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Life Insurance Corporation of India (LIC of India)

LIC of India is the only public sector life insurance company in India. It was founded in 1956 with the merger of more than 245 insurance companies and provident societies. LIC of India has its headquarters in Mumbai, the commercial capital of India. The Life Insurance Corporation currently functions with 8 zonal offices and 113 divisional offices.

The Life Insurance Corporation is the largest life insurance company in India with over 2000 branches and over 14 lakh agents to solicit life insurance business in the country. The LIC of India provides a wide range of life insurance plans from pure term insurance plans to savings and investment products. LIC of India has a phenomenal presence in both urban and rural India. The motto of the Life Insurance Corporation is "Yogakshemam Vahamyaham", which means - your welfare is our responsibility.

Types of LIC Plans:

As a pioneer of life insurance in India, the Life Insurance Corporation offers a wide range of comprehensive insurance products to its diverse customer base and maximizes the ability of savings of the insurance holder. LIC of India focuses majorly on safeguarding the interests of the insurance holder and acts as trustees in their individual as well as collective abilities. Let us take a look at the various types of plans from Life Insurance Corporation of India:

LIC Term Assurance Plans:

LIC term plans protect the insured at affordable costs. This LIC  plan assures substantial advantages in case of the death of the policyholder during the term of the plan. The LIC of India usually does not pay maturity value under such plans if the individual survives until the term of the plan ends. The term policy comes at a low cost and caters to high coverage at lower premium rates.

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

LIC Term Plans

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 Tech Term

It is a pure risk premium plan that provides security in terms of finances to the family of the policyholder under any unfortunate circumstances during the policy tenure. This plan can be bought from the LIC online.

LIC Jeevan Amar

This protection plan offers the flexibility to choose between two benefit options and is also available for women at a special price.

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:

Name of the LIC Pension Plans

Plan Type

Entry Age

Minimum Sum Assured

LIC Jeevan Shanti

Immediate Annuity Options

Immediate Annuity: 30 years to 85 years except for Option F

Deferred Annuity: 30 years to 79 years

NA

LIC Jeevan Akshay-VII

 

Individual Immediate Annuity Plan

30 years to 85 years except for Option F and 100 years for Option F

NA

Pradhan Mantri Vaya Vandana Yojana                     

Pension Scheme

60 years- No Limit

NA

LIC Jeevan Shanti

In the LIC Jeevan Shanti plan, a one-time investment needs to be made and then avail guaranteed income for long life. On the premise of the prerequisites and circumstances chose from the nine various annuity options.

LIC Jeevan Akshay-VII

The LIC of India offers the Jeevan Akshay-VII plan, the policyholder has the option to select the sort of annuity from ten options available by paying a lump sum amount. The rates of the annuity are guaranteed during the initiation of the policy and are payable throughout the life of the annuitant.

Pradhan Mantri Vaya Vandana Yojana

The Pradhan Mantri Vaya Vandana Yojana has been introduced by the Indian government. This scheme essentially provides the pension that is assured of 7.40 per cent that is payable every month. Besides, the Life Insurance Corporation of India is solely authorized for this scheme to operate.

LIC Whole Life Plan:

LIC of India also offers a whole life plan for a better and secured tomorrow. The following is the plan that LIC of India offers and one can make a choice:

Name of LIC Term Assurance Plans

Entry Age

Maximum Maturity Age

Policy Term

Minimum Sum Assured

LIC Jeevan Umang

Complete 90 days to 55 years

100 years

100 – Age at Entry

Rs 2,00,000

LIC Jeevan Umang

The LIC of India offers a plan, which is a blend of both protection and income to the family. It provides yearly survival benefit from the premium payment term ends until maturity and a lump sum payment at maturity or upon the demise of the policyholder during the policy tenure. This plan can be bought from the LIC online.

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:

Name of the LIC Endowment Plans

Entry Age

Maximum 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 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

For1 5 years: Rs 70,000

LIC Aadhar 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 Aadhar Stambh

8 years to 55 years

70 years

10 years to 20 years

Rs 75,000

LIC New Endowment Plan

LIC New Endowment Plan is a non-linked, participating scheme that provides an alluring combo of saving and protection features. This combo offers fiscal support for the deceased insured’s family any time before the policy gets matured and a good amount in a lump sum during the maturity for the surviving insured. This plan from the LIC of India also makes sure to take care of the liquidity requirements via the loan facility.

LIC Single Premium Endowment Plan

It is a non-linked, participating protection-cum-savings where you can pay a premium in a lump sum at the onset of the plan. This combo offers financial protection aligned with demise during the term of the policy with the proviso of payment of lump sum at the end of the term of the chosen policy in the case of survival of the policyholder. This scheme also makes sure of the liquidity requirements via the facility of loan.

LIC New Jeevan Anand

It is a non-linked, a participating plan that provides an attractive combo of savings and protection. This combo offers fiscal protection against the demise all through the lifetime of the insured with the proviso of payment of the lump sum amount at the termination of the term of the chosen policy in the case of his survival.

LIC Jeevan Labh

It is a non-linked, limited premium paying endowment life insurance plan that offers both protection and savings to the policyholders. The scheme of LIC of India provides both maturity and death benefits together with gain participation bonuses.

LIC New Bima Bachat

This is a money-back plan that provides financial security against demise during the policy tenure with the provision of making payments of the survival benefit at a certain point in time within the policy tenure. Besides upon maturity, the single premium will be returned with the loyalty additions and also takes care of the liquidity requirements with its facility of loan.

LIC Aadhar Shila

LIC Aadhaar Shila policy caters to a combo of savings and protection. This scheme is wholly designed for females who have Aadhaar Card that is issued by the Unique Identification Authority of India (UIDIA). This policy of LIC of India offers fiscal security for the insured’s family in the case of unforeseen demise of the insured any time before the policy gets matured and a lump sum at the maturity of the policy for the surviving insured.

LIC Jeevan Lakshya

It is a non-linked, participating scheme offering a combo of savings and protection. This scheme caters to Annual Income benefit, which might help to fulfil the requirements of the insured’s family, mainly for the children’s benefits, in the case of unforeseen death of the insured any time before the policy gets insured and a lump sum at the time of policy’s maturity heedless of the policyholder’s survival.

LIC Aadhar Stambh

It is a non-linked, participating scheme offering a combo of savings and protection. This scheme caters to Annual Income benefit, which might help to fulfil the requirements of the insured’s family, mainly for the children’s benefits, in the case of unforeseen death of the insured any time before the policy gets insured and a lump sum at the time of policy’s maturity heedless of the policyholder’s survival.

LIC Money Back Plans:

Money-Back Plans are life insurance policies that provide life cover during the policy term and payment of maturity benefit is made in instalments via survival advantages every 5 years. There are several schemes with varied terms under this policy offered by LIC of India. Most of these schemes provide optional riders together with tax benefits.  

LIC Money Back Plans

Entry Age

Maximum Maturity Age

Policy Term

Minimum Sum Assured

LIC Jeevan Umang

90 days to 55 years

100 years

100 – Entry Age

Rs 2,00,000

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 Jeevan Umang

It is a whole life assurance plan that provides a blend of both protection and income to the family. Likewise, it offers survival benefits right from the end of the term of the premium payment until maturity.

LIC Jeevan Shiromani

It is a non-linked, limited premium payment, the with-profit money-back insurance plan that provides both the benefit of savings and protection. This LIC of India plan is specifically designed for individuals with high net worth. The plan provides financial backup to the family of the insured in case of any eventuality. Moreover, like a money-back policy, It also provides periodic payment to the insured in case of survival at a specific period during the tenure of the policy. The lump-sum amount is paid as maturity benefit to the insured after the completion of the policy tenure.

LIC Jeevan Tarun

It is a non-linked, participating, limited premium payment scheme that offers an exclusive combo of savings and protection features for kids. This scheme is particularly designed to meet the requirements of the kids including, education, marriage, etc. via annual survival benefit payments from 20-24 years and Maturity Benefit at the attainment of 25 years of age.

LIC New Money Back Plan- 20 years

New Money Back Plan-20 years is a participating, non-linked plan that offers an alluring combo of savings and protection against the demise of the policyholder during the term of the policy together with the periodic payments on the survival of the insured at particular durations throughout the term. This distinctive combo offers financial support for the loved ones of the departed insured any time before the policy gets matured and a lump sum when it matures for the surviving insured. This scheme also ensures liquidity requirements via the loan facility.

LIC New Children’s Money Back Plan

The New Children’s Money Back Plan is a distinctive scheme planned to provide multiple requirements of growing kids, counting on to their education, marriage etc. This non-linked, participating money back LIC of India plan comes with survival benefits along with the risk cover for the kids.

LIC New Money Back Plan- 25 years

New Money Back Plan – 25 years is a non-linked, participating policy that offers an appealing combo of savings and protection against the demise of the insured during the term of the policy together with the cyclic payments on the survival of the insured at particular throughout the term. This exclusive combo from LIC of India offers financial aid for the loved ones of the departed insured any time before it gets matured and a lump sum while the maturity for the surviving insured. This scheme also makes certain the liquidity requirements via loan facility.

LIC of India - FAQs

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

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

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

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

  • Credit Card,
  • Debit Card
  • Net banking

Q. How can I LIC check policy status?

For online registered users, they can check the policy status by loging into the e-Portal alternatively; visit the branch personally to know the policy status.

Q. What is the LIC policy renewal process?

For renewing online, follow these easy steps;

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

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

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

Alternatively, you can pay via cheque at any of the nearest branch in your city.

Q. What is the company’s process to settle claim?

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

Q. What is the policy cancellation process?

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

Q. How to check LIC policy status without registration?

To check the policy status online, it is mandatory to complete the registration process online by choosing the username and password. Once, you successfully complete the registration process you can enter the policy number and other required details to check the status of the policy.

Q. What is the sum assured in LIC?

The sum assured is the amount of money that the insurance company guarantees to pay and death benefit or maturity benefit to the insured or beneficiary before any addition of bonuses.

Q. How to change the nominee in LIC?

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.

Q. How to pay LIC online?

To pay the policy premium directly thorough the insurer website, the insurance holder will need to visit the official website of LIC of India i.e.; www.licindia(dot)in, and click on the option of pay premium online from the section of online services. Here, the policyholder will get 2 options 1.) pay online direct (without logging) or 2.)  through the customer portal.

Q. How is the LIC maturity amount calculated?

The maturity amount is calculated as the total sum assured amount of policy + bonus amount that has been received during the policy tenure + final additional bonus if any.

Q. How can I check my LIC policy details online?

You can follow these simple steps to check the policy details online.

Step 1 - For new users, the insurance holder will require to fill the registration form available online on the official website of LIC of India i.e. www.licindia(dot)in

Step 2- Enter the required details like policy number, DOB, e-mail ID, premium amount, etc.

Step 3- Once the process of registration is completed a verification email will be sent to the registered mail ID.

Step 4- After completion of the verification, one can check any details related to policy from the account.

Step 5- The insurance holder will need to enter his/her username password and press enter.

Step 6- Once the account is logged in, the policyholder will need to choose the option F enrolled policies.

Step 7- The policyholder will be directed to another page where they can check the details of all the enrolled policies listed.

Q. How can I get a LIC premium statement?

To get the premium statement, log in to the online portal of LIC of India by using your username and password. You will be directed to your account page. Choose the year for which you want to download the statement and click on the save and download option to download the premium statement of the policy.

Q. How is the LIC surrender value calculated?

The surrender value of the policy is calculated as:

{Basic sum assured X (no.of premium paid/ total number of premiums payable) plus total bonus received} X the factor of surrender value.

Q. What is the customer care number of LIC of India?

The customer care number is 022 6826 6827

Q. What is the rate of interest on loan against the LIC policy?

The rate of interest on loan against LIC policy usually varies between 9-11%.

Q. What are the documents required for the LIC maturity claim?

The documents required for maturity claim process are:

  • Original LIC policy documents.
  • Identity proof
  • Age proof ( if not submitted earlier)
  • A copy of the bank passbook of the policyholder and a canceled cheque.
  • NEFT mandate form ( to transfer maturity benefit directly to the bank account of the policyholder).
  • Assignment/ Reassignment (if any)

Q. How to change the address in LIC policy?

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

Q. How to get a loan against LIC policy?

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 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.

Q. Where to show LIC maturity amount in ITR?

The maturity proceeds are applicable for tax exemption under Section 10(10D) of the Income Tax Act.

Q. LIC comes under which section?

The tax benefit offered on the premium payment of the policy comes under Section 80C of the Income Tax Act.

fixed deposit with life cover
Life Insurance Corporation of India (LIC) Reviews & Ratings
4.6 / 5 (Based on 24 Reviews)
(Showing Newest 24 reviews)
Gauri
Garhmukteshwar, October 21, 2020
Amazing plans
It is a really good and amazing plan and I took the LIC term insurance plan for the safety and security of my plan needs and wants.I took the plan online and have checked good number of plans of LIC term plan.
Bhushan
Faridabad, October 21, 2020
Best policy
My lic term insurance plan which I bought recently have given me so much of help and satisfaction. It is a good plan with sense of safety and security. Claims are easy to go and basically it is a best plan for your future needs.
Trilok
Haldwani, October 21, 2020
Good plans
I have got the lic India term insurance. The maturity year is pretty good and I am much happy with my term plan.
Anmol
Banarpal, March 19, 2019
Dual benefits plan
I am a business man and with LIC Ulip Plan I am enjoying dual benefits of premium paid and insurance protection. Good Service.
Ajeet
Basanti, January 08, 2019
Very Good Plan
Recently I took the Term insurance of LIC and found it too useful. The maturity year is good which 75 years. I feel it is good as it can used by my family after me if by chance some problem may occur. We should always secure our life so it was a good experience and I am getting good benefits too. Thank you.
Jayant
Buxar, July 20, 2016
Excellent Work
The premium is low but the paybacks are high. Service is fast and because of that the claiming is simple to sanctioned. The lic term plan is suggested by my father and after seeing the terms and conditions i buy it.
Saurabh
Ahmedabad, July 20, 2016
Super Policy
My lic term plan is providing the best services. Policy covers maximum expenditures and good returns. Claims are easy to sanctioned, updates of the plan is mailed to email address. Best investment which reduces taxes.
Ashish
Mumbai, July 20, 2016
LIC Insurance
The pension plan of mine is very nice. It provide good returns in future and the coming time is tension free. Premium is low, and the special thing of the plan is that it is lic pension plan, the trusted company from the ages. I'm fully satisfied with my insurance plan.
Prashant
Noida, July 20, 2016
Pension Policy
My lic pension plan is the best policy. Premium is less policy coverage is high. Claiming procedure is easy because of fast service facilitate by the executives 24X7. Updates are send regularly to my email address. The online renewals are also easy to make. Good future investment.
Vikram
Gangtok, July 20, 2016
Investment plan
My traditional insurance plan is the best because i took it is lic endowment plan which has all my trust. The premium is normal but the returns are much more than that. Coverage is high which cover maximum scenarios and conditions. Best investment plan which secure the future and reduces taxes too.
Akash
Noida, July 20, 2016
Good Service
The lic endowment plan is very nice which has low premiums and many more benefits like this. The policy coverage is high and claims are high which can be easily sanctioned due to fast service provided by the executives and staff members of the company.
Prabhjot
Lucknow, July 20, 2016
Coverage Is Good
My child's future secure with lic child plan. The policy covers all the expenditures comes in the future of her. Education, medical emergency, health issues etc. The policy premium is less but in return the plan gives maximum benefits only.
Tarun
Gwalior, July 20, 2016
Child Plan
The LIC child plan is the best plan. This is the company which has trust of the customers because it comes from ages. The premium of the plan is less and the returns are high. Policy coverage and claims are high and claiming is very simple due to good service provided by the executives of the company.
Devesh
Uttamnagar, July 19, 2016
Perfect Policy
LIC online term plan is very easy to buy and renewals is also simple. The updates regarding policy can be visit on the website of the insurance company. Service is fast and behaviour of the staff is nice. The investment is less and the returns are high.
Lokesh
Jaipur, July 19, 2016
Trustworthy
The lic term insurance plan is fantastic which i have seen comes from ages and providing good policies to the customers. Service is the best no doubt in that, online portal is also easy to access and anyone can operate it easily.
Gautam
Hyderabad, July 19, 2016
Good Service
I have lic term insurance plan which is very beneficial for me and my family members from last few years. The policy coverage is high and the premium is less. Service is fantastic which is facilitate by the executives and members.
Megha
Delhi, June 27, 2016
Good experience
Good experience, easy to use
Tarun
Hyderabad, May 13, 2016
Best Plan
LIC ULIP Plan is the best, The policy coverage is high with low premiums. Claims are good and claiming is easy because the fast service given by the company. I really am happy to buy the policy.
Gaurav
Bangalore, May 13, 2016
Trustworthy
I secure my future by buying the lic pension plan. The policy coverage is fantastic approx. 88% and the claims are even better. Service is fast and on time. Good behaviour of executives and staff members is the best part. Good job.
Devesh
Navi_mumbai, May 13, 2016
Awesome
LIC endowment & saving traditional plan is the best. Claims are good in low premiums. The policy coverage is high. Good service provided by the company members and the each task completed in very short time period. Good policy.
Manav
Delhi, May 13, 2016
Good Plan
I bought lic child plan. The policy is very good. The policy coverage and claims are high. The service facilitate by the executives and staff members is fast with clam behaviour. Good future investment, I like the policy.
Arun
Ahmednagar, March 09, 2016
term
help me, plane choose
Sanjeev
Noida, January 02, 2016
plan
life insurance
Arati
Ahmedabad, December 20, 2015
LIC term plan a best option
After reading an article on best lic policy in 2015 at policybazaar, i inspired so much that I have bought an insurance and would recommend everyone to buy term plan to protect family members.
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