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LIC Digi Term

ILM Ratings

ILM Ratings

Claims Experience:

Customer Service:

Product Benefits:

Introduction to LIC Digi Term

LIC Digi Term is a term insurance plan from Life Insurance Corporation of India (LIC), the country’s oldest life insurer founded in 1956. This plan allows you to increase your cover and offers a few limited-pay options to complete premiums faster. However, it doesn’t provide riders to customise the plan, early exit option and you also cannot choose how your family will receive the claim payout.

Claims Experience:

Customer Service:

Product Benefits:

Quick Overview:

What's Good?

• Option to automatically increase claim amount, with time

What's Not Good?

• Few Limited Pay options to speed up payments
• No option to customize claim payout
• No option to exit the plan while active and get premium refund
• Critical illness rider is not available
• No additional payout option for accidental death
• No premium waiver option available if listed illness is diagnosed
• No premium waiver option available in case of accidental disability

Insurer Track Record

About Life Insurance Corporation of India

JV Partners

Turnover (GWP)

Number of Policies

Number of Claims

Detailed Product Overview

Have doubts regarding this plan?

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Did you know

LIC Digi Term Plan is the term insurance product offered by Life Insurance Corporation of India (LIC). A cost-effective way to protect your family's financial security is by opting for a term insurance policy. In the event of the insured’s death during the coverage period, the insurer provides a death benefit to the family. This financial support can help settle any remaining debts, sustain their lifestyle, or cover essential expenses.

As compared to other products existing in the market, this plan is relatively cheaper. Although it allows you to customize it to increase cover, it does not offer any riders, option to tailor how your family receives the claim amount or an early exit option. However, our study reveals that the company has received fewer complaints concerning claim settlement and policy purchase.

Here’s the review of the LIC Digi Term Plan-

Key product features of LIC Digi Term Plan

Let’s have a look at the various features of the LIC Digi Term Plan-

• Life Cover Option: Under the LIC Digi Term Plan, there will be a guaranteed sum payable to your family in case of your death during the policy term. The sum paid is termed a death benefit.
• Early Exit Option: This option provides you with the choice to exit the plan when it is still active. You can do this within a time frame provided by the insurance company and you will get back all premiums paid up to that point. However, the LIC Digi Term Plan does not offer you an early exit option.
• Increasing Cover: Here, your cover amount increases progressively with a specific interval up to the maximum limit. The increasing cover option of the LIC Digi Term Plan is available from the 6th year of the policy. The base cover can be increased to double the amount with a 10% increase every year.
• Cover Duration: Unlike other plans that typically offer coverage up to ages 60-65, this plan extends coverage until the age of 70, allowing you to continue enjoying benefits even after retirement.
• Limited Pay Option: This is an option that allows you to make premium payments in bigger amounts over a shorter period of time before the policy term expires. With the LIC Digi Term Plan, you can pay off your premiums either in 10 or 15 years and can make the payments either annually or half-yearly. This option is great for those who would like to finish the payments earlier when the income is stable.
• Claim Payout Options: The LIC Digi Term Plan does not offer flexibility in claim payouts. Under this plan, your nominee will receive the entire claim in one lump sum.

What are the Riders available with the LIC Digi Term Plan?

Riders or additional benefits can help you customise the term insurance plans for distinct specific situations. However, with the LIC Digi Term Plan, there are no rider options available for its customers.

Why should you choose the Life Insurance Corporation of India?

Here is a rundown of the claims experience you’ll receive with this insurance company-

• Speed of Claim Settlement: Life Insurance Corporation of India has settled 97.08% in less than 30 days.
• Claim Settlement Ratio: If you are planning to purchase the LIC Digi Credit Life Plan, you should know that the claim settlement ratio is 97.59%. The Claim Settlement Ratio (CSR) measures the percentage of claims settled out of the total claims received in a financial year.
• Claim Complaints: The research we conducted showed us that Life Insurance Corporation of India has fewer complaints of claims than other insurance companies. It has received overall claim complaints of 0.05%.
• Length of the Death Claim Form: Compared to other insurers, the death claim form of this company is short, with few questions to answer. This indicates that your family won't face too many troubles while filling out the form.

What are the Drawbacks of buying from Life Insurance Corporation of India?

Here are a few limitations that you may face while buying a term insurance policy from Life Insurance Corporation of India-

• Personal Relationship Manager: Life Insurance Corporation of India does not offer a personal relationship manager to guide your nominee through the claim settlement process, which may result in less individualized support.
• Home Document Pickup: Unlike some insurers, Life Insurance Corporation of India does not provide a home pickup service for claim-related documents. Your nominee will need to visit the branch personally to submit the required paperwork.
• Online tracking of claims: Furthermore, Life Insurance Corporation of India does not provide the facility of tracking claims online. This means you cannot monitor the status of your claims online.

How is the Customer Service quality of Life Insurance Corporation of India?

We’ve analyzed the customer service of Life Insurance Corporation of India using the following metrics-

• Toll-free: Our research revealed that their response via their toll-free number was slow compared to the rest of the insurers.
• X (Twitter) response: Based on our research, Life Insurance Corporation of India has an average response time over its X (Twitter) handle.
• Percentage of Complaints Received for After-Sales Service: According to research, 0.27% of customers report dissatisfaction with the after-sales service.

About the Insurer - Life Insurance Corporation of India

Life Insurance Corporation of India (LIC), established in 1956, is a government-owned and the nation’s oldest life insurance company. Headquartered in Mumbai, the company is currently led by its Chairman, Mr. Siddhartha Mohanty.

Final Review on LIC Digi Term Plan

Our in-house research team has evaluated more than 100 parameters, including product benefits, customer service and claims experience and has rated the LIC Digi Term Plan with an overall MyInsureBuddy⭐Rating of 3.3/5.

• Introduction
• Quick Overview
• Detailed Overview

Industry Experts with up to 20 years of experience help you from purchase to claims.