Yes, LIC do have a term plan. Their Term Assurance Plan provides coverage of the insured's life for a fixed term, in exchange for payment of a fixed annual premium. The amount paid out on maturity of the policy is tax free.
The main benefits of LIC’s term plan are as follows:
• Financial security for the nominated beneficiaries in case of the unfortunate demise of the policyholder anytime within the insurance term.
• Easy to understand as there are no maturity benefits as the policy gets lapsed after the term.
• The insured can increase or decrease the premium payments according to their affordability.
• Tax benefits
There are a variety of term plans available from LIC such as the Amulya Jeevan, New Jeevan Anand, e-Term and Jeevan Amar to name a few. Each term plan provides unique benefits to the policyholder that can be customised to meet the changing needs of their family.
For more information regarding LIC term plans, please visit: