The best LIC term insurance plan
Term insurance is the cheapest way to buy a large death benefit, because that is all it does. There is no maturity amount if you survive the term — which is exactly why the cover per rupee of premium is so much higher.
For most families with dependants and a home loan, this is the first policy to get right, before any savings-linked plan.
How much cover is enough
A common rule of thumb is ten to fifteen times annual income, but that ignores the two things that actually determine the number: outstanding liabilities, and how many years of income your family would need to replace.
The life cover calculator here works it out from income, years to replace, liabilities and existing cover, and shows the formula it used. It is arithmetic, not advice — but it is a far better starting point than a multiple.
The honest trade-off
People often resist term insurance because “you get nothing back”. That is true, and it is the point. A savings-linked plan giving the same death benefit would cost several times as much in premium, which is money not going toward the protection you were trying to buy.
If you want both protection and savings, it is almost always clearer — and usually cheaper — to hold them as two separate decisions rather than one blended product.
From LIC's own brochures
Active plans to look at
These are LIC plans currently active in our dataset, matched on the criteria described above. Each page quotes LIC's own brochure and links to the source PDF. Nothing here is ranked by what earns the most.
Work it out yourself
Calculators for this
Common questions
What is the maximum age to buy LIC term insurance?
It varies by plan. Among LIC’s current term plans the maximum entry age ranges from 45 to 65 depending on the plan. Each plan page shows the exact published figures.
Does LIC term insurance cover death by any cause?
Subject to the policy’s exclusions, most notably the suicide clause in the first year. Each plan page quotes LIC’s own exclusions wording.
Is a medical test compulsory for term insurance?
Not always, but it is more likely on term plans than on small savings policies, because the sums assured are larger. Age and declared health matter too.
What happens if I outlive the term?
Under a pure term plan, cover ends and there is no maturity payout. That is what makes the premium low.
Not sure which of these applies to you?
Five questions, no account needed, and it will tell you honestly if nothing fits rather than pushing the closest match.