LIC Term Insurance

We are all working hard to secure a financially secure future for ourselves and our loved ones. But life can be challenging at times. Take a minute to think about your family's future if anything unfortunate happens to you. Is your family protected against such uncertainties?

To ensure your family is protected in your absence, you need a life insurance plan that promises a regular income source or a sufficient financial corpus. The Life Insurance Corporation of India (LIC) offers different types of life insurance plans to keep you and your family financially protected. Customers can compare and buy life plans, such as term insurance, child insurance, ULIP plans, retirement plans, or health plans.

LIC term insurance plan is one such category that enhances peace of mind by providing suitable life cover that fits your requirements and keeps you and your family secure. This article will guide you through the details and features of the LIC term life insurance plan to help you make an informed decision.

In the Indian insurance industry, LIC of India is a renowned life insurance company that has been serving customers with excellence for the last six decades. Life Insurance Corporation of India (LIC) offers long-term protection and flexible policy options to enhance customer benefits. Buying a LIC term insurance plan can benefit you in the following manner:

Buying an LIC term assurance plan is easy as multiple life term plans are available to compare and buy a term plan that suits your financial needs. With online or offline purchasing options, it becomes easy to go through the plans, compare features, visit CSR, and analyze the solvency ratio for maximum benefits. You can buy LIC term plans online from the official website of LIC, contact LIC customer support, or reach the nearest LIC Branch for better assistance.

LIC term insurance offers a strong life cover at an affordable price to protect your family after your uncertain demise. The death benefits received by the LIC term plan ensure that your family is not financially distressed in the most challenging times and achieves financial goals.

Life Insurance Corporation of India is known for the most affordable plans for different customer bases. LIC term assurance plans are designed to fit financial requirements, and the flexibility of plans makes them the preferable purchase option without stressing your budget. If you purchase a LIC term policy at the right age, you can enjoy better deals on premiums.

With a high claim settlement ratio of 98.74% (as per the annual report of IRDAI 2021-22), the Life Insurance Corporation of India settles customers’ claims efficiently. The hassle-free claim settlement proves that the company understands the diverse consumer bearings and maintains trust among the company and its customers.

LIC term insurance offers add-on riders that help enhance the base policy coverage and strengthen your plan. You can purchase the riders by paying an additional premium with the base LIC term policy.

Multiple premium paying modes are available to pay LIC term plan premiums, allowing the policyholder to make premium payments at their convenience and financial suitability. The policyholder can choose from regular, limited, or single premium frequencies in annual, half-yearly or monthly modes to pay LIC term life insurance premiums.

Buying term insurance is important to beat the uncertainty of life upto an extent. Except for offering financial protection against life, LIC term insurance offers the following benefits.

Multiple premium paying modes are available to pay LIC term plan premiums, allowing the policyholder to make premium payments at their convenience. The premium payment options include regular, limited, or single premium frequencies in annual, half-yearly or monthly modes.

Most LIC term plans offer an option to extend the policy term to cover your whole life to 99 years or 100 years, ensuring that your family is financially secure throughout your life.

The LIC term insurance plan allows the policyholder to select the receiving mode of the death benefit in a lump sum, regular instalments, or a combination of both. The policyholder needs to select the death benefit payout option at the time of inception of the policy.

The premiums paid towards the LIC term assurance plan and the riders are tax exempted under Section 80C of the Income Tax Act. The death benefits received under the LIC term policy are free from tax under Section 10 (10D) of the Income Tax Act, 1961.

With the death benefits paid to the beneficiaries after the uncertain demise of the policyholder, it becomes easy to clear out the outstanding loans and liabilities.

With a high claim settlement ratio of 92.65% (instant claims, as per the annual report of IRDAI 2022-23), the Life Insurance Corporation of India efficiently settles customers’ claims. The company understands the diverse consumer bearings and provides hassle-free claim processing. Life Insurance Corporation maintains trust among the company and its customers.

After going through the benefits of LIC term insurance, you can buy a term plan from LIC of India suitable for your financial needs. Before reaching to a decision, below are some essential factors you need to consider:

First, calculate your financial dependencies, goals, future expenses, inflation, outstanding debts and liabilities to know your required cover value. After getting a clear view, select a coverage amount sufficient to cover all your family's financial needs in case of your uncertain demise.

After deciding on the right LIC term life insurance policy cover, select the premium amount you can pay without straining your budget. While selecting a premium amount, consider the expenses, debts, income, and savings to be more specific. You can also use the term plan calculator online to estimate your payable LIC term insurance plan premium cost.

Select the duration of your LIC term insurance policy that perfectly complements your financial needs, commitments, and retirement goals.

LIC term plan allows you to select from different premium paying frequencies at your convenience. You can choose to pay the premium in the preferred mode available from annual, half-yearly, quarterly or monthly.

Except for the inbuilt benefits of the LIC term plan, optional benefits are also available to select and enhance the coverage of the base plan. You can choose from any additional rider by paying an additional premium.

It is important to check the claim settlement ratio of a life insurance company to judge whether it can maintain an efficient service standard and trust with the customers. Life Insurance Corporation has a high CSR of 92.65% (for instant claims) ensuring that it can settle the claim in the most stress-free manner when the beneficiaries are struggling emotionally and financially. Hassle-free customer support nurtures long-term relationships between the company and the customers.