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
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 |
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.
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
To purchase the right LIC policy, you need to keep the following factors in mind:
Identify your needs & choose the coverage amount
Choose a particular type of insurance policy
Compare Different Plans & Their Features
Calculate the Premium & Maturity Amount Online
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:
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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
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.
How to do LIC Login?
How to do LIC Online Payment?
How to check LIC Policy Status?
How to login on LIC Customer Portal?
How to complete LIC Premium Payment?
How to check LIC Policy Details?
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.
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:
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.
Ans. To avail loan against the LIC policy, you need toe/she will need to:
Ans. Follow the below-mentioned steps to become a LIC agent:
Note: The person needs to be 18 and 10th pass.
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.
Ans. You can avail of tax benefits on the premiums paid under section 80C of the Income Tax Act of India, 1969.
Ans. The company does not impose any charges for availing of its e-Services; they are provided free of cost.
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.
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.
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.
Ans. You can pay online premiums for your family members' policies, provided you have the policy number and other necessary details.
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.
Ans.
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.
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.
Ans. As of September 23, 2024, LIC's share price's 52-week low and high are Rs 1,222 and Rs 597, respectively.
Ans. You can buy easily LIC shares by creating a demat account and getting your KYC documents verified online.
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.
†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
VijayDelhi, September 27, 2024
DipendraMadhya Pradesh, September 27, 2024
NitinAndhra Pradesh, September 27, 2024
DoodhnathMaharashtra, September 27, 2024
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AdnanUttar Pradesh, September 27, 2024
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