LIC Term Insurance Plan: Types, Features & Benefits - Complete Detail

LIC Term Insurance Plan Features and Benefits

Before buying or choosing any term insurance policy you must consider the top features and benefits that particular term plan offer to you. The top most features of LIC term life insurance are listed below.

• Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
• The flexibility to choose type or mode of paying premiums such as a Single Premium, Regular Premium or in Limited Premium Payment.
• Choose how frequent you want to pay the policy premiums.
• You (the nominee after death of insurred) get the option of how you willing to get paid your death benefits- Lump Sum or in Installments?
• LIC term plan offers special rates for women.
• Benefit of attractive High Sum Assured Rebate.
• Two categories of premium rates available
  1. Non-Smoker rates and
  2. Smoker rates. (The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.)
• Option to enhance coverage by opting for Accident Benefit Rider on payment of additional premium for the rider benefit.
• You can buy LIC term plan online and offline by visiting the nearest LIC office as well.

Types of LIC Term Insurance Plans

Lic term plan is offered in 3 different types or variants namely- LIC's New Tech Term Plan, LIC's Jeevan Amar Term Plan, and LIC's New Jeevan Amar Term Insurance Plan. Let's see the details of each plan with its risk cover, benefits, premium and other important details.

LIC's New Tech Term Plan

LIC’s New Tech-Term is a Non-Linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan. This plan provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term.

Benefits of LIC's New Tech Term Plan

• The benefits given to policyholder under this term policy are as follow.
• Death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity provided the policy.
• You will get paid 7 times of your annual premium. or
• 105% of “Total Premiums Paid” upto the date of policyholder's death. or
• Absolute amount assured to be paid on death.
• If you pay the premium as a Single premium policy (paying all premiums at once- altogether), the Sum Assured on Death will be Max. 125% of your single premium.
• The absolute assured amount to be paid on death of the insurred is solely depend on Death Benefit Option chosen by policy buyer at the time of taking this policy.

Please Note:- The Death Benefit Option once chosen cannot be changed later.

• In LIC's New Tech Term Plan no maturity benefits paid to the policyholder upon his / her servival till the time of term plan expiration.

LIC Term Insurance Plan Eligibility Criteria- Plans-Wise

If you consider to buy LIC term policy do have a close look to these key points to analyse are you eligible or not. Further, also do check minimum and maximum values in regard with age, premiums and term period.

The instalments of the premium (price you pay the company) shall be paid monthly, quaterly, half yearly or yearly- in advance. Below is the brackdown of prices you'll need to pay the insurance company.

B. LIC's New Jeevan Amar Term Plan

LIC’s New Jeevan Amar is a Non-Linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan, which provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term. This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers and Insurance Marketing Firms.

Key Features of LIC’s New Jeevan Amar Term Plan

• Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
• Choose from Single Premium, Regular Premium and Limited Premium Payment
• Choose the Policy Term/Premium Paying Term
• Opt for payment of benefit in instalments
• Woman get special price rates
• Option to enhance coverage by opting for Accident Benefit Rider on payment of additional premium for the rider benefit.

This term insurance policy is available in two different types of term insurance plan such as

• Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term.

• Till 5th year- The assured death amount will be same.
• From year 5 to 15- The assured amount paid on death will increase by 10% of the Basic Sum Assured amount till it became twice / double (2x) of the Basic Sum Assured till 15 years of the term or whichever is earlier. This increase is continue throughout the policy term or death of the policyholder until it doubled. After it 2 times rise, can not be increased.

C. LIC Saral Jeevan Bima Term Plan

Lic Saral Jeevan Bima term plan is a LIC's simplest and preferably made for the vast majority of people who struggle to afford the pricy term plans available in the market.

Saral Jeevan Bima is affordable pure risk cover term plan that provides security to your family in your absence. The top features and benefits of buying this policy are as follows.

Top Features & Benefits of Saral Jeevan Bima Term Plan

• Rs. 5 Lakh to Rs. 25 Lakh life cover on death of life assured.
• The minimum entry year is 18, and the maximum entry age is 65.
• Policy buyers get 15 - 30 day grace period depending upon the payment frequency.
• You can pay your premiums as per your convenience. For example, monthly or yearly.
• Accidental death is also covered.

• Saral Jeevan Bima comes with 45 days waiting period the policy should be effective in. After 45 days of long waiting period your actual risk cover is started.
• However, you can get claim of 100% of your total permiums paid (excluding taxes.) if the death is caused by an accident.
• In case of death of the Life Assured is due to accident during the Waiting Period and the Policy is in force, then the Death Benefit amount payable as a lump sum.
• For regular or limited premium policy:- 10 times (10X) of annual premium or 105% of all premiums paid till the date of death or absolute Sum Assured Amount- whichever is higher.
• For Single Premium:- 125% of single premium or Absolute amount assured will is payable- whichever is higher.

Eligibility Criteria for Saral Jeevan Bima Term Plan

Below table explains the minimum premiums or price of EMIs you have to pay to the insurance company- Life Insurance Corporation of India (LIC) for Basic Sum Assured of Rs. 10 lakh and Policy Term 25 years.

How To Buy LIC Term Insurance Plan?

You can buy LIC term insurance plan in 2 different ways- Online (From LIC's official website or 2. Offline by visiting nearest LIC brokerage office.

To buy or know more details about LIC term policy please visit the official website of LIC www.licindia.in

LIC Term Insurance Plan Policy PDF Download Links, Forms and Documents

For lic life certificate form pdf download click on the links below to check all details of each variable term insurance plan LIC offers to public at cheap prices.

Click on the links below for each term plan details (official policy documents in PDF format).

• For LIC's New Tech Term Plan click here
• For LIC's New Jeevan Amar Term Plan click here
• For LIC's Saral Jeevan Bima Term Plan click here

LIC Term Insurance Plan Customer Care Numbers

Customer Care No.- 022 68276827 (Monday to Friday- 8 am - 8 pm.

Corporate Office- Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021

IRDAI Reg No- 512

Official Website- www.licnindia.in