Life Insurance of India

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Why To Opt For LIC Life Insurance Plans?

LIC is said to be the largest life insurance company in the world with 23 crore customers and counting. In India,LIC is synonymous with life insurance with some of the most reasonably rated premiums and sufficient coverage options, regardless of which walk of life an individual belongs to. The brand name is not the sole reason one should opt for LIC since it is not ideal to rely on life insurance products from a single brand. Here is why one should opt for LIC as a life insurance provider:

  • Technologically superior Network: LIC has been the leader as an insurance provider for its efforts to stay ahead of the game by being at par if not better in terms of its network when it comes to providing advanced and efficient services with over 2000 branch offices and 156 satellite branches. The company uses technology such as WAN, IVRS, LAN, IVRS & even EDMS which allows people to go paperless when dealing with insurance documentation.
  • Not Alone in the Game: The company does not work alone but partners with insurance and financial tycoons including NSE, LIC Mutual Fund, NCDEX, Stock Holding Corporation of India, Insurance institute of India and National insurance Academy among many similar organizations. Hence, it is working through convergence as well.
  • Going International: It has fully functional offices in countries such as Nepal, Sri Lanka, .Saudi Arabia and Bahrain. LIC has also been ambitious enough to plan opening offices in Australia, Canada and USA.
  • Product Variety: You will soon discover from the below given list that this company boasts of one of the highest number of policy types available in life insurance alone. It has the largest portfolios when it comes to life insurance group schemes to be one of their highlights. They have a huge clientele of corporates for group insurance.
  • Innovation in the Industry: The company launches new products every other quarter and they are mostly to serve the society than to make profits although they are doing pretty well as an insurance company, financially. They were the first to launch micro-insurance products so that people living below the poverty line in India could afford insurance for a certain amount of discount.
  • Performance in The Stock Market: When it comes to stock market positioning, LIC stocks are one of the most stable stocks available in the BSE. Some of the most well-performing stock lists almost always feature this company especially when it comes to insurance providers.

Types of Plans Available From LIC:

LIC Endowment Plans:

Plan Type Basic Sum Assured Term
LIC Single Premium Endowment Plan Rs. 50,000 25 years
LIC New Endowment Plan Rs. 1 lakh 35 years
LIC’s New Jeevan Rakshak Rs. 1 lakh 20 years
LIC’s Limited Premium Endowment Plan Rs. 3 lakhs 21 years
New Jeevan Anand Rs. 1 lakh 35 years
LIC’s Jeevan Labh N.A. N.A.
LIC’s Jeevan Pragati N.A. N.A.
New Jeevan Lakshya Rs. 1 lakh 25 years

 

LIC’s New Jeevan Rakshak: For people who wish to use an endowment non-participating non-linked plan which consists a well shared combination between savings and protection, might find this policy useful. This plan besides the death and maturity benefits, comes with loan facility against the policy.

New Jeevan Anand: The return from this policy is either 125% of the sum assured or two times of all the premiums. Otherwise, there is the advantage of the minimum death benefit to be paid to the nominated at 105% and nothing less than that. The maturity benefit can go up to denominations of Rs. 2 lakhs.

LIC’s Jeevan Labh: This is a participating endowment plan. The policy allows participation in the profits of the company and hence allows the policyholder to enjoy simple reversionary bonuses along with final additional bonuses at the time of maturity. The death benefit also includes the above and nothing less than 105% of the sum assured.

LIC’s Jeevan Pragati: This plan is a non-linked but profits plan providing cover automatically for risk in the course of 5 policy years. Loans are available for liquidity needs against this policy. It also has accident bonus along with the basic sum assured payout of 125% in the 6th and 10th policy years and 150% of basic sum assured in the 11th and 15th year of policy and from thereon it becomes 200% of the basic sum assured.

LIC’s Jeevan Lakshya: The age of entry for this plan is 30 years, but the policy Term is only 25 years, considering the basic sum assured is Rs. 1 lakh and the annualised premiums are as low as Rs. 4366. This plan offers loan facility along with great maturity benefits and is non-linked participating endowment plans for people who want protection and savings at the same time.

LIC Money Back Plans:

Plan Type Basic Sum Assured Term
LIC New Money Back Plan – 20 Years Rs. 1 lakh 20 years
LIC New Money Back Plan – 25 Years Rs. 1 lakh 25 years
LIC New Bima Bachat Plan Rs. 1 lakh 9, 12 or 15 years
LIC’s Bima Diamond 10 x annualized premium 12, 16 or 20 years
LIC’s Jeevan Tarun N.A. 20 years
LIC New Children’s Money Back Plan Rs. 1 lakh 20 years

New Money Back Plan – 20 Years: The 20 year new money back plan comes with not only death benefits and maturity benefits, similar to other life insurance plans but it also has the major advantage of survival benefits as well as optional benefits. This money back plan also is a participating policy which allows the policyholder to enjoy simple reversionary bonuses from LIC as a part of participating in the company’s profits.

New Money Back Plan – 25 Years: This plan is very similar to New money Back Plan except the difference in Term and the years, the benefits are paid out. This plan also has a survival benefit along with the regular death and maturity benefit. It is a participating money back plan which means that the policyholder also enjoys an amount from the company’s profit. The fact remains that LIC is one of the leading insurance providers in India which means the company does make profits often.

New Bima Bachat Plan: This plan has a money back advantage for it’s users in the most convenient terms of 9 , 12 and 15 years. In these terms within the interval of 3 years, people can enjoy the money back advantage of 15% of the sum assured. Also, this product requires only a large lump sum one-time premium, which is also a good one time-investment plan if you are looking for a long-term investment.

LIC’s Jeevan Tarun: This plan is specially designed to meet the educational and other needs of growing children through annual survival benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy. Note that this policy can be bought by a grandparent or parent for their grandchildren or children as long as they are less than 12 years of age.

LIC’s Bima Diamond: This is a new plan with money back pay outs for people who opt for this plan. The basic sum assured will be paid out in certain specified time intervals as per the term chosen by the policyholder, which ranges between 9 to 20 years. There is also the advantage of optional and bonuses based on the company’s policies.

New Children’s Money Back Plan: This particular plan is made to serve the needs of the a growing child, whether it is in the form of education or nurture his skills at a sport. This plan intends to help children through adulthood with ease. This insurance policy that can be a great gift for your child is meant for children whose parents like to plan ahead.

Life Insurance For NRI’s

With an increase in the number of Non-Resident Indians wanting to invest in Insurance policies in India, the platform has become extremely expensive.Multiple insurance firms and companies have now begun to re-strategise their policies to suit the needs of PIOs and NRIs.

LIC Term Assurance Plans:

Plan Type Basic Sum Assured Term
LIC’s Anmol Jeevan II Rs. 25 lakhs 35 years
LIC’s Amulya Jeevan II Rs. 25 lakhs 35 years
LIC’s e-Term: Rs. 25 lakhs (Rs. 50 lakhs for non-smokers) 35 years

LIC’s Anmol Jeevan II: This is a revised protection plan that offers fiscal protection to the family of the insured in case of his/ her unfortunate demise and is made suitable the dependents at home.

LIC’s Amulya Jeevan II: This is a minimal and basic plan for long-term investment of you child. There also some regular benefits of the product, which is much needed, is a product such as this.

LIC’s e-Term: The LIC e-Term (Online term plan) allows people to apply and maintain their term life insurance plan online. This is a regular non-participating online term assurance plan which provides families with the financial security they require after and if the policyholder is no more.

LIC’s NEW TERM ASSURANCE RIDER – (UIN: 512B210V01):

This is a rider than can be used to make a whole insurance policy to gain the benefits of a term insurance policy with a slightly higher premium.

LIC ULIP Plans:

Plan Type Basic Sum Assured Term
LIC’s New Endowment Plus 10 x Annualized Premium N.A.

LIC’s New Endowment Plus: Though this is an endowment plan, but it is a linked product as well. This policy also helps make more tax savings and ensure the financial security of your family at the same time. The sum assured is variable i.e. the yearly premium is multiplied with 10 and whatever is the number, will be the sum assured. There are the regular benefits with this product but it also is a linked plan, allowing people the chance to invest through their insurance.

LIC Pension Plans:

Plan Type Basic Sum Assured Term
LIC’s New Jeevan Nidhi Rs. 1 to 50 lakhs N.A.
Jeevan Akshay-VI Rs. 1 lakh N.A.

Jeevan Akshay-VI: This pension plan, under LIC has several benefits including the complete life cover, but also provide a stable source of income from investment from this plan. It is a annuity plan and requires the payment of a single premium. There are multiple modes of payment available for the annuities.

LIC’s New Jeevan Nidhi: This plan provides for vesting and immediate annuity at the same time to help maintain stability. Also it is a single premium pension plan but the payments are deffered. The death benefit in total including other bonuses are given to the nominated in the form of a lump sum amount and annuities.

LIC Micro Insurance Plans:

Plan Type Basic Sum Assured Term
LIC’s New Jeevan Mangal Plan N.A. N.A.
LIC’s Bhagya Lakshmi Rs. 2 to 5 lakhs 7 to 15 years

LIC’s New Jeevan Mangal Plan: This plan is made to ensure that, with a little investment and for a little time, one can assure financial security for their loved ones, to a certain extent. This micro-insurance product is known to be very useful as a life insurance with accident cover, which adds as double benefit to your insurance policy.

LIC’s Bhagya Lakshmi: This is a micro-insurance plan which means that it is a plan for short spans of time with limited protection of payment. It allows you to enjoy a cover of 110% of the sum assured at the end of the maturity term or as death cover.

LIC Group Plans:

Plan Type Basic Sum Assured Term
LIC’s Group Credit Life Insurance Rs.4 lakhs 5 to 35 years
LIC’s SINGLE PREMIUM GROUP INSURANCE Rs.10 lakhs 5 to 35 years
LIC’s New Group Leave Encashment Plan Rs. 1000 (minimum) Yearly renewable
LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I Rs. 1000 (minimum) Yearly renewable
LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II Rs. 1000 (minimum) Yearly renewable
LIC’s New Group Gratuity Cash Accumulation Plan Rs. 1000 (minimum) Yearly renewable
LIC’s New Group Superannuation Cash Accumulation Plan N.A Yearly renewable

LIC’s New Group Superannuation Cash Accumulation Plan: This is a group plan with contribution required. While some benefits are variable, there are others which are assured in this product. This annually renewable group insurance policy is sure to help make your employees get relief when needed for their families, in their absence.

LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I: This assurance plan has several beneficial features, but the most important to note is the fact that it is one of the most sought out plan for small employer and employee groups which could be as small as a 25 member group, although for non employer employee group there should be at least 50 members.

LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II: This assurance plan is similar to the one above and with the same name. It is almost the carbon copy of the its preceding policy.

LIC’s New Group Gratuity Cash Accumulation Plan: If you are looking to provide a simple way of giving your employees a simple and convenient way of statutory Gratuity Benefit then this policy from LIC should not be ignored. Also, there are no restrictions on the group size for existing schemes and only 10 for new schemes.

LIC’s New Group Leave Encashment Plan: Besides the regular advantages of a group term plan, as the name suggests, it comes with leave encashments benefits along with death benefits. This is but a funds based variable policy but is non-linked or non participating by nature. The contributions are made by the employed and not the employers and hence requires contribution from the policyholders who are a member of the group.

LIC’s Group Credit Life Insurance: This is group policy is made for an organization with a size of at least 50 members and is one of the most convenient and reasonable products in the series. The minimum sum assured is Rs. 4 lakhs and requires only single premium. The group can be insured for anywhere between 5 to 35 years.

LIC’s SINGLE PREMIUM GROUP INSURANCE: If you are looking for a high sum assured for a group of 50 members and over, this particular plan might be worth a look since it comes with a minimum sum assured of Rs. 10 lakhs. This particular policy is both a non-linked and non-participating term plan for groups.

LIC Social Security Schemes:

Plan Type Basic Sum Assured Term
Aam Aadmi Bima Yojana Rs. 30,000 N.A.

Aam Aadmi Bima Yojana: This particular plan is available under the Indian government’s initiative since 2013. It provides a cover of Rs. 30,000 for each policyholder with a contribution of Rs. 200. This subsidized product is mainly to aid rural people to get a basic insurance for initial support of their families in the policy holders absence. This product is available with basic eligibilities and documentation.

LIC Withdrawn Plans:

1. Fortune Plus

2. LIC New Jeevan Suraksha-I

3. Jeevan Vriddhi

4. LIC Jeevan Vaibhav (Single Premium Endowment Assurance Plan)

5. Jeevan Sugam

6. Two Year Temporary Assurance Policy

7. LIC Mortgage Redemption

8. Flexi Plus

9. CDA Endowment Vesting At 21

10. CDA Endowment Vesting At 18

11. Profit Plus

12. Jeevan Varsha

13. Child Fortune Plus

14. The Whole Life Policy- Limited Payment

15. Health Protection Plus

16. Jeevan Arogya

17. Market Plus I

18. Jeevan Kishore

19. Marriage Endowment

20. Jeevan Amrit

21. Jeevan Surabhi-25 Years

22. Jeevan Nischay

23. Wealth Plus

24. Jeevan Aastha

25. Money Plus-I

26. Jeevan Chhaya

27. Jeevan Surabhi-20 Years

28. The Money Back Policy-25 Years

29. Jeevan Saathi Plus

30. Health Plus

31. Samridhi Plus

32. Pension Plus

33. Jeevan Nidhi

34. New Jeevan Dhara-I

35. The Endowment Assurance Policy – Limited Payment

36. Bima Account 1

37. The Whole Life Policy

38. Bima Account 2

39. Jeevan Pramukh

40. Jeevan Mitra(Double Cover Endowment Plan)

41. Jeevan Bharthi-I

42. Jeevan Surabhi-15 Years

43. The Whole Life Policy- Single Premium

44. Child Future Plan

45. Jeevan Chhaya

46. Anmol Jeevan-I

47. New Jeevan Nidhi

48. Jeevan Anurag

49. Komal Jeevan

50. Child Career Plan

51. Jeevan Tarang

52. VARISHTHA PENSION BIMA YOJANA

53. Educational Annuity Plan

54. Jeevan Saral

55. Amulya Jeevan-I

56. LIC’s Jeevan Shagun

57. Lic’s Jeevan Shikhar

58. Jeevan Deep

59. Jeevan Saathi

60. New Janaraksha Plan

61. The Money Back Policy – 20 Years

62. The Endowment Assurance Policy

63. Jeevan Anand

64. Bima Bachat

65. Jeevan Aadhar

66. Jeevan Vishwas

67. Jeevan Shree-I

68. Jeevan Ankur

69. Endowment Plus

70. New Bima Gold

71. Bima Nivesh 2005

72. Jeevan Mangal

73. Jeevan Madhur

74. Superannuation Plus

75. Gratuity Plus

76. Jeevan Mitra(Triple Cover Endowment Plan)

How to Check Policy Status of LIC Life Insurance Policy?

The LIC policy status can be checked on the online portal once the individual has registered their policy with the LIC online portal. It is necessary to register your policy information or even make premium payments. So, once you have registered, you can check the policy details and status by simply logging in with relevant details. If you do not have access to the Internet, simply locate the closest branch office and visit them, with your policy number in hand and an ID proof.

How to proceed with LIC Online Payment

With the world of banking and insurance having shifted online, more and more people are now opting for the convenience of making payments online. Here, we have prepared an exhaustive list of all the options via which customers can make payments for their LIC policy premium online….

LIC Life Insurance Customer Care:

LIC or Life insurance Corporation has been India’s largest life insurance provider for several decades. The insurance giant has not only issued millions of policies over the years but also has a record of satisfied customers. This achievement has been made possible only with the help of efficient and dedicated customer support service that the insurer offers to its policyholders. Getting in touch with an LIC customer are representative is easy and can be done by calling on the designated helpline number or by writing in to the company at the provided email address. In addition to getting in touch with the customer care, policyholder have also been provided the option of carrying out several policy related service requests on their own from the various options provided under the customer service section on the LIC website. Policyholders can purchase a new LIC policy online, pay their policy premiums online, track the status of their policy application, view information about LIC plans, update their information, locate LIC branches, and do much more.

LIC Life Insurance FAQ’s:

  1. What are the non-term life insurance policies that LIC offers?

    A. LIC offers the following life insurance policies:

    • Single Premium Endowment Plan
    • New Endowment Plan
    • New Jeevan Anand
    • Jeevan Rakshak
    • Limited Premium Endowment Plan
    • Jeevan Lakshya
    • New Money Back Plan – 20 years
    • New Money Back Plan – 25 years
    • New Bima Bachat
    • New Children’s Money Back Plan
    • Jeevan Tarun
  2. What are the methods through which you can pay the LIC premiums?

    A. You can opt to pay the LIC Premium through net banking or phone banking.

  3. What are the documents that should be submitted at the time of applying for the policy?

    A. You must submit age proof, identity proof, address proof, PAN card and income proof documents.

  4. Are there any organisations authorised to collect LIC premium through net banking and phone banking?

    A. The authorised banks that are authorised to collect the LIC premiums are:

    • HDFC Bank
    • ICICI Bank
    • Bank of Punjab
    • UTI bank
    • Federal Bank
    • Corporation Bank
    • Citibank
  5. What are the authorised service providers of LIC? Which cities do the service providers operate from?

    A. BillJunction.com- Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad and Pune.Timesofmoney.com – Mumbai, Delhi and Bangalore.BillDesk.com – Mumbai, Delhi, Kolkata, Chennai, Bangalore, Ahmedabad, Pune, Baroda and Surat.

  6. What happens if I miss paying my premium?

    A. Usually banks give a 30 day grace period to make your payment. If you don’t pay the premium in the grace period, the policy will get lapsed. If you have the choice to make it a paid up policy take it or you can revive it within a certain period. Please refer your policy document to know more on how to go about reviving your policy.

  7. A. Yes, you will get the full refund if you are cancelling the policy in the free look period.

  8. How safe is it to pay premiums through the agent?

    A. If you wish to pay the premiums through the agent, ensure that you are drawing a cheque in the name of the company and also make sure that you receive the receipt from the insurance company.

  9. How can I make a claim?

    A. You will have to fill in a claim form and contact the financial adviser from whom you got the policy. You will have to submit the relevant documents to support your claim. If the claim application is accepted, you will get a cheque in 7 working days. If the claim is rejected, then you will be receiving a letter explaining the reason for rejection.

  10. Will I be getting maturity benefits with my life insurance policies?

    A. Yes, you will get maturity benefits as defined in your plan. Refer the policy document to know

  11. Which are the other organisations authorised to collect LIC premium through net banking and phone banking?

    A. The authorised banks that are authorised to collect the LIC premiums are:

    • HDFC Bank
    • ICICI Bank
    • Bank of Punjab
    • UTI bank
    • Federal Bank
    • Corporation Bank
    • Citibank
  12. What are the documents required when applying for the policy?

    A. The most basic documents required for application of an LIC policy include:

    • Age proof
    • Identity proof
    • Address proof
    • PAN card
    • Income proof documents
  13. What happens if I don’t pay my premium on time?

    A. Usually LIC gives a 30 day grace period to make your payment. If you don’t pay the premium in the grace period, the policy will get lapsed. If you have the choice to make it a paid up policy take it or you can revive it within a certain period. Please refer your policy document to know more on how to go about reviving your policy.

  14. Do I get a full refund for cancellation of my policy in the free look period?

    A. Absolutely, you will get the full refund if you are cancelling the policy in the free look period.

  15. How to safely pay premiums through the agent?

    A. Simply make sure that you are drawing a cheque in the name of the company and also make sure that you receive the receipt from the insurance company.

  16. How can I make a claim?

    A. You will have to fill in some claim form and contact the financial adviser from whom you got the policy. You will have to submit the relevant documents to support your claim. If the claim application is accepted, you will get a cheque in 7 working days. If the claim is rejected, then you will be receiving a letter explaining the reason for rejection.

  17. Will I be getting maturity benefits with my life insurance policies?

    A. Not all policies for life insurance have maturity benefits such as certain term life insurance products and group life insurance plans. So, please refer to the policy document before going for a policy.

  18. How To Seek LIC Life Insurance Customer Service Through SMS/Text?

    A. Simply text, LICHELP followed by your policy number to 9222492224 or 56767877. You can also access details related to your policy by texting ASKLIC followed by your policy number and either of the following, to 9222492224, based on your requirement:

    • PREMIUM
    • LOAN
    • BONUS
    • REVIVAL
    • NOMINATION
  19. Where can I find application forms for LIC policy?

    A. You can find it online, or from your LIC agent or office.

  20. What is the minimum eligibility criteria?

    A. The basic eligibility criteria revolves around age, income, citizenship and documentation for LIC policies.

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