LIC TECH-TERM logo

LIC TECH-TERM

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3.5/ 5
How we score
beshak ratings
INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Overall Verdict

This insurer has an excellent track record with respect to claims & service, meaning your family is very likely to get a smooth claim settlement experience. However, this plan doesn’t allow you to choose some important customizations such as increasing covers and critical illness riders. Further, considerably expensive compared to other products in the market, and doesn’t allow you to pay the premiums in monthly installments.

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Pros
  • Received fewer complaints on claim settlement compared to other insurers
  • Offers the option to automatically increase your claim amount, with time
  • Simpler, separate claim form for policies older than 3 years
Cons
  • Much costlier than other products in the market
  • No option to pay the premium in monthly instalments
  • Not many options to customize claim payouts
  • Not many Limited Pay options available, to speed up payments
  • Critical illness rider is not available
Detailed Review
Claims Experience 4.2/5 star green
Customer Service 3.3/5 star green
Product Benefits 1.9/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
91.84%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.11%
How complex is the Claim Form?
The longer, the more hassles during claims
Short
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