LIC Term Insurance Plans

The LIC term plan allows insurance buyers to buy a high amount of coverage levels at very low premiums. This way, buying an LIC online term plan is an easy and time-saving process.

LIC term plans do not burn a hole in the pocket and help individuals find the right term plan to replace income in their absence. An individual can buy these plans online or offline at their convenience.

Note: Know more about what is term life insurance first before reading this article.

Types of LIC Term Insurance Plans

* You can use the LIC term insurance calculator to get an estimate of the premiums you would need to pay 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.

1. LIC Digi Term Plan

   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

2. LIC Digi Credit Life

   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

3. LIC Yuva Credit Life 

   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

4. LIC Yuva Term Plan

   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

5. LIC New Tech-Term Plan

   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

6. LIC New Jeevan Amar

   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

Benefits of LIC Term Insurance Plan

Below are some of the advantages of availing LIC term insurance plans. Have a look:

• Affordable Premiums: Get high insurance coverage at cost-effective premium rates.

• Premium Rebates for Non-Smokers: Special discounts on premiums for non-smokers.

• Customizable Coverage: Flexibility to choose the sum assured that meets your financial needs.

• Wide Eligibility Range: Suitable for individuals aged 18 to 75 years.

• Flexible Payment Options: Multiple premium payment modes to suit your convenience.

• Additional Rider Benefits: Enhance your policy with optional riders for extra protection.

• Maintains Financial Comfort: Enables a secure lifestyle while ensuring premium affordability.

• Easy Online Purchase: Buy LIC term plans quickly and hassle-free through their digital platform.

LIC Term Plan Exclusions

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.

Important Things to Consider When Buying a Term Insurance Plan

Term 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:

1. Coverage Amount

   Determining the right coverage amount 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.

2. Life Stage and Family Dependents

   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.

3.  Lifestyle Maintenance

   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.

How To Buy Term Insurance From Policybazaar?

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.

Claim Settlement Process for LIC Term Insurance Plans

Filing a claim for an LIC term insurance plan, whether purchased online or offline, is a simple process. Here’s how it works:

1. Filing the Claim

   • 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.

2. Bank Mandate for Payment

   • The nominee must provide an NEFT mandate to facilitate the transfer of the claim amount directly to their bank account.

3. Verification and Processing

   • 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.

LIC Term Insurance - FAQs