LIC Term Insurance | Secure your future with LIC’s trusted term coverage

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LIC Term Insurance

LIC Term Insurance from the Life Insurance Corporation of India (LIC) is a common pick for people who want to make sure their family has money support and a safety net. This article is going to dive into the details about LIC Term Insurance, cover all the good characteristics it offers, and break down the reasons it’s an informed move to plan ahead for what’s coming.

Table of Contents

What is LIC Term Insurance?

LIC Term Insurance is a pure life insurance plan that provides financial protection to the policyholder’s family in case of the policyholder’s untimely demise during the policy term. It offers a lump sum amount (sum assured) to the nominee/beneficiary in the event of death of the insured.

Benefits of LIC Term Insurance

  1. Financial Security: LIC Term Insurance provides your family with money in case you’re not around by giving a lump-sum payment to meet costs and maintain their standard of living.
  2. Affordable Premiums: The LIC offers term insurance policies at prices that are pretty easy on the wallet, so essentially anyone can afford to get insured.
  3. Tax Benefits: Premiums paid towards LIC Term Insurance are eligible for tax deductions under Section 80C of the Income Tax Act, which results in further savings.
  4. Flexible Coverage Options: LIC provides a variety of term insurance plans that may be customized to meet the specific requirements and preferences of each individual customer. You pick out what works for you and how much protection you want, and they’ll make a plan for you.

Features of LIC Term Insurance

  1. Sum Assured: The sum assured is the total amount that gets paid to the nominee if the person who bought the insurance dies during the policy term.
  2. Policy Term: LIC Term Insurance plans let you pick how long you want your insurance to last, anywhere from 5 years to 40 years; this way, you can choose a period that fits with your money plans.
  3. Riders: LIC provides optional riders such as accidental death benefit riders, critical illness riders, etc., which can be added to enhance the coverage of the base policy.
  4. Claim Settlement Ratio: The LIC has a high claim settlement ratio and is known for having a great track record of solving insurance claims quickly and without hassle.

Why Choose LIC Term Insurance?

Here are some of the main reasons why you should choose LIC Term Insurance.

Trust and Legacy: LIC is a trusted name and is really well-known in the insurance industry. It has been around for more than 60 years and has established itself as a trusted brand in the insurance market to this day, making people feel secure when they choose them for insurance.

Comprehensive Coverage: LIC Term insurance offers comprehensive coverage at affordable premiums, providing peace of mind to policyholders who don’t have to worry too much.

Customer Service: LIC is well-known and stands out for providing outstanding service and assistance. They make it extremely easy for people who buy their insurance, so there’s not a large amount of hassle or confusion.

Comparison Table: LIC Term Insurance Plans

Plan Name Policy Term Sum Assured Premium Range

LIC e-Term Plan 

10-35 years
Rs. 25 lakhs+
Affordable

LIC Jeevan Amar 

10-40 years
Rs. 25 lakhs+
Competitive

LIC Tech-Term   

5-40 years
Rs. 50 lakhs+
Customizable

Reviews and Ratings for LIC Term Insurance

A large number of people seem to really think LIC Term Insurance is a great choice when you’re looking for a way to make sure your family is financially safe if anything happens to you. Here are some reviews and ratings from various sources:

  1. InsuranceDekho: LIC Term Insurance has been rated 4.8 out of 5 stars based on 101 reviews. A number of customers have expressed their satisfaction with the insurance, praising its excellent coverage, high claim settlement ratio, and affordable premiums.
  2. PolicyX: LIC Term Insurance has received an average rating of 4.8 out of 5 stars based on 38 reviews. Customers have appreciated the policy for its comprehensive coverage, low premiums, and good claims process.
  3. PolicyBazaar: LIC Term Insurance has been rated 5 out of 5 stars based on 42 reviews. Customers have highlighted the policy’s affordability, tax benefits, and high claim settlement ratio as its key strengths.
  4. Arthgyaan: The author of this blog post has shared their personal experience with the LIC Tech Term life insurance policy, which is a term insurance plan offered by LIC. The policy’s competitive premiums and streamlined online application process have been well received.​

These reviews and scores show that customers had good experiences with LIC Term Insurance, which emphasize the product’s features, benefits, and overall value as a financial protection instrument.

Conclusion

LIC Term Insurance is a reliable and affordable choice to ensure your family is taken care of financially if something happens to you. It comes loaded with benefits and has a good reputation for being dependable. Choosing LIC Term Insurance means you can relax, confident that your family is protected.

Invest in your family’s future today with LIC Term Insurance!

Disclaimer: This article about finance and investments contains material solely for educational purposes. It does not constitute investment advice. While we try to be accurate, we cannot guarantee that the information is appropriate or full. It is recommended that readers get advice from a licensed financial expert prior to making any investing decisions.

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