LIC Term Insurance
Secure family income, repay liabilities, and protect long‑term goals with LIC term insurance designed for affordable premiums, high sum assured, and flexible terms suited to Indian households and entrepreneurs.
Why buy LIC Term Insurance?
LIC term insurance offers pure life cover that replaces income and shields EMIs, education costs, and household expenses in case of an unfortunate event, helping dependants maintain financial stability without liquidating assets. Robust servicing, wide reach, and straightforward claims procedures make coverage practical for first‑time and experienced policyholders alike.
Key benefits of Term Insurance
High cover at low cost:
Pure protection focuses every rupee on life cover, enabling meaningful sum assured for family security across the policy term.
Flexible terms and payouts:
Multiple policy terms, premium payment modes, and payout formats (lump sum or income options as available) support diverse goals.
Rider add‑ons:
Optional riders such as accidental death benefit, critical illness, or premium waiver (subject to plan availability) enhance protection.
Tax efficiency:
Potential tax benefits may be available as per prevailing laws and individual eligibility; regulations can change over time.
Digital convenience:
e‑KYC, online payments, and paperless documentation streamline purchase and servicing through authorised channels.
Who should consider Term Insurance?
- Salaried and professionals seeking income replacement aligned to EMIs, children’s education, and lifestyle costs.
- Business owners securing loans, partner obligations, and continuity for heirs and stakeholders.
- Homemakers whose household contribution requires a realistic replacement cost buffer.
- Early earners locking lower premiums and building prudent protection from day one.
- Retirees needing legacy certainty and support for final expenses when assets are illiquid.
How LIC term insurance works?
Profiling and quotation:
Capture personal details, dependants, liabilities, and desired term to obtain an indicative premium for the chosen sum assured.
Plan and rider selection:
Select a LIC term plan structure and applicable riders based on risk exposure and budget.
Premium selection:
Choose annual, half‑yearly, quarterly, or monthly payment modes aligned to cash flow.
Medical underwriting:
Complete medical tests and documentation as required by underwriting guidelines.
Issuance and nomination:
Receive the policy document digitally; verify nominee information and store records securely.
Periodic reviews:
Reassess cover after major life events such as marriage, childbirth, home purchase, or business expansion.
Premium factors
Premiums vary by age, sum assured, policy term, medical history, occupation, lifestyle indicators (including tobacco use), and selected riders. Early purchase generally secures lower premiums and broader underwriting acceptance.
Riders and add‑ons
Accidental death benefit:
Provides an additional benefit in case of death due to a covered accident, subject to policy terms.
Critical illness:
Offers a defined benefit on diagnosis of listed illnesses, where available and opted.
Premium waiver:
May waive future premiums under specified contingencies as per rider terms and eligibility.
Tips for best practices
- Start early to secure lower premiums and longer protection windows.
- Align term to the longest financial obligation or until dependants attain financial independence.
- Add riders selectively to address specific risks without over‑insuring.
- Review cover annually and after major life events for adequacy and affordability.
Get a customised LIC term insurance proposal with recommended sum assured, policy term, riders, premium options, and a clear issuance timeline, including underwriting guidance and documentation support.