LIC of India - Life Insurance Corporation of India

The Life Insurance Corporation of India (LIC of India) is India's largest life insurance company and a state-owned organization. Established in 1956, LIC has provided insurance coverage to millions of individuals and families nationwide for over six decades. With a wide range of insurance products and services, this insurer has become a trusted name in the insurance industry in India.Read more

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Sameep Singh
Written By: Sameep Singh
Sameep Singh
Sameep SinghBusiness Unit Head - Domestic Savings
Mr. Sameep Singh is a Business Unit Head for the domestic Investment Business at policybazaar.com, holding a master's from Symbiosis School of Banking & Finance. He has played a pivotal role in crafting investment and term business strategies during his tenure at Policybazaar. His exceptional leadership has been instrumental in driving both product and business growth throughout his impressive career.
Vivek Jain
Reviewed By: Vivek Jain
Vivek Jain
Vivek JainHead of Savings business
Mr. Vivek Jain is the Business Unit Head for Investment Business at Policybazaar.com. A graduate of the prestigious IIM Calcutta he brings over a decade of invaluable experience to his current role. In his capacity as Business Unit Head, he has been a driving force behind the success of Policybazaar's Investment business. Mr. Jain is recognized for his instrumental role in product innovation within the Savings/Investment domain. His leadership and expertise have been pivotal in scaling up the Investment business, underscoring his significant contributions to Policybazaar.com's growth and success.

LIC Of India- Key Highlights

Date of Establishment 1st September 1956
Claim Settlement Ratio (CSR) FY 2022-23 92.65%
Solvency Ratio FY 2022-23 1.87
Market Share 71.76%
Customer Support 24*7 Available
Policies Issued 2.04 Cr
Number of Claims Settled 2.25 Cr

LIC of India- Interesting Facts to Know

  • Established in 1956: LIC was founded on 1 September 1956, following India's nationalization of the life insurance industry.
  • Largest Insurer in India: LIC is India's largest life insurance company, with a vast network of branches and millions of policyholders.
  • Government Ownership: LIC is fully owned by the Government of India and, through its investments, plays a major role in the country's economy.
  • IPO in 2022: LIC went public with its Initial Public Offering (IPO) in May 2022, marking one of the largest IPOs in Indian history.
  • Global Presence: LIC operates internationally through its subsidiaries, LIC International Limited, which has a presence in several countries.
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Why Should You Buy LIC of India Life Insurance Plans?

Life Insurance Corporation of India is one of the largest insurance companies with more than 25 Crore clients and offers a comprehensive range of life insurance plans. Let us look at some of the significant reasons to choose insurance policies from the LIC of India.

  • Over 66 Years of Trust: As per the IRDAI annual report 2022-23, LIC has successfully settled 2.25 Cr. claims and paid 2,09,938 Cr. of claims amount. With its customer-centric approach, LIC has become one of the top Life Insurers in India and the 5th largest in the world.
  • Strong Global Presence: According to Brand Finance-2021, the Life Insurance Corporation of India is the third strongest global brand. As of September 2022, the company had around 13.35 lakh agents and had sold 27.80 crore policies.
  • Backing of the Central Government: All policy buyers want to invest their hard-earned money in a safe place. As per section 37 of the LIC Act, 1956, the Central Government guarantees all LIC policies, giving policy buyers a sense of security.
  • Tax Benefits of LIC Policy: With every LIC policy, you also get tax benefits under the following sections of the Income Tax Act:
    • Section 80C
    • Section 80CCC
    • Section 80D
    • Section 80DD
    • Section 10(10D)
  • Going Abroad: LIC operates in Bahrain, Kuwait, the UAE (Dubai and Abu Dhabi), Sri Lanka, Nepal, Singapore, and Oman. The company has foreign branches in Fiji, Mauritius, and the United Kingdom.
  • PAN India Network: For the policyholder’s convenience, LIC operates 1381 satellite offices, 2048 computerized branch offices, 113 divisional offices, and 8 zonal offices. With such a widespread network, LIC caters to all insurance-related queries.
  • A comprehensive range of products: The company offers a wide range of products in the life insurance market. The plans are quite affordable and offer high coverage at low premium rates. Apart from a vast range of insurance and investment products, LIC India caters to diverse consumer needs by offering LIC savings plans, ULIPs, and endowment plans to pension plans.
  • Introducing new innovations in the industry: LIC introduces new products specifically designed for society's well-being every quarter. It is the first to introduce micro-insurance plans in India, helping individuals living below the poverty line get insurance at a low cost.
  • Use of Updated Technology: The company uses technology like LAN, WAN, IVRS, and EDMS, which helps customers to opt for paperless documentation. 
  • High Claim Settlement Ratio: CSR is the ratio of the number of claims paid to customers by the insurer to the total number of claims received by the insurer. LIC's CSR was 92.65% for FY 2022-23, indicating fast claim settlement.
  • Simple Policy Purchase: Whether you purchase a LIC policy online or offline, the process is simple. Buying an LIC policy online also gives you special discounts and other benefits.
  • 24/7 Customer Support: LIC of India has unparalleled customer support. LIC's customer support is available 24/7 to help their customers.
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LIC Of India- Plan List

LIC of India offers a range of insurance and investment products that cater to customers' different insurance needs. Let us take a look at the various types of plans offered by the Life Insurance Corporation of India:

LIC Unit-Linked Plans
Pension Plans
Endowment Plans
Whole Life Plans
Money Back Plans
Term Assurance Plans

LIC Unit-Linked Plans Redirecton

LIC ULIP Plans offer the dual benefits of insurance and investment. These plans provides the life cover throughout the policy term while allowing policyholders to grow their money to help achieve their financial goals.

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Unit-linked insurance plans (ULIP) offered by company are –

LIC Unit-Linked Plans Entry Age Minimum Premium (in Rs.) Maturity Age
LIC Index Plus 90 days- 60 years 7 times of Annualized Premium 85 years
Nivesh Plus 90 days- 70 years Rs.1 Lakh 85 years
SIIP 90 days- 65 years Annually - Rs.40,000 85 years
New Endowment Plus 90 days- 50 years Annually - Rs.20,000 60 years

LIC Pension Plans Redirecton

Everyone should save enough to live a financially protected retirement life. The Life Insurance Corporation of India offers several pension plans to guarantee financial stability in old age. These plans are designed to ensure your post-retirement life and independence.

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Below-mentioned are the pension plans offered by the company:

LIC Pension Plan Name Entry Age Vesting Age Minimum Purchase Price
New Pension Plus 25 years -75 years For Regular Premium Payment: Rs. 3,000 monthly
For Single Premium Payment: Rs. 1,00,000
85 years
New Jeevan Shanti 30 years -79 years 80 years Rs 1.5 Lakhs
Jeevan Akshay –VII 25 Years -85 years - Rs 1 Lakhs
Saral Pension 40 Years -80 years - -
LIC Jeevan Dhara II 20 years- 80 years 80 years -

LIC Endowment PlansRedirecton

The LIC of India’s endowment plans promise life coverage for the insured and increased savings opportunities. These plans offer a guaranteed maturity benefit upon surviving the whole policy term and, therefore, can be used to save for the future.

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Below-mentioned are the endowment plans offered by the Life Insurance Corporation of India are:

LIC Endowment Plan Name Entry Age Minimum Sum Assured (in Rs.) Maturity Age
Bima Jyoti 90 days-60 years Rs. 1 Lakh 70 years
New Endowment Plan 8 Years -55 years Rs. 1 Lakh 75 years
Single Premium Endowment Plan 90 days -65 years Rs. 50,000 75 years
New Jeevan Anand 18 Years -50 years Rs. 1 Lakh 75 years
Jeevan Labh 8 Years -59 years Rs. 2 Lakh 75 years
Aadhaar Shila 8 Years -55 years Rs. 2 Lakhs 70 years
Jeevan Lakshya 18 Years -50 years Rs. 1 Lakh 65 years
Aadhaar Stambh 8 Years -55 years Rs. 2 Lakhs 70 years
Dhan Sanchay 3 years-65 years Rs. 2.5 Lakhs 85 years
Jeevan Azad 90 days-65 years Rs. 2 Lakhs 70 years
Bima Ratna 90 days-65 years Rs. 5 Lakhs 70 years
LIC Amritbaal 0 years-13 years Rs. 2 Lakhs 25 years

LIC Whole Life Plans Redirecton

Life Insurance Corporation of India also offers a whole life plan with insurance coverage throughout the insured's lifetime. These plans are designed to provide the dual benefits of life protection and savings till 100 years of age.

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Below-mentioned are the whole-life plans offered by the company:

LIC Whole Life Insurance Plans Entry Age Minimum Sum Assured (in Rs.) Maturity Age
Jeevan Umang 90 days-55 years Rs.2 Lakhs 100 years
Jeevan Utsav 90 days-65 years Rs.5 Lakhs NA

LIC Money Back Plans Redirecton

Money-back plans are life insurance policies that provide life coverage during the term. Such plans offer payouts at specific intervals, known as survival benefits.

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Below-mentioned are the money-back plans offered by the company:

Plan Name Entry Age Maturity Age Minimum Sum Assured (in Rs.)
LIC Jeevan Shiromani 18 Years -55 years 69 years Rs. 1 Crore
LIC Jeevan Tarun 90 days-12 years 25 years Rs. 75,000
LIC New Money Back Plan- 20 years 13 Years -50 years 70 years Rs. 1 Lakh
LIC New Children’s Money Back Plan 0 Years -12 years 25 years Rs. 1 Lakh
LIC New Money Back Plan- 25 years 13 Years -45 years 70 years Rs. 1 Lakh
LIC Bima Shree 8 Years - 55 years 69 years Rs. 10 Lakhs
LIC Dhan Rekha 90 days- 60 years 80 years Rs. 2 Lakhs
LIC New Bima Bachat 15 Years -50 years 65 years 35,000

LIC Term Insurance Plans Redirecton

Term insurance plans protect the insured's family against his/her death at affordable costs. These insurance plans assure the nominee of financial support for the policyholder's death during the policy term. The LIC of India usually does not pay maturity value under term plans if the individual survives until the end of the policy tenure.

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The term plans offered by the Life Insurance Corporation of India are as under:

LIC term Plans Entry Age Maturity Age Policy Term
New Tech Term 18 Years -65 years 80 years 10 to 40 years
New Jeevan Amar 18 Years -65 years 80 years 10 to 40 years
LIC Yuva Term 18 Years -45 years 75 years 15 to 40 years
LIC Digi Term 18 Years -45 years 75 years 15 to 40 years
LIC Yuva Credit Life 18 Years -45 years 75 years 5 to 30 years
LIC Digi Credit Life 18 Years -45 years 75 years 5 to 30 years
Saral Jeevan Bima 18 Years -65 years 70 years 5-40 years
Jeevan Kiran 18 Years -65 years 80 years 10-40 years

Life Insurance Corporation of India Riders

Riders or add-on benefits are optional or sometimes built-in protections that you can attach to your base LIC policies to enhance coverage. You can opt for these additional add-on benefits by paying a nominal premium.

Here is the list of riders that the Life Insurance Corporation of India offers with its insurance policies

Why Buy LIC from Policybazaar?

why-buy-lic-from-pb
  • Convenience to Make Monthly Premiums

    With Policybazaar, managing your LIC policy is easier than ever. You can make a monthly premium payment for your LIC policies, eliminating the stress of saving up for a hefty lump sum.

  • Comprehensive Claim Assistance

    In times of need, our dedicated team is always ready to guide you through the claim process. No matter the complexity, we ensure you receive the support and assistance required to make your claim hassle-free.

  • 24/7 Customer Service

    Our customer care team is always available to resolve any of your queries and concerns. Whether 12 AM or 12 PM, our team is ready to help you and ensure you never feel alone in your insurance journey.

  • Reliable and Secure

    Purchasing a LIC policy from Policybazaar secures your financial future and offers peace of mind. Policybazaar ensures your insurance experience is smooth and worry-free and prioritises your security and satisfaction.

  • Easy and User-Friendly Process

    Our platform is designed to be user-friendly, making the entire process effortless—from selecting a policy to managing your premiums. With Policybazaar, you can easily buy your LIC policy, pay your premiums, and renew your policy in a few minutes.

Do’s & Don’ts of Buying a LIC Policy

Do's of Buying an LIC Policy Don'ts of Buying an LIC Policy
Assess your financial goals: Understand your current and future financial needs to decide the appropriate coverage amount and policy type. Provide false information: Do not give false information. Always provide accurate and truthful information about your application to avoid complications during claims processing.
Pay premiums on time: Timely premium payment ensures your policy remains active and provides continuous coverage. Make hasty decisions: Buying a policy without understanding its terms, benefits, and implications can cause dissatisfaction later.
Choose the right type of policy: Select a policy that aligns with your financial goals, whether it's term insurance for pure protection, endowment for savings with insurance, or another type based on your needs. Focus solely on tax benefit: While tax benefits are attractive, ensure that your chosen plan provides adequate coverage and has policy features that meet your protection needs.
Be honest about your health and habits: Disclose your medical history, lifestyle habits, and pre-existing conditions. This ensures your policy remains valid and claims are processed smoothly. Cancel the policy without considering implications: Before making a decision, understand the surrender value, penalties, and impact of cancelling your policy prematurely.

LIC of India- How to Choose LIC Policy in India 2024?

To purchase the right LIC policy, you need to keep the following factors in mind:

  • 1

    Identify your needs & choose the coverage amount

  • 2

    Choose a particular type of insurance policy

  • 3

    Compare Different Plans & Their Features

  • 4

    Calculate the Premium & Maturity Amount Online

  1. Identify your needs & choose the coverage amount

    Choose the insurance coverage amount wisely, considering your current income, savings, number of dependents, future goals, and other factors. You should also consider your family's requirements, earnings, and expenditures.

  2. Choose a particular type of insurance policy

    Based on your future goals, pick a type of plan that can help you fulfill them. For instance, if your goal is retirement planning, look at LIC pension schemes for senior citizens. Alternatively, explore ULIPs if you want to grow your wealth.

    We can broadly divide LIC products into five categories (as mentioned above). These categories are:

    • LIC Unit-Linked Plans

    • Endowment Plans

    • Pension Plans

    • Whole Life Insurance Plans

    • Money-Back Plans

    • Term Insurance Plans

  3. Compare Different Plans & Their Features

    Once you have decided on your goal, shortlist plans from that category that fall on your budget. Look for additional features that can increase your savings, such as guaranteed additions, profit participation, loan benefits, loyalty additions, premium waivers, etc.

  4. Calculate the Premium & Maturity Amount Online

    There are LIC maturity and premium calculators available online. You can use this tool to learn the premium you must pay regularly and the maturity amount you will get. Knowing these two values will help you choose a suitable LIC insurance policy.

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How to Buy LIC Plans From Policybazaar

You can now buy LIC Plans from Policybazaar easily by following the below-mentioned steps: Earlier, it was mandatory to pay a 2-month lump-sum premium, but now, you can enjoy the flexibility to pay monthly premiums of your LIC policies. This eases the financial burden, enabling easier access to insurance.

Take a look below to understand the buying process of LIC Plans:

Steps to buy LIC Plans

  • Step 1: Visit the Policybazaar homepage

  • Step 2: Select LIC Plans

  • Step 3: Fill in the form with your name and contact number, and click on View Plans

  • Step 4: After this, on the next page, fill in your age, current city and annual income

  • Step 5: Once done, you can check the plans available and customize the amount and policy tenure for your investments

  • Step 6: Choose the plan, and pay your premiums online.

Note: Policybazaar also provides door-to-door advisors to resolve your queries.

LIC E-Services

LIC e-services enable users to carry out insurance-related activities from the comfort of their homes through its official website or mobile application. Everything can be done in a few clicks, from policy registration to checking claim status.

  • Compare plans

  • Premium calculator and Benefit Illustration

  • Online premium payment

  • Review policy status

  • Loan application

  • Check claim status

  • Check policy revival price

  • Access to forms for various services

  • Grievance registration

Here is the range of services that customers and policyholders can access on LIC’s online platform.

LIC’s e-Services- Registration Guide

Customers must register on LIC’s online customer platform to use the services mentioned above. Here are the steps to do so.

  • Visit the Customer Portal on LIC's website and click on New User.

  • Choose User ID and password. Click on Submit.

  • Login to your account and choose Basic Services to add your policy.

  • To access LIC’s premier online services, fill up the Registration form and print it.

  • Sign this form; then scan it along with the PAN card or passport.

  • Upload the scanned images and click on Submit Request.

  • Once a Customer Zone Official verifies the details, you will receive an acknowledgement by email or SMS.

What Are the LIC of India Mobile Apps?

LIC of India has several mobile applications to make insurance purchases convenient and less time-consuming. Find below the list of LIC applications that offer access to all its products, features, and services.

  • My LIC - This is the LIC app store that provides links to its other applications. Users can download whichever app they need through My LIC.

  • LIC Customer - This app offers detailed information about LIC's products and services. It includes everything from online premium payments to checking policy statuses to benefit illustrations and plan brochures.

  • LIC PayDirect - This application allows policyholders to repay loan amounts and pay renewal premiums and interest. You can use this app to make payments without registering for LIC’s online portal.

  • LIC Quick Quotes - This LIC app allows users to calculate premiums before actually purchasing a plan. This helps them understand how affordable a plan is. They can also see the death and maturity amount applicable under a plan. This information can be used for better financial planning.

How to Buy LIC Policy Online?

Here is a step-by-step guide on how to purchase a LIC policy through its online portals.

  • Visit the website of LIC of India.

  • Under Buy Online Policies, go to the Click Here option.

  • Choose the policy you want from the list.

  • Go to Click to Buy Online.

  • You will be asked to provide COVID-19-related information.

  • Click on Proceed to fill in your Contact Details

  • You will be offered an Access ID. Insert the OTP that you will receive on your phone.

  • Fill in policy-related details such as policy term, sum assured premium payment criteria, etc.

  • Click on Calculate Premium.

  • If everything is in order, proceed to the premium payment.

  • You will receive a confirmation in your mail or SMS once the transaction is successful.

How to Find The LIC Policy Number?
  • To find the LIC policy number, visit the LIC customer portal on the LIC website.

  • Click on the ‘Registered User’ option.

  • Login to your account using the user ID and password you set when registering for its services.

  • This will display the policy numbers of all the active LIC policies that you enrolled in on the portal.

How to Check LIC Policy Status Online?

You can check the LIC policy status online through its website or mobile application.

  • If you are a new user, you will have to register for its e-services.

  • You can then proceed to add your policies to your account.

  • Once the registration is successful, you can log in to view your LIC policy status.

  • If you are an already registered user, simply log in to your account for the same.

How to Check LIC Policy Status Without Registration?

You can use LIC’s SMS service to check LIC policy status without registration. All you have to do is -

SMS ASKLIC<policy number>STAT to 56767877 from your registered phone number. Other types of queries for which you can use the SMS service are:

  • Revival Sum - ASKLIC(Policy Number)REVIVAL

  • Bonus Additions - ASKLIC(Policy Number)BONUS

  • Installment premium - ASKLIC(Policy Number)PREMIUM

  • Status of Added Nominations - ASKLIC(Policy Number)NOM

  • Loan Sum Available - ASKLIC(Policy Number)LOAN

Another option is contacting LIC through its integrated voice response system (IVRS) at 022 6827 6827. Policyholders can also request that this information be faxed to them should they need it.

How to Make LIC Premium Payment Online?

LIC premium payment online can be done through the mobile app LIC PayDirect or its official website. The mobile application allows you to pay premiums by registering to its e-services portal.

Here are step-by-step guides on how to pay LIC premiums online through both mediums.

Through LIC Website

  • Register to LIC’s customer portal and enroll in your policies.

  • Login to your account using the user ID and password.

  • Click on Pay Premium Online.

  • You will see the list of policies for which premiums are due. Proceed to select one.

  • You will see different payment options, such as net banking, UPI, debit, and credit cards. Choose the one that is suitable for you.

  • You will be directed to the payment gateway for the option chosen.

  • Following a successful transaction, you will receive confirmation through an e-receipt.

Through LIC PayDirect

  • Install the application on your phone.

  • Click on Proceed.

  • Under the Pay Direct option, select Advance Premium Payment.

  • Click on Done.

  • Fill out the form with information on the policy number, installment premium amount without tax, your DOB, and contact details.

  • Click on Submit.

  • Enter the premium particulars in the next step.

  • Proceed to make the payment using a suitable gateway from the options presented.

Through Policybazaar

Premium Payment of LIC Policy from Desktop

Step 1: Go to the Policybazaar LIC online payment page

Step 2: Fill in your Policy Details and DOB in the renewal form.

Step 3: Once done, you can scan the QR Code and be directed to the in-app Policy premium payment page or enter your mobile number to receive the payment link via text message or WhatsApp. The scanner will redirect to the LIC Policy premium payment details page on the Policybazaar app.

Step 4: Review the premium payment information, choose your preferred payment mode to pay the dues, and complete the process.

Step 5: Once you make the payment, you will receive the premium payment receipt at your registered email address. 

Alternatively, you can use your mobile phone to pay premiums for your LIC Policy using Policybazaar application . 

Step 1: Fill in the form with your policy number and DOB. 

Step 2: Next, click continue, and you will be redirected to the Policybazaar’s in-app Policy premium payment page. 

Step 3: Review the policy’s renewal information, choose the preferred payment mode, and pay your premium.

Points to Note While Making LIC Premium Payment Online

  • To use the net banking facility, you need to have a registered bank account with LIC’s listed bank affiliations.

  • Provide the correct details and valid contact number along with your email address.

  • The payment receipt will always be mailed to the email address provided.

  • It should be done by the policyholder only and should not involve a third party.

  • If the amount has been debited from your account but the screen displays an error, do not attempt to make a payment again. You should receive a confirmation receipt in your mail within 3 working days. You can also report such an incident to bo_eps1@licindia[dot]com.

  • The online portal accepts only domestic bank-issued cards. Any international cards will not be accepted.

You can also make LIC premium payments offline at the cash counter of the nearest LIC branch.

How to Check the LIC Policy Status?

To check the LIC policy status online, follow the below steps:

Step 1: Visit the official LIC Website

Step 2: Click on the “Login to Customer Portal” option.

Step 3: If you are a new user, Click "New user" or "Sign Up."

  • Provide required details such as your policy number, instalment premium, date of birth, mobile number, and email ID.

  • Verify your mobile number and email as per the instructions.

  • Create a password following the password guidelines.

Step 4: After registration, log in using your credentials.

Step 5: Once logged in, navigate to the section for policy-related information to view your policy status and other details like premium payment, loan requests, and more.

How to Check LIC Maturity Amount?

If you want to keep a check on the LIC maturity amount after purchase, you need to create an account on the LIC customer portal. This will give you access to all its online services.

  • Once registered, log in to your account using the newly created User ID and password.

  • Go to Policy Status. This will display all the policies enrolled in your account.

  • Click on the policy for which you want to check the LIC maturity amount.

  • This will display all the information related to the policy including the maturity amount.

If you haven’t bought an insurance policy yet, checking the maturity amount can help you plan your finances better. You can do this using the LIC maturity calculator, which offers a detailed illustration of the benefits to which you will be entitled. Here is a guide on how to do so.

  • Visit the LIC website or its application LIC Quick Quotes.

  • Scroll down to the LIC Premium Calculator tab.

  • This will take you to an external page for LIC e-services.

  • Enter your age, gender, DOB, and contact details.

  • Click on Next.

  • You can choose Quick Quotes or Compare Quotes.

  • Select the policy for which you want to calculate the maturity benefit amount.

  • Fill the form with desired policy-related details such as the sum you want to assure, the policy term, premium payment term, and premium paying frequency.

  • The next page will offer you premium quotes.

  • You will also see the option for benefit illustration.

A key advantage of the LIC maturity calculator is that it considers each user's unique needs. This helps customers make the right insurance decisions for themselves.

LIC Customer Service

LIC customer care service includes a range of networks (both online and offline) to facilitate a wider reach. You can contact the Life Insurance Corporation call center to use its customer services for information on the following:

  • Claim settlement

  • Updating contact details

  • Unclaimed amounts of policyholders

  • Policy guidelines and benefits

  • Policy purchase and premiums

  • Tax benefit

  • Bonus information

  • NRI Insurance

  • Change of address

  • Life certificate for pension policies

  • Application forms

  • Registration to LIC Customer Portal

LIC Claim Settlement Process

The settlement of claims is one of the most important aspects of policyholder services. Therefore, the LIC of India has greatly emphasized the settlement of both maturity and death claims.

Let us understand the procedure for settling the LIC maturity and death claims listed below:

Maturity Claims Death Claims

Procedure for settling the LIC Maturity Claims

  • The branch office that serves the policy will send a letter that will inform the date on which the policy money is payable to the policyholder two months before the payment due date.

  • The policyholder is then requested to return a discharge form that is duly completed with the policy document.

  • After receiving the two documents, a post-dated cheque is sent by post in the policyholder's name before the due date.

  • With plans like a money-back plan, LIC will provide periodical payments to the policyholders only if the due premium within the policy is paid up to the due anniversary for the survival benefit.

In such cases, wherein the sum payable is less than Rs. 2,00,000, cheques are most likely released without calling for a policy document in the discharge receipt. If the amount is high, these two requirements will be insisted upon.

Procedure for settling the LIC Death Claims

  • Claim Form A is essentially the claimant's statement, which gives information about the claimant and the life assured.

  • Certified extract from the death register.

  • In case the age is not admitted then evidence to substantiate the same.

  • Proof of title to the deceased's estate in case the policy isn't assigned, nominated or issued within the MWP act.

  • The original papers of the policy document.

  • Documents such as the copy of the FIR, and report of the post-mortem are mostly insisted upon in case of death by accident.

Other forms may be requested if the demise occurs less than three years from the date of reinstatement/revival.

  • Claim Form B: A certificate of the medical attendant that the deceased’s medical attendant completes during the last illness.

  • Claim Form B1: In case the treatment in the hospital was received by the life assured.

  • Claim Form B2: This should be duly completed by the deceased life assured's medical attendant who treated them before their last illness.

  • Claim Form C: A certificate of identity and cremation or burial that is completed and signed by the person who is a known character or responsible.

  • Claim Form E: The employment certificate if the life assured was employed.

  • The copies of the post-mortem report, first information report, and the investigation report of police in case the demise was due to an unnatural cause or an accident.

LIC Online Nominee Changes

An individual can change the nominee as often as he/she wants. To do so, follow the below steps:

Step 1: Submit a notice to the Life Insurance Corporation of India in Form 3750.

Step 2: Endorse your nomination

Below are the documents required to complete the process

  • Relation proof with the nominated individual, 

  • Policy Bond, 

  • Form 3750, 

  • Photocopy of LIC policy

LIC Online Renewal Process 

With Policybazaar's online renewal portal, you can now easily renew your LIC policy in a few moments by following the below steps:

Step 1: Visit the official website of Policybazaar and click on Renewal.

Step 2: Select ‘Life Renewal’ from the Renewal drop-down list.

Step 3: Choose “LIC of India” from the list of insurers provided on the screen.

Step 4: Enter your Policy Number and Date of Birth as mentioned in the policy documents and click "Continue."

Step 5: Review the policy renewal information, choose the preferred payment mode and proceed to pay your renewal amount.

Note: The amount will be settled with LIC in 3-5 business days after successful payment.

FAQs About LIC

What is LIC used for?

Ans: LIC, or Life Insurance Corporation of India, provides life insurance coverage to individuals. It offers a range of insurance products and services to financially protect policyholders and their families in unfortunate events like death, disability, or critical illness.

How can I buy LIC of India plans?

Ans. You can easily buy and compare LIC plans from Policybazaar at affordable premium rates. To buy LIC from Policybazaar, you can follow the below-mentioned steps:

  • Step 1: Visit LIC of India, and fill the form by putting your details such as your name and contact number
  • Step 2: Click on the “View Plans”
  • Step 3: Then, enter your age and your residential city.
  • Step 4: Once done, the page will show the available plans.
  • Step 5: You can customize the investment amount or the tenure as per your convenience
  • Step 6: Buy the plan and pay the premium online.
How to change the address in LIC policy?

Ans. The policyholder can either visit the nearest office or submit a request for an address change in writing or change the policy address online by logging in to their account.

How can I avail loan against LIC policy?

Ans. To avail loan against the LIC policy, you need toe/she will need to:

  • Go to the nearest branch office of your bank.
  • Fill out the loan application form and submit it to the lender's representatives with the required documents.
  • After submission, the lender will verify the documents and approve the application.
  • Once approved, the loan amount will be credited to the savings bank account.
How can I become an agent at LIC?

Ans. Follow the below-mentioned steps to become a LIC agent:

  • Visit the nearby LIC India branch office and meet a development officer. 
  • Then, after the branch manager's interview, the individual will be sent to training at any divisional/ agency training centre.
  • The training will last about 25 hours and cover all aspects of the LIC of India insurance business. 
  • Once the training is completed, the individual must appear for the pre-recruitment examination conducted by the IRDAI.
  • When the examination has been completed, a letter of appointment and the insurance agent's identity card will be given. 
  • The person will become an insurance agent and join the team under the development officer. 
  • The development officer will then impart the field training and other inputs that would help in the marketplace.

Note: The person needs to be 18 and 10th pass.

What is the process to check the LIC policy details online?
  • Visit the official website of LIC India.
  • Register for LIC’s e-services if you have not done so already.
  • Log in with your username and password.
  • Go to 'View Enrolled Policies.
  • Choose the policy for which you want to check the details.
How can I decide which LIC policy is suitable for me at present?

Every individual’s insurance needs are different from one another. This means what might suit you, may not be suitable for others. Thus, when choosing the LIC policy, consider your financial goals, risk tolerance, and coverage needs. Look for schemes that offer guaranteed additions of the assured death and maturity benefits. LIC offers a variety of plans including term insurance, endowment policies, and investment-linked options. Therefore, before you decide to buy an LIC policy, assess your requirements, consider policy features, and then choose.

Does the premium paid against LIC Polices is eligible for tax benefits?

Ans. You can avail of tax benefits on the premiums paid under section 80C of the Income Tax Act of India, 1969.

Do I have to pay any charges to avail of e-Services provided by the company?

Ans. The company does not impose any charges for availing of its e-Services; they are provided free of cost.

Can I change the frequency of my LIC premium payment?

Ans. Yes, you can change your LIC premium payment frequency based on the terms and conditions of your policy. Contact your nearest LIC branch or customer service for assistance with changing your premium payment frequency.

What happens if I miss the due date for my LIC premium payment?

Ans. If you miss the due date for your LIC premium payment, a grace period is provided depending on your policy terms. You can still pay without penalty during this grace period, and your policy remains active. However, if you fail to pay the premium within the grace period, your LIC policy may lapse, and the insurance coverage will cease.

Is renewing my LIC policy from Policybazaar safe?

Ans. Yes, renewing your LIC policy through PolicyBazaar is entirely safe. PolicyBazaar provides a seamless and user-friendly experience, making it convenient for policyholders to renew their policies from the comfort of their homes.

Can I pay LIC premiums online for family members' policies?

Ans. You can pay online premiums for your family members' policies, provided you have the policy number and other necessary details.

Are LIC shares available for public purchase?

Ans. Yes, LIC (Life Insurance Corporation of India) shares are available for purchase. LIC is a government-owned insurance and investment company in India. It operates as a public sector undertaking (PSU) and is one of the largest insurance companies in the world.

What information LIC customer service provides about LIC plans?

Ans.

  • Claim settlement needs 
  • Fradulent calls 
  • Offline/Online updation of contact details 
  • Unclaimed number of Policyholders 
  • Information about Bonus 
  • Policy Status 
  • NRI centres 
  • Toll-free help line 
  • Policy guidelines 
  • Tax benefits
How can I dowload the LIC app?

Ans. LIC digital app can be easily downloaded from Google Play Store. This app is specifically designed for esteemed customers of LIC that provides all the information about LIC products and portal service in a couple of minutes.

What is the market cap of Life Insurance Corporation of India Ltd.?

Ans. Market cap is called market capitalization. It is the market value of public traded company’s outstanding shares. The LIC’s market cap is Rs. 6,32,721 Crores as of 19th Sep 2024.

What is the 52-week low and high of LIC share?

Ans. As of September 23, 2024, LIC's share price's 52-week low and high are Rs 1,222 and Rs 597, respectively.

How to buy LIC shares?

Ans. You can buy easily LIC shares by creating a demat account and getting your KYC documents verified online.

LIC News
Infosys to Develop New Digital Platform for LIC

17 September 2024

Infosys will create a cutting-edge digital platform for Life Insurance Corporation (LIC) as part of its DIVE initiative (Digital Innovation and Value Enhancement).

This platform, using Infosys Topaz's AI and Infosys Cobalt’s DevSecOps services, will modernize LIC’s systems. It will support better customer engagement, improve efficiency, and facilitate quick integration with FinTech and Bancassurance partners. LIC CEO Siddhartha Mohanty called the partnership a major step in their digital evolution. Infosys CEO Salil Parekh emphasized that their goal is to build a strong digital foundation to enhance LIC's operations and market adaptability.

Read more
Latest News Latest News
Infosys to Develop New Digital Platform for LIC

17 September 2024

Infosys will create a cutting-edge digital platform for Life Insurance Corporation (LIC) as part of its DIVE initiative (Digital Innovation and Value Enhancement).

This platform, using Infosys Topaz's AI and Infosys Cobalt’s DevSecOps services, will modernize LIC’s systems. It will support better customer engagement, improve efficiency, and facilitate quick integration with FinTech and Bancassurance partners. LIC CEO Siddhartha Mohanty called the partnership a major step in their digital evolution. Infosys CEO Salil Parekh emphasized that their goal is to build a strong digital foundation to enhance LIC's operations and market adaptability.

Read more
LIC's Premium Collections Surge in August

10 September 2024

Life Insurance Corporation of India (LIC) saw a 35% rise in new business premiums for August 2024, reaching Rs 19,309 crore, up from Rs 14,293 crore last year. Group Yearly Premium collections soared by 291% to Rs 702.52 crore.

For the first five months of FY25, new business premiums increased by 27.73% to Rs 95,181 crore. Individual premiums rose by 4.6% to Rs 5,047 crore, while Group Premiums jumped 46% to Rs 13,559 crore. Despite a slight 4.45% drop in policy numbers for August, overall policy issuance grew by 3.65% in FY25 so far.

Read more
LIC Stocks Surge Following LIC's Request for Higher Surrender Value Payouts

29 August 2024

On August 27, 2024, shares of major life insurance companies saw gains with LIC up by 3.6%, SBI Life by 2.9%, ICICI Prudential Life by 2.7%, and HDFC Life by 2%. This reason behind the surge was the news that LIC has requested the Insurance Regulatory and Development Authority (IRDAI) to revise its surrender value guidelines.

LIC seeks an increase in the interest rate and G-Sec assumptions for calculating surrender values. Effective from October 2024, new norms will raise the surrender value payout ratio to 75-80% and introduce enhanced payouts after the first policy year.

Read more
With LIC Shiromani, Invest and Earn Up to One Crore in Just Four Years

27 August 2024

With LICJeevan Shiromani, you can earn up to Rs. 1 Crore in just four years. This plan offers survival and death benefits, which means that if the policyholder passes away during the policy term, the nominee will receive the insurance amount.

On the other hand, the plan also offers survival benefits to the policyholder surviving till the end of the policy term. The plan allows for annual, semi-annual, quarterly, or monthly premium payments for high-net-worth individuals.

Read more
LIC Introduces New Policy Surrender Option with Retained Coverage

22 August 2024

Life Insurance Corporation of India (LIC) has unveiled a new facility allowing policyholders to surrender their LIC policies without losing their insurance cover.

This new feature is designed to provide more flexibility and security for policyholders who may need to discontinue their policies but still wish to retain some level of insurance protection. This initiative reflects LIC's commitment to enhancing customer service and adapting to changing financial needs.

Read more
LIC Launches New Term Insurance Products Targeting Youth

14 August 2024

The Life Insurance Corporation of India (LIC) has unveiled new term insurance products tailored specifically for the younger demographic. Aimed at individuals aged 18 to 35, these plans are designed to offer affordable coverage with flexible terms and benefits.

The products include features such as customizable policy durations and sum assured options, catering to younger policyholders' financial needs and goals. This initiative is part of LIC's strategy to attract and engage younger customers by providing them with accessible and versatile insurance solutions.

Read more
LIC Launches Digi Term Insurance Plan with Amazing Features

13 August 2024

Life Insurance Corporation (LIC) has introduced its new Digi Term Insurance Plan, designed to offer comprehensive online coverage with a focus on simplicity and convenience.

This digital plan is available to individuals aged 18 to 65 and covers up to 40 years. Premiums can be paid annually, semi-annually, or monthly. The plan includes benefits such as a high sum assured and additional features like accidental death benefits and premium waiver options. This move aims to streamline the process for policyholders and enhance accessibility to life insurance.

Read more
LIC of India Launches 4 New Plans. Check out the Details

06 August 2024

On August 5, 2024, LIC of India introduced new insurance plans, including LIC’s Yuva Term and Digi Term, available offline and online, respectively. These plans aim to cater to young policyholders seeking term insurance.

Additionally, LIC unveiled Yuva Credit Life for covering loan liabilities offline, and Digi Credit Life exclusively online. CEO and MD Siddhartha Mohanty announced the launch, emphasizing the plans' benefits like high sum assured rebates and special premium rates for women. Yuva Term offers a minimum sum assured of Rs. 50 lakhs, while Yuva Credit Life provides coverage tailored to loan repayments.

Read more
LIC Cautions Policyholders Against Fraudulent Purchase Offers

05 August 2024

The Life Insurance Corporation of India (LIC) has alerted policyholders about a scam where people are being asked to sell their current insurance policies. Scammers promise high returns or better deals, but these offers are often fraudulent.

LIC advises policyholders to be cautious and verify any offer through official channels before making decisions. The company urges people not to share personal information or financial details with unknown individuals and to contact LIC directly if they receive such offers. Protecting your insurance policy and personal details is crucial to avoid potential fraud.

Read more
Update for LIC Investors: Act Now to Optimize Dividend Payments

11 July 2024

Despite rising share prices on dividend expectations, LIC shareholders are urged to update their PAN and bank account details by July 19, 2024. Failure to do so could result in higher TDS deductions on dividend income.

LIC's Board recommended a dividend of Rs 6 per share for FY 2023-24, pending approval at the AGM on August 22, 2024. Ensure your PAN is linked with Aadhaar to avoid tax implications. Visit LIC's website for updates and compliance details.

Read more
New Option for LIC Policyholders: ALIP Offers Life-Cover Benefits Even After Surrender

10 July 2024

A new opportunity has emerged for Life Insurance Corporation of India (LIC) policyholders considering surrendering their endowment policies. ACESO Endowment Services has introduced a unique programme called Assignment of Life Insurance Policies (ALIP).

Under ALIP, policyholders can assign their LIC policies to ACESO’s India Endowment Policy Trust and receive the surrender value within 48 hours. ALIP is distinct because it allows policyholders to retain life-cover benefits even after surrendering their policies. This means beneficiaries will still receive the life insurance cover amount in case of the policyholder’s demise, while no further premiums need to be paid.

Read more
LIC Launches 'Jeevan Samarth' Initiative to Transform Agency Operations

05 July 2024

Life Insurance Corporation of India has unveiled 'Jeevan Samarth', an initiative aimed at revitalizing its agency ecosystem. LIC plans a comprehensive overhaul of its agency structure from branch to zonal levels in collaboration with a global consulting firm.

This transformation aims to integrate international practices amidst the evolving insurance landscape. Moreover, the company has emphasized empowering agents with enhanced tools and skills to better serve Indian families and have encouraged young professionals to consider life insurance marketing as a rewarding career, inviting them to shape the industry's future.

Read more
LIC Ranks 4th Among the Most Valuable Brands in India

01 July 2024

Insurance giant Life Insurance Corporation of India has secured the 4th spot in the Brand Finance India 100 2024 report, with a brand value of $9.8 billion. The report highlights LIC's strong brand strength index score of 88 and an AAA rating.

LIC also maintains its lead in the insurance sector, topping the insurance brand's ranking. The government currently holds 96.50% of LIC shares, with plans to increase public shareholding by May 2027. LIC recently debuted on the stock market, with the government selling a 3.5% stake through an IPO, raising Rs 20,557 crore.

Read more
Invest Rs 45 daily and receive the whopping amount of Rs. 45 Lakhs. Check Out How.

13 June 2024

Dreaming of a big payout with small savings? LIC's Jeevan Anand policy offers just that. By investing as little as Rs 45 daily or Rs 1358 monthly, you can secure a whopping Rs 25 lakh after 35 years.

With a policy term of 15 to 35 years, this LIC policy promises a sum assured of Rs 5 lakh, along with hefty bonuses. Plus, enjoy added benefits like riders for accidental death and disability. Secure your future today with LIC!

Read more
Relief for LIC Policyholders: New App Makes Policy Surrender Easy, Processes Claims in 48 Hours

05 June 2024

LIC policyholders can now easily surrender their policies and get their surrender value within 48 hours using the new ALIP app by ACESO.

This app also provides other services like year-by-year life coverage benefits and information for nominees if the policyholder passes away. The entire process, including documentation and KYC, is done online, making it hassle-free for policyholders and LIC agents.

Read more

LIC Articles

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15 Oct 2024

LIC Index Plus Plan Details

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07 Oct 2024

Understanding LIC Surrender Value

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LIC Online Premium Payment

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The LIC Online Payment by Policybazaar enables policyholders to pay their insurance premiums online at their

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LIC Plans to Invest in 2024

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LIC Policies are the best option for investing your hard-earned money. As LIC is a government-backed entity, one

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Surrendering LIC Policy Before Maturity Time...

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The surrender value of an LIC policy is the amount given to the policyholder if they cancel their policy before

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How to Check the Maturity Amount of LIC Policies?

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The LIC maturity value is the amount payable to the policyholders at the end of their policy term. To calculate

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See what our Customers say

VijayDelhi, September 27, 2024

Encouraging growth
With LIC SIIP I’m encouraged by the growth potential linked to market indices. It feels like a smart investment.

DipendraMadhya Pradesh, September 27, 2024

Ideal for retirement
This plan is ideal for anyone looking to secure their retirement. The benefits are truly commendable.

NitinAndhra Pradesh, September 27, 2024

Userfriendly tracking
LIC SIIP has a userfriendly online tracking feature that makes monitoring my investments easy.

DoodhnathMaharashtra, September 27, 2024

Comprehensive coverage
LIC Index Plus offers comprehensive coverage along with market growth. It feels wellrounded and beneficial.

AslamBihar, September 27, 2024

Great for new investors
LIC Jeevan Utsav is a great option for new investors. It’s easy to understand making it accessible for everyone.

JitenderGujarat, September 27, 2024

Steady income
I like the steady income from LIC Jeevan Umang. It helps with my monthly expenses after retirement.

AdnanUttar Pradesh, September 27, 2024

High transparency
LIC Nivesh Plus is highly transparent regarding its benefits and terms. I always know what to expect.

AkashWest Bengal, September 27, 2024

Great features
LIC Jeevan Umang has great features tailored to meet various needs. It is versatile and beneficial.

RakeshTamil Nadu, September 27, 2024

Encouraging for family planning
LIC Nivesh Plus is encouraging for my family planning. I feel more secure knowing I have this investment in place.

SarveshGujarat, September 27, 2024

Stable investment
I view LIC Index Plus as a stable investment option that balances risk and returns effectively.
We are rated~
rating
7.7 Crore
Registered Consumers
50
Insurance Partners
4.2 Crore
Policies Sold

Disclaimer+

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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