Life Insurance Corporation of India (LIC of India)

Life Insurance Corporation of India or LIC of India is a government-owned life insurance provider in India. The company was established in the year 1956 after the merger of 245 provident societies and insurance companies. The company has its headquarters in Mumbai, India. With its presence in urban and rural India, the company offers a wide range of insurance and investment products. 

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Why Choose LIC?

Until 2000, LIC has a monopoly in the insurance market of India, but after 2000, FDI was allowed. Many foreign insurance providers tied up with Indian organizations for providing insurance. These private insurers have brought various insurance plans catering to the diverse needs of the policy aspirants. However, LIC is trusted mist, here are the benefits of LIC policy:

  • Trust: The insurance policies offered by LIC of India are trusted by most Indians. As per some reports, 75% of Indians still find LIC of India as the most trustworthy insurance provider.

  • Security: We all want to invest our hard-earned money in a safe place and LIC is one such place. The best part about LIC is that it is backed by the Government of India. This simply means that with guaranteed returns, you enjoy fringe benefits.

  • Vast Range of Insurance and Investment Products: Apart from insurance and investment, LIC is preferred for its vast variety of products. There is something for everyone in LIC. From LIC savings plans to endowment plans, you get a vast range of insurance and investment products.

  • Simple Policy Purchase Process: Whether you purchase a LIC policy online or offline, the process is simple. If you choose to buy a LIC policy online, you can very easily purchase a suitable LIC plan at the convenience of your home.

  • Easy Claim Settlement Process with High Claim Settlement Ratio: LIC claim process is simple and easy. This is the reason the company has a high Claim Settlement Ratio (CSR). For Financial Year 2019-20, LIC has a claim settlement ratio of 96.6%. The high CSR depicts that out of 100 claims, 96.6 claims are settled successfully in that FY.

  • Unparalleled Customer Support: LIC of India has unparalleled customer support. For helping their customers, the customer support of LIC is available 24X7.

  • Tax Benefits of LIC Policy: With LIC policies, 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)

Types of LIC Plans

The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by LIC:

  1. LIC Term Insurance Plans

    LIC term plans protect the insured at affordable costs. These LIC plans assure substantial advantages in case of the death of the policyholder 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. The term policy comes at a low cost and caters to high coverage.

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

    LIC Term Plan Name Entry Age Maximum Maturity Age Policy Term Minimum Sum Assured
    LIC Tech Term 18 years to 65 years 80 years 10 to 40 years Rs.50,00,000
    LIC Jeevan Amar 18 years to 65 years 80 years 10 to 40 years Rs.25,00,000
    LIC Saral Jeevan Bima 18 years to 65 years 70 Years 5-40 years Rs.5,00,000

    Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

  2. LIC Pension Plans

    Everyone intends to save enough and live a financially protected retirement life. LIC of India offers several pension plans to guarantee financial stability in old age. These are the three pension plans that LIC of India offers:

    LIC Pension Plan Name Entry Age Plan Type Minimum Sum Assured
    LIC New Jeevan Shanti 30 years to 79 years Deferred Annuity Option NA
    LIC Jeevan Akshay –VII 30 years to 85 years except for Option F, wherein 100 years Individual Immediate Annuity Plan NA
    Pradhan Mantri Vaya Vandana Yojana 60 years to No Limit Pension Scheme NA

    Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

  3. LIC Whole Life Plans

    LIC of India also offers a whole life plan for a better and secure tomorrow.

    Below mentioned are the details of the eligibility criteria for this whole life insurance plan offered by LIC of India:

    LIC Whole Life Plan Name Entry Age Maximum Maturity Age Policy Term Minimum Sum Assured
    LIC Jeevan Umang 90 days completed to 55 years 100 years 100 – Age at Entry Rs.2,00,000

    Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

  4. LIC Endowment Plans

    The LIC of India offers endowment plans with additional benefits. For instance, a few plans take part in company gains while other plans produce savings via making investments in the equity market. These are the endowment plans that LIC of India offers:

    LIC Endowment Plan Name Entry Age Maturity Age Policy Term Minimum Sum Assured
    LIC New Endowment Plan 8 years to 55 years 75 years 12 years to 35 years Rs. 1,00,000
    LIC Single Premium Endowment Plan 90 days completed to 65 years 18 years to 75 years 10 years to 25 years Rs. 50,000
    LIC New Jeevan Anand 18 years to 50 years 75 years 15 years to 35 years Rs. 1,00,000
    LIC Jeevan Labh For 16 years: 8 years to 59 years
    For 21 years: 8 years to 54 years
    For 25 years: 8 years to 50 years
    75 years 16, 21, and 25 years Rs. 2,00,000
    LIC New Bima Bachat 15 years to 50 years For 9 years: 59 years
    For 12 years: 62 years
    For1 5 years: 65 years
    9, 12, and 15 years For 9 years: Rs. 35,000
    For 12 years: Rs. 50,000
    For 15 years: Rs. 70,000
    LIC Aadhaar Shila 8 years to 55 years 70 years 10 years to 20 years Rs. 75,000
    LIC Jeevan Lakshya 18 years to 50 years 65 years 13 years to 25 years Rs. 1,00,000
    LIC Aadhaar Stambh 8 years to 55 years 70 years 10 years to 20 years Rs. 75,000
    LIC Bima Jyoti 90 days completed to 60 years 75 years 15 years to 20 years Rs. 1,00,000
    LIC Bachat Plus Single-Premium- 90 days under Option A and B
    Limited Premium- 90 days under Option 1
    40 years under Option 2
    Single-Premium- 44 years under Option A
    70 years under Option B
    Limited Premium- 60 years under Option 1
    65 years under Option 2
    Single-Premium- 10 years to 25 years up to 40 years of age under Option A
    10 years to 16 years from age 41 years to 44 years under Option A
    10 years to 25 years under Option B
    Limited Premium- 10 years to 25 years for Options 1 and 2
    Rs. 1,00,000

    Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

  5. LIC Money Back Plans

    Money-Back Plans are life insurance policies that provide life cover during the policy term. The insurer makes the payment of maturity benefit in installments via survival advantages every 5 years.

    There are several schemes with varied terms under this policy offered by the LIC of India. Most of these schemes provide optional riders together with tax benefits.

    LIC Money Back Plan Name Entry Age Maximum Maturity Age Policy Term Minimum Sum Assured
    LIC Jeevan Shiromani For 14 years: 18 years to 55 years
    For 16 years: 18 years to 51 years
    For 18 years: 18 years to 48 years
    For 20 years: 18 years to 45 years
    For 14 years: 69 years
    For 16 years: 67 years
    For 18 years: 66 years
    For 20 years: 65 years
    14, 16, 18, and 20 years Rs. 1,00,00,000
    LIC Jeevan Tarun 90 days to 12 years 25 years 25 - Entry Age Rs. 75,000
    LIC New Money Back Plan- 20 years 13 years to 50 years 70 years 20 years Rs. 1,00,000
    LIC New Children’s Money Back Plan 0 years to 12 years 25 years 25 - Entry Age Rs. 1,00,000
    LIC New Money Back Plan- 25 years 13 years to 45 years 70 years 25 years Rs. 1,00,000
    LIC Bima Shree Minimum- 08 years Maximum For 14 years Policy Term- 55 years
    For 16 years Policy Term- 51 years
    For 18 years Policy Term- 48 years
    For 20 years Policy Term- 45 years
    Maximum For 14 years Policy Term- 69 years
    For 16 years Policy Term- 67 years
    For 18 years Policy Term- 66 years
    For 20 years Policy Term- 65 years
    14, 16, 18, and 20 years Rs. 10,00,000

    Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

LIC Riders

Riders or add-on benefits are optional or sometimes in-built additional protections that you can attach to your base LIC policy to enhance its coverage. LIC provides a range of rider benefits to cater to the needs of its different customers. The range of these riders can vary from accidental death to critical illness to disability to premium waivers. You have to pay an additional premium to purchase a rider on top of your base LIC policy. Here is the list of riders that LIC offers with its insurance policies:

LIC Rider Name Eligibility Criteria
Entry Age Max Maturity Age Term of the Rider Sum Assured PPT (Premium Paying Term)
LIC's Linked Accidental Death Benefit Rider 18 - 65 years 70 years Min - 5 years Less than or equal to the base sum assured As per the base plan
LIC's Accidental Death and Disability Benefit Rider 18 - 70 years 70 years Same as a base plan or 70 minus entry age Min - Rs. 10,000 Max - Rs. 2 Crores As per the base plan
LIC's Accident Benefit Rider 18 - 65 years 70 years Earlier of the premium paying term of the base policy, or 70 minus entry age Min - Rs. 2 Lakhs Max - Rs. 2 Crores As per the base plan
LIC's Premium Waiver Benefit Rider 18 - 55 years 70 years The remainder of the PPT of the base policy, or 25 minus the age of the minor (whichever is lower) Sum of the future premiums payable till the end of the rider term As per the base plan
LIC’s New Critical Illness Benefit Rider 18 - 60 years 75 years As per the base plan Min - Rs. 1 Lakh Max - Rs. 25 Lakhs As per the base plan
LIC's New Term Assurance Rider 18 - 60 years 75 years 5 - 35 years Min - Rs. 1 Lakh Max - Rs. 25 Lakhs As per the base plan
LIC's Premium Waiver Benefit Rider (With Auto Cover) 18 - 55 years 70 years As per the base plan Min - Rs. 25,000 Max - Rs. 1 Crore As per the base plan

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

How to Choose Suitable LIC Policy?

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

  1. Select a Required Plan

    Broadly we can divide LIC products into five different categories (as mentioned above). These categories are:

    • Term Insurance Plans

    • Pension Plans

    • Whole Life Insurance Plans

    • Endowment Plans

    • Money-Back Plans

    Term Insurance Plans: Most affordable type of life insurance wherein you get the insurance coverage for a specific term. If you die within the selected term of your policy, you get a death benefit, otherwise not. The premiums that you have to pay for this type of insurance policy are comparatively low despite the high coverage amount.

    Pension Plans: These plans are specifically designed for retirement years. Invest in these plans for your retirement years.

    Whole Life Insurance Plans: While term insurance plans provide coverage for a specific term, whole life plans offer insurance coverage for whole life. The premium for these plans is comparatively higher.

    Endowment Plans: Under this plan, you get insurance cum investment feature.

    Money Back Plans: A money-back plan is a type of endowment plan, but you start getting maturity benefits during the policy term itself.

    Keep your insurance needs in mind and then select a plan as per your requirements.

  2. Choose Insurance Cover Wisely

    Choosing the right insurance cover is another step in selecting a suitable LIC policy. You should keep in mind the requirements of your family as well as your earnings and expenditure. You should neither be underinsured nor overinsured. For this, you need to analyze your requirements from an insurance plan.

  3. Calculate the Premium and Maturity Amount Online

    There are LIC maturity and premium calculators available online, you can use this tool to get to know the premium that you have to pay on regular basis as well as the maturity amount that you will get. Getting to know about these two values will let you decide and choose a suitable LIC insurance policy.

  4. Compare Different Plans

    Based on premiums and maturity amount, you can compare different plans offered by LIC of India. A comparison of some of the selected plans can give you an idea of what to select.

    These are some of the points that you should keep in mind to select a suitable LIC policy.

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. From policy registration to checking claim status, everything can be done in a few clicks.

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

  • 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

  1. How to Register for LIC’s e-Services?

    Customers have to register on LIC’s online customer platform to be able 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 the details are verified by a Customer Zone Official, you will receive an acknowledgment by email or SMS.

  2. LIC of India Mobile App

    LIC has several mobile applications to make insurance purchases convenient and less time-consuming. Find below the list of LIC applications that offers 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. From the online premium payment, checking the policy status, etc. to benefit illustration and plan brochures, you will find everything on this mobile application.

    • LIC PayDirect - This application allows policyholders to repay loan amounts and to pay renewal premiums and the interest on the loan. You can use this app to make payments even 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.

    • 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'll 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, all you have to do is visit the LIC customer portal on LIC’s website. Click on the ‘Registered User’ option. Login to your account using the user ID and password that you had set when you registered for its services. This will display the policy numbers of all your active LIC policies that were enrolled by you 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 the status of your LIC policy. 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 to reach out to LIC through its integrated voice response system (IVRS) at 022 6827 6827. Policyholders can also request to have this information faxed to them should they need it.

  • How to Pay LIC Premium Online?

    LIC premium payment online can be done either through the mobile app LIC PayDirect or simply through its official website. The mobile application allows you to pay premiums without having to register 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 options to make the payment such as net banking, UPI, debit, and credit cards. Use a suitable one 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.

    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.

  • How to Check LIC Maturity Amount?

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

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

    • Go to Policy Status. This will display all the enrolled policies under 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 you will be entitled to. Here is a guide on how to do so.

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

    • Scroll down to the tab of LIC Premium Calculator.

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

    • Enter your details such as 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 that 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 with it.

    A key advantage of the LIC maturity calculator is that it takes into account the unique needs of each user. This helps customers make the best insurance decision 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 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 the services to the policyholders. Therefore, the LIC of India has emphasized greatly the settlement of both maturity and death claims.

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

  1. Maturity Claims

    In case the policy is an endowment type, then the sum is payable at the end of the policy term. 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 either two months before or after the payment due date. The policyholder is then requested to return a discharge form that is duly completed with the document of the policy. With the receipt of the two documents, a post-dated cheque is sent by post in the name of the policyholder 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. 60,000, cheques are most likely released without calling for a policy document in the discharge receipt. In case the amount is high, then these two requirements will be insisted upon.

  2. Death Claims

    The death claim sum is payable when the premiums are duly paid or the demise occurs under grace days. However, in the case of term insurance, the death claim is payable if the policyholder dies within the term of the policy. Whenever the intimation of the life assured’s demise is received, the branch office calls for the listed below requirements:

    • The Claim Form A- It is essentially the statement of the claimant, which gives the information of the claimant and passed away policyholder.

    • From the death register the certified extract.

    • 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.

    Moreover, there are some other forms that we required additionally if the demise occurs less than three years right from the date of reinstatement/ revival or risk as listed below:

    • Claim Form B: A certificate of the medical attendant that is completed by the deceased’s medical attendant 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 a medical attendant who treated him/her 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 an employed individual.

    • 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.

    Such additional forms will be required to substantiate the genuineness of the claim wherein no material details would likely affect the acceptance of the proposal that has been withheld during the time of proposal by the deceased.

    Let us also understand the LIC rider benefit claim as well listed below:

  3. Disability Benefit Claims

    It essentially consists of the waiver of future premiums within the policy and the disability benefit extended that consists of the monthly payment benefit as per the conditions of the policy. The key condition to claim this benefit is the complete and permanent disability to preclude the individual from earning any profit, compensation, or wage as the result of such an accident.

  4. Double Accident Benefits Claims

    It provides acceleration to a life insurance cover. An extra premium that costs up to Rs.1 for every Rs. 1,000 sums assured is charged. To claim the benefit, the claimant will have to produce the evidence that satisfies the corporation that the mishap is defined as per the conditions of the policy. Documents such as the copy of the FIR, and report of the post-mortem are mostly insisted upon.


  • Q1. What is the sum assured in LIC?

    Ans: In simple words, sum assured is defined as the value of the life cover within the life insurance policy. In case of an unfortunate event, the insurance company will pay this pre-fixed sum to the policyholder or the nominee. Sum assured is nothing but the benefit either received by the policyholder or the nominee.
  • Q2. How to change the nominee in LIC policy?

    Ans: An individual can change the nominee as many times as he/she wants. To do so, the policyholder will have to submit a notice to the Life Insurance Corporation of India in Form 3750. In the form, the policyholder will require to mention the details of the person they want to approve a nominee. The policyholder can change the nominee at any time without notifying the existing nominee.
  • Q3: 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 can change the policy address online by logging in to their account.
  • Q4: How to get a loan against LIC policy?

    Ans: If the policy is eligible to take a loan against the policy, then he/she will need to follow these processes to avail loan against the policy.
    • Visit the branch office of the bank.
    • Thoroughly fill out the loan application form and submit it along with the required documents to the lender's representatives.
    • Existing bank customers will require submitting minimal documents.
    • The lender will verify the submitted documents and will approve the application.
    • After approval, the loan amount will be credited to the savings bank account.
  • Q5. How to become the LIC Agent?

    Ans: Here is a step by step guide to understanding the process to become a LIC agent:
    • The person needs to be 18 years of age and 10th pass. 
    • Contact the nearby LIC India branch office and meet a development officer. 
    • The branch manager will conduct the interview, and if the individual is suitable then the individual will be sent to the training at any divisional/ agency training center.
    • The training is given for about 25 hours and it covers all the aspects of LIC of India insurance business. Once the training is completed, the individual needs to appear for the pre-recruitment examination that is conducted by the IRDAI.
    • When the examination has been completed, the letter of appointment and identity card of the insurance agent will be given. Hereafter, the person will become the insurance agent and become a part of the team that is under the development officer. The development officer will then impart the field training and other inputs that would help in the marketplace.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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