Life Insurance Corporation of India, or LIC as we know it, is the top life insurance provider of the country. Some of the best life insurance plans are available from LIC. Among them are the LIC term insurance plans. The term plans from LIC are affordable, comprehensive and allow you to stay covered in a wholesome manner.

Take a look at this article to know more about the LIC term plans.

Benefits of LIC term plan

When you buy an LIC term plan, you don’t just get a life cover – you get many added benefits too. Some of them are:

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  • Affordable: The term insurance plans from The Life Insurance Corporation of India are among the most affordable ones in the country. When you see the number of features and benefits you get from the cover, the price seems really low. It is therefore always profitable to buy an LIC term plan as the value for money is very high.
  • Ease of access: LIC is more than six decades old. However, the insurance company has always moved ahead with time and changed to suit the needs of its customers. As a result, the company has a very strong digital presence these days. You can buy an LIC term plan online within a  few minutes. LIC also has a very impressive mobile app through which you can buy plans, pay the premiums, renew plans, etc. This makes it very easy for the policyholders to buy and use the LIC term plans.
  • High claim settlement ratio: This is perhaps the biggest and the most significant reason for buying your term plan from LIC. LIC is the only Indian life insurance provider that boasts of a claim settlement ratio of more that 98.31% for F.Y. 16-17. This is a phenomenal record and pretty much gives you the guarantee that your claim will be honoured. Many life insurance companies offer good term plans but fail to pay the claim out. And since the claim is the most important component of a term plan, you must choose an insurer like LIC who will, in all probability, pay the claim.
  • Excellent customer support: Many people have the misconception that LIC being a public sector company, would not have a fully functional and efficient customer support cell. This is a myth as the customer support team of LIC is among the best in the country. You can contact the customer support for any query related to your term insurance plan at any time.
  • Variety of plans: Last but not the least, you get to choose from a variety of term insurance plans when you choose LIC as your preferred life insurance provider. There are a number of LIC term plans, all of which are excellent. Each however, has a different set of features and benefits. You therefore need to go over the terms of the plans, check your own requirements and then locate the most suitable term plan. Once you do that, you will have the best and the most rational term life insurance cover.

When you see the number of benefits the LIC term insurance plans offer, it becomes easier for you to understand why these plans are so popular. So you must surely consider getting your term cover from the Life Insurance Corporation of India if you are planning to buy a new plan in the near future.

LIC: the most reputed insurance brand in India

Like mentioned above, LIC indeed is the most reputed insurance brand in India. Not just in the term insurance sector, but in all other forms of life insurance, there are very few insurers who match up to LIC. You will therefore end up making a wise decision if you buy an LIC term plan. Go over to LIC’s official website and you will get all the details regarding the different term insurance plans. Go through the features and see which plan is best suited for you. You can then make an online payment and get the plan in your name within a few minutes. The plan is quick and easy to own and gives you a whole lot of benefits. Do you need more reasons to buy an LIC term plan?