Life Insurance

LIC Term Insurance in Chandigarh

LIC Term Insurance Chandigarh

LIC Term Insurance in Chandigarh

Securing Your Future

Explore the benefits of LIC term insurance in Chandigarh and learn how it can safeguard your loved ones’ financial future. Get insights into the eligibility, claim process, and key features of LIC term insurance plans.

LIC Insurance

Life Insurance Corporation (LIC) term insurance provides financial security to individuals and their families in the event of an unfortunate incident. In Chandigarh, LIC offers a range of term insurance plans tailored to meet different needs. This comprehensive guide will walk you through everything you need to know about LIC term insurance in Chandigarh, including its benefits, features, claim process, and more.

1. Understanding Term Insurance

What is Term Insurance?

Term insurance is a type of life insurance that offers coverage for a specific term or duration. It provides a financial safety net to the policyholder’s beneficiaries in the event of the policyholder’s untimely demise during the term of the policy.

Benefits of Term Insurance

– Financial Protection: Term insurance provides a lump sum amount to the nominee/beneficiary in case of the policyholder’s death, ensuring their financial stability.

– Flexibility: LIC term insurance plans offer flexibility in terms of policy duration, coverage amount, and premium payment options.

– Tax Benefits: Premiums paid towards term insurance are eligible for tax deductions under Section 80C of the Income Tax Act.

2. LIC Term Insurance Plans

LIC Term Insurance Plan A

Plan A – is designed to provide comprehensive coverage for individuals looking for long-term financial security. It offers a high sum assured and flexible premium payment options.

LIC Term Insurance Plan B

Plan B is suitable for individuals seeking a moderate sum assured and a lower premium amount. It provides basic coverage and can be customized as per the policyholder’s requirements.

LIC Term Insurance Plan C

Plan C is tailored for individuals who require a relatively lower sum assured and affordable premium payment options. It offers essential coverage for the policyholder

3. Factors to Consider

When selecting LIC term insurance in Chandigarh, it’s crucial to consider the following factors:

Coverage Amount

Assess your family’s financial needs and determine an appropriate coverage amount that would provide sufficient support to your loved ones in your absence.

Policy Duration

Choose a policy duration that aligns with your financial goals and the period during which your dependents would require financial protection.

Premium Payment Options

Evaluate different premium payment options offered by LIC and select the one that best suits your financial situation and preferences.

Riders and Add-ons

Explore additional riders and add-ons available with LIC term insurance plans to enhance your coverage. Examples include accidental death benefit rider, critical illness rider, etc.

4. Eligibility and Documentation

To avail LIC term insurance in Chandigarh, you need to fulfill certain eligibility criteria and provide specific documents. The eligibility criteria may vary depending on the chosen plan and the age of the applicant. The common documents required include:

– Age proof (birth certificate, passport, etc.)

– Identity proof (Aadhaar card, PAN card, etc.)

– Address proof (utility bills, driving license, etc.)

– Income proof (salary slips, income tax returns, etc.)

5. Benefits and Features

LIC term insurance in Chandigarh offers a wide range of benefits and features to policyholders. Some of the key ones are:

Death Benefit

In the unfortunate event of the policyholder’s demise during the policy term, the nominee/beneficiary is entitled to receive the death benefit, which is the sum assured.

Maturity Benefit

Term insurance plans do not provide a maturity benefit as the coverage is for a specific term.

Surrender Value

LIC term insurance plans may acquire a surrender value after a specific period. If the policyholder decides to surrender the policy before the term ends, they can receive a surrender value as per the plan’s terms and conditions.

6. Premium Calculation

The premium for LIC term insurance is calculated based on various factors such as the age of the policyholder, policy term, sum assured, and the chosen plan. LIC provides online premium calculators on their website, making it easy to estimate the premium amount for different plans.

7. Claim Process

In the unfortunate event of the policyholder’s demise, the claim process for LIC term insurance involves the following steps:

1. Intimate LIC: Notify LIC about the policyholder’s death as soon as possible.

2. Submit Documents: Complete the claim form and submit it along with the necessary documents, including the death certificate, policy documents, identity/address proof, etc.

8. Exclusions and Limitations

It’s essential to understand the exclusions and limitations of LIC term insurance. Common exclusions include death due to suicide within the first policy year and death caused by participation in hazardous activities. Make sure to review the policy documents thoroughly to be aware of the specific exclusions and limitations.

Frequently Asked Questions

1: What is the minimum and maximum entry age for LIC term insurance in Chandigarh?

The minimum entry age is 18 years, while the maximum entry age varies depending on the chosen plan and the policyholder’s age.

2: Can I change the coverage amount and policy term after purchasing LIC term insurance?

No, the coverage amount and policy term cannot be changed once the policy is issued. However, some plans offer certain customization options at the time of purchase.

3: Is medical examination required to avail LIC term insurance ?

Medical examination requirements may vary based on the chosen plan and the age of the applicant. Younger individuals may not require a medical examination for certain plans, while older individuals may need to undergo medical tests.

4: Can I avail tax benefits on the premium paid for LIC term insurance?

Yes, the premium paid towards LIC term insurance is eligible for tax deductions under Section 80C of the Income Tax Act. However, tax laws are subject to change, and it’s advisable to consult a tax advisor for accurate information.

5: Can I nominate multiple individuals as beneficiaries for my LIC term insurance policy?

Yes, you can nominate multiple individuals as beneficiaries. The sum assured will be divided among the nominees as per the policyholder’s instructions.

Here are some more

Can I surrender my LIC term insurance policy before the completion of the policy term?

Yes, LIC term insurance policies may acquire a surrender value after a specific period. You can surrender the policy before the term ends, subject to the terms and conditions of the chosen plan.

Can I revive a lapsed LIC term insurance policy?

Lapsed policies can be revived as a specific period as per the policy’s terms and conditions. The revival process may involve paying the overdue premiums and fulfilling other requirements.

Can I convert my LIC term insurance policy into a different type of policy?

No, LIC term insurance policies cannot be converted into other types of policies. However, you can explore other insurance options offered by LIC if needed.

Is LIC term insurance available for NRIs residing in Chandigarh?

Yes, LIC term insurance is available for NRIs residing in Chandigarh. However, certain terms and conditions may apply based on the policyholder’s residency status.


LIC term insurance in Chandigarh offers individuals an effective way to secure their loved ones’ financial future. By understanding the various plans, benefits, claim process, and eligibility criteria, you can make an informed decision that aligns with your needs and requirements. Remember to assess your coverage needs, compare different plans, and consider the assistance of a licensed insurance advisor if necessary.

Leave a Reply

Your email address will not be published. Required fields are marked *