Nowadays, you are reading about so much miss happenings and accidental deaths in newspapers. If you don’t want to give any kind of financial problem to your family after your death then you must consult with our agents as they will suggest some of the best plans according to your financial status.

Lic term insurance provides safety and protection to the person at a very reasonable and affordable cost. The plan of LIC is not expensive and provides a good profit. Tem insurance plans are a basictype of insurance as it provides no maturity value, if the person survives till the end of the tenure of the plan.

Why LIC Term Insurance Plans?

Term Insurance plans are very much common in people as it provides financial support to your family members or loved ones after your death. If you don’t want to give more headaches to the family then take these plans very seriously. The rates of premiums in this plan are not so expensive and it is very much easy to understand which helps customers to invest their hard earned money into this with no doubts. And still if you have any doubts regarding your term plan, you are welcome in the office this corporation or you can have information on the website also.

If you met with an unexpected accident and you die, then how will your family members survive after your absence (death), just think over it and take this topic in a serious note. Life Insurance Corporation will definitely give them full support and will not face any kind of financial problem.

Best Time to Take an LIC Term Plan

Actually, every time is best to takea term plan. It is a very nice thoughtto take plan early in his/her life because lesser will be the age; cheaper will be rates of premium. The other benefit of taking the term plan earlier in the life is it would ensure the policy will be of a longer time and longer the policy, more will be the benefits. These are one of the nicest plans and everyone can afford because of cheaper rates of premiums and it also gives financial support to your family members after your absence (death). The following are the reason of why to have term plan in the early stage of life:

  1. Saving- If you have term plan in the early stage of life, you can use your money to buy properties, apartments and other assets because you are not in worry of saving the money for your family. By this way, you can increase your wealth and can also enjoy this precious life with less stress.
  2. Health-Actually, the rates of premium in term plans generally depend on the age and health of a person. The younger one will be surely healthier than the olderone, healthier person will have to pay less.

The conclusion is to buy a term insurance plan early stage in his life to enjoy more benefits of LIC.

Best LIC Term Insurance Plans in India

Life Insurance Corporation comprises of more than 250 million customers and so many customers ask for different kind of plans and policy. The Life insurance Corporation has a number of plans which have different kinds of benefits in them. Despite the fact that all the plans have cheap rates of premium but every plan provides a different kind of profit.

You can have good look on different kind of plans which are available on the official website of Life Insurance Corporation or you can talk to our agents that will definitely clear your doubts regarding any kind of plan you want.

Now let us look at LIC term plans which are common among our customers.

LIC Anmol Jeevan II Term Plan

As we know that every plan has a different kind of profit. In this term plan, these are thefollowing feature:

  • If atenure of the plan is not completed and the policyholder faces a death then the financial benefit will be equal to Sum Assured selected by policyholder at the time of choosing a policy.
  • If the policyholder survives until the completion of tenure of term plan then no benefits will be there.
  • Premiums must be deposit by the policyholder in regular interval else you may face some problem.
  • Under 80C and 10(10D) sections, the amount of premium paid by the policyholder and the amount which is claimed both will be free of tax. Means, there will be no deduction of money in the face of tax.
  • In this term plan of LIC, you can pay premiums in two ways either annually or semi-annually. But if you are choosing the option of semi-annual mode then the policyholderhas to pay an extra 2% of the tabular
  • You can also increase the profit in this LIC term plan by adding LIC’s New Term Assurance Rider to the basic plan.
  • If policyholder commits suicide within 12 months of inception of policy then only 80% of premiums paid by policyholder will be returned to the nominee and no death benefit will be issued to the nominee in this case. The conditionof payment of 80% is appropriate only if all the due premiums are paid by policyholdertill the day of suicide.

Eligibility Details and Basic Information of LIC Anmol Jeevan II

We must know the basic information about the plan which we want to have in life. Hence, the below table shows us basic eligibility and information Of Anmol Jeevan II. In the following table, there isa column of maximum and minimum age which shows anyone can enter into this plan within this age group. There is a column of maturity age also.Policy term and Sum Assured is also represented in the following table.

Entry Age18 years55 years
Maturity Age65 years
Policy Term5 years25 years
Sum AssuredRs.6 lakhsRs.24 lakhs
Premium Payment TermEqual to the policy term
Premium Payment FrequencyYearly or half-yearly

Sample Premium Rates

 Now as we know about eligibility and basic information of Anmol Jeevan II then we must be aware that how much it will give us profit.Despite the fact thatan agent will definitely give youan explanation, but for understanding it in the more clear way. If we assume Sum Assured to be 10 lakhs then the following table shows the sample of rates of premiums. These premiums also differ according to age group also and on the basis of the term of plans.

AgeThe term of the Plan
5 years10 years15 years20 years25 years
20 years20902090209021602310
30 years23102370265030203540
40 years34804100507060307050
50 years7910944011, 210

LIC Amulya Jeevan II Plan Term Plan

A very nice term plan of life insurance corporation which provides good financial support to your family or loved ones after your unfortunate and unexpected death. There are many features in this LIC Amulya Jeevan II Plan Term Plan:

  • If a person takes this LIC and dies during the tenure of term plan, the benefits will be equal to Sum Assured selected by life insurer at the time of when he or she was doing inception of the policy.
  • No benefits of death will be given to policyholder if he or she survives till the completion of tenure of selected term plan.
  • The premiums must be deposited at regular intervals and within the given period of time. During the Policy, it is your duty to be aware of when to deposit money.
  • Under the section 80C and section 10(10D), the premium paid by the policyholder and the amount which is claimed by a nominee or policyholder will be tax-free. Means, no deduction of money in the face of tax. There is no worry of tax and you can enjoy your money in any way you want.
  • There are two options of depositing premiums, one is annually and another option is semi-annually. If you choosing the mode of annual then there is no complication but if you are choosing semi-annual way then you have to pay extra of 2% of the tabular Although, both the option are very good in own manner.
  • If policyholder commits suicide within 12 months of policy inception or revival of policy then only80% of paid premiums will be given to nominee and no death benefits will be issued to the nominee. The rule of giving an 80% of paid premiums is applicable only if all the due premiums are paid by the policyholder before the day of suicide. Means if any due premium is unpaid, then no money will be given to nominee.
  • If you want to increase your benefits in this term plan then you can add LIC’s New Term Assurance Rider to the basic plan.

Eligibility Details of LIC Amulya Jeevan II

If we know some basic information and eligibility details of LIC Amulya Jeevan II then it will be easier to understand this LIC. The eligibility criteria are different for every age group. The minimum and maximum age is given for entering in this scheme and further details are also given in the following table. There is information of maturity age, policy term and Sum assured in the following table.

Entry Age18 years60 years
Maturity Age70 years
Policy Term5 years35 years
Sum AssuredRs.25 lakhsNo limit
Premium Payment TermEqual to the policy term
Premium Payment FrequencyYearly or half-yearly

Rates of Premium

If we talk about any LIC, then customers will surely ask about the rates of premium. Now as we know basic and eligibility details of LIC Amulya Jeevan II, we must be aware of the profits it will provide us. If we assumed the Sum Assured to be 50 lakhs, then the rates of the premiumare calculated in the following table. The rates of premium differ as it generally depends on age group and term of the plan. Lesser the age; cheaper will be rates of premium.

AgeThe term of the Plan
5 years10 years15 years20 years25 years
20 years57505750575057505850
30 years64006450710082009800
40 years10, 15012, 05014, 85017, 85021, 150
50 years24, 25029, 25034, 45040, 250

Looking for LIC Online Term Plan

If you are the one, main member of the family that holds all responsibilities and you also be thinking to secure them in every manner. You must look for LIC term plan; theLIC term plan ensures you the benefits of LIC, if the policyholder dies during the term of the plan. The best part is LIC term is available with several options with excellent options such as monthly income, one-time payout and many others. These plans also come with the benefit of high sum assured that will ensure your family financial, if something happens to you. Under the plan, there is no maturity charge payable, if a person is living till the expiration of tenure.

People think that life insurance is made for rich people, they have a high amount of installment, where they are wrong. A person with average pay can also secure his second future. The plan looks low-cost and with proposals of great coverage at a lower amount of premium. These plans are the basic form of insurance only thing these plans offer arethe death of insured through the term of the plan and no maturity cost. By this way, you can secure your family, or in case of your death or the loss of income. These are the easy plans to buy with the every person pocket and also help the people to fill their family need after the death too.

As the LIC term logo says, “Zindagi  ke saath bhi, Zindagi ke baad bhi”. As the term insurance plans look like, they ensure you and your family, in any term, even after death. This plan is a pure team plan which assures you the payment of Sum Assured, only if the person dies in tenure of term plan. The of LIC e-term plan is looks like ——-

  • The LIC e- Term plan is available on LIC official website and can only be brought by their only at the minimum rate of premium.
  • If the life insured dies during the starting of the plan, the death advantage is paid only of the amount of sum assured that is chosen by the policyholder.
  • There is no benefit is payable to the policyholder if he stays during the expiration of plan, because this is a pure LIC term plan.
  • Regular premium is to be paid during the whole term of LIC e-term plan.
  • The premiums are to be paid under the LIC e-term plan earn taxrelief of Section 80C that is valid up to 1.5 Lakh INR and if any amount of claim received is also earned tax relief under the Section 10(10D) of the Indian Income Tax Act.
  • The company also assurances different premium rates for non-smokers and smokers under the LIC e-term plan, which rewards lower rate of premium for non-smokers. Under this plan, there is a difference of pricing for coverage sum of 50 Lakh INR and above this; below this value, the premium rates are to be the same for non-smokers and smokers.
  • The LIC New term Assurance Rider could be attached to the Basic Plan of LIC to increase the coverable amount. The rider term plan also promises to pay additional amount which is the rider amount assured only in case of insured dies during the LIC e-term plan, the rider plan promises to pay the double the amount of Sum Assured, paid to the applicant only in case of person dies during the tenure of this LIC term plan.
  • If life insured commits suicide by within the first 12 months of buying the LIC e-term plan, then only the 80% of the total premium will be paid to back to the nominee. There is no compensation for the Sum Assured under this condition.

Eligibility for of LIC e-Term Plan

Are you eligible for the LIC e-term plan? Look at below table showing you details of eligibility.

Entry Age18 years60 years
Maturity Age75 years
Policy Term10 years35 years
Sum AssuredRs.25 lakhs for aggregate category
Rs.50 lakhs for non-smoker category
No limit
Premium Payment TermEqual to the policy term
Premium Payment FrequencyYearly

What called sample premium rates?

The below table showing the sample rates of premium calculated under the LIC e-term plan supposing the sum assured is 50 Lakh INR. At under LIC e-term plan, the premium rates are changing with every age of insured. The similar term plan chooses is for the combined category which also includes smokers.

AgeThe term of the Plan
5 years10 years15 years20 years25 years
20 years46004600465050005550
30 years55006000695083009850
40 years10, 10012, 40015, 00017, 80020, 950
50 years24, 30028, 60033, 65039, 500

What are the Rates For Non-Smokers?

The table given below is showing the premium rate for a non-smoker.

AgeThe term of the Plan
5 years10 years15 years20 years25 years
20 years31503150325035003950
30 years38504250500060507300
40 years7400920011, 25013, 45015, 900
50 years18, 35021, 70025, 65030, 300

Important Things to Consider When Buying a Term Insurance Plan

The only insurance available in pure insurance category is the Term Insurance. It is the most basic life insurance plan as it covers the risk of death. At the death of the policyholder, the company pays the amount of sum assured to the beneficiaries/nominees. If policyholder living tills the end of the plan, he or she did not receive anything. It is also the cheapest type of insurance which available the premiums go towards the covering the risk someone’s life. Here are the main important things that you must be kept in your mind while buying a term plan.

  • Coverage –

The one of the most important thing that every time comes to our mind is how much amount of cover is required while buying a term plan. These depend on many aspects, important is one’s lifestyle, his responsibilities, his present age, inflation, liabilities etc. The only one who requires this policy must is the person, whose family don’t have much fund while the policyholder passes away.

  • Life-Stage of insured –

A person has to understand that buying a term insurance is not only beneficial to him, also for his family. The term plan is carried for securing the financial future of loved once, when he is no more. Thus the person has to consider the number of family members. The family members are varying with the different stages of life. The responsibilities of a married v/s the un-married or single person very different from each other. A married person has to take care for his children’s and hold many responsibilities, differ from a single person.  A term plan is able to offer for family members.

  • Maintaining Life-Style –

A chosen term plan is like that it doesn’t disturb the family member’s lifestyle that they have with main income. The Sum Assured (insurance value) under term plan be sufficient to take into – rising costs, expenses, inflation and such factors like this, so that requirements and needs of the family are taken care.

  • Claim Ratio –

Most of the buyers of the term plan (in a matter of life insurance plan)are uninformed or ignore the Claim Settlement Ratio even having consequences. Claim Clearance Ratio or Claim Settlement Ratio is known as the ratio of claim is to be paid to the applicant by the insurance company and the total claim that is received from the customs. The high claim settlement ratio indicates the more chances of the nominee or family is going to receive the claim amount after the death of the policyholder. This ratio is published yearly by the Insurance Regulatory and Development Authority (IRDAI); also it is available on the insurance company websites easily.

  • Choosing the Product –

There are many plans available, each providing the specific need. Only choose a product that gives you the largest life cover, multiple riders and many others feature at the lowest amount. Look plans that offer a great age, like 80, also they are providing protection for life-time.

  • Paying premium –

The term plan is always fixed by the company for the length of the policy. It can be paid monthly, three-monthly or six-monthly or annual basis also. Think about your income range, how much could you pay to the insurance company and then make fix installments. Don’t try to overestimate your finance.

  • Claim Process –

An insurance company must have an effective claim settlement process that is the claim must settle easily in quickly and irritation-free manner after the death of the policyholder. This is very important because the family is under the emotional pain and tremendous strain because of the loss of a family member. This requires support, reassurance and no distastefulness in claiming. Positive experience and excellent service to every customer is good customer interaction and long go away in the development of the long-term insurance-customer company relationship by adding credibility and trust.

  • Choosing Nominee-

The naming beneficiary is very critical. It is the person who needs the money after you pass away. It can be anyone, your spouse, your parents or your child. It is also very important that the nominee must know about the policy and also the changes that you make after taking policy. Because he/she is the only one who can claim policy,

Apply for LIC Term Plan Easily

  • By Online –

The company is also offering a three-term insurance plan. The company has released the last plan called asan e-term plan which is easily available online. This is a very easy process, just customer have to go to the company’s website and select the mandatory LIC e-term plan, select the coverage and give the details. The premium of the e-term plan will be determined using the given details. Then the customer has to pay the premium selected for the LIC e-term plan online by the method of a debit card, credit card or can also use net banking facilities and then the chosen policy will be issued.

Logging to LIC Of India official website, open online customer portal service platform and here are some documents that you require while buying a policy. The KYC documents which required confirming life insurance policy are –

  1. Address Proof –

Voter Id, Ration Card, Driving license, passport, bank passbook, bank statement, rental agreement, utility bills (gas bill/credit card bill/ mobile postpaid bill/ telephone bill) etc.

  1. Age Proof –

Aadhaar card, Driving license, pan card, school leaving certificate, passport with the full DOB.

  • Income Proof –

Payslip/salary slip, last 3 months bank statements, last 3 years income tax return proof or Form 16 (for ITR)

  1. Photo Id Proof –

Aadhaar Card, Voter ID, Pan Card, Passport, Driving License etc.

  1. One Passport size Photograph

Cleaned photograph with a clear background

  1. A cheque on the name of “LIC of India/Life Insurance Corporation of India” for policy premium and also one cancelled cheque foliage for NEFT registration for existing or new life insurance policy.
  • Mediators –

Other LIC term which is not available online can also be brought from the brokers, bankers, agents etc. where the Mediators will help them in the application process. They do not charge any extra fee. They give you’re the proper information about the term plans.

Choosing LIC of India

Today LIC is working with 2048 completely computerized branches, 8 zonal office, 1381 satellite offices, 113 divisional office and corporate office. It is completely owned by Government of India. LIC is wide area network covering the 113 divisional offices and joins all the branches by a Metro Area Network. LIC also tied up with some most common banks and service provider to provide you on-line premium collection facility in some cities. In terms of customer base, it is the largest insurance company in the world. LIC ATM and ECH premium payment feature is also an addition to customer convenience. It has the Highest Claim Settlement ratio (97.73%). LIC is the largest investment and insurance company in India, with more than 70% of the share market. LIC is operated by more than 1.25 Lakh Employees.LIC continues to dominant life insurance even in the slackened scenario of the Indian Insurance and is moving faster with creating new records by outstanding past records. LIC has issued 1 Croce policies during the present year. Come and join the movement for making our country stronger. For safe and secured future invest and insure with the largest and biggest insurance company, LIC (Life Insurance Company) of INDIA.

LIC Term Plans: FAQs

How can I pay a premium? What are the different methods of payment for LIC Term plans?

If you choose LIC Term plan to secure the future, you will be able to make payments of premium with online as well as offline method. The complete details of different payment methods are given below for every policyholder:

  • Cash/Cheque/DD payment at the bank branch and cash counters
  • Payment at the Axis Bank
  • Payment at the Corporation Bank
  • Online Payment
  • ECS
  • AP Online
  • NEFT
  • MP Online
  • Premium point by authorized agents
  • Life Plus SBA
  • SuvidhaInfoserve
  • Easy Bill Pay
  • Retired LIC Employee collection
  • Phone Banking
  • Authorised Service Provider (in some of the selected cities)

If you want to select the online payment mode, you can make the premium payments with;

  • Credit Card
  • Debit Card
  • Net Banking

 What is the method to check the status of policy with LIC Term insurance plans?

 The policyholders, who have access to the Internet and who have registered online, can follow the online process to check the status of LIC Term insurance policy. Such policyholders can log in to e portal of LIC and can get the complete details of policy status. If you do not have an online account and internet access, you can also make a visit to the branch of LIC personally and can get the complete details of your policy status.

What is the process to renew the policy of term insurance plans with LIC?

To renew your LIC Term insurance policy online, you just need to follow the steps given below:

  • First of all, you will visit the official e portal of LIC
  • Then you will enter the client ID and date of birth to log in to your account at e portal
  • At the website, you will find the option to choose your LIC Term insurance plan and option of payment
  • You can make choice for the payment methods with a credit card, debit card or internet banking
  • There will be an option to save / print the receipt of premium deposit after successfully complete the payment

If you unable to follow this online process, you can choose the alternate method by visiting the nearest branch of LIC in your city and can make payments with cash or cheque.

What is the process of claim settlement for LIC Term insurance plan?

To get the complete details about claim settlement process for your LIC Term insurance plan, you just need to visit the nearest branch of LIC and there will be customer care desk to provide complete help about the process.

What is the process for policy cancellation for LIC Term insurance plan?

For the cancellation of your LIC Term insurance policy, you can make a visit to the branch and can follow the process of documentation and other formalities.