LIC International Term Insurance UAE: Plans, Benefits, Features & How to Buy

Quick Overview of LIC International

LIC International, a subsidiary of the Life Insurance Corporation of India (LIC), has been serving customers in the GCC since 1989. Initially established to offer life insurance solutions to the Indian diaspora, the company now operates across the UAE, Bahrain, and Kuwait. Across these countries, the company offers a range of protection, savings, investment, and retirement plans.

The company has grown from a small regional insurer into a business with assets exceeding USD 1 billion. It continues to expand its presence across the GCC.

What is LIC International Term Insurance?

The Life Protect Term Plan offers pure life insurance protection without any investment component. It provides a high sum assured at competitive premiums, and also lets you strengthen your coverage with an optional Accelerated Critical Illness Rider covering 37 specified illnesses.

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 cover starting from USD 100,000
• Pure term insurance with no investment risk
• 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
• 10% rebate on the base premium for eligible policies with a Sum Assured of USD 500,001 and above, subject to underwriting and plan terms
• Available through LIC International’s UAE branches and authorised advisors

What are the Best LIC Term Insurance Plans?

Life Protect Term Plan 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 no maturity benefit is provided under the plan.

If your priority is securing your family’s financial future without paying for investment benefits, the LIC International Life Protect Term Plan is the ideal choice. Here’s a quick overview of its key features and benefits.

LIC International Life Protect Term Plan 278

The Life Protect Term Plan is LIC International’s flagship pure term insurance plan in the UAE. It is designed to provide financial security to your family by paying a lump sum death benefit if you pass away during the policy term.

Unlike savings or investment-linked plans, this policy focuses solely on life protection. It does not offer any maturity benefit, surrender value, or policy loan. The plan is suitable for people who want high coverage at a lower premium.

You can also enhance your protection by adding the Accelerated Critical Illness Rider. If you’re diagnosed with one of the covered critical illnesses during the policy term, the rider pays a lump sum benefit. Since it is an accelerated rider, the amount paid is deducted from the remaining life cover under the base policy.

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

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

Who Should Buy This LIC International Term Plan?

The Life Protect Term Plan is structured specifically for:

1. GCC Primary Wage Earners: Salaried or self-employed individuals with active dependents requiring USD-denominated risk protection
2. Mortgage & Liability Cover: Expatriates looking to protect personal debts or home loans in the UAE, Bahrain, or Kuwait with high-value coverage
3. Budget-Conscious Buyers: Non-smokers and high-net-worth applicants qualifying for the 10% premium rebate on policies over USD 500,000

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 —

Important: The rider is accelerated, meaning any amount paid under the Critical Illness Rider is deducted from the death benefit under the base policy. For example, if your life cover is USD 300,000 and you receive a USD 100,000 critical illness payout, the remaining life cover becomes USD 200,000.

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 on Policybazaar.ae.

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