Insurance Blog

LIC Term Plan

LIC Amulya Jeevan (Table - 823) is a term life insurance plan which provides financial protection to your family in case of unfortunate demise. The policy should be having a minimum sum assured of 25 Lakhs. Sum assured lesser than 25 Lakhs can be taken in Anmol Jeevan.

You get good Sum Assured at very low priced premium. In the event of policyholder’s demise, the cover taken is paid to the nominee. There is no maturity benefit in LIC Amulya Jeevan- 2 as it’s a pure term life insurance plan.

LIC term insurance premium calculator shall be availed here.

Service Tax is applicable on the premium paid for this policy, at the rate of 15% (as per the current service tax rate) of the premium paid every year.                

Policy term - 5 to 35 years

Age of Policy holder - 18 to 60 years

Maximum age at maturity - 70 years

Comments (16) -

  • Manish

    6/14/2016 4:20:29 PM | Reply

    Is there any rider available with this term insurance plan from LIC ?

    • PolicyTray

      6/15/2016 9:41:00 PM | Reply

      There is no rider available with this term insurance plan of LIC. Its a plan with the life risk cover equal to the sum assured of the policy.

  • shiney

    6/15/2016 10:33:54 AM | Reply

    How to claim LIC Term insurance?

    • PolicyTray

      6/15/2016 11:16:06 AM | Reply

      To claim death benefits, you will need to fulfil certain formalities. They are:

      Process: To claim the death benefits you will have to collect the document required and submit them at the LIC office. Once the documents are received and the claim verified, the policy being in effect and the claimant being the beneficiary, LIC will process the claim and release the sum assured.
      Documents required:
      You will need 3 key documents to make a claim for the death benefits of any policy.
      The original policy document.
      The death certificate of the policyholder
      The claim form, also known as Claim Form A or Form No.3783.
      An NEFT mandate that will allow LIC to transfer the amount to your account.

  • anjna

    6/15/2016 10:34:22 AM | Reply

    What is the maximum and minimum policy term available under these plans?

    • PolicyTray

      6/15/2016 11:00:35 AM | Reply

      LIC term plans have a minimum policy term of 5 years and a maximum term of 35 years, subject to the entry age and the maturity age of the life insured.

  • anjna

    6/15/2016 10:34:55 AM | Reply

    Can one be given rebates on premiums?

    • PolicyTray

      6/15/2016 11:13:18 AM | Reply

      There are term plans from LIC that offer preferential rates on premiums for non-smokers and females.

  • anjna

    6/15/2016 10:49:24 AM | Reply

    What is the minimum sum assured for LIC Term Plans?

    • PolicyTray

      6/15/2016 11:17:17 AM | Reply

      The minimum sum assured under the various term plans from LIC is INR 10000 and that is available under the New Jeevan Mangal Plan.

  • dutta

    6/15/2016 11:25:19 AM | Reply

    Where can I contact / write to know the status of my application?

    • Rajasekaran

      6/17/2016 10:32:57 PM | Reply

      You shall contact the customer care of your respective division office along with your BOC number, which you would receive when your application has been initially submitted in the LIC branch office. You shall find the customer care numbers in the link - www.licindia.in/Customer-Services/Phone-Help-Line

  • Kishore

    6/20/2016 9:51:30 PM | Reply

    I could see the premium for LIC's term plan is atleast 50% higher that that of the private insurers. Both the companies offer the same product and there is no difference in the features of the product. How is the higher premium justified ?

    • Rajasekaran

      6/21/2016 11:58:17 PM | Reply

      The premium for term insurance policies are calculated based on the mortality rates. The mortality rates used b these companies are different. LIC has a comparatively higher claim settlement ratio of 99% where as the private insurers give upto a maximum of 97% claim settlement. This higher claim settlement also adds to the higher premium, as a very claims are rejected and most of the claims are settled.

  • Mukesh

    6/24/2016 10:48:38 PM | Reply

    I had purchased a LIC term insurance policy in 2012. But i had missed the previous due and the policy has lapsed. Is it possible for me to renew the same policy. If so, how can i renew it.

    • Rajasekaran

      6/29/2016 11:03:18 PM | Reply

      Yes. You shall revive the same policy which has lapsed by paying the pending dues with late fee and also undergoing the required medical tests.