LIC Policy List

LIC of India has been known for offering a wide range of life insurance and investment products to cater to different needs and preferences. Every Plan is designed to offer complete protection to the policyholder and their family members. LIC’s range of plans allows the policyholders to choose a policy according to their needs and requirements.

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List of Best LIC policies

When it comes to securing our future and protecting our loved ones, the LIC of India plays an important role. With its extensive range of insurance policies tailored to meet diverse financial goals and risk profiles, LIC has been a reliable partner for millions of individuals and families for decades.

With a range of policies available, each unique plan designed to cater to specific needs, the process of selecting the right one can be confusing. Understanding the available options, the associated benefits, and how they align with individual requirements is crucial.

Among the range of life insurance plans offered by the Life Insurance Corporation of India, here we are discussing some of the popular plans, the LIC policy list, that insurer offers under the different categories:

LIC Policies Type of Plan Entry Age Maturity Age (Maximum) Policy Term
LIC Nivesh Plus ULIP Plan 90 days- 70 years 85 years 10-25 years
LIC Index Plus ULIP Plan 90 days- 60 years 85 years 10-25 years
LIC SIIP ULIP Plan 90 days- 65 years 85 years 10-25 years
LIC New Jeevan Shanti Pension Plan 30 years-79 years 80 years NA
LIC Jeevan Utsav Whole-Life Plan 90 days- 65 years 100 years NA
LIC Jeevan Umang Whole-Life Plan 90 days-55 years 100 years 15/20/25/30 years
LIC New Jeevan Amar Term Plan 18 years-65 years 80 years 10-40 years
LIC Bima Jyoti Endowment Plan 90 Days-60 years 75 years 15- 20 years

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

Read the brief description of the plan mentioned above:

  1. LIC Nivesh Plus

    LIC Nivesh Plus is a single-premium ULIP Plan designed to provide the dual benefits of wealth creation and life insurance coverage. The plan offers 4 fund options, allowing the policyholder to choose the one that fits their needs and risk appetite.

    Key Features of LIC Nivesh Plus:

    • Flexible Policy Terms: The plan offers flexibility in policy terms, ranging from 10 to 25 years, depending on the chosen sum assured and entry age, catering to different financial goals and life stages.

    • Guaranteed Additions: Policyholders receive guaranteed additions to their policy unit fund at specific intervals, enhancing the overall fund value over time and providing additional financial security.

    • Partial Withdrawals: After the fifth policy anniversary, policyholders can withdraw partially from their fund value, providing liquidity for unforeseen expenses.

    • Death and Maturity Benefits: If the policyholder dies during the policy term, the nominee receives the death benefit, which is either the basic sum assured or the unit fund value, whichever is higher.

    Upon maturity, the policyholder receives a sum equal to the unit fund value, providing financial stability and long-term growth opportunities.

  2. LIC Index Plus

    LIC Index Plus is a ULIP Plan that provides financial security to your loved ones and helps you grow your money to fulfil your future financial needs. The plan offers market growth potential and guaranteed death benefits.  

    Key features of LIC Index Plus

    • Flexibility: This plan allows you to choose your investment funds, allowing you to customize your plan according to your risk appetite. There are two fund options available:

    • Flexi Growth Fund: Benchmarked against the NSE Nifty100 index,

    • Flexi Smart Growth Fund: Benchmarked against the NSE Nifty50 index.

    • Guaranteed Additions: Alongside market returns, you'll also receive Guaranteed Additions from the company, which will be added to your unit fund. 

    • Partial Withdrawals: The plan allows policyholders to withdraw their funds partially from the 5th year onwards.

    • Return of Mortality Charges: If the insured survives until maturity, they will receive a refund. This refund will equal the total charges deducted for providing life insurance coverage throughout the policy term.

  3. LIC SIIP

    LIC SIIP is a unique offering that blends the benefits of life insurance with the potential for wealth creation through systematic investments. It presents policyholders with a dual advantage, allowing them to protect their family's future while participating in the growth of the financial markets.

    Key Features of LIC SIIP:

    • Market-linked Returns: SIIP offers the opportunity to invest in equity and debt funds, enabling policyholders to earn market-related returns.

    • Life Insurance Cover: Alongside investments, SIIP provides life insurance coverage, ensuring financial protection for the policyholder's family.

    • Flexible-Premium Payment: Policyholders can choose between single, limited, or regular premium payment options.

    • Switch and Top-up: SIIP allows policyholders to switch funds and make additional investments through top-ups to maximize returns.

    • Tax Benefits: Under prevailing tax laws, premiums paid and maturity proceeds of SIIP are eligible for tax benefits, offering potential savings for the policyholder.

  4. LIC New Jeevan Shanti

    LIC New Jeevan Shanti is a single premium deferred annuity plan. The plan provides policyholders with the option to choose between a Single life and Joint life Deferred annuity, ensuring a stable income stream during retirement.

    Key Features of LIC New Jeevan Shanti:

    • Single Premium Payment: Policyholders make a one-time premium payment, allowing them to choose their investment amount.

    • Immediate and Deferred Annuities: The plan offers both immediate and deferred annuity options, allowing policyholders to opt for regular payouts immediately or defer them to a later date.

    • Flexibility in Annuity Options: Jeevan Shanti provides various annuity options, including options with the return of purchase price, ensuring a tailored income solution.

    • Guaranteed Income: The plan guarantees a fixed income stream throughout the annuity, providing financial security during retirement.

    • Surrender Benefit: In an emergency, policyholders can surrender the policy and receive the surrender value, ensuring liquidity.

  5. LIC Jeevan Utsav

    LIC Jeevan Utsav is a whole-life insurance plan that protects the policyholder and provides financial support to the family in case of their unfortunate demise. On survival, the plan offers survival benefits in the form of Regular Income benefits or Flexi Income Benefits as per the option chosen for the surviving policyholder.

    Key Features of LIC Jeevan Utsav:

    • Survival Benefit: At the end of your premium payment term, this plan will provide you with a Regular Income Benefit equal to 10% of the Basic Sum Assured. You also have the option to choose a Survival Benefit called a Flexi Income Benefit. With this benefit, you can receive the income annually or accumulate it at a rate of 5.5% annually.

    • Guaranteed Additions: During your premium payment term, you'll receive Guaranteed Additions every year, equal to Rs. 40 for every thousand of the Basic Sum Assured.

    • Flexibility: The plan provides flexibility in choosing a premium paying term from 5 to 16 years.

    • Availability of Riders: One can enhance their coverage by adding additional riders to their base policy. The plan offers 5 riders that protect you from life’s uncertainties.

    • Rebates: The plan provides rebates for choosing a high sum assured.

  6. LIC Jeevan Umang

    LIC Jeevan Umang is an individual and whole life insurance plan that offers dual benefits – income and security to the family. The plan provides yearly survival paybacks from the end of PPT until maturity. A lump sum is paid at maturity or on the insured’s death during the policy tenure.

    Key Features of LIC Jeevan Umang:

    • Whole Life Coverage: LIC Jeevan Umang provides coverage for the policyholder's entire lifetime, ensuring lifelong protection and financial security for the insured and their family.

    • Guaranteed Survival Benefits: The policy offers annual survival benefits, a percentage of the sum assured, paid to the policyholder during the policy term from the end of the premium paying term until maturity or death, whichever is earlier.

    • Maturity Benefit: Upon surviving the policy term, the insured receives the sum assured along with vested simple reversionary bonuses and a final additional bonus, if any,

    • Death Benefit: In the unfortunate event of the policyholder's demise during the policy term, the nominee receives the death sum assured, vested simple reversionary bonuses, and a final additional bonus, if any, providing financial support to the family.

    • Loan Facility: After the policy acquires a surrender value, policyholders can avail loan facilities against it, offering them additional financial flexibility during emergencies.

  7. LIC New Jeevan Amar

    LIC New Jeevan Umar is an online pure-risk term insurance plan that offers financial protection to the insured’s family in case of death. The plan is a non-linked and non-participating term life insurance plan that provides a range of benefits to the policyholder.

    Key Features of LIC New Jeevan Amar:

    • Flexible Premium Payment: Policyholders can choose from various premium payment options, including single premium, regular premium, and limited premium payment terms.

    • High Sum Assured Rebate: Jeevan Amar offers a rebate on the premium for choosing higher levels of sum assured, making it cost-effective for individuals seeking substantial life coverage.

    • Choice of Death Benefit Options: Policyholders have the option to select either the Level Sum Assured or Increasing Sum Assured as the death benefit payout, catering to different financial needs.

    • Policy Term Options: The plan provides flexibility in selecting policy terms, allowing policyholders to choose coverage for a specific period that aligns with their financial goals.

    • Optional Riders: Jeevan Amar allows policyholders to enhance their coverage by adding optional riders such as Accidental Death and Disability Benefit Rider and LIC's New Term Assurance Rider.

  8. LIC Bima Jyoti

    LIC Bima Jyoti is a savings-oriented life insurance plan offered by the Life Insurance Corporation of India (LIC). It aims to provide customers with financial protection and savings benefits, ensuring a secure future for policyholders and their families.

    Key Features of LIC Bima Jyoti:

    • Guaranteed Returns: Bima Jyoti offers guaranteed additions to the sum assured at the end of each policy year, enhancing the maturity benefit.

    • Flexible Premium Payment: Policyholders can choose between regular and limited premium payment terms based on their financial preferences.

    • Maturity Benefit: At the end of the policy term, the insured receives the sum assured along with accrued guaranteed additions and vested reversionary bonuses, if any.

    • Death Benefit: In case of the policyholder's demise during the policy term, the nominee receives the sum assured along with accrued guaranteed additions and vested reversionary bonuses, if any, providing financial support to the family.

    • Surrender Value: The policy acquires a surrender value after the completion of a specific premium payment term, enabling policyholders to surrender the policy for a cash value if needed.

Wrapping It Up! 

Life Insurance Corporation of India (LIC) offers a diverse and comprehensive range of insurance policies tailored to meet the varying needs of individuals and families. From traditional endowment plans to market-linked ULIPs, LIC ensures that customers have ample choices to secure their financial future and protect their loved ones. Whether it's providing lifelong coverage with participating bonuses or creating a corpus for retirement, LIC's policies are designed to offer peace of mind and financial stability. 


*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

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