LIC

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

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