title jeevan amar

LIC Term Plans

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Lic of India term insurance plan

LIC Term Plans are the most basic insurance plans where in the premium paid is very less and there is no maturity pay out. In simple terms these are pure insurance plans for defined term. Insurance policies financially secure your family for any unforeseen and unfortunate event. 

Top things to know about Term Plans

  1. There is no maturity benefit in term plans
  2. LIC has BEST term plans with affordable premium
  3. Amar Jeevan term plan can be taken with singe premium option
  4. The claim settlement ratio for LIC plans is 97%.
  5. Term plans are cheapest for 5 years

lic ad for term plan page

Term Plans give you a very high insurance assurance sum. Wherein the family is paid a assured amount in the absence of the policy holder. The first financial planning one needs to do is get his or her life insured. A life insurance policy taken at right time can get very economical.

LIC term plans

Also read: Why term insurance is important

A new LIC term plan has been introduced recently in Sep 2019, Jeevan Amar (table no. 855). It is indeed the best term plan available in the market currently. The death benefit in the policy is 100% guaranteed in accidental death cases. The claim is paid in lump sum or 10 yearly installments.

single premium  term life insurance

What would be premium for LIC term insurance?

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Table of life insurance premiums according to age

  • The premium for a 25 years old man for 50 lakh sum assured would be INR  7436
  • The premium for a 25 years old man for 1 crore sum assured would be INR  13520
  • The premium for a 35 years old man for 50 lakh sum assured would be INR  14040
  • The premium for a 35 years old man for 1 crore sum assured would be INR  26520
  • The premium for a 45 years old man for 50 lakh sum assured would be INR  25425 (35 years term)
  • The premium for a 45 years old man for 1 crore sum assured would be INR  48025 (35 years term)
  • The premium for a 55 years old man for 50 lakh sum assured would be INR  42988
  • The premium for a 55 years old man for 1 crore sum assured would be INR  84165 (25 years term)  

paid 10 lakh for 10 years

What is term insurance?

A term insurance is simplest form of life insurance. The claim in term insurance is paid only in case the policyholder dies during the policy term. There is no savings aspect in term insurance. The insurer takes the financial undertaking of paying the claim in case of death.

The premiums paid for a life insurance policies have tax benefit. The entire premium amount is tax exempted under income tax rule 10 10 C

LIC term plans – Amar Jeevan and Anmol Jeevan

LIC currently has two term plans by the name of Amar Jeevan and Anmol Jeevan. Anmol jeevan has the maximum sum assured of 25 lakhs whereas Amar Jeevan has no upper limit on the sum assured. 


1 crore life cover for rupees 673


Eligibility to get term policy

A person to be eligible to get a term policy from LIC must be earning, have sound medical history and should not be in a hazardous profession.

Difference between a traditional plan and term plan

How to get a term plan?

  1. apply for a term plan with LIC advisor
  2. Submit your id proof, address proof, health declaration and income proofs
  3. Get your medical done from a LIC authorized medical practitioner.
  4. Get term policy


Anmol Jeevan 822

Amulya Jeevan 823

Amar Jeevan (855)


Is the premium fixed for term plan

Yes, the premium is fixed for a term plan. LIC Amar jeevan term plan comes with 3 premium payment options regular, limited period (5 or 10 years less than he policy term) and one-time premium payment

How much does term plan cost?

The basic cost of a term policy is defined by the insurance company and health and lifestyle habits may increase the premium. Also, generally speaking women have lesser premium for their policies as compared to men.

Can I buy term plan for my wife?


What is “sabse pehle life insurance” by IRDA?

It is the promotion campaign by IRDA of India to educate the public about the importance of life insurance. LIC of India is proud to announce that they are fully in favor of the promotion.

How much term insurance do I need?

The term insurance value can differ from person to person. There is no one-plan-fits-all solution when it comes to life insurance. Insurance companies generally push 1 crore term insurance to everyone which cannot be true to for all. Read our blog post on 1 crore term life insurance.

Do get in touch with our insurance advisers to understand the LIC Term Plans. Calculate your exact value and take an insurance policy accordingly. Secure your future, save tax.

InsuringGurgaon.com is a leading LIC of India advisory firm based in Gurgaon. Our team of life insurance experts have an combined experience of over 40 years in life insurance services.

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Vikas is the founder of InsuringGurgaon.com - an LIC life insurance agency based in Gurgaon. He has a experience of 16 years and is working with professionals, corporate and HNIs for their LIC services needs. Vikas is a MBA in marketing from Symbiosis, Pune and has a experience of 15 years working with companies at various levels. Vikas can be reached at 9891420503 and [email protected]

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