The Life Insurance Corporation of India, LIC, was established in 1956 as the largest insurer in India. With the claim settlement ratio of 96.69% as per IRDAI Annual Report 2019-20, the company is enjoying a monopoly position in the life insurance industry. The company has a customer base of more than 250 million individuals and every customer has an inbuilt trust in LIC.
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LIC offers a wide range of life insurance plans that helps in fulfilling the varying requirements of individuals. Among the several plans offered by the company, there are some LIC insurance plans which are popular selling because of their comprehensive coverage features and benefits. Let’s understand the various types of LIC policies available. Here's a quick laydown of the LIC policy list:
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) |
Sum Assured |
Policy Term |
LIC Tech Term Plan |
Online Pure Protection Plan |
18 years to 65 years |
80 years |
Minimum: Rs. 50,00,000 Maximum: No Limit |
10 to 40 years |
LIC Jeevan Amar |
Pure Protection Term Plan |
18 years to 65 years |
80 years |
Minimum: Rs 25,00,000 Maximum: No Limit |
10 to 40 years |
LIC Jeevan Umang |
Whole Life Insurance |
90 days to 55 years |
100 years |
Minimum: Rs. 2,00,000 Maximum: No Limit |
(100 minus entry age) years |
LIC Money Back 25 years |
Money Back Policy |
13 years to 45 years |
70 years |
Minimum: Rs 1,00,000 Maximum: No Limit |
25 years |
LIC New Jeevan Anand |
Endowment Policy |
Eighteen years to 50 years |
75 years |
Minimum: Rs. 1,00,000 Maximum: No Limit |
15 years to 35 years |
LIC Jeevan Labh |
Savings Plan |
8 years to 50 years for 16 years PT, 54 years for 21 years PT, and 50 years for 25 years PT |
75 years |
Minimum: Rs. 2,00,000 Maximum: No Limit |
25, 21 and 16 years |
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A brief description of some of these policies is given below:
It is a non-linked and non-participating plan that provides financial security to the family of the policyholder in case of his/her untimely demise during the policy tenure. The plan is only available through online mode and can be easily purchased anytime anywhere.
Key Features
It 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 insurance buyer as compared to other life insurance plans.
Key Features
It 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
It is a non-linked and participating individual assurance plan that offers protection against death during the plan term along with periodic payments at particular terms during the policy.
Key Features
LIC New Jeevan Anand Plan is an individual life assurance, non-linked and participating plan that offers an amazing combination of family protection and savings. It provides financial security against the policyholder’s demise throughout the policy tenure.
Key Features
It is a non-linked and participating limited premium paying savings policy that provides dual benefits of protection and savings. It provides financial help to the policyholder’s family in occurrence of an unfortunate event during the plan term.
Key Features
There are various popular- selling plans offered by LIC that should be considered by an insurance buyer as per their requirements. However, always make sure to read the terms and conditions, features, and benefits of the plan carefully to make an informed decision.