Insurance Plans 5683 views April 27, 2020

Death Insurances simply explained, are Term Insurance policies that predominantly provide death benefits. Term Insurances, among the oldest form of insurance, should not be viewed as an investment but should rather be seen as a medium to safeguard your family from unforeseen financial challenges in your absence. It essentially pays the sum assured from the accumulated premium payable within the policy tenure, i.e. in case the insured individual survives the policy tenure then the cover ceases and no amount is payable.

Term Insurance

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LIC Death Insurance Policy provides death benefits as a payout to the nominee of a life insurance policy, pension or annuity. This is only when the insured individual or the annuitant dies within the policy tenure. These policies are not subject to Income Tax and the pay-out is done on a lump sum basis to the beneficiary.

Death Insurance Policy by Life Insurance Corporation of India-

The following are the Death Insurance Plans also referred to as Term Assurance Plans offered by LIC:

  1. LIC Tech Term
  2. LIC Jeevan Amar
  3. LIC Anmol Jeevan II

What Does Death Insurance Policy in LIC cover?

Death Insurance or Term Assurance Plans offered by LIC covers death due to medical and natural conditions as well as accident-related death.

Features and Benefits of the Plans offered-

LIC Tech Term Plan

  1. This plan is a non-linked and profitless, pure protection plan.
  2. Tech Term plan by Life insurance corporation of india (LIC), commonly known as the “Online Term Assurance
  3. Policy”, provides financial safety to insured person’s family in case of their unfortunate demise.
  4. It can be easily applied for through online application procedurals without intermediaries.
  5. Free look period of 30 days from the date of receipt of the policy document is also provided.

LIC Jeevan Amar Plan

  1. Jeevan Amar Plan is again non-linked and without profit policy. This pure protection plan offers life cover at affordable prices to ensure your family is taken care of.
  2. Lastly, an option for the premium paying mode is also provided:
    1. Single
    2. Regular
    3. Limited Premium Payment
  3. This plan offers the flexibility of choosing between two death benefits, namely:
    1. Level Sum Assured
    2. Increasing Sum Assured
  4. The premium rates are categorized into:
    1. Smoker rates
    2. Non-smoker rates

LIC Anmol Jeevan Plan

  1. This variant is a protection plan with coverage sufficient to protect your family members financially in your absence.
  2. The death benefit under this plan is payable on a lump sum basis to the beneficiary in case of the unfortunate demise of the life assured during the policy tenure.
  3. There is, however, no survival benefit or maturity benefit provided under this plan. Similarly, neither are Surrender benefits.

Exclusions of Such Policies

  1. All premiums payable cover for the cost of insurance, therefore, there is no share in profits earned on investments by policyholders of such policies.
  2. There is no Surrender Value offered on Term Assurance plans.
  3. No loans can be obtained against such policies.
  4. In the case of suicides being the cause of death, the policy shall be void. This will be applicable any time within the first 12 months from the date of commencement of risk.
  5. Claims except for 80% of the premiums paid will not be entertained under any of these policies till the date of death.


LIC Death Insurance Policies are sufficient to provide for one’s family soon after the life assured’s unfortunate demise. It is to be noted that all LIC Life Insurance Plans offer a death benefit. However, Term Assurance Plans by LIC are designed to specifically cover or death by providing detailed death benefits.

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