LIC Policy List

The LIC of India is known for offering a wide range of life insurance and investment products to cater to different needs and preferences since 1956. Every Plan is designed to offer complete protection to the policyholder and their family members. In this article, let us explore the list of LIC Policies. 

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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.

However, with a plethora of policies available, each unique plan designed to cater to specific needs, the process of selecting the right one can be confusing. It is crucial to have a clear understanding of the available options, the associated benefits, and how they align with individual requirements.

List of LIC policies

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 SIIP ULIP Plan 90 days- 65 years 85 years 10-25 years
LIC Jeevan Umang Whole-Life Plan 90 days-55 years 100 years 15/20/25/30 years
LIC Bima Jyoti Endowment Plan 90 Days-60 years 75 years 15- 20 years
LIC New Jeevan Shanti Pension Plan 30 years-79 years 80 years NA
LIC New Jeevan Amar Term Plan 18 years-65 years 80 years 10-40 years
LIC Jeevan Labh Endowment Plan 8 years- 59 years 75 years 16/21/25 years
LIC New Jeevan Anand Endowment Plan 18 years-50 years 75 years 15-35 years
LIC New Pension Plus ULIP 25 years-75 years 85 years 10-42 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 above-mentioned plan:

  1. 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, as per their convenience.

    • 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.

  2. 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 till the date of maturity. A lump sum amount is paid at the maturity date 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 entire lifetime of the policyholder, ensuring lifelong protection and financial security for the insured and their family.

    • Guaranteed Survival Benefits: The policy offers annual survival benefits, which are 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 the policy, offering them additional financial flexibility during emergencies.

  3. 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 a combination of 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.

  4. 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 his/her 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 Bima Jyoti:

    • 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.

  5. LIC New Jeevan Anand

    LIC New Jeevan Anand is a popular participating non-linked life insurance plan offered by Life Insurance Corporation of India (LIC). It combines the benefits of both endowment and whole life policies, providing policyholders with comprehensive life coverage and the opportunity to participate in the insurer's profits through bonuses.

    Key Features of LIC New Jeevan Anand:

    • Lifelong Coverage: The plan offers coverage for the entire lifetime of the insured, ensuring financial protection for the policyholder's family in the event of an unfortunate demise.

    • Maturity Benefit: Upon survival until the end of the policy term, the insured receives the sum assured along with vested reversionary bonuses and a final additional bonus, if any.

    • Death Benefit: In case of the policyholder's death during the policy term, the nominee receives the death sum assured along with vested reversionary bonuses and a final additional bonus, if any.

    • Bonus Participation: Policyholders become eligible to participate in the insurer's profits through the declaration of reversionary bonuses, which are accumulated and paid either on maturity or death.

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

  6. LIC New Pension Plus

    LIC New Pension Plus is a Unit Linked Insurance Plan (ULIP). It is a retirement-oriented investment-cum-insurance policy that aims to provide policyholders with a combination of wealth accumulation and pension benefits to secure their post-retirement years.

    Key Features of LIC New Pension Plus:

    • Retirement Corpus Building: The plan allows policyholders to invest in a range of market-linked funds, facilitating the growth of a retirement corpus over the policy term.

    • Flexibility in Investment: Policyholders have the flexibility to switch between different investment funds offered by LIC based on their risk appetite and market conditions.

    • Loyalty Additions: LIC provides loyalty additions to boost the policyholder's retirement fund, rewarding them for staying invested over the long term.

    • Vesting Benefit: Upon reaching the vesting age (retirement age), the policyholder can utilize the accumulated corpus to purchase an annuity or receive the proceeds as a lump sum, providing a steady stream of income during retirement.

    • Death Benefit: In the unfortunate event of the policyholder's demise during the policy term, the nominee receives the higher fund value or the sum assured, ensuring financial protection for the family.

  7. LIC Jeevan Labh

    LIC Jeevan Labh is a limited premium endowment plan that is designed to provide policyholders with life insurance coverage along with the benefits of savings and investment, ensuring a secure financial future for them and their loved ones.

    Key Features of LIC Jeevan Labh:

    • Limited Premium Payment: Policyholders can choose from various premium payment terms, making it convenient to pay premiums for a limited period while enjoying long-term coverage.

    • Maturity Benefit: At the end of 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 case of the policyholder's demise during the policy term, the nominee receives the death sum assured along with vested simple reversionary bonuses and a final additional bonus, if any.

    • Policy Term Options: Jeevan Labh offers multiple policy term options, allowing policyholders to select coverage that aligns with their financial goals and needs.

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

  8. LIC New Jeevan Shanti

    LIC New Jeevan Shanti is a single premium pension plan offered, which is designed to provide policyholders with the dual benefit of immediate and deferred annuities, ensuring a stable income stream during retirement.

    Key Features of LIC New Jeevan Shanti:

    • Single Premium Payment: Policyholders make a one-time premium payment, providing them with the flexibility 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 period, providing financial security during retirement.

    • Surrender Benefit: In case of an emergency, policyholders have the option to surrender the policy and receive the surrender value, ensuring liquidity.

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.

FAQ's

  • Q: How can I choose the right LIC policy for my needs?

    Ans: To choose the right LIC policy, consider factors such as your financial goals, risk tolerance, and the duration of coverage needed. LIC offers a variety of policies, including endowment plans, term insurance, and ULIPs, each catering to different needs.
  • Q: What is the difference between term insurance and endowment plans offered by LIC?

    Ans: Term insurance provides pure life coverage for a specified term, while endowment plans combine insurance coverage with savings and investment components. Term plans are cost-effective and provide a higher coverage amount, while endowment plans offer maturity benefits along with life coverage.
  • Q: Can I customize my LIC policy to suit my specific requirements?

    Ans: Yes, LIC policies often come with customization options. You can choose riders (additional benefits) to enhance your coverage, opt for various premium payment frequencies, and select the policy term that aligns with your financial goals.
  • Q: How do I pay premiums for my LIC policy, and what are the available payment modes?

    Ans: LIC offers various premium payment options, including online payments, through agents, at LIC branches, or through authorized banks. You can choose the mode that is most convenient for you – be it monthly, quarterly, half-yearly, or annually.
  • Q: What happens if I miss paying a premium for my LIC policy?

    Ans: LIC usually provides a grace period during which you can pay the premium even if you miss the due date. If the premium is not paid within the grace period, the policy may lapse. However, LIC often allows policyholders to revive lapsed policies within a certain timeframe by paying the due premiums along with any applicable penalties.
  • Q: Can I surrender my LIC policy before the maturity date?

    Ans: Yes, LIC policies can be surrendered before maturity. However, surrendering a policy may lead to financial losses, and the surrender value may be lower than the total premiums paid.
  • Q: How does the claim settlement process work with LIC policies?

    Ans: In the event of the policyholder's demise, the nominee needs to inform LIC and submit the required documents, including the death certificate and policy documents. LIC has a streamlined claims settlement process, and the claim amount is disbursed to the nominee after verification.
  • Q: Can I take a loan against my LIC policy?

    Ans: Yes, LIC policies often come with the option to avail loans against the policy's surrender value. The loan amount is usually a percentage of the surrender value, and interest rates may apply. Loan repayment is flexible and can be done over the policy term.

*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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