- Why Choose LIC Life Insurance Plans?
- Types of LIC Plans
- LIC Riders
- How to Choose Suitable LIC Policy?
LIC of India or Life Insurance Corporation of India is a government-backed life insurance provider in India. It was established in 1956 after the merger of 245 provident societies and insurance companies. It currently offers a wide range of insurance and investment products. Headquartered in Mumbai, its presence today spans urban and rural India across 2048 branches.
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Tax saving under Sec 80C &
Sovereign guarantee as per
Sec 37 of LIC Act
Here are some important reasons to choose a LIC life insurance policy:
Over 66 Years of Trust: As per IRDAI annual report 2020-21, LIC has successfully paid over 98% of the LIC policy claims filed by nominees. It is also the oldest life insurer in the country. This can be why nearly 75% of Indians consider the LIC of India trustworthy.
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, all the LIC policies are guaranteed by the Central Government. This gives LIC policy buyers a sense of security.
Product Variety: Apart from a vast range of insurance and investment products, LIC India is preferred for its variety of features. There is something for everyone starting from LIC savings plans, ULIPs, and endowment plans to pension plans.
Simple Policy Purchase: Whether you purchase a LIC policy online or offline, the process is simple. If you choose to buy a LIC policy online, you also get special discounts and other benefits.
Easy Claim Settlement: LIC claim process is simple and easy. This is the reason the company has a high Claim Settlement Ratio (CSR). For Financial Year 2020-21, the LIC India claim settlement ratio was 98.62%. The high LIC CSR depicts that out of 100 claims filed, 98.62 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 every LIC policy, you also get tax benefits under the following sections of the Income Tax Act:
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:
These plans allow customers to invest in the equity market to grow their wealth through market-linked returns. A part of the premiums paid towards the policy goes towards this investment and the remaining is used to secure a life cover that protects the financial future of dependents.
Unit-linked insurance plans (ULIP) offered by LIC are –
|LIC ULIP Name||Minimum Premium|
|LIC's SIIP||Annually - Rs.40,000|
|LIC’s Nivesh Plus||One-time premium - Rs.1 Lakh|
|LIC’s New Endowment Plus||Annually - Rs.20,000|
The LIC of India endowment plans promises a life cover for the insured and increased savings opportunities. These plans offer a guaranteed maturity benefit on surviving the whole policy term, and therefore, can be used to save for the future.
These are the endowment plans that LIC of India offers:
|LIC Endowment Plan Name||Minimum Sum Assured|
|LIC Bima Jyoti||Rs. 1,00,000|
|LIC New Endowment Plan||Rs. 1,00,000|
|LIC Single Premium Endowment Plan||Rs. 50,000|
|LIC New Jeevan Anand||Rs. 1,00,000|
|LIC Jeevan Labh||Rs. 2,00,000|
|LIC Aadhaar Shila||Rs. 75,000|
|LIC Jeevan Lakshya||Rs. 1,00,000|
|LIC Aadhaar Stambh||Rs. 75,000|
|LIC Dhan Sanchay||Rs. 2.5 Lakhs|
|LIC Bima Ratna||Rs. 5,00,000|
Everyone should save enough to 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||Plan Type||Minimum Purchase Price|
|LIC New Jeevan Shanti||Deferred Annuity Option||Rs 1.5 Lakhs|
|LIC Jeevan Akshay –VII||Individual Immediate Annuity Plan||Rs 1 Lakhs|
|LIC Saral Pension||Individual Immediate Annuity Plan||NA|
|Pradhan Mantri Vaya Vandana Yojana||Pension Scheme||Rs. 1,56,658/- annually|
LIC of India also offers a whole life plan that offers insurance coverage throughout the lifetime of the insured.
The following whole life insurance plan is offered by LIC of India:
|LIC Whole Life Plan Name||Minimum Sum Assured|
|LIC Jeevan Umang||Rs.2,00,000|
Money-Back Plans are life insurance policies that provide life cover during the policy term. Such LIC plans offer a fixed percentage of the sum assured on maturity on surviving certain policy years. These are called survival benefits in LIC.
|LIC Money Back Plan Name||Minimum Sum Assured|
|LIC Jeevan Shiromani||Rs. 1,00,00,000|
|LIC Jeevan Tarun||Rs. 75,000|
|LIC New Money Back Plan- 20 years||Rs. 1,00,000|
|LIC New Children’s Money Back Plan||Rs. 1,00,000|
|LIC New Money Back Plan- 25 years||Rs. 1,00,000|
|LIC Bima Shree||Rs. 10,00,000|
|LIC Dhan Rekha||Rs. 2,00,000|
|LIC New Bima Bachat||For 9 years: Rs. 35,000
For 12 years: Rs. 50,000
For 15 years: Rs. 70,000
LIC term plans protect the family of the insured against his/her death at affordable costs. These LIC insurance plans assure financial benefit on 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 plans offered by the Life Insurance Corporation of India are as under:
|LIC Term Plan Name||Policy Term||Sum Assured|
|LIC Tech Term||10 to 40 years||Rs.50,00,000|
|LIC Jeevan Amar||10 to 40 years||Rs.25,00,000|
|LIC Saral Jeevan Bima||5-40 years||Rs.5,00,000|
|LIC Bhagya Lakshmi||Premium Paying Term +2 years||Rs.50,000|
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
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. 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's Accidental Death and Disability Benefit Rider||LIC's Accident Benefit Rider||LIC's Premium Waiver Benefit Rider||LIC’s New Critical Illness Benefit Rider||LIC's New Term Assurance Rider||LIC's Premium Waiver Benefit Rider (With Auto Cover)||LIC's Linked Accidental Death Benefit Rider|
To purchase a suitable LIC policy, you need to keep the following factors in mind:
Choose the insurance coverage amount (sum assured) wisely by taking into account your current income, savings, number of dependents, future goals, etc. You should keep in mind the requirements of your family as well as your earnings and expenditure.
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.
Broadly we can divide LIC products into five different categories (as mentioned above). These categories are:
LIC Unit-Linked Plans
Whole Life Insurance Plans
Term Insurance Plans
Now that you have a type, shortlist plans from that category that fall on your budget. Look for additional features that can increase your savings. These may include guaranteed additions, profit participation, loan benefits, loyalty additions, premium waiver, etc.
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.
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.
Premium calculator and Benefit Illustration
Online premium payment
Review policy status
Check claim status
Check policy revival price
Access to forms for various services
Here is the range of services that customers and policyholders can access on LIC’s online platform.
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.
LIC India 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.
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 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, 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.
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.
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.
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.
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 care service includes a range of networks (both online and offline) to facilitate a wider reach. You can contact the LIC call center to use its customer services for information on the following:
Updating contact details
Unclaimed amounts of policyholders
Policy guidelines and benefits
Policy purchase and premiums
Change of address
Life certificate for pension policies
Registration to LIC Customer Portal
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:
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 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.
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 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 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.
The best LIC policy will depend on the individual needs of buyers. Look for schemes that offer guaranteed additions on top of the assured death and maturity benefits, such as LIC Bima Jyoti. Or, you can also look at ULIPs such as LIC SIIP to enjoy market-linked returns from the equity market. Whichever policy you pick, it should align with your future goals.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
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