LIC International Term Insurance - Reliable Protection

LIC term insurance plans in the UAE are designed to offer affordable and high-coverage protection, ensuring the financial well-being of policyholders' families in case of unforeseen events. 

Whether you're planning to safeguard your family's future or seeking peace of mind, you can certainly turn to LIC International's term insurance policies. Let’s find out more about these plans that are tailored to the needs of UAE residents.

What is LIC International Term Insurance?

It is a term plan that offers coverage for 37 critical illnesses along with life insurance under the base policy. It’s a straightforward, non-profit term plan with premiums that vary based on health and lifestyle, like whether the person is a smoker or non-smoker (non-smokers pay less).

The LIC term insurance plan ensures financial protection for the insured’s family by offering a high sum assured at an affordable rate. It also provides an option for critical illness (CI) coverage — in case of a critical illness, the benefit amount will be paid

Why Buy an LIC Life Insurance Term Plan?

With an LIC International Life Insurance term plan, you can get the following benefits —

• High sum assured
• Customisable term insurance plan
• Option to get non-smoker premium rate
• Optional accelerated critical illness rider
• Round-the-clock customer car assistance
• Grace period of 30 days if paying a half-yearly or annual premium 
  • The grace period is of 15 days if you’re paying a monthly premium

What are the Best LIC Term Insurance Plans?

Here are the best LIC International term insurance policies —

• Life Protect Term Plan – This LIC term life insurance option is a pure term plan. It offers financial protection to the family of the life assured with a high sum assured in case the latter dies during the policy tenure. Note that there is no maturity benefit under the plan.
• Term Plan – This LIC term insurance plan offers a financial safety net to the life assured’s family if the former passes away when the policy is active. The beneficiary gets the death benefit which is the basic sum assured. Keep in mind that no maturity benefit is paid under the plan. 

What are the Features and Benefits of LIC International Term Plans?

Mentioned below are the salient features and benefits of LIC term life insurance —

• Sum Assured
  • Minimum Limit: USD 100,000
  • Maximum Limit: Subject to Underwriting
• Policy Tenure — From 5 years to 35 years
• Mode of Premium Payment — Annually, monthly, and half-yearly
• Grace period 
  • 30 days if the premium is paid annually or semi-annually
  • 15 days if paid monthly 

What are the Riders Offered with LIC Term Insurance Policy?

Most LIC term insurance plans offer an optional rider for which you need to pay an additional premium over the base premium. 

The most popular rider is the Accelerated Critical Illness Rider, which covers the following illnesses —

• Cancer
• Heart attack
• End-stage renal disease (kidney failure)
• Heart valve surgery
• Loss of limbs
• Coma
• Major head trauma
• Stroke
• Coronary artery bypass surgery
• Major organ transplant
• Paralysis of limbs
• Profound vision loss – irreversible (blindness)
• Third-degree burns (severe burns)

Find below the key features of this rider —

• Minimum sum assured — USD 100,000
• Maximum sum assured — 50% of basic sum assured or USD 500,000 (whichever is lower)

What is Not Included in LIC International Term Insurance Policies?

Usually, LIC International term insurance plans don’t cover deaths due to undisclosed medical conditions or if the death occurs once the policy tenure ends. 

Why Buy LIC International Term Insurance from Policybazaar.ae?

You can easily buy an LIC term insurance plan at Policybazaar.ae. 

The user interface is straightforward — you can buy a term insurance policy in just a few clicks. Moreover, this third-party aggregator houses the best term insurance plans from major insurance providers in the UAE. 

You get the following benefits when you buy term insurance from our website —

• Access to your credit score for free
• 24/7 customer care assistance
• Expert advice in case you are confused about choosing the plans
• Freedom to compare and select a plan just for you
• Option to customise the plan as per your requirements

How to File a Claim Against the LIC Term Insurance Plan?

Here’s how to file a claim against your LIC International term life insurance plan –

• Notify the Insurance Company — Connect with your insurance provider (in this case, LIC International) right away to inform them about your claim using the provided contact details.
• Complete the Claim Form — Fill out the claim form carefully. Provide all the necessary details to avoid any delays in processing.
• Submit the Claim — Send the completed claim form and supporting documents to the insurance company through the designated channels.
• Provide Additional Details — If more details or documents are needed, provide them promptly to help speed up the process. Stay responsive to any requests.
• Claim Assessment — The insurance company will review the claim based on the submitted information and policy terms. They might investigate if needed.
• Claim Settlement — Once approved, the settlement will be processed according to your policy terms. Payment can be made by bank transfer or cheque.
• Seek Assistance if Needed — If you face any issues or have questions, contact the insurance company’s customer service or claims department for help.

Note – The steps and requirements may vary as per the plan. Thus, review your policy and follow the company’s instructions carefully.

Frequently Asked Questions