LIC

Key Insights

Claim settlement ratio (2019-20)

98.62%

Inception

1956

Presence

2040+ branches

Total death benefit paid

12797.85 Crore

Solvency ratio

1.76

About LIC

Life Insurance Corporation of India commonly known as LIC is the only public sector life insurance provider. Life Insurance Corporation began its operations in September in the ear 1956. Life Insurance Corporation of India is one of India's largest life insurance providers and the oldest among all other insurance providers.

Headquartered in Mumbai, the LIC has more than 2000 branches present in pan India.  LIC provides a variety of life insurance plans like whole life insurance, term life insurance, endowment policies, etc.

With Pazcare the employers can provide their employees with a group term life insurance policy from Life Insurance Corporation of India (LIC). Get the best quotes for the LIC term insurance policy for employees and manage the policy using Pazcare’s tech-enabled dashboard. 

How to buy LIC group term insurance from Pazcare?

These simple steps allow you to purchase a LIC term life insurance policy for employees online from Pazcare.

Step 1: Visit https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.

Step 2: Fill in the basic form containing details like your name, phone number, work email address and the number of employees you wish to purchase LIC group term life insurance.

Step 3: Once you submit this form, our life insurance consultants will get back to you asking for the employee ID, the active employee data, the CTC, the designation, etc.

Step 4: Once the data is submitted, we will get back to you with the best quotes for the group term life insurance policy from LIC.

Step 5: You can accept the terms and conditions of the group term plan and pay the premium quoted for that particular financial year. The policy gets activated immediately after the purchase.

Step 6: Our team will help you with the whole process and also take you through the Pazcare dashboard where you can manage the LIC group term life insurance policy.

For further enquiries, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596.

LIC group term life insurance plan

LIC group term insurance for employees has premiums that are much lower than those of other retail term insurance plans. The plan comes with optional rider benefits like

  • Critical illness rider
  • Accidental death rider
  • Total and permanent disability rider

These are some of the rider options available for your LIC term insurance policy for employees. The riders can be claimed according to the terms and conditions of the policy.

Further, the death benefit can be decided based on the type of sum assured you choose. Mostly it is of two types - the flat sum assured and CTC-based sum assured up to Rs 5 Crores.

LIC group term insurance renewal

The LIC group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.

Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.

Step 2: Once the form is submitted, our life insurance consultants will get in touch with you and request for following documents.

  • Active data of the employees - name, age, gender, designation, CTC, Covid status and vaccination report, etc
  • Claim history of the last 3 years along with the reason for the death of the employees (if any)
  • Policy copy

Step 3: After submitting these details you can choose riders to the policy at your convenience. These riders are critical illness riders, accidental death benefit riders, accidental death and dismemberment rider etc. Once you decide, we will get back to you with the best quotes for your LIC group term insurance policy.

Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your LIC group term life insurance policy. 

Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too. 

We make sure that your LIC group term insurance experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.

LIC claim settlement ratio

The claim settlement ratio is the percentage of the claims settled by LIC India during a particular financial year. Hence, the higher the claim settlement ratio, the higher the chances of the claims getting settled. 

In the financial year, 2020-21, the claim settlement ratio of LIC India is 98.62%.

LIC group term insurance premium

The LIC group term insurance premium depends on various factors like

CTC and grade of the employee

The CTC  and grade of the employee determine the premium of the LIC group term insurance. For instance, some organisations choose the term insurance plan based on the CTC of the employees. So, higher CTC means a higher sum assured, hence the premiums may increase. Similarly, you can also give it based on designations. 

Covid status

The Covid-19 pandemic has caused a lot of deaths in recent times. Hence, the covid status and the vaccination status of the employee impact the premium of the LIC group term life insurance plan.

Sum assured

The annual premium will increase or decrease also based on how much sum assured the employer wants to offer. 

Risk category

The nature of the job and the risks involved for the employees also determine the LIC group premium.

Claim history

In the case of renewals, the claims history for the last 3 years, the reason for the death of the employee also determine the premium of LIC group term life insurance policy.

LIC group term insurance benefits

Purchasing your group term life insurance policy for employees from Life Insurance Corporation of India has the following benefits.

Tax benefits

As employers, when you pay the premium towards the LIC group term life insurance policy, you are eligible to avail the tax benefits under Section 37(1) of the Income Tax Act of 1961.

Choose your riders

Your LIC term life insurance policy for employees comes with customizable riders like critical illness riders, income benefit riders, accidental death benefits, etc at a much lower price.

No medical screening needed

The group term life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the policy.

2040+ branches

Life Insurance Corporation of India is one of the largest life insurance companies in India with 2040+ branches present in pan India. Hence, easy access to the nearest branch is present at most of the locations.

High claim settlement ratio

The claim settlement ratio of LIC India for the financial year 2019-20 is 98.62%. Hence, the claims are settled fastly.

LIC group term insurance claim

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise a death claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the deceased employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly with the nominee or the employer.

4

Contact us for assistance

Contact Pazcare for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise the rider claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the insured employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly to the insured employee.

4

Contact us for assistance

Contact us for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

Documents required to claim LIC group term insurance

Here are the documents that you require to claim the LIC group term insurance policy

  1. Duly filled claim form
  2. Original Death certificate of the insured employee or attested copy (death claim)
  3. Certificate of insurance
  4. Photo ID proof of the claimant
  5. Current address proof of the claimant
  6. Cancelled cheque of the claimant
  7. Letter/confirmation from the employer

Why buy a group term life insurance
policy online from Pazcare?

  • Choose the suitable policy with our consulting approach
  • Custom-made plan with health and mental wellness add-ons
  • The tech-enabled Pazcare dashboard to manage endorsements
  • Integrate the dashboard with your HRMS tool

LIC customer care number

For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.

LIC FAQs

What is the LIC customer care number?

The LIC customer care number is 022 6827 6827. Alternatively, you can email them at helpdesklic@healthindiatpa.com

What is the LIC claim settlement ratio?

The claim settlement ratio of LIC for the financial year 2020-21 is 98.62%.

How is LIC group term insurance premium calculated?

The LIC group term insurance premium is calculated based on the certain factors like 

  1. Grade and CTC of the employees
  2. Claim history for the last 3 years
  3. Sum assured
  4. Covid status
  5. Risk involved in the employee's job