The Life Insurance Corporation of India, also called LICI in short, is the oldest Life Insurer in the insurance sector which was formed by passing the Life Insurance Corporation Act by the Parliament of India on 1st September 1956.Since then LICI has been the sole life insurance provider in the market up until the year 2000 when as per the recommendations of the Malhotra Committee, the Government of India allowed private players and foreign players to enter the market.

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Even today, after more than half a century of experience in insurance industry, LICI enjoys a bulk market share through a huge base of trusted customers. LIC of India offers variety of insurance plans to its customers which are both traditional as well as unit linked insurance plans.

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are a product of adapting insurance plans to the market trend of high growth which lured customers to invest in capital markets instead of insurance. With ULIP , one can reap the dual benefit of high returns and insurance coverage. The premiums paid for a unit linked plan are collected in a corpus which is then invested in the market in a range of multiple securities each having its own growth. As on any day, the total market value of the invested corpus divided by the number of securities purchased gives per unit price of the fund called the Net Asset Value (NAV). It depicts the cost of one unit of the fund and the premiums paid are divided by the NAV to calculate the units availed.

  • The premium which the policyholder pays is invested in the fund which the policyholder chooses as per his risk appetite. The company usually has various funds each with high, low or medium risk profile
  • The entire amount of premium is not allocated to the fund. There are certain charges which are deducted from the premium paid. Such charges include fund administration charges, mortality charge, administrative charge, etc.
  • The amount of coverage which will be provided is expressed as a multiple of the amount of premium paid under the plan
  • The amount of premium paid is locked-in for a period of 5 years which is called the lock-in period. After 5 years the customer can freely withdraw money from the fund value through partial withdrawals
  • The policyholder may also switch the investments from one fund to other if he wants under the Switching Option.

LIC’s Unit Linked Plans

The Life Insurance Corporation of India currently offers one type of Unit Linked Plan which promises good returns through market linked growth and also the facility of life insurance coverage. Let us take a look at the insurance plan offered by the company in details.

LIC’s New Endowment Plus Plan

A unit linked insurance plan which gives the dual benefit of capital appreciation and insurance protection. The plan has the following features and benefits.

  • The premiums under the plan have to be paid for the entire duration of the plan
  • The premiums paid net of charges are invested in a fund chosen by the policyholder as per his risk appetite. The company provides a choice of four funds to the policyholder to choose from. The funds available are:
    • Bond Fund
    • Secured Fund
    • Balanced Fund
    • Growth Fund
  • For children aged less than 8 years, there is a deferment period. The risk cover will begin one day before the completion of 2 years of the policy commencement or one day before the policy anniversary which coincides with or follows the completion of 8 years of age.
  • The policy will vest in the name of the child who is the life assured and will then become the policyholder on the policy anniversary following the completion of 18 years of age
  • In case of death of the insured during the deferment period, i.e. when the risk has not begun, only the available fund value is paid
  • Partial withdrawals are allowed under the plan
  • Switching is allowed to change from one fund to another. 4 free switches are allowed every year exceeding which a charge will be levied
  •  On maturity, the Fund Value is payable which can be taken as a lump sum or availed in instalments over a period of 5 years post maturity under the Settlement Option feature
  • In case of death of the insured during the tenure of the plan and after the commencement of risk, higher of the Sum Assured or the available Fund Value is payable to the nominee
  • LIC’s Linked Accidental Death Benefit Rider can be availed under the plan which promises payment of an additional benefit in case the insured meets with an accidental death during the tenure of the plan

The amount of premiums paid and the amount of claim received are both exempted from tax. While premiums paid are exempted under Section 80C, claim received is exempted under Section 10(10D)

Eligibility Details




Entry Age

90 days

50 years

Maturity Age

18 years

60 years

Policy Term

10 years

20 years

Premium amount

Rs.20, 000

No limit

Sum Assured

Higher of 10 times the annual premium or 105% of total premiums paid

Premium Payment Term

Equal to policy term

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly


Applying For ULIPs through PolicyBazaar

  1. On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

You may also like to read : Best 5 LIC Policies To Invest in 2020


1. How to pay a premium? What are the modes of payment available?

The Life insurance Corporation of India Ltd. offers 6 modes of premium payment namely:

  • Cash/ cheque / DD payment at the branch and cash counters
  • Payment at the Axis Bank
  • Payment at the Corporation Bank
  • Online Payment
  • NEFT
  • ECS
  • AP online
  • MP Online
  • Suvidha Infoserve
  • Easy bill pay
  • Premium point by empowered agents
  • Life plus SBA
  • Retired LIC Employee collection
  • Phone banking
  • Authorized Service Provider (in selected cities)

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status for LIC ULIP plans?

For online registered users, they can check the policy status by loging into the e-Portal

Altrenatively, visit the branch personally to know the policy status.

3. What is the policy renewal process for LIC ULIP plans?

For renewing online, follow these easy steps;

Step1: Enter your Client ID and Date of Birth to login into e-portal

Step2: Choose the policy and payment option (Net Banking/ Debit/Credit Card)

Step3: Print/save the premium deposit receipt on successful payment completion

Alterantively, you can pay via cash/cheque at any of the nearest LIC branch in your city.

4. What is the company’s process to settle claim for LIC ULIP plans?

For the claim settlement nominee can visit the branch personally and the customer service desk will help you there.

5. What is the policy cancellation process for LIC ULIP plans?

For the cancellation of the policy, you can visit the branch personally.

More Useful Resources

LIC Online Services

LIC Other Plans

LIC Policy Status

LIC Term Plans

LIC Premium Payment Process

LIC Pension Plans

LIC e-Services

LIC Investment Plans

LIC of India Login

LIC Child Education Plans

LIC Premium Calculator

LIC One Time Investment Plan

Written By: PolicyBazaar - Updated: 09 September 2021
LIC ULIP Plans Insurers
LIC India
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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