LIC of India is a state-owned insurance group and investment company. It is considered to be the largest insurance company in India with an evaluated asset value of 1,560,482 crores.

Instituted in 1956, The Life Insurance Corporation of India provides a diverse range of insurance products to its customers like insurance plans, pension plans, Unit Linked Insurance Plans(ULIPs), child insurance plans along with group and special schemes. LIC of India has a network of 2048 branches and 1,337,064 agents spread across different cities across the country.

Why Should You Opt For LIC Life Insurance Plans?

LIC is considered to be the largest life insurance company globally with more than 23 crore customers. In India, LIC is considered to be synonymous with life insurance with reasonably rated premiums and sufficient coverage alternatives, irrespective of the age and income of an individual. Here's a list of reasons why you should opt for LIC as your insurer:

Technologically Superior Network

LIC is a leading insurance provider in India with over 156 satellite branches and 2000 branch offices. The company uses technologies like  WAN, EDMS, LAN, IVRS etc which helps people with the documentation without any hassles.

Not Alone in the Game

The company doesn't operate alone; it has partnered with insurance and financial tycoons such as NSE, LIC Mutual Fund, Stock Holding Corporation of India, NCDEX, National Insurance Academy and Insurance Institute of India.

Global Presence

LIC has fully functional offices in countries like Nepal, Sri Lanka Bahrain and Saudi Arabia. LIC is planning on opening offices in USA, Australia and Canada

Product Variety

LIC boasts of the highest number of variants of the insurance policies. It has the most extensive portfolio of insurance policies, life insurance group schemes being one of the vital portions of the schemes.

Innovation in the Industry

The company launches fresh products every quarter and these products are mostly welfare driven and not profit driven. LIC was the first company to launch micro-insurance products so that people belonging to the less privileged sections of the society can afford insurance coverage.

Performance in The Stock Market

Concerning the stock market positioning, LIC shares are one of the most stable stocks listed in BSE.

Types of Plans Available in LIC

LIC Endowment Plans

Plan Type	Basic Sum Assured	Term	Features
LIC Single Premium Endowment Plan	Rs. 50,000	25 years	Non-participating Non-linked plan Offers balance between insurance and protection Provides loan facility against the policy
LIC New Endowment Plan	Rs. 1 lakh	35 years	Return is either twice of all the premiums paid or 125% of the sum assured Maturity benefit can go up to 2 lakhs
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.	Participating endowment plan Includes death benefits Policyholder receives 105% of the sum assured
LIC’s Jeevan Pragati	N.A.	N.A.	Non-Linked Plan Loans are available against this policy Has accident bonus Payout of at least 125%-200% of the sum assured depending on the policy tenure
New Jeevan Lakshya	Rs. 1 lakh	25 years	Age of entry is 30 years Policy term is 25 years Annualised premiums are very low Plan offers loan facility along with maturity benefits

LIC Money Back Plans

Plan Type	Basic Sum Assured	Term	Features
LIC New Money Back Plan - 20 Years	Rs. 1 lakh	20 years	Death and maturity benefits Major distinction from other policies is that it provides survival benefits along with several optional benefits Participating Plan
LIC New Money Back Plan - 25 Years	Rs. 1 lakh	25 years	Plan is similar to LIC New Money Back Plan (20 years) except for the term Participating Plan
LIC New Bima Bachat Plan	Rs. 1 lakh	9, 12 or 15 years	Has a money back advantage Tenure can be 9,12 and 15 years This scheme requires a one-time lump sum payment as premium
LIC’s Bima Diamond	10 x annualized premium	12, 16 or 20 years	Assured basic sum is paid out according to the tenure chosen by the policy owner Optional bonuses can be availed by the policyowner
LIC’s Jeevan Tarun	N.A.	20 years	Meant for educational and other needs of children The individual receives a maturity benefit after 25 years Flexible plan Policy can be purchased by parent/grandparent for their children/grandchildren who are less than 12 years old
LIC New Children’s Money Back Plan	Rs. 1 lakh	20 years	This scheme is meant for catering to a child’s needs Intends to help children through adulthood

LIC Term Assurance Plans

Plan Type	Basic Sum Assured	Term	Features
LIC's Anmol Jeevan II	Rs. 25 lakhs	35 years	Revised Protection Plan Offers fiscal protection to the family of the insured
LIC's Amulya Jeevan II	Rs. 25 lakhs	35 years	Basic plan Long term investment plan
LIC's e-Term:	Rs. 25 lakhs (Rs. 50 lakhs for non-smokers)	35 years	Helps people in applying and maintaining their term life insurance plan online Non-participating regular term insurance plan

LIC ULIP Plans

Plan Type	Basic Sum Assured	Term	Features
LIC's New Endowment Plus	10 x Annualized Premium	N.A.	Policy helps in saving tax Ensures financial security of the family Assured sum is variable (Assured sum is 10 times the annual premium paid)

LIC Pension Plans

Plan Type	Basic Sum Assured	Term	Features
LIC's New Jeevan Nidhi	Rs. 1 to 50 lakhs	N.A.	Annuity Plan Single premium pension plan
Jeevan Akshay-VI	Rs. 1 lakh	N.A.	Complete life cover Provides a stable source of income Annuity plan Requires the policy owner to pay a lump sum premium amount Offers several modes of payment

LIC Micro Insurance Plans

Plan Type	Basic Sum Assured	Term	Features
LIC's New Jeevan Mangal Plan	N.A.	N.A.	Requires less investment Tenure is less too Insurance has accident cover
LIC’s Bhagya Lakshmi	Rs. 2 to 5 lakhs	7 to 15 years	Offers 110% of the sum assured Short span Requires less investment

LIC Group Plans

Plan Type	Basic Sum Assured	Term	Features
LIC's Group Credit Life Insurance	Rs.4 lakhs	5 to 35 years	Group policy meant for organization with less than 50 members Single premium payment
LIC's SINGLE PREMIUM GROUP INSURANCE	Rs.10 lakhs	5 to 35 years	Meant for organizations with more than 50 employees High sum assured by the insurer Non-linked non-participating policy for groups
LIC's New Group Leave Encashment Plan	Rs. 1000 (minimum)	Yearly renewable	Offers leave encashment benefits along with death benefits Non-linked and non-participating plan Contribution made by the employees
LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I	Rs. 1000 (minimum)	Yearly renewable	Can insure a group of 25 members For a non-employer employee group, the members must be at least 50
LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II	Rs. 1000 (minimum)	Yearly renewable	This plan is similar to the LIC’s New One Year Renewable Group Term Assurance Plan I
LIC's New Group Gratuity Cash Accumulation Plan	Rs. 1000 (minimum)	Yearly renewable	No restrictions on the group size for availing this policy
LIC's New Group Superannuation Cash Accumulation Plan	N.A	Yearly renewable	Group Plan Requires Contribution from the members Some of the benefits are variable

LIC Social Security Schemes

lan Type	Basic Sum Assured	Term	Features
Aam Aadmi Bima Yojana	Rs. 30,000	N.A.	Provides a cover of 30,000 for each member for a meagre contribution of 200 Scheme came up to help the rural population Provides basic insurance to the rural population

LIC Withdrawn Plans

• Fortune Plus

• LIC New Jeevan Suraksha-I

• Jeevan Vriddhi

• LIC Jeevan Vaibhav (also known as, Single Premium Endowment Assurance Plan)

• Jeevan Sugam

• Jeevan Sugam

• Two Year Temporary Assurance Policy

• LIC Mortgage Redemption

• Flexi Plus

• CDA Endowment Vesting At 21

• CDA Endowment Vesting At 18

• Profit Plus

• Jeevan Varsha

• Child Fortune Plus

• The Whole Life Policy- Limited Payment

• Health Protection Plus

• Jeevan Arogya

• Market Plus I

• Jeevan Kishore

• Marriage Endowment

• Jeevan Amrit

• Jeevan Surabhi-25 Years

• Jeevan Nischay

• Wealth Plus

• Jeevan Aastha

• Money Plus-I

• Jeevan Chhaya

• Jeevan Surabhi-20 Years

• The Money Back Policy-25 Years

• Jeevan Saathi Plus

• Health Plus

• Samridhi Plus

• Pension Plus

• Jeevan Nidhi

• New Jeevan Dhara-I

• The Endowment Assurance Policy - Limited Payment

• Bima Account 1

• The Whole Life Policy

• Bima Account 2

• Jeevan Pramukh

• Jeevan Mitra(Double Cover Endowment Plan)

• Jeevan Bharthi-I

• Jeevan Surabhi-15 Years

• The Whole Life Policy- Single Premium

• Child Future Plan

• Jeevan Chhaya

• Anmol Jeevan-I

• New Jeevan Nidhi

• Jeevan Anurag

• Komal Jeevan

• Child Career Plan

• Jeevan Tarang

• VARISHTHA PENSION BIMA YOJANA

• Educational Annuity Plan

• Jeevan Saral

• Amulya Jeevan-I

• LIC's Jeevan Shagun

• Lic's Jeevan Shikhar

• Jeevan Deep

• Jeevan Saathi

• New Janaraksha Plan

• The Money Back Policy - 20 Years

• The Endowment Assurance Policy

• Jeevan Anand

• Bima Bachat

• Jeevan Aadhar

• Jeevan Vishwas

• Jeevan Shree-I

• Jeevan Ankur

• Endowment Plus

• New Bima Gold

• Bima Nivesh 2005

• Jeevan Mangal

• Jeevan Madhur

• Superannuation Plus

• Gratuity Plus

• Jeevan Mitra(Triple Cover Endowment Plan)

How Can You Check the Status of LIC Insurance Policy?

The status of LIC policy can be checked on the official website after the individual has registered the policy in LIC's online portal. It is mandatory to register the data linked with your policy in the official website of LIC. You can also make premium payments through this portal. So, after you have registered, you can check the status and details of the policy by logging in to the website by plugging in the relevant details. If you don't have access to the internet, you can simply locate the nearest LIC branch with your policy details and ID proof.

LIC Life Insurance Customer Care

LIC or Life insurance Corporation is India’s largest life insurer for many decades. The insurance behemoth has not only issued a huge number of policies over the years, but it also has a record number of satisfied customers. The achievements of LIC have been possible with the help of the dedicated customer service which is provided by the insurer to the policyholders. You can get in touch with the LIC customer care service is easy and it can be done by contacting the assigned helpline number or by sending a mail to the customer care email address. The policyholder can also extend various policy-related service requests under the customer service section on the official website of LIC. Now, policyholders can buy new LIC policies online, make payment for their policy premiums online, track the status of their policy application, view details about their LIC policies, update information linked with the policies, locate branches of LIC etc.

LIC Life Insurance FAQ

What are the non-term life insurance policies offered by LIC?

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

What are the ways in which you can pay the LIC premiums?

You can choose to pay the LIC Premium through net banking.

What are the documents that can be submitted while applying for the policy?

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

Are there any organizations authorized to collect LIC premium through net banking or phone banking?

The banks which are authorized to collect the LIC premiums are:

• HDFC Bank

• ICICI Bank

• Bank of Punjab

• UTI bank

• Federal Bank

• Corporation Bank

• Citibank

What are the authorized service providers of LIC?

BillJunction.com, Timesofmoney.com, BillDesk.com

What happens if I fail to make the premium payment?

Usually, banks offer a thirty day grace period for making the payment. If you don’t pay the premium amount in the grace period, the policy gets lapsed.

Can I get a full refund if I'm canceling the policy?

Yes, you'll get the full refund if you are canceling the policy when you're in the free look period.

Can I make the premium payments through my agent?

Yes, you can make premium payments through an agent. However, you should make sure that you're drawing the cheque in the company's name and not the agent's name and also ensure that you acquire the receipt for your payment from the insurance company for your reference.

How can I make a claim?

You'll be required to fill in the claim form and contact the financial adviser from LIC for making a claim. You'll also be required to submit the necessary documents for supporting the claim. If the claim application is affirmed, you'll receive a cheque within seven working days. If the claim is rejected, you'll be getting a letter from the company explaining the reason for rejection.

Can I get maturity benefits with my life insurance policies?

Yes, you'll be getting maturity benefits as described in your plan. You can refer to the policy document to know the benefits of your plan.

Which are the other organizations authorized to collect LIC premium through net banking?

The authorized banks that can collect the LIC premiums are:

• HDFC

• ICICI

• Bank of Punjab

• UTI bank

• Citibank

• Federal Bank

• Corporation Bank

What are the mandatory documents while applying for the policy?

The essential documents required for application of an LIC policy include:

• Age proof

• Identity proof

• Address proof

• PAN card

• Income proof documents

What happens if I don’t make my premium payment on time?

Usually, LIC gives a thirty day grace period for making the payment. If you don’t pay the premium during the grace period, the policy gets lapsed. If you have the choice for turning it into a paid-up policy, you can take it or you can activate it within a specified period. You can refer your policy document to know more about how to revive your policy.

Can I get a full refund for canceling my policy in the free-look period?

Yes, you'll get the full refund if you cancel the policy in the free-look period.

How can I pay premiums safely through the agent?

You should make sure that the cheque is drawn in the name of the company and that you acquire the receipt from the company.

How can I make a claim?

For making a claim, you'll be required to fill in the claim form and contact the financial adviser. You'll be asked to submit the necessary documents for supporting your claim. If the claim application is affirmed, you'll get a cheque in seven working days. If the insurance company rejects the claim, you will be receiving a letter from the company stating the reason for rejection.

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What are the top LIC plans for 2020-2021?

Have you ever wondered about the logo of LIC India? The two hands cupping the small flame in between them, as if preserving it?

That is symbolic. The flame stands for Life while the hands stand for the Support of LIC or life insurance in general. Life, as it is, is not just temporary but is also more vulnerable than we want to think. Accidents, diseases, ailments, and unforeseen deaths can end life in a flash. The only way a person can ensure that his or her loved ones remain financially well-off is by having life insurance.

LIC is one of the biggest life insurance companies in the world and one of the biggest brands in its industry. Did you know that it has more than 30 crore policyholders in India alone, and where companies give the highest claim settlement? 

All LIC plans are created having in mind the Indian audience. There are many plans, but some are more popular than the rest. Below we are going to give you 5 top LIC plans for 2020-2021.

LIC Jeevan Umang

 As per this policy, you need to pay for a period ranging from 15 to 30 years. You can choose various terms like 15, 20, 25 and 30 years. After the premium payment term is completed, from the next year onwards you get lifetime pension and the LIC coverage.

LIC Jeevan Anand

This is said to be the best LIC product in the market. It’ll be interesting to know that LIC of India was the very first plan of its kind in the country. Jeevan Anand covers protection of whole life and also covers endowment. One of the most important benefits of this plan is that it continues post maturity. The plan’s nominee gets an assured sum after the policyholder’s demise. The amount you get a maturity can be converted into pension as well. LIC Jeevan Anand gives you the benefits of investment, insurance, pension, tax planning and whole life insurance.

LIC Jeevan Labh

This is quite similar to the Jeevan Shree LIC plan. You get three options here, and this is what makes it very popular among the working class. This is the best plan for those who want to do the majority of their investing during the best productive years of their lives, and to get the benefits in the end. In this plan, the period of paying premium is kept as short as possible so as to enable most working people to avail this plan. This is the best plan for getting a return along with Life Insurance cover.

LIC Jeevan Lakhshya

This plan is said to be the best for children. It gives guaranteed returns after plan maturity. It aids in a child’s education. The plan allows the child to become the nominee. It gives yearly benefits and this shall be paid till the plan proposer’s death.

LIC term plan- Jeevan Amar

This plan is said to be popular mostly among the insurance proposers. It has two options. In the first option, you get a normal plan in which the level sum assured absolute amount shall be paid after the death, and shall be equal to the basic sum assured. This shall remain equal throughout the policy term. In option two, the sum assured absolute amount shall be paid on the death, and this shall be equal to the basic sum assured till the 5th policy year is completed. After this period, it increases by 10% of the sum assured every year till the 15th policy year till it becomes 2x the basic sum assured.

So as you have seen, these are the3 top LIC plans for 2020-2021. Right now, these are the best and highly popular.