Buy LIC Term Insurance Plan Online

Term plans LIC Term Plan Features need to be chosen based on the existing liabilities of the person to be insured and the dependents he or she has. For example, if you have an existing home loan that needs to be repaid over an extended period of time, then buying a term insurance will ensure that in the event of your unfortunate demise, your family will receive the Insurance benefits that can be used to repay debts and also provide for them financially.

• Low Premium Cost
• Peace of Mind
• Easy to Buy
• Simple Procedures
• Convenient Payment
• Tax Benefits

Term life insurance is purely an insurance policy valid for a fixed period of time, wherein the family will receive financial protection in case of death of the policy holder. However, endowment policy provides benefits of insurance and investment. If the policy-holder survives that term, he/she will receive a lump-sum amount when the policy matures.

Death caused due to natural reasons including related to health-related issues will be covered by term insurance plan. If the policy holder opts for the Accidental cover rider; then the nominee will also receive additional benefits along with the Sum Assured decided in the Term Insurance policy document.

Under Term plan you are insured only till the term of the policy unlike in Whole life plan you life is insured for whole life.

No maturity amount LIC Term Plan with maturity benefit will be paid in Term insurance plan.

It's better to take a Term plan when you have any outstanding huge loans like Housing loan, personal loan, business loan, car loan etc.

(There is a common formula to understand how much life cover you should buy in a term plan.
Minimum sum assured = Annual Income x 20 times + Loans/Liabilities)

Yes, Medical test is compulsory.

Can claim Income tax benefit on premiums paid u/s 80C and Death claim is tax-free u/s 10,10D

NRI’s LIC Term Insurance for NRI when in India can take term insurance at par with Indians. There is no restrictions on maximum Insurance cover

The Steps to buy LIC Term Plan online are:

• Apply Online at www.licnewpolicyonline.com
• With the details received, Licnewpolicyonline.com will share Policy Proposal
• Payment & Document verification will be completed
• Medical check coordination
• Policy Issued to customer

You can buy an LIC term insurance plan online LIC Term Insurance Plan with simple documentation. The medical checkup can be done at an authorised centre free of cost. You can pay online using a credit or debit card or UPI.

LIC term plan can be purchased with very simple documentation that include:

• Passport size photo
• Pan card copy
• Address proof copy
• Income Tax Returns of the proposer for last 3 years

The fundamental difference Difference Between Term and Endowment Policies is while; Term insurance is a pure life insurance wherein the policy offers a death benefit to the beneficiaries in case of the sudden death of the policy holder during the policy tenure. The money does not grow or the policy holder does not get any financial benefit if he survives the policy term. Endowment insurance on the other hand offers insurance and saving for a specified period of time, with a lump sum amount paid when the policy matures.