LIC Term Insurance FAQs

LIC offers a free-look period of 30 days from the date of policy issuance under which the policyholder can return/cancel the insurance policy if he/she is not satisfied with the term insurance policy.

No. suicide is not covered under the LIC Jeevan Amar plan. If the life assured commits suicide within first 12 months of the policy term, the insurance company will provide 80% of the total premiums paid till the date of life assured’s death.

Minimum entry for LIC term insurance plans is 18 years and maximum entry age is 65 years. Anybody who is above 18 years and below or 65 years can purchase LIC term insurance plans.

LIC term insurance plans offer high life coverage at a reasonable price. These plans provide financial protection to your family in your absence. You can also enhance the base of these plans by adding riders to the plan.

The claim amount can be received by the nominee, the proposer, (in case you are not the policyholder), assignee, legal heirs.

As per the Insurance Regulatory Authority of India (IRDAI), all claims reported are settled within 30 days from receipt of required documents, in case further investigation is required the claim is settled within 120 days from the receipt of required documents.

Yes, you can report a claim for LIC term insurance plans at any branch across India.

The nominee or the beneficiary is the person appointed by the policyholder at the time of policy issuance for receiving the benefits of the insurance policy. In case the nominee is a minor, the benefits would be received by the appointee mentioned in the policy.

No, policy loan facility is not available under the LIC Tech Term plan.

The riders available under LIC are LIC’s Accidental Death Benefit, LIC New Term Assurance Rider, LIC’s Linked Accidental Death Benefit Rider, LIC’s Accidental Death, and Disability Benefit Rider, LIC’s New Critical Illness Benefit Rider, and LIC’s Premium Waiver Benefit Rider

Different premium payment modes available for the LIC Jeevan Amar plan are monthly, quarterly, half yearly and yearly premium payment.

LIC Jeevan Amar plan offers two death benefit options namely Level Sum Assured and Increasing Sum Assured.

Yes, the beneficiary can choose to receive death benefit in instalments instead of receiving it in lump sum, over a chosen period of time such as 5 or 10 years. The instalments will be paid yearly, half yearly, quarterly or monthly as opted for.

Yes, life assured can make a nomination in his/her LIC Tech Term plan as per Section 39 of the Insurance Act, 1938.

Yes, the premium paid for term insurance policies is allowed as a tax-free deduction from your taxable income. Premiums paid up to INR 1.5 lakhs can be claimed as a deduction under Section 80C of the Income Tax Act,1961.

LIC Term insurance premiums can be paid through cash, cheque, demand drafts, net banking, UPI, NEFT, mobile wallets, or any other digital mode.

Yes, a GST slab of 18% is added to the premium charged for a plan.

If the premium is not paid in case of term insurance plans for the specified duration, the policy lapses. In case of a lapse, the coverage halts and the policyholder loses the premiums paid earlier.

You will not receive anything as there are no maturity benefits under LIC term insurance plans. The only benefit you get is the death benefit. Your family or your loved ones can gain the sum assured in your absence.

LIC offers a grace period of 30 days for yearly and half-yearly premium payments under the LIC Term Insurance plans.

The 24x7 toll-free number of Life Insurance Corporation Of India is 022 6827 6827.