LIC Life Insurance Overview
The Life Insurance Corporation of India (LIC) is a nationalized insurance and investment group that has been growing since its inception. Being the largest insurance company in India, the company offers a range of insurance products that have been proved to be customer-friendly as well as pocket-friendly. The various types of life insurance policies offered by the insurer include endowment plans, unit linked plans, child plans, group plans etc. With an asset value of Rs. 1,560,482 crore, the company strives for being the largest insurers in India.
Currently, LIC Life Insurance has marked its presence in the various states and cities across the country with 2048 branches and 1,337,064 agents. Let’s consider the various life insurance products offered by Life Insurance Corporation of India (LIC).
Why Choose LIC Life Insurance?
The reasons for selecting life Insurance policies from LIC of India are:
- With 250+ million customers, LIC is said to be the largest insurance provider. In India, LIC is known for providing life insurance solutions at an immensely affordable price.
- When the brand name is not the only factor, LIC of India ensures a technologically supreme network with 2048 branch offices across the country.
- The policies offered by the insurer have been launched in the international grounds as well. LIC is actively functional in countries like Sri Lanka, Saudi Arabia, Nepal and Bahrain. The planning for opening its offices in USA, Canada and Australia is on the cards.
- The company believes in introducing new innovative insurance products every quarter with new features and benefits.
- Life Insurance Corporation of India (LIC) is the first company to introduce micro-insurance products to the financial market in India to target the economically deprived section of the society.
- The company also is also doing well when it comes to the stock The stocks of LIC are one of the most stable in the market.
- The unmatched customer support is another reason to choose the company. One can avail 24×7-customer support regarding any insurance or investment related query.
- LIC of India offers smooth and hassle-free claim settlement with 98% settled claims in the year 2016-17.
Eligibility Criteria to Buy LIC Life Insurance
To avail a life insurance policy from LIC, the minimum eligibility criteria is 18 years, where the age should not exceed 60 years. However, every plan comes with a different entry age. So, it is recommended to consider the entry age at the time of buying a plan. All Indiana and NRIs can avail these policies
LIC Life Insurance Products & Services
LIC of India has a broad spectrum of products to cater to the various needs of different individuals. These products come with different features and customizable as per the requirements of an individual.
Currently, the insurer offers individual and group insurance products. When individual products are meant for a individual and its family, group insurance products are designed for a group of people working together, which can be an association, company or society. The employer or head of the association can avail group insurance where the employees or members can avail the benefits at a reduced cost.
Among the popular products of LIC Life Insurance, Anmol Jeevan II and AmulyaJeevan II and E-term plans are worth mentioning. However, the insurer keeps withdrawing older insurance products to make these in tune with the needs of the customers.
Types of Policies Offered by LIC Life Insurance
The various life insurance policies offered by Life Insurance Corporation include:
- Endowment Plans
- Aam Aadmi Bima Yojna
- Whole Life Plan
- Money Back Plan
- Pension Plans
- ULIP Plans
- Micro Insurance Plans
- Term Assurance Plans
Apart from the aforementioned plans, the insurer also offered Riders such as Accidental Death benefit, Critical illness Plan, Accidental Death and Disability rider,
Let’s know more about these plans:
LIC Life Insurance Endowment Plans
LIC Endowment Plans are designed to cater to the various insurance needs of the individuals. These plans come with a dual benefit of savings and insurance, which helps the insured to meet the various life goals. These plans include:
|Plan Name||Plan Type||Plan Tenure||Sum Assured (INR)|
|LIC Jeevan Pragati||Individual||12 to 20 years||1,50,000- no limit|
|LIC Jeevan Labh||Individual||16/21/25 years||2,00,000- no limit|
|LIC Single Premium Endowment Plan||Individual||10-20 years||50,000- no limit|
|LIC New Endowment Plan||Traditional Plan||10-20 years||105% of all premiums|
|LIC New Jeevan Anand Plan||Whole Life Plan||15/35 years||1,00,000-no limit|
|LIC Jeevan Rakshak||Micro-insurance Plan||10-20 years||75,000-2,00,000|
|LIC Limited Premium Endowment Plan||Individual||12/21 years||3,00,000- no limit|
|LIC Jeevan Lakshya||Individual||13-25 years||1,00,000- no limit|
|LIC Aadhaar Shila||Individual/for women with Adhaar Card||10-20 years||75,000-3,00,000|
|LIC Aadhaar Stambh||Individual/for men with Adhaar Card||10-20 years||75,000-3,00,000|
Have a look at the plans below:
LIC Jeevan Pragati
This on-linked with-profit plan offers the dual benefit of insurance protection and savings. One of the special features is the automatic increase in risk cover offered under this plan in every 5 years during the policy tenure. Moreover, the insured can avail a loan on basis of this, thus it fulfills the liquidity needs as well.
LIC Jeevan Labh
This non-linked, with-profit plan comes with the limited premium paying option, where the insured is benefited with savings and protection benefits. The financial interests of the family are well-assured if the insured dies due to an unfortunate event. It also provides lump sum survival benefits to the policyholder.
LIC Single Premium Endowment Plan
This participating non-linked saving cum protection plan allows the individual to pay the premium in a lump sum at the onset of the policy. it provides much-needed financial protection against the death of the insured along with the provision of paying the premium when the policy term ends in case of 100% survival. It also offers liquidity benefits to the insured by allowing him,/her to take a loan.
LIC New Endowment Plan
This non-linked policy offers a combination of savings and insurance protection. It ensures financial support to the family of the deceased insured before the policy maturity date. It also offers handsome maturity benefits along with a lump sum amount for the surviving insured. The liquidity benefit is an additional feature of this policy.
LIC New Jeevan Anand Plan
This plan also comes with savings and protection benefit to double assured the insured financially. The lifetime death benefit offered by the policy or the option of lump sum payment of premiums at the end of the chosen policy term is the main attraction of the policy. one can take a loan on basis of this policy.
LIC Jeevan Rakshak
A non-linked protection and savings plan offers a combination of protection and savings, while ensures financial security to the family of the insured. In case of a sudden demise of the insured, it offers death benefits equal 10 times of annual premium or 105% all the paid premiums. Additionally, a loyalty benefit is also offered in case of the death occurred after completion of the 5th policy year.
LIC Limited Premium Endowment Plan
Life Insurance Corporation of India (LIC) Limited Premium Endowment Plan is a non-linked participating plan that offers the benefits of protection and savings. It ensures financial support for the family of the insured in case of unfortunate death any time before the policy matures or pays a lump sum amount at the time of maturity if the insured survives throughout. It also offers liquidity benefits by offering a loan facility to the insured.
LIC Jeevan Lakshya
It is a participating non-linked plan that comes with a combination of protection and savings. This plan offers Annual Income benefit that may use to fulfill the financial interests of the family, for child education especially in case of a sudden demise of the insured. Also, a lump sum benefit is made towards survival benefit if the policyholder survives throughout the policy term. The liquidity benefit offered under this plan can be used to fulfill other life goals such as buying a house, car etc.
LIC Aadhaar Shila
This protection cum savings plan is exclusively designed for the female candidates holding an Adhaar Card issued by Unique Identification Authority of India. It ensures financial assistance to the family in case of unfortunate demise of the policyholder. The maturity and survival benefits paid to the insured can be saved for the retirement days or fulfil the other life goals.
LIC Aadhaar Stambh
This protection cum savings plan is exclusively designed for the male candidates holding an Adhaar Card issued by Unique Identification Authority of India. It ensures financial assistance to the family in case of unfortunate demise of the policyholder. The maturity and survival benefits paid to the insured can be saved for the retirement days or fulfil the other life goals.
LIC Life Insurance Aam Aadmi Bima Yojna
Aam Aadmi Bima Yojna is a result of the merger of two Social Security Schemes, namely Aam Admi Bima Yojana (AABY) and Janashree Bima Yojana (JBY). It came into force from 2013. The eligibility age to avail the plan is 18 years to 59 years. This scheme is specially designed to serve the economically deprived section of the society where the maximum premium to be paid at the initial stage of the policy is Rs. 200 for the sum assured Rs. 30,000. 50% out of the total sum assured is subsidized from the Social Security Fund. The remaining 50% will be borne by the Nodal Agency/State ?govt./Union Territory in case of Rural Landless Household (RLH)
LIC Life Insurance Pension Plans
LIC Pension Plans are designed to meet the requirements of the individuals after their retirements. These plans are tailor-made for the senior citizens to ensure a financially stable life without compromising on their lifestyle. These plans include:
|Plan Name||Plan Type||Plan Tenure||Pension/Annuity/SA|
|Pradhan Mantri Vaya Vandana Yojana||Pension Plan||10 years||Minimum: 12000/PA
|LIC New Jeevan NIdhi||Pension Plan||–||1,00,000|
|LIC Jeevan Akshay||Annuity Plan||NA|
Have a look at the plans:
Pradhan Mantri Vaya Vandana Yojana
This pension plan is available at a lump sum purchase price where the insured or the pensioner can choose either the amount of pension or the purchase price.
LIC New Jeevan Nidhi
This conventional cum profit pension plan comes with a dual benefit of savings and protection. It offers death cover during the adjournment period and offers annuity benefits on survival.
LIC Jeevan Akshay
This immediate annuity plan can be purchased at a lump sum amount and offers lifetime annuity benefit. A specified amount will be paid for a lifetime as an annuity to the insured, where the insured can pay for the annuity with multiple payment modes.
LIC Life Insurance ULIP Plans
ULIP Plans of Life Insurance Corporation are the non-profitable unit-linked plans that offer investment and insurance benefits under a single plan. This plan is best for those who want to reap the benefits of long-term savings and fulfill various life goals. This includes:
|Plan Name||Plan Type||Plan Tenure||Sum Assured|
|LIC New Endowment Plus||ULIP Plan||10-20 years||105% of the total premiums|
The plan is briefly explained below:
LIC New Endowment Plus
This plan comes with protection cum savings benefits which ensures a secured future for the family. It enables the insured to reap the benefits of long-term savings and the flexibility of building a financially secured future. The saved amount either could be used for fulfilling various life goals or save for the retirement days.
LIC Life Micro Insurance Plans
The micro-insurance plan of LIC Life Insurance offers the utmost peace of mind in case of an unfortunate demise of the policyholder. It takes care of the financial interest of the family in case of his/her absence.
|Plan Name||Plan Type||Plan Tenure||Sum Assured|
|LIC New Jeevan Mangal Plan||Protection Plan||1-15 years (regular premium)
5-10 years (single premium)
LIC New Jeevan Mangal Plan
LIC’s New Jeevan Mangal is a protection plan that provides the insured with the facility of return of the paid premiums on maturity. This plan comes with an in-built accidental benefit that offers full benefit to the family in case of a death.
LIC of India Term Assurance Plans
Terms Assurance Plans are another ideal options to secure the financial future of the family which offer death benefits in case of a sudden demise of the insured. These plans include:
|Plan Name||Plan Type||Plan Tenure||Sum Assured|
|LIC’s Anmol Jeevan II||Protection Plan||5/25 years||6,00,000|
|LIC’s Amulya Jeevan II||Protection Plan||5/35 years||25,00,000|
|LIC’s e-Term||Pure Term Plan||10/35 years||Rs. 25,00,000 (Aggregate category )
Rs. 50,00,000 (non-smoker category)
The plans are explained below:
LIC’s Anmol Jeevan II
LIC’s Anmol Jeevan – II is a protection plan that ensures financial assistance to the family of the policyholder of his/her unfortunate death.
LIC’s Amulya Jeevan II
LIC’s Anmol Jeevan – II is a protection plan that ensures financial protection to the family of the policyholder of his/her unfortunate death.
This is a non-participating online term insurance plan that offers complete financial protection in case of an unfortunate event. One can avail this plan online by visiting the official website of the insurer, where no agent will be involved. In offers two premium rates namely Aggregate Lives and Non-smokers lives. Aggregate category rates will be applied for the sum assured up to Rs. 49 lakh. The non-smokers rate will be applied for the sum assured Rs. 50 lakh or above.
LIC of India Whole Life Insurance Plans
Whole Life Insurance plan offers lifetime protection to the insured and its family. Also known as whole life assurance plan, it offers comprehensive financial protection, provided the premiums are paid on time.
|Plan Name||Plan Type||Plan Tenure||Sum Assured (INR)|
|LIC’s Jeevan Umang plan
|Whole Life Plan||lifetime||2,00,000-no limit|
LIC’s Jeevan Umang plan
LIC’s Jeevan Umang plan comes with the dual benefit of income and protection. It offers annual survival benefit if the insured survives throughout the policy tenure. It also offers a lump sum on the maturity or on the premature death of the insured during the policy tenure.
LIC Life Insurance Money Back Plans
Money Back Plans under LIC of India are the traditional plans that come with the dual benefits of schedules payment and bonus facility. These plans offers maturity and survival benefits, where the offered sum assured can be utilised for securing the financial future of the family. These plans include:
|Plan Name||Plan Type||Plan Tenure||Sum Assured|
|LIC’s New Children’s Money Back Plan
|Protection cum Savings Plan||25 years minus age at entry||1,00,000-no limit|
|LIC New Bima Bachat
|Protection cum Savings Plan||9/12/15 years||20,000-no limit|
|LIC’s New Money Back Plan-25 years Plan
|Protection cum Savings Plan||25 years||1,00,000-no limit|
|LIC Jeevan Tarun
|Protection cum Savings Plan||25 years minus age at entry||75,000-no limit|
|LIC’s New Money Back Plan-20 years Plan
|Protection cum Savings Plan||20 years||1,00,000-no limit|
|LIC’s Bima Shree
|Protection cum Savings Plan||14,16,18,20 years||10,00,000-no limit|
LIC’s New Children’s Money Back Plan
This non-linked money back plan is designed to meet the various life goals of an insured especially to secure the financial future of his/her children. This is a child-specific plan that offers an adequate coverage for child education, marriage, job or business. It also offers risk cover on the life of child and survival benefit if the insured survives throughout the policy tenure. Parents or any of the grandparents can purchase this policy on behalf of a child aged between 0 to 12 years.
LIC New Bima Bachat
It is non-linked cum saving-protection plan that offers optimum financial security. The insured can pay the premiums in a lump sum at the beginning of the policy. The financial interests of the family are well-assured with an adequate death benefit in case of an unfortunate demise of the insured. Additionally, when the policy matures, the single premium will be returned along with a loyalty benefit, if any. The insured can apply for a loan basis on this plan. This all together makes this plan a complete package for the insured and its family.
LIC’s New Money Back Plan-25 years Plan
This non-linked money back plan offers an attractive dual benefit of savings and protection under a single plan. The family is well-assured financially in case of a sudden death of the policyholder. It also offers periodic payment of premiums on survival at a specified duration. When the complete death benefit is offered to the family if the insured dies before the maturity date, a lump sum amount is paid in case of survival when the policy matures. This also ensures the liquidity benefit to the insured.
LIC Jeevan Tarun
LIC’s Jeevan Tarun is specially designed to meet the educational and other requirements of a growing child. This non-linked plan comes with savings and protection benefit which offers a survival benefit as well. An annual survival benefit is also offered from the ages between 20 to 24 years, where the maturity benefit is offered at the age 25 years. This plan offers the flexibility of selecting the quantity of Survival Benefit to be benefited during the policy term.
LIC’s New Money Back Plan-20 yearsPlan
This participating non-linked plan comes with an attractive combination of savings and protection against death benefit for a lifetime. It also offers periodic payment of the premiums on the survival of the insured, where the death benefits are offered to the family of the deceased. It offers a lump sum amount on survival, where full maturity benefit is paid. This plan also takes care of liquidity needs of an individual through its loan facility.
LIC Jeevan Shiromani
This is a plan with a combination of savings and protection which is specially designed to cater to the needs of high-net-worth individuals. It ensures financial support to the insured’s family in case of his/her sudden demise. Here the insured can make the periodic payments of the premiums at specific duration’s if the insured survives. A lump sum amount is paid at on the maturity on survival. In addition to this. 10% of the basic sum assured is paid if the insured is diagnosed with any of the listed Critical Illness.
LIC’s Bima Shree
This is a plan with a combination of savings and protection which is specially designed to cater to the needs of high-net-worth individuals. It ensures financial support to the insured’s family in case of his/her sudden demise. Here the insured can make the periodic payments of the premiums at specific duration’s if the insured survives. A lump sum amount is paid at on the maturity on survival. This plan also fulfills the liquidity needs of an individual by offering the loan benefit.
Claim Process of LIC Life Insurance Company
Life Insurance Corporation of India (LIC) offers a simplified claim procedure in order to ensure a hassle-free settlement. Usually, there are two types of claims that can be registered with the insurer- Death Claim and Maturity Claim.
In case of a death claim, the nominee or beneficiary is entitled to receive the policy benefits. In order to claim, the nominee will need to register the claim and fill up the required claim form. The same needs to be submitted along with relevant documents. The basic requirements to claim a death benefit are:
- Claim Form ‘A’ in Form No.3783
- Certified extract from the death register
- The original life insurance policy document
- Deed/s of assignment if any
In order to experience a smooth claim, the insured must settle the maturity claim on or before the due date. The insured can approach the branch where his/her policy is registered asking for the required form. The claim intimation is usually sent by the servicing LIC branch two months prior to the policy maturity date.
The insured will have to submit a duly filled and signed ‘Discharge Form’ along with the original policy document copy. The same needs to be submitted at least one month before the due date. The insurer settles the claim by sending a post-dated cheque to the insured, on receiving of the claim form with the relevant documents.
Another type of claim is for Money Back policy, where the aforementioned documents are not required, provided there are no outstanding dues in terms of premiums till the date.
LIC Life Insurance FAQ’s
How can I check my life insurance policy status of Life Insurance Corporation of India (LIC)?
Ans. You can check the policy status easily by using the online portal of the insurer. In order to avail this facility, it is necessary to register and create a user id and password for future use. After registering, you can check the policy status by navigating through the exact option. If you are unable to access the online portal of LIC, you can also visit the nearest branch with your policy document and an ID Proof. The concerned person will assist you better.
Does LIC offer non-term life insurance policies. If yes then what are the available policies?
Ans. The various non-term life insurance policies offered by Life Insurance Corporation of India (LIC) are:
Under the category of Endowment Plans:
- Lic’s Jeevan Pragati
- Lic’s Jeevan Labh
- Lic’s Single Premium Endowment Plan
- Lic’s New Endowment Plan
- Lic’s New Jeevan Anand
- LIC’s Jeevan Rakshak
- LIC’s Limited Premium Endowment Plan
- LIC’s Jeevan Lakshya
- LIC’s Aadhaar Shila
- LIC’s Aadhaar Stambh
Under the Category Whole Life Plans
- LICs Jeevan Umang
Under the Category Money Back Plans
- LIC’s Bima Shree
- LIC’s Jeevan Shiromani
- LIC’s New Money Back Plan – 20 Years
- LIC’s New Money Back Plan – 25 Years
- LIC’s New Bima Bachat
- LIC’s New Children’s Money Back Plan
- LIC’s Jeevan Tarun
- LIC’s Linked Accidental Death Benefit Rider
- LIC’s Accidental Death and Disability Benefit Rider
- LIC’s Accident Benefit Rider
- LIC’s New Critical Illness Benefit
- LIC’s NEW TERM ASSURANCE RIDER
What are the available options for paying the policy premium with LIC Life Insurance?
Ans. You can pay the premiums either online through net banking or using credit/debit cards or phone banking or visiting the closest LIC branch.
I want to buy a policy from LIC. Kindly suggest me the required documents to apply?
Ans. To buy a life insurance policy from LIC, you will require to submit :
- ID proof
- PAN Card details
- Income proof details
- Address proof
- Other documents as per the requirement
What are the required documents for applying LIC life insurance policy?
Ans. The most basic documents required for application of an LIC policy include:
- Age proof
- Identity proof
- Address proof
- PAN card
- Income proof documents
If I cancel a policy, do the premiums refunded fully?
Ans. The insurer comes with a free-look period of 15 days, within which you can cancel a purchased policy if not satisfied. The paid premiums are refunded. However, the insurer may apply terms and conditions, based on the situation.
How safe is to pay the premiums through an agent?
Ans. though it is not 100 safe when the fraudulent cases are on rise. However, if you wish to go through an agent make sure he/she is an authorised person from the company. Secondly, ensure that the premium cheque is addressed in the name of the company only.
What is the procedure of claiming LIC life insurance?
Ans. Claiming LIC life insurance is easy. You can claim for either death benefits or maturity claim. A claim can be registered through a financial advisor or visit the nearest branch. The claim form is available online which needs to be filled and submitted along with the relevant documents to the insurer. Upon receiving the claim form and documents the insurer verifies and settles the same within a stipulated time. The settled amount is given through a cheque deposited to the account of the insured or nominee.
In case of claim rejection, the insured is intimated accordingly through a letter.
Do all policies of LIC come with maturity benefits?
Ans. As not all the life insurance policies come with maturity benefit, you should read and understand the policy wordings thoroughly. Plans such as term or group insurance policies don’t come with maturity benefits.
How to avail the online services from LIC online portal?
Ans. Like the other insurers, LIC has made its products available online as well. To avail the services, you will have to log into the official website of the insurer by using the registered user ID and Password. By using the online portal of LIC you can register a claim, complaint or renew a policy. The premiums can be paid online as well. It is the most convenient way to avail the post-sale services.
What is the minimum eligibility criteria for buying LIC Life Insurance?
Ans. To buy a life insurance plan from LIC, one has to meet the basic requirements of the insurer. The minimum age eligibility for most of the plans is 18 years. However, some plans may come with different entry age. Apart from this, one has to submit the address proof, proof of annual income, citizenship proof etc.
Where can I find the application form to apply for LIC life insurance?
Ans. The application form can be availed from the website of the insurer.