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LIC’s Term Insurance Plan – Should You Buy One?

Life Insurance Corporation of India, or LIC as it is popularly known, is the oldest and the most reputed life insurance companies in India. LIC has some excellent insurance products on offer. Their term insurance plans are especially popular and many people prefer buying term insurance from LIC.

Should you buy an LIC plan as well? You probably should. Take a look at this article to know why.
Reasons that make LIC a reliable term insurance provider

Here are the top factors that make the Life Insurance Corporation of India one of the most trusted term insurance providers in the country:

1. Pioneer insurer:

LIC is perhaps the company that introduced the concept of insurance to India on a large scale. It has been around for decades and has stood the test of time. As a result, LIC is looked up to in many ways and even the other life insurance companies rely on the data provided by LIC to chalk out their own plans. It is therefore quite understandable that the term plans from LIC are nothing but excellent. So if you are planning to buy a good term plan, definitely explore the options you have from LIC.

2. Highest claim settlement ratio:

LIC is not popular simply for its name and stature. There is a very good reason why it is on the top – the insurer enjoys the highest claim settlement ratio in the country. The claim settlement ratio of LIC stands at a whopping 99.4%. This makes LIC very trustworthy and when you buy a term plan, you are assured of your claim being honored. Many insurance providers offer term plans but reject claims frequently. This is very dangerous. But when you buy a term plan from LICs, in all probability you stand to get the claim settled.

3. Excellent customer support:

Many people have an incorrect notion of LIC being inaccessible. This is in fact very far from the truth. LIC has an excellent customer service team that is always available for assistance. So if you have any doubt about the term plan or you need assistance at the time of a claim, LIC’s customer support cell will happily help you out.

4. Modern facilities:

LIC may be a veteran in the insurance industry, but it is a modern insurer nonetheless. The Life Insurance Corporation of India has a very prominent online presence. You can buy the LIC term plans online with the click of a button. You can also find all the information regarding the term plans easily on the internet. LIC has a mobile app on offer as well. This app has made it easier for people to find and buy the term plans.

5. Worldwide presence:

LIC has offices in London, Mauritius, and Fiji, among other places. So even if you shift base and need to make a claim when away from your homeland, an LIC term plan can be beneficial.

The bottom line

So as you can clearly see from the points mentioned above, there are some valid reasons for you to buy a term life insurance plan from The Life Insurance Corporation of India. You are sure to find a very good plan with an excellent cover. The term plans from LIC are competitively priced and so do not pinch your pocket too much either. Then, the additional benefits that you get out of an LIC term plan tip the scales in this particular insurance provider’s favor. So check what options you have and buy a good LIC term insurance plan if you haven’t done so already.

Reena Rawat
Author: Reena Rawat

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