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LIC term insurance plans provide financial protection by offering a lump sum payout to your family in case of your unfortunate death. These plans come with affordable premiums, flexible policy terms, and optional riders for enhanced coverage.
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LIC Term Life Insurance is a pure protection plan that secures your family's financial future in your absence. LIC term insurance plans offer high coverage at affordable premiums, making them a cost-effective choice. Online purchasing an LIC term plan is quick and hassle-free, while offline options provide flexibility. These plans ensure income replacement in case of an untimely demise, offering peace of mind and long-term financial stability.
Note: Know more about what is term life insurance first before reading this article.
Term Plans
The term insurance plans offered by the LIC of India are mentioned below. Take a look, and choose the one that suits your requirements:
| Plan Names | Entry Age (Minimum to Maximum) | Maturity Age | Policy Term (Minimum to Maximum) | Minimum Sum Assured | |
| LIC Digi Credit Life | 18-45 years | 75 years | 15-40 years | Rs. 50,00,000 | |
| LIC Digi Credit Life | 18-45 years | 75 years | 5-30 years | Rs. 50,00,000 | |
| LIC Yuva Credit Life | 18-45 years | 75 years | 5-30 years | Rs. 50,00,000 | |
| LIC Yuva Term Plan | 18-45 years | 75 years | 10-40 years | Rs. 50,00,000 | |
| LIC New Tech-Term | 18-65 years | 80 years | 10-40 years | Rs. 5,00,000 | |
| LIC New Jeevan Amar | 18-65 years | 80 years | 10-40 years | Rs. 25,00,000 |
* You can use the LIC term insurance calculator to estimate your premiums for the desired LIC term plan.
The Life Insurance Corporation of India offers the best term insurance plans with different features and benefits. LIC online term plans can be purchased at lower premium rates by visiting the company’s website or buying them through intermediaries. Here, we have discussed the different term insurance plans offered by the LIC of India and their features and benefits.
The LIC Digi Term Plan is an affordable term insurance plan offered by the LIC of India. The plan is available online and offers financial security for your loved ones in case of an unexpected event. This pure protection plan provides high life cover at low premiums, ensuring your family is financially protected if something happens to you. Easy to buy and manage online, the LIC Digi Term Plan is perfect for individuals looking for a convenient and reliable way to secure their family’s future.
Features of LIC Digi Term Plan
Choose from two death benefit options: level sum assured and increasing sum assured
Select the most suitable premium pay term and policy term
Select the ideal benefit payout mode like lump sum or installments
Get attractive high-sum assured rebates
Special premium rates for female and non-smoking customers
Eligibility Details of LIC Digi Term
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 33 years | 75 years |
| Policy Term | Regular/Single/Limited Premium of 10 years: 15 to 40 years | |
| Limited Premium of 15 years: 20 to 40 years | ||
| Sum Assured | Rs. 50,00,000 | Rs. 5,00,00,000 |
| Premium Payment Term | Regular | |
| Limited Premium of 10 years | ||
| Limited Premium of 15 years | ||
| Single Premium | ||
| Premium Payment Frequency | Yearly, Half-Yearly, Quarterly or Monthly | |
The LIC Digi Credit Life Plan is an affordable insurance plan designed to provide financial protection for loans and credit obligations. Available online, this plan ensures that in case of an unforeseen event, your outstanding debts, such as home or personal loans, are covered, easing the financial burden on your loved ones. With a simple online application and affordable premiums, the LIC Digi Credit Life Plan is a smart choice to safeguard your family from financial stress and secure your credit commitments.
Features of LIC Digi Credit Life Plan
You can choose to pay the premiums in a single or limited premium pay mode
Choose the policy and premium pay term at your convenience
Female customers will receive special premium rates
Get attractive high-sum assured rebates
The plan can only be purchased online via the company website
Eligibility Details of LIC Digi Credit Life
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 23 years | 75 years |
| Policy Term | 5 years | 30 years |
| Sum Assured | Rs. 50,00,000 | Rs 5,00,00,000 |
| Premium Payment Term | Single, 5 years, 10 years, and 15 years | |
| Premium Payment Frequency | Yearly, Half-Yearly, monthly, and quarterly | |
The LIC Yuva Credit Life Plan is an easy and affordable insurance plan for young individuals to cover loans and debts. It ensures that in case of any unforeseen event, your outstanding loans are paid off, reducing financial stress on your family. This plan helps you manage responsibilities confidently while keeping your loved ones secure
Features of LIC Yuva Credit Life Plan
Choose the suitable premium pay term
Select the right policy term and premium pay term for your needs
Get attractive premium rates for women and non-smokers
Receive high-sum assured rebates
Choose the loan interest rate as appropriate at the time of policy purchase
Eligibility Details of LIC Yuva Credit Life
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 23 years | 75 years |
| Policy Term | 5 years | 30 years |
| Sum Assured | Rs. 50,00,000 | Rs. 5,00,00,000 |
| Premium Payment Term | For Policy Term 5-30 years: Single | |
| For Policy Term 10-30 years: 5 Years | ||
| For Policy Term 15-30 years: 10 Years | ||
| For Policy Term 25-30 years: 15 Years | ||
| Premium Payment Frequency | Yearly, Half-Yearly, Quarterly or Monthly | |
The LIC Yuva Credit Plan is a specially designed life insurance policy that combines financial protection with savings to empower young individuals. With affordable premiums, flexible policy terms, and the added benefit of loyalty bonuses, the Yuva Credit Plan ensures that young policyholders can confidently pursue their dreams without compromising on financial security
Features of LIC Yuva Term Plan
Choose from 2 death benefit options: Level Sum Assured and Increasing Sum Assured
Pay the premiums in single, regular, or limited premium pay terms
Choose to receive the benefit amount in installments
Get special premium rates for female customers
Receive attractive sum-assured rebate benefits
Select the most suitable policy and premium pay term
Eligibility Details of LIC Yuva Term Plan
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 33 years | 75 years |
| Policy Term | Regular/Single/Limited Premium of 10 Years: 15 - 40 years | |
| Limited Premium of 15 Years: 20 to 40 years | ||
| Sum Assured | 50 Lakhs | 5 Crores |
| Premium Payment Term | Regular Premium: Same as the Policy Term | |
| Limited Premium Pay for 10 years | ||
| Limited Premium Pay for 15 years | ||
| Single Premium | ||
| Premium Payment Frequency | Yearly, Half-Yearly, Quarterly or Monthly | |
LIC New Tech Term is an online complete risk-proof plan that offers financial security to the policyholder's family in case of death between the policy tenure. If one wishes to avail of this LIC online term insurance, he/she can avail of this at his/her convenience anytime from anywhere across the globe.
Features of LIC New Tech-Term Plan
The plan offers level sum assured and increasing sum assured options, you can select any of these.
You can opt for a single, limited, or regular premium payment.
Option to choose the premium payment term and policy term. Besides, you also have the flexibility to pay in installment regarding the payment of benefits.
The plan offers attractive premium rates for women.
You can avail of two LIC term plan premium rates categories: smoker and non-smoker. Note that the rates regarding the non-smoker category will depend upon the urinary test. Apart from this, in case of any other case, the smoker rates will be implied.
Have the alternative to opt for an accident benefit rider and enhance the policy coverage by making an additional payment.
Eligibility Details of LIC Tech-Term
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Maturity Age | NA | 80 years |
| Policy Term | 10 years | 40 years |
| Sum Assured | 50 lakhs | No Limit |
| Premium Payment Term | Regular Premium- Same as Policy Term | |
| Limited Premium: For 10-40 years Policy Term- Policy term minus 5 years | ||
| For 15-40 years Policy term- Policy Term minus 10 years | ||
| Single-Premium: NA | ||
| Premium Payment Frequency | Yearly, Half-Yearly, Quarterly or Monthly | |
LIC New Jeevan Amar is an offline pure protection plan that covers the financial liabilities of the insured's family in case of his/her demise while the policy is active.
Features of LIC New Jeevan Amar Plan
One can avail oneself of the advantage of a high-sum assured rebate.
Separate categories of LIC term plan premium rates for both smokers and non-smokers.
The alternative is to choose either an increasing sum assured benefit or a level sum assured benefit.
Option to easily choose the suitable policy term and premium paying term.
Eligibility Details of LIC Jeevan Amar
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Maturity Age | NA | 80 years |
| Policy Term | 10 years | 40 years |
| Sum Assured | 25 lakhs | No Limit |
| Premium Payment Term | Regular Premium- Same as Policy Term | |
| Limited Premium: For 10-40 years Policy Term- Policy term minus 5 years | ||
| For 15-40 years Policy term- Policy Term minus 10 years | ||
| Single-Premium: NA | ||
| Premium Payment Frequency | Yearly, Half-Yearly, Quarterly or Monthly | |
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Below are some of the advantages of availing LIC term insurance plans. Have a look:
Affordable Premiums: Get high coverage at cost-effective rates with LIC Term Insurance.
Premium Rebates for Non-Smokers: Enjoy special discounts on premiums with LIC Term Life Insurance.
Customizable Coverage: Choose a LIC Term Life Policy that fits your financial goals.
Wide Eligibility Range: LIC of India Term Insurance is available for individuals aged 18 to 75.
Flexible Payment Options: LIC India Term Insurance offers multiple premium payment modes for convenience.
Additional Rider Benefits: Enhance your LIC Term Life Insurance Plan with optional riders for extra protection.
Financial Security: The Life Insurance Corporation of India Term Insurance Plan ensures a secure lifestyle with affordable premiums.
Easy Online Purchase: Buy your Life Insurance of India Term Plan quickly and hassle-free through LIC’s digital platform.
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Like other insurance policies, LIC term insurance also has specific exclusions. These are as follows:
One of the most important exclusions on the LIC term insurance plans is that the suicidal death of the insurance holder during the tenure of the policy is not covered under the plan.
However, suppose the policyholder commits suicide within the initial 12 months from the policy's starting or revival date. In that case, no death benefit is paid to the policy beneficiary.
Until then, the plan's beneficiary can receive 80% of the paid premium, provided all the LIC term insurance policy premiums are duly paid.
Besides, you should always read the policy document and understand the exclusions and inclusions before buying an LIC term plan online.
LIC Term Life Insurance provides financial security to the policyholder's family by paying the sum assured to the nominee in the event of the policyholder's demise. However, no maturity benefit is paid if the policyholder survives the term. As the most affordable life insurance form, term plans are ideal for ensuring family protection. Here are some key factors to consider when choosing a LIC term insurance plan:
Determining the right coverage amount for your LICIndia Term Insurance is important. It should cover the family’s financial needs in the policyholder's absence. Factors to consider include:
The family’s current lifestyle and future aspirations.
Outstanding liabilities such as loans or mortgages.
Inflation and rising costs.
The policyholder’s life stage and responsibilities.
A best term insurance plan is designed to secure the financial well-being of your loved ones. Consider the following:
The number of dependents in the family.
The policyholder’s marital status and whether they have children.
Responsibilities that evolve with different life stages.
The plan should adequately account for the unique needs of your dependents, ensuring their financial security in your absence.
The assured sum should allow your family to maintain their current lifestyle comfortably. It should account for:
Daily expenses and essential needs.
Future goals like education and marriage.
Inflation and rising costs over time.
Step 1: Visit Policybazaar and go to Term Insurance
Step 2: Enter basic details like name, DOB, and phone No., and click on the ‘view plans’ button
Step 3: Submit your occupation type, annual income, educational qualification and smoking habits.
Step 4: Compare the policy details of different term plans available.
Step 5: Select the term Life Insurance Plan that fits your requirements and budget
Step 6: Pay via net banking, credit or debit card.
Filing a claim for an LIC term insurance plan, whether purchased online or offline, is a simple process. Here’s how it works:
The nominee needs to complete the claim form accurately.
Submit the required documents, including:
The original policy document.
A valid death certificate stating the cause of death.
The nominee must provide an NEFT mandate to facilitate the transfer of the claim amount directly to their bank account.
LIC verifies the submitted documents and claim form.
The claim is processed upon successful verification, and the benefit amount is transferred to the nominee’s account.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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