Life Insurance Corporation of India (LIC) is a state-owned insurance and investment company in India. With an estimated asset value of INR 46.11 trillion as of June 30, 2023, it is the largest insurance company in India.
Life Insurance Corporation of India (LIC) is India’s largest insurance company with a huge customer base. LIC offers a wide range of insurance portfolios to suit the diverse needs of its customers.
As per IRDAI Annual Report 2020-2021, LIC’s claims settlement rate was 98.62% as of March 31, 2021 and 98.74% for FY 2021-2022. LIC’s CSR for 2022-23 is 98.5%.
Established in 1956, Life Insurance Corporation of India (LICI) offers a wide range of insurance products to its customers such as insurance plans, pension plans, unit linked plans, special plans, group plans and online child insurance plans.
LIC of India currently has a network of around 2,048 branches and 1,337,064 agents operating in various cities and towns across the country.
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Why choose LIC life insurance plans?
LIC is considered to be the world’s largest life insurance company with over 230 million customers. It offers the cheapest premiums and great coverage options irrespective of your profession. The brand name alone is not the reason to choose LIC as it is not optimal to rely on a single company’s life insurance products. Here are some reasons why you should choose LIC as your life insurance company:
Technologically Superior Network: With over 2,000 branches and 156 satellite branches, LIC has been at the forefront as an insurance company and continues to strive to maintain its parity in the industry. When it comes to innovative and efficient services, the network is even better. When it comes to processing insurance documents, the company uses technologies such as WAN, IVRS, LAN, IVRS and even EDMS to help its customers go paper-free.
Not Alone in the Game: No company works alone. The company has partnered with insurance and finance giants such as National Stock Exchange of India, LIC Mutual Fund, NCDEX, Equity Holdings Corporation of India, Insurance Corporation of India, and National Insurance Academy. Hence, the company also relies on convergence.
- Internationalization: The company has fully functional offices in Nepal, Sri Lanka and other countries. Saudi Arabia and Bahrain are two countries in the Middle East. LIC is also planning to open branches in Australia, Canada and the US.
- Product Type: As you can see from the list below, the company offers the most diverse types of insurance policies in the life insurance industry. One of its highlights is that it has one of the largest group life insurance portfolios. The company has large corporate clients for group insurance.
- Industry Innovation: Despite being a financially successful insurance company, the company launches new products every two quarters with the primary objective of benefiting society rather than profits. The company was the first to introduce microinsurance products in India, making insurance available to people below the poverty line at a lower cost.
- Stock Market Performance: LIC stock has been one of the most stable stocks on the BSE in terms of its positioning in the stock market. The company is almost always in the list of best performing stocks, especially when it comes to insurance companies.
Types of Plans Available From LIC:
LIC Endowment Plans:
| Plan Type | Minimum Sum Assured | Term |
| LIC’s Bima Jyoti | Rs.1,00,000 | 15 to 20 years |
| LIC New Bima Bachat | No limit | 9, 12, and 15 years |
| LIC’s Single Premium Endowment Plan | Rs. 50,000 | 25 years |
| Jeevan Lakshya | Rs. 1 lakh | 25 years |
| LIC’s Jeevan Labh | Rs.2 lakh | 16, 21, and 25 years |
| LIC’s Aadhaar Stambh | Rs. 3 lakh | Upto 20 years |
LIC’s Jeevan Labh: This is an endowment plan in which you can participate. The insurance allows the policyholder to share in the company’s profits, allowing them to receive simple reversionary bonuses as well as final supplementary bonuses at maturity. The following is included in the death benefit, as well as no less than 105 percent of the sum assured.
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 | No limit | For 9-year policy term: Rs.35,000For 12-year policy term: Rs.50,000For 15-year policy term: Rs.70,000 |
| LIC’s Jeevan Tarun | Rs.75,000 | 25 – (minus) Entry age of the policyholder |
| LIC New Children’s Money Back Plan | Rs. 1 lakh | 25 – (minus) Entry age of the policyholder |
New Money Back Plan – 20 Years: The 20 year New Money Back Plan not only includes death and maturity benefits like other life insurance plans but also offers great benefits of survival benefits and optional benefits. This money back plan is also a profit sharing policy that provides easy return premium to the policyholder from LIC as part of the company profits.
New Money Back Plan – 25 Years: This plan is very similar to the New Money Back Plan except for the period and years for which the benefit is paid. In addition to the regular death and maturity benefits, it also offers survival benefits. This is a profit sharing scheme and the policyholder will also get a certain amount from the company profits. In fact, LIC is one of the leading insurance companies in India and frequently makes profits.
New Bima Bachat Plan: This plan offers users money back benefits at the cheapest tenure of 9, 12 and 15 years. In these terms, people can enjoy a money back benefit of 15% of the sum assured every three years. It also suits as a one-time investment plan if you are looking to invest for a long term as you only have to pay a high premium once.
Jeevan Tarun by LIC: The Jeevan Tarun plan is specially designed to meet the educational and other needs of growing children through annual survivor benefits for the ages of 20 to 24 and maturity benefits for the age of 25. A flexible plan that allows you to choose the percentage of survival benefit you want to claim during the policy period at the application stage. Note that this policy can be taken out by grandparents or parents for their grandchildren or children, provided they are below the age of 12.
New Cashback Plan for Kids: This special plan is designed to meet the needs of growing children, including education and developing sports skills. This plan is designed to ensure a smooth transition for children into adulthood. A great gift for your child, this policy is designed for children whose parents like to plan ahead.
New Cancellation Insurance Clause in LIC – (UIN: 512B210V01):
This is a supplementary clause which provides life insurance to the family of the insured in case of premature death.Additional clauses can be incorporated into the basic policy to provide additional benefits at a low 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: Despite the fact that this is an endowment plan, it is also a linked product. This policy also allows you to save money on taxes while also ensuring your family’s financial security. The sum assured is variable, meaning that the yearly premium is multiplied by ten, and the result is the total assured. This policy comes with the usual benefits, but it’s also a linked plan that allows customers to invest through their insurance.
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 | Two years to seven years |
| LIC’s New Group Leave Encashment Plan | Rs. 500 (minimum) | Yearly renewable |
| LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I | Rs. 500 (minimum) | Yearly renewable |
| LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II | Rs. 500 (minimum) | Yearly renewable |
| LIC’s New Group Gratuity Cash Accumulation Plan | Rs. 500 (minimum) | Yearly renewable |
| LIC’s New Group Superannuation Cash Accumulation Plan | N.A | Yearly renewable |
LIC’s New Cash Accumulation Group Retirement Plan: This is a group plan that requires contributions. Some benefits may change, but others are guaranteed with this product. This annually renewable group insurance ensures that your employees’ family members are taken care of during their leave.
LIC’s New One Year Renewable Group Term Insurance Plan I: This insurance plan offers a variety of benefits, but most importantly, it is one of the most popular options for small employer and employee groups with around 25 members. Employee groups without employers require at least 5 members.
LIC’s New Group Retirement Accumulation Plan: If you are looking for an easy and convenient way to provide statutory retirement benefits to your employees, then don’t overlook this LIC policy. There is also no group size limit in the current program, but the new program has a limit of 10 people.
LIC’s New Group Leave Repayment Plan: Apart from the standard benefits of a group term plan, as the name suggests, it also includes leave repayment and death benefit. It is a fund-based variable insurance with no profit and loss statement. Contributions are paid by the employee and not the employer, so policyholders who are members of a group have to pay contributions.
LIC Group Credit Life Insurance: Designed for organisations with more than 50 members, this group insurance is one of the most practical and cost-effective insurance options. The minimum sum insured is Rs 400,000 and only a one-time premium is required. Groups can be insured for a period ranging from 5 to 35 years.
LIC One-time Premium Group Cover: Promising a minimum sum assured of INR 1 million, this plan may be worth considering if you are looking for a higher sum assured for a group of 50 or more people. This policy is a non-linked and non-participating term life insurance plan for organizations.
LIC Social Security Schemes:
| Plan Type | Basic Sum Assured | Term |
| Aam Aadmi Bima Yojana | Rs.30,000 to Rs.75,000 | N.A. |
Aam Aadmi Bima Yojana: This plan has been available since 2013 as part of the Government of India initiative. With a premium of Rs 2About Aadmi Bima Yojana: This plan is an initiative of the Government of India and has been available since 2013. With a premium of Rs 200, each policyholder gets a coverage of Rs 30,000. This subsidized product is primarily aimed at helping rural people get basic insurance that can initially support their family in case of policyholder default. The product comes with basic credentials and documentation.
LIC Life Insurance Customer Service:
LIC (Life Insurance Corporation) is India’s leading life insurance company for decades. Over the years, the insurance giant has not only issued millions of policies but also has a track record of satisfied customers. This success has only been possible thanks to the efficient and attentive customer service that the insurance company provides to its policyholders. Contacting LIC customer care representatives is very easy and can be done by calling the helpline number provided or by sending an email to the address provided by the company at
. Apart from contacting the customer care, policyholders have the following options: Requests regarding the policy itself can be made using numerous alternatives available on the customer service section of the LIC website that handles various services. Policyholders can buy new LIC policies online, pay premiums online, track the progress of their application, know about LIC plans, update their information and find LIC branches.
LIC Supplementary Insurance
Additional benefits or clauses are optional or integrated additional protections that you can choose from. For additional coverage, add it to your basic LIC policy. However, you will have to pay extra for these services. Below is the list of clauses offered by LIC:
- LIC Additional Accidental Death Insurance
- LIC Additional Accidental Death & Disability Insurance
- LIC Additional Insurance with Premium Waiver
- LIC’s New Critical Illness Benefit Clause
- LIC’s New Term Life Insurance Clause
How to Select the Right LIC Insurance Policy?
To get the right LIC insurance, you need to consider the following factors:
Determine your needs and choose the amount of cover:
First, you need to decide the amount of cover by considering your savings, current income, future goals and the amount of cover. Number of relatives. Moreover, you should also consider your family needs, income and expenses.
Choose a specific insurance policy type:
Choose a plan type that covers all your needs based on your future goals. For example, if you are looking for post-retirement planning, you can look for LIC retirement plans for senior citizens. We have categorised LIC plans into five categories:
- Dowry Plans
- LIC Unit Linked Plans
- Pension Plans
- Money Back Plans
- Life Insurance Plans
- Term Life Insurance Plans
Comparison of Different Plans and Their Features
Once you have selected the plan type, you should make a shortlist of the plans present in that segment as per your budget. You can also look for additional features like profit sharing, guaranteed matching, loyalty bonus, loan benefits, premium waivers etc. that will help you boost your savings.
Calculate the Premium and Maturity Amount Online
You will be able to see LIC maturity and premium calculators on the official website. By using this tool, you will get to know the premium amount that you need to pay along with the maturity amount that you are going to get. With the help of this tool, you can decide which plan you should go for.
LIC-E Services
LIC-E services help users to perform insurance-based activities from home by visiting the official website or using the mobile app. Right from registering the policy to tracking the claim status, everything can be done from the comfort of your home. Below is the list of services that the policyholder can access through the portal:
- Compare Insurance Plans
- Online Premium Payment
- Premium Calculation and Benefits Proposal
- Check Policy Status
- Apply for Loan Check Price for Policy Reissue
- Access to Check Claim Status Form Various Services Complaint Registration
How do I register for LIC-E Services?
To avail the above services, the customer needs to register on LIC’s online portal. Here is how to do this step by step:
- First, go to the customer platform on the LIC website and click on “New User”.
- Select your user ID and password and click submit.
- Now, log in to your account and select “Basic Services” to add the policy. To access LIC’s premium online services, fill up the online registration form.
- Sign the form and attach and scan your PAN card or passport.
- Now, upload the scanned image and click “Submit Request”.
Once all your details are verified by the Customer Zone representative, you will receive an acknowledgement via SMS or email.
How to buy LIC insurance online?
How to buy LIC insurance online:
- Visit the LIC official website.
- Click on “Click here” under “Buy Insurance Online”.
- Select the policy of your choice.
- Once you click on “Buy Online”, you will be asked to enter your COVID-19 information.
- Click on “Next” and enter your contact details.
- You will receive an Access ID. Next, enter the One-Time Password (OTP) received on your mobile phone.
- Next, enter all the insurance related details like sum assured, premium payment basis, insurance period, etc.
- Click on “Calculate premium” Finally, make the payment to purchase the insurance.
FAQs on LIC Life Insurance :
- What Term Life Insurance policies does LIC offer? The term life insurance policies offered by LIC are: Single Premium Endowment Plan, New Endowment Plan, New Jeevan Anand, Jeevan Rakshak, Limited Premium Endowment Plan, Jeevan Raksha, New Money Back Plan – 20 Years, New Money Back Plan – 25 Years, New Bima Bachat, New Money Back Plan for Children, Jeevan Tarun.
- What methods can I use to pay my LIC premium? LIC premium can be paid through online banking or phone banking.
- What documents do I need to submit while applying for insurance? You need to submit age proof, identity proof, address proof, PAN card and income proof.
- Are there any organisations authorised to collect LIC premium through online banking/telephone banking? The following banks are authorised to collect LIC premium: HDFC Bank, ICICI Bank, Bank of Punjab, UTI Bank, Federal Bank, Corporation Bank and Citibank.
- Who are the authorised service providers for LIC ? In which cities does the service provider operate?BillJunction.com – Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad, Pune. Timesofmoney.com – Mumbai, Delhi, Bangalore. BillDesk.com – Mumbai, Delhi, Kolkata, Chennai, Bangalore, Ahmedabad, Pune, Baroda, Surat.
- What happens if I don’t pay the premium ? Banks usually provide a grace period of 30 days for payment. If you do not pay the premium within the due date, your policy will lapse. If you have the option to make your policy a pay-up policy, you can either accept it or renew it within a certain period. For more information on renewal of your policy, please refer to your policy document.
- Will I get a full refund if I cancel my policy within the cancellation period ? Yes, if you cancel your policy within the cancellation period, you will get a full refund.
- How safe is it to pay your premium through an agent ? If you want to pay your premium through an agent, make sure you cut a cheque in the name of your company and also get a receipt from the insurance company.
- How do I make a claim? You will need to fill in a claim form and contact the financial advisor from whom you received your insurance policy. You will need to submit relevant documents to support your claim. If your claim is accepted, you will receive a cheque within 7 working days. If your claim is denied, you will receive a letter explaining the reason for denial.
- Do I receive maturity benefits under my life insurance policy ? Yes, you will receive maturity benefits as defined in the plan. Please read your policy document to find out