Steps to Buy LIC Term Insurance Plan in India

All you need to know while buying LIC Term Insurance Plan in India

Several people might have a question in their minds, i.e. what is term insurance plan ? Term insurance policy or term insurance plan acts as a savior for the family in the unforeseen death of the policyholder. Term allows an individual to cope with the emotional disturbance due to the sudden loss of a loved one and assists in providing a stable income source. Analyze your requirements and choose the best term insurance plan in India, from the wide range of policies that are available under this category. LIC is India's oldest and a public sector insurance company. For over three consecutive years, it has sustained the highest CSR (claim settlement ratio). Among its extensive range of products, LIC Term Insurance Plan is one of its most praised term insurance plans that truly offers death benefit (the payment of the predetermined sum assured to the beneficiary on the policyholder’s death). Kindly note that the beneficiary will not be paid anything as the benefit of maturity if the policyholder survives through the policy's tenure.

As per the requirement, the LIC Term Insurance Plan offers extensive coverage of different amounts. The minimum sum assured offered is INR 25 lakhs for an aggregate category, while for a smoker it is INR 50 lakhs. LIC Term Insurance Plan ensures individuals the flexibility and convenience of buying it from any location, i.e. you do not require any LIC agents or mediators to purchase it. Moreover, this policy also assures your loved ones of economic security, even when you are not around. For buying a LIC Term Insurance Plan, an individual should have Indian citizenship, a stable income source, and be aged between 18-60 years. You can also buy the LIC Term Insurance Plan for a minimum tenure of 10 years for which there would be an annual premium.

LIC Term Insurance Plan: Significant Features

The following people can opt for customized policy premiums under a LIC Term Insurance Plan:

• Non-smokers (low-risk applicants as they have more chances of having a larger tenure)
• Females are eligible for lower premiums because they live longer than males.
• Traditional & non-participating term insurance policy
• Does not offer maturity benefit and only includes a death benefit
• In the event of a policyholder's demise, the beneficiary can avail of the death benefit.

LIC Term Insurance Plan: Steps to Purchase

Documents Required:

• Age Proof
• Address Proof
• ID Proof
• Income Proof

The all-time easy way of buying LIC Term Insurance Plan is through LIC agents or mediators. However, being the provider of the best term insurance plan in India, LIC has also launched its online portal through which individuals can purchase it without any hassle. Below-cited is all the information you need for buying LIC Term Insurance Plan online.

1. Visit LIC's official website.
2. Take the cursor to the "LIC Online Service Portal" section and choose "Insurance."
3. Choose "Click here to buy" located in that section's end.
4. Under "LIC’s Term Insurance", select "Buy Online."
5. Fill in the asked information, such as your name, mobile number, email address, DOB, city of residence, etc., and click on "confirm."
6. Click on "Calculate Premium."
7. Key in the OTP received on your mobile number.
8. Check all the details and if required, add riders.
9. Choose from the various available payment options.
10. After successful payment, you will instantly receive your policy documents at your registered email address.