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Lowest Premium — Government Backing
LIC is India's largest and most trusted life insurer, fully owned by the Government of India. Tech Term is LIC's online term plan offering the lowest premium in the market with unmatched government trust.
2 plans available — compare coverage, premium, and key features.
Lowest premium in India with Government of India backing — zero default risk, unmatched trust.
Key Features
Agent-assisted plan available at all 2,000+ LIC branches — best for those who prefer human guidance.
Key Features
Step-by-step claim process for Life Insurance Corporation of India (LIC).
Visit any LIC branch or call 022-68276827. LIC has 2,000+ branch offices across India — most accessible claim process.
Submit death certificate, original policy bond, nominee KYC at any LIC branch. LIC agents assist nominees through the entire process.
LIC investigates all claims thoroughly — especially early claims. This is the main reason for the lower CSR (91.3%) compared to private insurers.
Once approved, LIC settles claims within 30 days. Government backing ensures payment is guaranteed — no insolvency risk.
LIC Tech Term offers the lowest premium with complete government backing. Despite the lower claim settlement ratio (91.3%), LIC's government ownership ensures zero default risk.
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LIC Tech Term is sold only online without agent involvement — saving the agent commission (typically 15–25% of premium). This saving is passed directly to customers as lower premiums.
Yes — LIC is 100% owned by the Government of India. Even if LIC faces financial difficulties, the government guarantees all claims. No private insurer offers this security.
LIC investigates claims more thoroughly than private insurers — especially for non-disclosure of health conditions. This strict approach reduces fraudulent claims but also results in more genuine claim rejections.
Tech Term is online-only with lower premium. Jeevan Amar is available through LIC agents and branches with slightly higher premium but with full agent support for purchase and claims.
LIC Tech Term and Jeevan Amar both offer maximum coverage of ₹3Cr — competitive with most private insurers except HDFC Life and Axis Max Life (₹5Cr).
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official Life Insurance Corporation of India (LIC) website before purchasing.