LIC Mortgage Redemption Plan

LIC Mortgage Redemption Plan is a pure protection Term Plan as a cover for all the loans and debts. It means, that in this plan, if the life insured dies within the policy tenure, the lumpsum Sum Assured is paid to pay off all the outstanding loans and debts so that the family is not liable to pay any. However, if the life insured survives till the end of the policy tenure, then nothing is payable on the policy maturity.

earn-and-burn-overview icon
Death Benefit
no-claim-bonus-overview icon
Maturity Benefit
tax-benefit-overview icon
Income Tax Benefit
Compare this plan with other Term Plans
By clicking “Show Premiums”, I authorize MyInsuranceClub to Call/Message & agree to Terms of Use

Key Features

Death Benefit

This plan is a pure protection Term Plan with only Death Benefit and no Maturity Benefit.

The Sum assured is paid in a lumpsum as Death Benefit.

Liability Benifits

The Sum Assured keeps decreasing according to decreasing loan liability over the years.

Premium benefits

Premiums are payable for periods equal to 2/3 of the repayment period of the loan

Medical benefits

The cost of medical examination would be borne by the individual.


Death Benefit

In case of death of the Life Insured, the nominee receives the Sum Assured in a lumpsum.

Maturity Benefit

 Being a pure protection plan, there is no Maturity Benefit under this plan.

Income Tax Benefit

Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)




Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) - -
Premium Payment Term (in years) - -
Entry Age of Policyholder 18 50
Age at Maturity - 65
Single Premium (in Rs.) NA NA
Payment modes

Yearly, Half-Yearly, Quarterly, Monthly, Salary Saving Scheme


angle down iconWhat happens if You stop paying the premium?

If you stop paying the premiums after paying first years’ premium in full, the policy lapses and all benefits cease to exist.

angle down iconWhat happens if You want to surrender the policy?

There is no Surrender Value under this plan.

angle down iconWhat happens if You want a loan against your policy?

 Loan facility is not available under this policy.