients. Personalized support and relationships matter to us. Because we are owned by banks, we are empowered to deliver top-notch support and services able to add on additional.
LIC Jeevan Amar Plan: It is a full-term insurance package that provides a death pay-out when the insured dies during the policy’s tenure. Premiums are available as per the suitability of the policyholder.
- Fixed Sum Assured and Increasing Sum Assured (if opted for the increasing sum assured, there is an increase of 10% from the sixth year of the policy until it doubles)
- Women policyholders are offered a low premium rate’
- Minimum sum assured: 25 Lakhs
- Non-smokers policyholders have an edge of low premium rate than smokers
- Additional Accidental Benefit Rider
The eligibility criteria for buying the policy are from 18 years of age to 65 years of age.
The following documents are required
- Proposal Form fully signed
- Age, address, and identity proof
- Photographs
- Income Proof
Term insurance plans offer alone monetary protection to you and your family. Low premiums enable cheap coverage levels. You'll be able to pick an optimum level of coverage, guaranteeing that your family is well taken care of in your absence. Moreover, Longer coverage durations make sure that you're protected even at older ages.
Yes, Suicides are not covered under the LIC term Plan for death benefits.
You can buy LIC Term Plan via our website as well as via our authorized LIC Agent.
The following documents are required to claim death benefits:
- Death Certificate and Claim form
- A copy of FIR, in case of an accident
- Original Policy Papers
- Identity Proof and bank details of the nominee
We give a freelook period of 15 days for policyholders to cancel the policy.
No, you can not avail of rider benefits after maturity.
No, LIC term plans are protection plans against the risk of premature death. There are no surrender benefits associated.
The following riders are offered with LIC Insurance plans: Accidental death benefit, disability benefit, and critical illness rider.