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  • LIC Life Insurance

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Life Insurance Corporation of India (LIC) is currently one of the leading life insurance firms in India. The company was setup in the year 1956 to provide life insurance solutions to more parts of the country, and to rural India in particular. Since its inception, LIC has surpassed several milestones, and currently has 2048 computerized branches, 8 zonal offices, 113 divisional offices, and 1381 satellite offices, across the country.

    LIC has a wide range of insurance plans on offer to meet the needs of its diverse consumer base. Some of the life insurance products offered by LIC include endowment plans, whole life plans, money back plans, term assurance plans, pension plans, unit plans, micro insurance plans, and group insurance plans.

    Highlights of LIC Life Insurance Updated on 14 Nov 2018

    Percentage of Grievances Solved 100%
    Claim Settlement Ratio 98.31%
    Group Death Claims 99.73%
    Percentage of Claims Rejected 0.03%
    Solvency Ratio (for the quarter ended March 2017)

    Life Insurance Corporation of India (LIC) Insurance Plans

    Term Insurance Plans Endowment Plans ULIP Whole Life Plans Micro Insurance Plans Pension Plans Money Back Plans Group Plans Social Security Scheme
    LIC’s Anmol Jeevan II Plan LIC’s Jeevan Utkarsh Plan LIC’s New Endowment Plus Plan LIC’s Jeevan Umang Plan LIC’s New Jeevan Mangal Plan Pradhan Mantri Vaya Vandana Yojana LIC’s New Money Back Plan – 20 Years LIC’s Group Credit Life Insurance Plan Aam Aadmi Bima Yojana
    LIC’s Amulya Jeevan II Plan LIC’s Jeevan Pragati Plan     LIC’s Bhagya Lakshmi Plan Jeevan Akshay - VI Plan LIC’s New Money Back Plan – 25 Years LIC’s Single Premium Group Insurance Plan  
    LIC’s e-Term Plan LIC’s Jeevan Labh Plan       LIC’s New Jeevan Nidhi Plan LIC’s New Bima Bachat Plan LIC’s New Group Leave Encashment Plan  
    LIC’s New Term Assurance Rider LIC’s Single Premium Endowment Plan         LIC’s New Children’s Money Back Plan LIC’s New Group Superannuation Cash Accumulation Plan  
      LIC’s New Endowment Plan         LIC’s Jeevan Tarun Plan LIC’s New One Year Renewable Group Term Assurance Plan I  
      LIC’s New Jeevan Anand Plan           LIC’s New One Year Renewable Group Term Assurance Plan II  
      LIC’s Jeevan Rakshak Plan           LIC’s New Group Gratuity Cash Accumulation Plan  
      LIC’s Limited Premium Endowment Plan              
      LIC’s Jeevan Lakshya Plan              
      LIC’s Aadhaar Shila              
      LIC’s Aadhaar Stambh              

    Why you should choose LIC as your Insurance Provider?

    Life Insurance Corporation of India (LIC) is a market leader in the life insurance sector. The company was setup in order to provide financial security to Indian citizens by offering them competitive insurance solutions. Another important aim of the company was to promote insurance products in rural parts of the country, in order to make life insurance accessible to all. LIC also offers a varied portfolio of insurance products, including retail life insurance policies, health insurance products, group schemes, etc. A few benefits of choosing LIC as your life insurance provider are:

    • Customer Service Channels: The insurer has divided different cities into different Customer Zones. Based on your choice of city, you will be provided an address, email ID, and telephone number of a certain branch in your city. You can either call, email, or directly walk into the branch office. LIC also has a SMS-based helpline service.
    • Online Premium Payment: Registered users can choose to pay their renewal premiums directly through the insurer’s website, via net banking, debit card, or credit card. You can also choose to pay your premium via ‘LIC PayDirect’ without logging into your account, by simply inputting a few details, such as your policy number, instalment premium amount, date of birth, email ID, and mobile number.
    • Digital Premium Calculator: It is a good idea to compare the premiums of a few different policies before zeroing-in on one policy. To calculate your premium on the LIC website, you will have to navigate to the ‘Premium Calculator’ tab, choose your preferred insurance policy, select your age, tenure of coverage, and key in the sum assured amount.
    • Awards: The firm has also been a recipient of several awards, including the ‘Skoch Order of Merit’, ‘Golden Peacock Award’ in 2017, ‘India’s Most Trusted Brand Awards’ in 2016, etc.
    • Claim Settlement Ratio: The insurer has also reported an extremely high claim settlement ratio during the past years. The company’s Claim Settlement Ratio for FY15-16 was 98.33%.
    • Online Policy Purchase: Certain insurance policies from LIC can be purchased online, through their website, in a hassle-free manner. In addition, you can also check the status of your policy through the insurer’s website.

    Different Types of Life Insurance Policies offered by Life Insurance Corporation of India

    Term Insurance Plans :

    A term insurance policy is the most basic type of insurance cover that a customer can purchase. These insurance products provide a life cover for a specific period of time, i.e., 10 years, 20 years, 30 years, etc. If the policyholder meets with an untimely death during the policy tenure, the insurer is liable to pay the nominee a death benefit, provided the policy was in full force until the date of death. The cover will cease as soon as the death benefit is paid. Term assurance plans offered by Life Insurance Corporation of India are listed in the table below:

    Plan name Key Features
    LIC’s Anmol Jeevan II Plan
    • If the life assured passes away while the policy is in full force, the insurer will pay the entire sum assured as the death benefit.
    • No maturity benefit will be payable, as per this plan.
    • The minimum sum assured for this policy is Rs.6 lakh and the maximum sum assured is Rs.24 lakh.
    • A policy buyer must be at least 18 years of age to purchase this policy.
    • Maximum age at entry for this policy is 55 years.
    • Premiums can be paid in yearly or half-yearly instalments.
    LIC’s Amulya Jeevan II Plan
    • A death benefit which will be equal to the sum assured will be paid to the nominee if the policyholder passes away.
    • The minimum sum assured for this plan is Rs.25 lakh.
    • The minimum and maximum policy tenure for this policy is 5 years and 35 years, respectively.
    • The maximum maturity age for this policy is 70 years.
    • No surrender value is payable under this policy.
    • Premiums can be paid in yearly or half-yearly modes of payment, with a grace period of 30 days.
    • Loan against policy cannot be availed with this insurance policy.
    LIC’s e-Term Plan
    • This policy can be purchased online through the insurer’s website.
    • The insurer will return the entire sum assured amount if the life assured passes away within the policy term.
    • The minimum sum assured for the aggregate category is Rs.25 lakh, and the same for the non-smoker category is Rs.50 lakh.
    • There is no upper limit on the sum assured.
    • A policyholder needs to be a minimum of 18 years to be eligible to purchase the policy, and can be a maximum of 60 years.
    • The maximum maturity age for this policy is 75 years.
    • The minimum and maximum tenure of the policy is 10 and 35 years, respectively.
    • Premiums can be paid on a yearly basis.
    LIC’s New Term Assurance Rider
    • This rider can be purchased to enhance the cover offered by your base policy.
    • The maximum sum assured for this rider is Rs.25 lakh.
    • If the policyholder passes away during the policy tenure, the insurer will pay the Rider Sum Assured in addition to the sum assured amount of the base policy, to the nominee.
    • No surrender value will be paid if this rider is surrendered.
    • The premiums for this rider will have to be paid along with the premiums of the base policy.
    • One can opt for a rider sum assured between Rs.1 lakh and Rs.25 lakh.
    • Minimum age at entry for this policy is 18 years, and the maximum age at entry is 60 years.

    Endowment Policy:

    An endowment policy provides policyholders the dual benefit of a comprehensive life insurance cover and a savings option. Thus, as per this plan, the insurer will pay out a lump sum benefit at maturity of the policy. This will enable the policyholder to plan for milestones in the future.

    Plan Name Key Features
    LIC’s Jeevan Utkarsh Plan
    • If the policyholder passes away during the first five years of the policy tenure after the risk cover has commenced, the Death Sum Assured will be paid.
    • If the policyholder passes away after the first 5 policy years, the insurer will pay the Death Sum Assured and the Loyalty Additions to the nominee.
    • If the policyholder survives till maturity of the policy, maturity benefit with loyalty additions will be paid.
    • The life assured can customise the policy with an optional LIC’s Accidental Death and Disability Benefit Rider.
    • The minimum guaranteed sum assured is Rs.75,000.
    • The minimum and maximum age at entry for this policy is 6 years and 47 years, respectively.
    • The policy tenure is 12 years.
    • This is a single premium policy.
    LIC’s Jeevan Pragati Plan
    • This is “with profits” insurance plan. Policyholders will receive a Simple Reversionary Bonus, as per the performance of the company.
    • The risk cover provided by this policy will automatically increase every five years.
    • Upon the policyholder’s death, the Death Sum Assured, vested Simple Reversionary Bonuses, and the Final Additional Bonus, if applicable, will be paid to the nominee.
    • Similarly, on maturity of the policy, the insurer will pay the Sum Assured, any Final Additional Bonus (if applicable), and the vested Simple Reversionary bonus.
    • The insured can purchase LIC’s Accidental Death and Disability Benefit Rider along with this policy.
    • The minimum sum assured for this plan is Rs.1.5 lakh.
    • The policy tenure range for this plan is 12 – 20 years.
    LIC’s Jeevan Labh Plan
    • This is a limited premium, with-profits, non-linked, endowment policy.
    • The death benefit/maturity benefit payable as per this plan will include the Death Sum Assured/Maturity (Basic) Sum Assured, Final Additional Bonus, and the vested Simple Reversionary Bonus.
    • Maturity benefit will be paid as a lump sum at the end of the policy tenure.
    • Policyholders will receive a Simple Reversionary Bonus, which will be declared by the company.
    • You can also choose to enhance your insurance policy with LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider.
    • Policyholders can avail a loan against this policy, provided at least premiums for 3 full years’ have been paid.
    • Minimum basic sum assured is Rs.2 lakh.
    LIC’s Single Premium Endowment Plan
    • This is a “with profits” policy.
    • This policy guarantees a death benefit/maturity benefit, which will include the Sum Assured, Final Bonus, and the vested Simple Reversionary Bonus.
    • Children as young as 90 days old can be enrolled under this plan.
    • Individuals can choose a policy tenure between 10 and 25 years.
    • The minimum sum assured under this plan is Rs.50,000.
    • Premiums are to be paid as a one-time, single premium.
    • In addition, if you opt for a sum assured over or equal to Rs.1 lakh, you will be eligible to receive a rebate on the premium.
    • Policyholders can take a loan against this policy.
    LIC’s New Endowment Plan
    • This is a non-linked, participating, life insurance policy.
    • The Simple Reversionary Bonus, Death sum assured, and Final Additional Bonus will be paid to the nominee, upon the policyholder’s death.
    • Maturity Benefit, payable at maturity of the policy, will include the Simple Reversionary Bonus, Final Additional Bonus, and the Basic Sum Assured.
    • The policyholder can customise the policy by purchasing an optional rider.
    • The minimum sum assured is Rs.1 lakh, with a policy tenure of 12 to 35 years.
    • The policy can be purchased for/by anyone between the ages of 8 - 55 years.
    LIC’s New Jeevan Anand Plan
    • This is a non-linked, participating, life insurance policy.
    • If the policyholder succumbs to an untimely death during the policy tenure, the insurer will pay the Sum Assured, Final Additional Bonus, and the Simple Reversionary Bonus to the nominee.
    • The same shall also be paid in a lump sum if the policyholder survives till maturity.
    • The base policy can be customised with LIC’s Accidental Death and Disability Benefit Rider.
    • The minimum sum assured is Rs.1 lakh, with a policy tenure of 15 – 35 years.
    • Prospective policy buyers between 18 years and 50 years can purchase the policy.
    LIC’s Jeevan Rakshak Plan
    • This is a non-linked, participating, life insurance policy.
    • The insurer will pay the death sum assured and loyalty additions as the death benefit. Loyalty additions will only be paid if the death occurs after the first 5 policy years.
    • Maturity benefit with loyalty additions will be paid as a lump sum amount on maturity.
    • Policyholders can also purchase LIC’s Accident Benefit Rider by paying an additional premium.
    • Individuals can opt for a sum assured between Rs.75,000 and Rs.2 lakh, with a minimum and maximum policy tenure of 10 years and 20 years, respectively.
    • The policy can be purchased for children as young as 8 years old.
    LIC’s Limited Premium Endowment Plan
    • This is a non-linked, participating, savings cum protection, life insurance policy.
    • If the policyholder dies during the policy tenure, the sum assured, Simple Reversionary Bonus, and a Final Additional Bonus, if applicable, will be paid.
    • Additional riders that can be purchased with the policy include LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider.
    • The minimum sum assured that can be opted is Rs.3 lakh.
    • Policy tenure options are: 12 years, 16 years, or 21 years.
    • Prospective policy buyers need to be a minimum of 18 years to purchase the policy.
    LIC’s Jeevan Lakshya Plan
    • This is a non-linked, participating, protection cum savings, insurance policy.
    • If the policyholder passes away while the policy is still active, the insurer will pay an annual income to the nominee in addition to the lump sum payout at maturity, as the death benefit. In addition, the Final Additional Bonus and Simple Reversionary Bonus will also be paid.
    • Maturity benefit will be paid at maturity of the policy as a lump sum amount.
    • Additional riders that can be purchased are LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider.
    • The minimum sum assured that can be opted for is Rs.1 lakh.
    • Policy tenure can range between 12 and 25 years.
    LIC’s Aadhaar Shila
    • This plan caters only to women.
    • If the policyholder passes away during the first five policy years, the Death Sum Assured will be paid.
    • If the policyholder passes away after the first five policy years, the sum assured and loyalty additions will be paid.
    • On maturity of the policy, the insurer will pay the entire sum assured and loyalty additions.
    • Further, the level of protection can be enhanced by purchasing LIC’s Accident Benefit Rider.
    • The sum assured for this policy cannot exceed Rs.3 lakh.
    • Anyone between 8 years and 55 years can purchase the policy.
    LIC’s Aadhaar Stambh
    • This is an endowment, with-profit, non-linked, life insurance policy.
    • If the life assured meets with death within the first 5 policy years, the full sum assured is paid to the nominee.
    • If the life assured passes away after the first 5 policy years, the sum assured and loyalty additions will be paid.
    • The maturity benefit, which will include the sum assured and loyalty additions, will be paid at the end of the policy tenure.
    • You can also purchase LIC’s Accident Benefit Rider, along with the policy.
    • Sum assured can range between Rs.75,000 and Rs.3 lakh.
    • In order to purchase the policy, one needs to be between 8 years and 55 years.

    ULIP:

    A ULIP or a Unit Linked Insurance Plan is an insurance policy that in addition to offering a life cover also allows individuals to invest in certain investment funds with varying risk profiles. You will have to choose a fund only after considering your needs and your appetite for risk, since the investment risk will have to borne solely by you. The unit linked plan offered by LIC is mentioned below:

    Plan Name Key Features
    LIC’s New Endowment Plus Plan
    • This is a non-participating, unit-linked, endowment, life insurance policy.
    • Policyholders can invest their premiums in up to four investment funds.
    • If the policyholder passes away when the policy is in full force, the nominee will receive either the Sum Assured or the Fund Value, based on whichever is the higher of the two.
    • On maturity of the policy, the life assured will receive the fund value.
    • One can avail LIC’s Linked Accidental Death Benefit Rider, to increase the level of protection accorded by this plan.
    • The policy tenure can range between 10 and 20 years.
    • The minimum age at entry for this policy is 90 days.

    Whole Life Policy:

    Whole life insurance is a type of insurance product that is guaranteed to stay active for the duration of the life assured’s lifetime, provided all due premiums are paid before the end of the grace period. While the premiums payable for a whole life insurance policy may be higher than that of a term life policy due to the policy’s extended tenure, it is still a good option for people who want a risk cover for an extended period of time. Whole life insurance policies offered by LIC are listed below.

    Plan Name Key Features
    LIC’s Jeevan Umang Plan
    • This is a with-profit, non-linked, whole life insurance policy.
    • As per this policy, the policyholder/nominee is entitled to receive the death/maturity benefit and a survival benefit.
    • The life assured can enhance this policy by opting for the following riders – LIC’s Accidental Death and Disability Benefit Rider, LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider, and LIC’s New Critical Illness Benefit Rider.
    • The tenure of this policy is (100 years – policyholder’s age at entry) years.
    • The minimum sum assured for this policy is Rs.2 lakh.
    • Upon choosing a sum assured over or equal to Rs.5 lakh, the individual can claim a rebate on the total payable premium.
    • Once the policy acquires a surrender value, customers can opt for a loan against the policy.

    Micro Insurance Plans:

    Micro insurance policies are those insurance products that especially cater to low-income and BPL sections of society. This line of insurance was created by the Insurance Regulatory and Development Authority of India (IRDAI) to protect the interest of the economically weaker sections of our country. Thus, a life insurance or general policy that has a sum assured of Rs.50,000 or less can be labelled a micro insurance policy. LIC offers the following micro insurance policies:

    Plan Name Key Features
    LIC’s New Jeevan Mangal Plan
    • Upon maturity of the policy, all premiums paid during the policy tenure will be returned to the life assured.
    • Death benefit will be paid to the nominee, as per the type of policy (regular premium policy or single premium policy) opted for by the policyholder.
    • This policy comes with an in-built Accident Benefit cover, which will provide an additional payout in case the life assured meets with an accident.
    • When buying the policy, one can choose a sum assured amount between Rs.10,000 and Rs.50,000.
    • Any individual between 18 years and 55 years can purchase this policy.
    • For regular premium policies, the policy tenure can range between 10 and 15 years. For single premium policies, the policy tenure can range between 5 to 10 years.
    LIC’s Bhagya Lakshmi Plan
    • This is a limited premium payment, non-participating, protection oriented insurance policy.
    • Maturity sum assured (110% of the total premiums paid) will be paid to the life assured at maturity of the policy.
    • The entire sum assured amount will be paid to the nominee if the policyholder succumbs to an untimely death.
    • A policy buyer can opt for a sum assured between Rs.20,000 and Rs.50,000.
    • Individuals who are a minimum of 18 years of age can purchase this policy.
    • The maximum age at entry for this policy is limited to 55 years.
    • Minimum and maximum premium payment terms are 5 years and 13 years, respectively.
    • Policyholders cannot avail a loan against this particular policy.

    Pension/Retirement Plans:

    The pension/retirement plans offered by LIC are ideal for senior citizens over the age of 60 years or for individuals wishing to secure their future. These plans provide a payout which can be beneficial for individuals looking to increase their level of financial security during their later years. The pension plans provided by LIC are listed in the table below:

    Plan Name Key Features
    Pradhan Mantri Vaya Vandana Yojana
    • This specific plan was announced by the Government of India, and only LIC has the privilege to offer this product.
    • As long as the policyholder survives during the 10-year policy tenure, a pension, as per the payment mode chosen, will be paid.
    • If the policyholder/pensioner passes away during the policy tenure, the purchase price will be returned to the nominee.
    • At the maturity of the policy, the policyholder will be provided the purchase price and the final instalment of the pension.
    • The policy tenure is 10 years.
    • The minimum age of entry for this plan is 60 years.
    • Loans can be availed against this policy after the first 3 policy years. The maximum amount that will be granted as loan is restricted to 75% of the policy’s purchase price.
    Jeevan Akshay - VI Plan
    • Policy buyers can purchase this Immediate Annuity Plan by paying a one time, lump sum amount.
    • The minimum purchase price for this policy is Rs.1.5 lakh for policies purchased online and Rs.1 lakh otherwise.
    • Individuals need not go through any pre-policy medical screening before purchasing the policy.
    • The age range for this policy is restricted to a minimum of 30 years and a maximum of 85 years.
    • The annuity amount is guaranteed through the annuitant’s lifetime.
    • Annuity can be paid on a monthly, quarterly, bi-annual, or annual basis. The policyholder can opt for any mode of annuity payment.
    LIC’s New Jeevan Nidhi Plan
    • This is a conventional, protection cum savings, with profits insurance policy.
    • A vesting benefit, which will include the sum assured, Accrued Guaranteed Additions, Final Additional Bonus, and the Simple Reversionary Bonus, will be paid to the policyholder.
    • The death benefit will be paid as a lump sum amount, annuity, or as part annuity and part lump sum, as decided by the nominee.
    • Individuals can choose to enhance their policy by purchasing LIC’s Accidental Death and Disability Benefit Rider.
    • You will have to opt for at least Rs.1 lakh as the sum assured for regular policies and Rs.1.5 lakh for Single Premium policies.
    • Prospective customers between the ages of 20 years and 60 years can purchase this policy.

    Money-Back Plans:

    Money-back plans guarantee the policyholder a payout, also known as Survival Benefit, at certain intervals of the policy tenure, as specified by the insurer. Money-back plans are beneficial since the regular monetary payouts will help policyholders plan for significant milestones in the future, such as a child’s wedding/higher education, renovation of his/her house, a trip abroad, etc. The money-back insurance policies offered by LIC are listed in the table below:

    Plan Name Key Features
    LIC’s New Money Back Plan – 20 Years
    • This is a non-linked, participating, life insurance policy.
    • A death benefit amount, which will include the Death Sum Assured, the Final Additional Bonus, and Simple Reversionary Bonus, will be paid to the nominee.
    • Survival benefits will be paid at the end of the 5th, 10th, and 15th policy anniversary.
    • If the life assured survives till maturity of the policy, he/she will be paid 40% of the sum assured, the Final Additional Bonus, and Simple Reversionary Bonus.
    • One can opt to increase the coverage offered by this policy by opting for LIC’s Accidental Death and Disability Benefit Rider.
    • The minimum sum assured under this plan is Rs.1 lakh.
    • The minimum and maximum age at entry is limited to 13 years and 50 years, respectively.
    LIC’s New Money Back Plan – 25 Years
    • This is a non-linked, participating, life insurance policy.
    • If the policyholder passes away during the policy tenure, the insurer will pay a death benefit to the nominee.
    • Survival benefit will be paid on survival up to the 5th, 10th, 15th, and 20th policy years.
    • Maturity benefit, which will include 40% of the Sum Assured, Final Additional Bonus, and Simple Reversionary Bonus, will be paid to the life assured
    • LIC’s Accidental Death and Disability Benefit Rider can be purchased by paying an extra premium.
    • This policy has a tenure of 25 years with a premium payment term of 20 years.
    • The minimum sum assured is Rs.1 lakh.
    LIC’s New Bima Bachat Plan
    • This is a non-linked, participating, protection cum savings insurance policy.
    • The policy can be purchased by paying a single premium.
    • If the insured member passes away during the first five policy years, LIC will pay the nominee the entire sum assured amount. If the death occurs after the first five years, sum assured will be paid with loyalty additions.
    • Survival benefits will be paid on certain policy anniversaries.
    • On maturity of the policy, the single premium will be paid along with loyalty additions.
    • Prospective policy buyers can opt for a policy tenure of 9, 12, or 15 years.
    • Minimum age at entry for this policy is 15 years.
    LIC’s New Children’s Money Back Plan
    • This is a non-linked, participating, money-back, life insurance policy.
    • The policy can be purchased for children between 0-12 years of age.
    • As per this policy, the life assured or the nominee will be paid a death benefit/maturity benefit and a survival benefit when the life assured attains a certain age.
    • One can also purchase LIC’s Premium Waiver Benefit Rider to enhance the level of protection accorded by the base policy.
    • Policyholders are given the option to defer their due survival benefits, i.e., they can claim this at a later date provided it falls within the policy tenure.
    • The minimum sum assured is Rs.1 lakh and the policy tenure is (25 – the life assured’s entry age) years.
    LIC’s Jeevan Tarun Plan
    • This is a limited premium payment, non-linked, participating, life insurance policy.
    • This is a very flexible policy. When purchasing the policy, the proposer can opt for the percentage of survival benefit and maturity benefit, which the policyholder will receive during the policy tenure.
    • The policyholder/nominee is eligible to receive a death benefit, maturity benefit, survival benefit, and a Simple Reversionary Bonus and Final Additional Bonus, as declared by the company, under this policy.
    • LIC’s Premium Waiver Benefit Rider can also be opted for by paying an additional sum of money as premium.
    • The minimum sum assured for this policy is Rs.75,000, and the policy term and premium payment term will vary as per the policyholder’s age at entry.

    Group Plans:

    Group life insurance policies provide a life cover solely to a members of a select group, such as the members of an organisation, associations, etc. These policies, more or less, offer a similar set of benefits to all members of the group. Group life insurance schemes offered by LIC are listed in the table below.

    Plan Name Key Features
    LIC’s Group Credit Life Insurance Plan
    • This is a single premium, non-linked, non-participating, group term insurance policy.
    • A death benefit (sum assured) will be paid if the member meets with death during the policy tenure.
    • Any individual between 18 and 60 years can be enrolled under this policy.
    • The minimum sum assured is Rs.4 lakh for this policy.
    • Insured members cannot avail a loan against this policy.
    • A policy tenure between 5 and 35 years can be opted for at the inception of the scheme.
    • A one-time, lump sum, single premium will have to be paid in order to purchase this policy.
    • The policy can be purchased for any group with a minimum size of 50 members.
    LIC’s Single Premium Group Insurance Plan
    • This is a single premium, non-participating, non-linked, term insurance policy that can be availed by a group of members.
    • If the life assured member passes away during the policy tenure, a death benefit will be paid to his/her nominee.
    • The minimum and maximum entry age for this policy is 18 years and 60 years, respectively.
    • The master policyholder can opt for a sum assured between Rs.5,000 and Rs.10 lakh, with a policy tenure of 2 to 7 years.
    • In order to purchase this policy, the group needs to have a minimum of 50 members.
    • A member can be a maximum of 65 years at maturity of the policy.
    LIC’s New Group Leave Encashment Plan
    • This is a fund-based, non-participating, non-linked, variable group insurance policy.
    • If a member of the group succumbs to death while the policy is active, the insurer will pay the nominee the sum assured and the leave encashment benefit.
    • If the life assured retires or terminates their employment before retirement, the insurer will only the leave encashment benefit.
    • For a new scheme, a minimum group size of 10 members is required.
    • The minimum sum assured that can be opted for is Rs.1,000. There is no limit on the maximum sum assured.
    • The policy is renewable yearly.
    • Any individual between 18 and 75 years can be enrolled under this scheme.
    LIC’s New Group Superannuation Cash Accumulation Plan
    • This is a non-participating, non-linked, group insurance policy.
    • Any individual between 18 and 75 years can be enrolled under this policy.
    • For new employer-employee schemes, a minimum group size of 10 is required.
    • For Government-sponsored, social security schemes, a minimum of 50 members is required in the group.
    • This is an annually renewable policy.
    • Loan against policy cannot be availed for this particular policy.
    LIC’s New One Year Renewable Group Term Assurance Plan I
    • This is a non-participating, non-linked, group term insurance policy.
    • This policy is renewable annually.
    • Upon the life assured member’s death, the sum assured will be paid as a lump sum amount.
    • Any individual between 8 years and 75 years can be enrolled under this policy.
    • The minimum sum assured for this policy is Rs.1,000.
    • Premiums can be paid on an annual, bi-annual, quarterly, or monthly mode.
    • Minimum group size of 25 or 50 members is required as per the nature of the group (employer-employee group or non employer-employee group).
    LIC’s New One Year Renewable Group Term Assurance Plan II
    • This policy is a non-participating, non-linked, term insurance policy that can be availed by a homogenous group.
    • If a member meets with an untimely death during the policy tenure, the sum assured will be paid to the nominee.
    • Minimum sum assured for this policy is Rs.1,000.
    • This policy can be renewed every year.
    • Permissible age range is 8 years – 75 years.
    • One cannot avail a loan against this policy.
    • This premiums towards this policy can be paid on an annual, bi-annual, quarterly, or monthly basis.
    LIC’s New Group Gratuity Cash Accumulation Plan
    • This is a fund-based, non-participating, non-linked, variable, group insurance policy.
    • The plan provides a life cover to members, and upon the life assured’s death, the sum assured will be paid.
    • In addition, a gratuity benefit will also be paid if the policyholder passes away, retires, or leaves employment before one’s retirement.
    • This policy will have to be renewed annually to enjoy continued coverage.
    • The minimum sum assured for this policy is Rs.1,000.
    • Individuals between 18 years and 75 years can avail this policy.

    Social Security Scheme:

    These insurance products are approved and launched by the Government of India in order to provide benefits to certain sections of society. The Aam Aadmi Bima Yojana was launched on 1 January 2013 and is offered by LIC.

    Plan Name Key Features
    Aam Aadmi Bima Yojana
    • Individuals between 18 to 59 years can be enrolled under this policy.
    • The policy can only be availed by an individual who is the sole breadwinner or the head of a BPL family. Else, the policy can also be availed by individuals from Government-recognised rural landless/vocational group households.
    • A Death Benefit, Accidental Death/Permanent Disability Benefit, and a Scholarship Benefit can be claimed by the policyholder/nominee, if the member meets with an unfortunate eventuality.
    • For a life cover of Rs.30,000, Rs.200 will have to be paid as an annual premium, per member of the household.

    How to File a Claim with LIC?

    • In order to file a claim with LIC, the policyholder or the nominee (in case of a death claim) will have to intimate the insurer of the upcoming claim.
    • In case of death claims, once the insurer has received the intimation, one of the branch offices will ask the nominee to submit certain documents, such as Claim form A, original policy, death certificate, proof of age, etc. Further, the insurer may also require the Post-Mortem Report, FIR, and the Police Investigation Report, if the death was caused due to an accident. A detailed list of required documents can be found on the insurer’s official website.
    • The insurer will then review the documents and settle the claim, provided all documents are deemed satisfactory. The number of claims that are rejected by LIC is very less. However, in case certain crucial information is suppressed or if the claim is fraudulent in nature, the claim may get rejected. In such cases, the Claims Review Committees will review the case and come to a decision.

    Claim Settlement Ratio of LIC Life Insurance

    As India’s largest life insurance service provider, LIC offers a diverse range of products that match the requirements of its customers. Since the company is one of the established firms in India, the claim settlement process is quick and hassle-free. For the fiscal year 2016-17, its claim settlement ratio is as follows:

    No. of claims received No. of claims approved Claim settlement ratio
    7,69,386 7,56,399 98.31%

    Claim settlement ratio trend over the years:

    Year 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
    Settlement Ratio 97% 98% 98% 98% 98% 98%

    Documents required in order to Purchase an LIC Policy

    In order to purchase an insurance policy from LIC, you will have to submit the following documents:

    • Age Proof: Your passport, PAN card, 10th grade certificate, etc. can furnish as age proof.
    • Address Proof: Examples of address proof include utility bills, passport, ration card, passbook, rental agreement, etc.
    • Identity Proof: The applicant will have to submit a valid photo ID proof, such as their passport, driver’s licence, PAN card, etc.
    • Income Proof: In certain cases, if the applicant has to pay a larger sum of money as the premium, he/she will be required to furnish proof of income. The salary slip, income tax returns, etc. can be submitted for this.
    • The policy buyer will also have to submit a recent self-attested photograph.

    How to check Policy Status?

    As a policyholder, you can choose to check your LIC policy status through online or offline channels.

    Checking the Policy Status Online

    • In order to check the status of your policy online, you will first have to login with your registered username and password, on the Home Page. If you are a new user, you will have to register yourself by choosing a unique username and password.
    • Next, you will have to enrol your insurance policy. You will be able to do this after you have completed your registration. In order to enrol your policy, you will have to enter certain information, such as your policy number, name of the policyholder, etc. into the Online Policy Enrolment Form.
    • Post this, you will have to print out this form and submit this document to an LIC branch, where your policy is being serviced.
    • The insurer’s branch will then give you an acknowledgement and validate your policy after completing the necessary checks.
    • The policyholder can then add their policy online by entering the policy number and premium amount. Provided that the policyholder has keyed-in the correct information, the policy status will be displayed.

    Checking the Policy Status Offline

    • You can check the status of your policy by calling or emailing the insurer’s Customer Service team.
    • You can also choose to locate the nearest branch through the website, or walk into the policy servicing branch and meet with a representative to check your policy status.

    LIC Online Premium Payment

    • Policyholders can choose to pay their premiums through LIC’s official website, via Credit/Debit Card or Net Banking.
    • Payments can also be done through certain authorised banks like Axis Bank and Corporation Bank.
    • Policyholders can also pay through Franchisees and Merchants, through various digital methods.

    LIC Premium Calculator

    The Life Insurance Corporation of India (LIC) is the largest company in the life insurance segment in India. The company offers life insurance in a diverse range of product categories including term insurance, ULIPs, endowment plans, money-back plans, retirement plans, child plans, etc. Cost is one of the major factors that people consider before signing up for a policy. Most people choose the sum assured amount based on the premium amount they can afford in a year. For this purpose, they have to estimate the premium amount they have to shell out for a specific life insurance policy.

    LIC’s official website offers a premium calculator for its customers. This can be accessed easily through the following steps:

    • Visit the LIC India website.
    • Click on ‘Premium Calculator’ in the home page.
    • In the resulting page, enter your name, age, and gender.
    • Choose the plan in which you want to enroll.
    • Enter your desired sum assured amount and policy term.
    • Choose between ‘smoking’ and ‘non-smoking’ categories.
    • In the resulting page, you can get the annual premium quote for your desired policy.

    The premium amount for a specific policy is based on various factors such as age, health condition, policy term, sum assured amount, etc. To ensure that there are no hidden costs, the premium amount displayed by the calculator is typically inclusive of all the taxes.

    Know More About LIC Life Insurance

    The battle between LIC and private players

    Life Insurance Corporation (LIC) of India has been one of the major players in the Indian insurance industry. LIC was born in the year 1956 and till the year 2000 they had almost complete control of the insurance industry with no other company giving them any major competition.

    Things, however, changed post-2000, when the Indian government lifted entry restrictions and allowed private companies to sell insurance products. Today, you can come across a plethora of insurance companies who offer a wide range of insurance products to you. However, one of the major confusions that you may face would be choosing an insurance company to purchase insurance from. There are certain factors that can help you decide whether you must purchase your insurance policy from LIC or a private life insurance company.

    LIC Vs. Private insurance companies

    There are certain factors which have differentiated LIC from private insurance companies. Though both LIC and various private insurance companies offer various types of insurance plans, there are certain pointers which can help you understand how LIC and private insurance companies have fared till now and how have they changed the insurance sector.

    • Innovation: LIC, no doubt, has been a major force in the insurance industry, however, one aspect where they have lagged behind is innovation. Private insurance companies, over a period of time, have been the first to introduce major products such as heart insurance schemes, ULIPs, etc., following which LIC followed suit and started offering such types of plans to its customers.
    • Comparing various products: Earlier, you had to compare the features offered by different plans, regardless of whether the scheme was offered by LIC or any private insurer. Today, apart from checking the features offered, you must also check the price of the product, the track record of the company including its solvency ratio. Apart from that, while comparing plans you must also check which product is satisfying your needs and how easy it is for you to customise your requirements. This major change in the way people compare products today is also because of various private insurers which entered the insurance sector in the year 2000.
    • Claim settlement ratio: One of the most important factors that can help you decide which insurance company you must purchase your insurance product from is the claim settlement ratio. You certainly do not want to be associated with an insurer that takes a lot of time in settling your claim and puts your loved ones under severe financial stress. LIC has always maintained a very good claim settlement ratio, and there are various private insurance companies which boast of a high claim settlement ratio. In the end, you must compare the claim settlement ratios of insurance companies and accordingly decide from which insurer you would like to purchase your insurance plan.
    • Online presence: Today more and more insurance companies are making use of the internet in order to sell their products. This has made life easier for people for it is extremely easy and hassle-free for them to purchase an insurance plan for themselves. LIC, despite having the portal to sell their products online, sells a large number of their products offline.
    • Sales channels:  Various private insurance companies are embracing new sales channels, such as point of sale agents, bancassurance, web aggregators, agency partner channels, etc., in order to ensure that they are able to sell a large number of products to more people in India. LIC, however, has depended on selling their products and expanding their customer base using a traditional approach which includes selling their products through insurance agents.

    These are some of the factors which tell us how both LIC and private insurance companies have fared in recent times. These factors, however, should not be the only yardsticks based on which you must purchase a product for yourself. For example, LIC, despite not being the first company to introduce products like ULIPs, endowment plans, or health insurance plans, cannot be ignored when you are purchasing any one of these plans for yourself. If you are looking to purchase a ULIP, you must compare ULIP plans offered by both, LIC and private insurers, and based on the features should you decide which scheme is suitable. Similarly, LIC depends on its insurance agents to sell a large number of their products as compared to private insurers which depend on online sales in order to make money. The methods used by both LIC and private players are suitable in their own ways and are based on preference. For example, you might prefer to purchase your insurance product via an agent, however, you must be open to the idea of buying your insurance product online as well.

    The factors mentioned above provide a better picture of how LIC and private insurance companies have fared in the past. This, in turn, can help you make a better decision not only the insurer you must choose but also the insurance product that would be most suitable for you.

    How to find my LIC policy number?

    If you have misplaced your policy documents and forgot your login credentials, it might be a little tricky to find your LIC policy number. While there is an online method to find policy details, it is available only for matured policies that remain unclaimed with the LIC for more than six months. The two options available for you to find the policy number are given as follows:

    • Contacting the agent: The agent who sold you the policy can access the policy information by logging into the agents portal. Their account will have the list of their active policies. You can simply provide your basic information and get your policy details from your agent.
    • Home branch: If you are not in touch with your agent, you may have to visit the home branch that has sold you the policy. You can check with the officials and find out the information about your policy. To identify your policy, you need to provide some basic details like name and date of birth. The officials are likely to ask for your identity proof. Hence, it is better to carry one of the government-issued identity proofs like PAN card, Aadhar, driving license, etc. Based on the details provided, officials can search the LIC database and find out your policy number.

    LIC Frequently Asked Questions

    1. Can I take a loan against my LIC life insurance policy?

    2. Not all life insurance policies come with an option to avail a loan. You will need to go through your policy document/brochure for more information on the same. Alternatively, you can also speak to an LIC representative or insurance advisor and find out if you are eligible to take a loan against your insurance policy.

    3. Can I surrender my policy during the tenure of my policy? Will I receive any benefit if I surrender my policy?

    4. In most cases, you can surrender your insurance policy at any time, provided at least a minimum of 3 years’ premiums have been paid. However, you must note that not all life insurance policies can be surrendered for a Surrender Benefit. If you are eligible to claim a Surrender Benefit, as per your policy’s terms and conditions, you can surrender the policy and claim the Surrender Value, which is a monetary benefit that will be paid to you, should you choose to discontinue your policy.

    5. Will I receive a discount if I pay my premium online?

    6. As of now, there are no discounts available for paying the premium amount online. However, there are several benefits in paying your premium online when compared to paying the premium through traditional, offline channels. On the LIC website, you can choose to pay your premium through ‘LIC Pay Direct’ without registering or through e-Services if you are a registered user via net banking or credit/debit card.

    7. Will I have to pay my premium as a one-time amount, or can I choose to pay the premium in instalments?

    8. The premium payment modes will be mentioned in the policy brochure. You will have to opt for a suitable mode of premium payment while purchasing the insurance policy. While certain policies are single premium policies, wherein you will have to pay the premium as a one-time instalment, certain other policies will allow you to choose a yearly, half-yearly, quarterly, or monthly mode of payment. No matter what mode you choose, you will have to ensure that the due premium is paid within the end of the grace period, to keep the policy from lapsing.

    9. My child is still a minor. Can I nominate her for my life insurance policy?

    10. Yes, nominating a minor child is permissible. However, if you choose to nominate someone under the age of 18 years, you will have to also a designate an appointee. The appointee will have to be over 18 years of age, and you will have to furnish all the necessary details about the appointee to the insurer.

    11. What are a few reasons that can lead to a claim being rejected?

    12. Your claim could be denied for any one of the following reasons:

      • Misrepresentation or nondisclosure of information at the time of purchasing the policy.
      • Making a claim after the policy has lapsed or expired.
      • If the claim is fraudulent in nature.
      • Policy exclusions. If the claim falls within the policy’s exclusion criteria, no benefit will be paid.

      In order to ensure that your claim does not get rejected, you should provide the correct information while purchasing the policy, make a nomination, and pay all your due premiums on time, before the completion of the grace period. At the time of making the claim, all the necessary documents will have to be submitted to the insurer in order to prevent delay in processing the claim. The life assured or the nominee will also have to ensure that the insurer is intimated of the claim without delay.

    13. How do I decide which insurance plan is best for me?

      • Firstly, before you purchase an insurance policy, you will need to research and compare between the different insurance policies that are offered by the insurer.
      • You will also have to take your needs and your family’s needs into consideration.
      • Next, decide the level of coverage you require and opt for an optimum sum assured. Your sum assured is linked to your premium amount. Hence, always choose a sum assured that will translate to affordable premium payments, but will still provide a sizeable benefit.
      • Go through your brochure or contact a representative to find out policy-specific information. If everything fits with your requirements, you can go ahead and purchase the policy.
    14. Will I be eligible to receive any tax benefits due to my life insurance policy?

    15. Yes, you can claim tax benefits for premiums paid and the benefits received, due to your life insurance policy, as per Section 80C and Section 10(10D) of the Income Tax, 1961. However, you will have to consult with a tax consultant/advisor from time to time since tax laws can be amended without notice.

    16. Will I have to intimate the insurer in case I change my residence during the policy tenure?

    17. Yes, it is mandatory to inform the insurer if you change your place of residence during the policy tenure. Without this, the insurer will not be able to send you important notices, such as discharge vouchers for benefits payable to you, premium payable notices, etc.

    18. What should I do in case I lose my original policy document?

    19. If you are absolutely certain that your policy is lost, you will need to apply for a duplicate policy. In order to do so, you will have to first contact the insurer and let them know of the loss. Next, you will need to post an ad in the newspaper reporting the loss, and send a copy of this newspaper to the LIC branch a month after posting the ad. Post this, LIC will issue a duplicate policy. You may have to pay certain charges for the duplicate policy.

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.

    News About LIC Life Insurance

    • New instructions issued by LIC to check the medical reports of the policyholders

      Life Insurance Corporation (LIC) of India has directed all the third-party agencies (TPA)to collect the pathology reports of the policyholders which are also countersigned by a pathology professional who holds a postgraduate degree in pathology. The reason behind this move is to streamline the system of insurance policy.

      LIC has also asked all the TPAs to sensitise the licensed diagnostic centres empanelled by these agencies and implement the directives issued by the insurer with immediate effect.

      Various TPA listed pathological laboratories are known to engage doctors who do not have a PG degree in pathology and countersign medical reports of policyholders which have rattled LIC.

      9 November 2018

    • LIC’s Jeevan Shanti Plan receives good response

      LIC has earned a new business premium of Rs.2,300 crore on its Jeevan Shanti Plan within a short span since when the policy was launched. The LIC Jeevan Shanti Plan is an annuity plan that was recently launched by LIC. Mr. T.C. Suseel Kumar, the South Central Zonal Manager of LIC, said that the policy was well received in the market. He added that the popularity of the product comes from the fact that it offers annuity to individuals in the age group between 30 years and 100 years. The South Central Zone of LIC contributed Rs.275 crore as new business premium within 40 days since the policy was launched.

      29 October 2018

    • LIC seeks IRDAI approval for holding on to Tata Sons’ nonconvertible debentures

      India’s largest life insurer Life Insurance Corporation of India (LIC) has reportedly sought permission from the Insurance Regulatory and Development Authority of India (IRDAI) to hold on to Rs.5,000 crore worth nonconvertible debentures from Tata Sons. Economic Times reported this news citing two anonymous sources.

      LIC has purchased the debentures a few years before Tata Sons became a private company in September 2017. LIC continues to earn annual interest from these securities. Since investments in private companies are not considered to be secured, the insurance regulator does not approve this type of investments.

      In a statement to IRDAI, LIC noted that these securities were acquired over a long period of time and it must be given permission to hold on these securities. Ever since Tata Sons became a private company, IRDAI is expected to ask insurers to reduce their debt holdings in the company.

      12 October 2018

    • LIC launches new group scheme for SC Bar Association

      The Life Insurance Corporation (LIC), on Wednesday, launched a group scheme for the benefit of the Bar Association of the Supreme Court of India. The group policy so announced will not require the policyholders to go through any kind of medical check-up. The chairman of LIC, V.K.Sharma, believes that the direction they receive from the judiciary is very honest and they will do everything to the best of their abilities to serve the members of the Supreme Court Bar Association well. Chief Justice Dipak Mishra stated that the LIC functions on an arithmetic formula and is hence a genuine assurance to its customers that the claims will be honoured.

      28 September 2018

    • LIC launches an all-new single-premium pension plan

      Life Insurance Corporation (LIC) has launched a pension plan for the benefit of the older generation as there are very few pension plans available in the market, plus the life expectancy has increased over the years. The Jeevan Shanti is a guaranteed annuity single-premium plan which is non-linked and non-participating. Any individual between the ages of 30 years and 79 years of any gender, including the third gender, can purchase this policy. The policyholder can even buy the policy as a joint policy with his/her parent, grandparent, spouse, sibling, child or grandchild. The insurer offers two annuity options under the plan – Immediate Annuity and Deferred Annuity. The modes of annuity payment available are yearly, half-yearly, quarterly, or monthly. Once the choice of the annuity option and mode are made, it cannot be changed. The annuity for the Deferred Annuity option is provided on the date of vesting. In case of the Immediate Annuity option, the annuity is provided after 1 year from the date of issue of the policy for the yearly annuity payment mode, after 6 months from the date of issue of the policy for the half-yearly annuity payment mode, and so on. The plan can be bought through the online mode or the offline mode.

      27 September 2018

    • LIC gives it customers the chance to revive lapsed policies

      In order to boost their customer base, the largest insurer in the country, Life Insurance Corporation have given their customers the chance to revive lapsed policies, and will offer them a subsidy to revive such policies between Rs.1,500 and Rs.2,000. The insurer said that customers that have allowed their policy to lapse for up to 5 years can take this chance and revive their policy on or before October 15, 2018. Commenting on the option to revive lapsed policies, the Lucknow division manager said that it is important for customers to revive their lapsed policies especially in cases of critical illness. He added by saying that will the cancer policy, those diagnosed will get 25% of the sum assured in the first stage and the remaining 75% in the last stage of the cancer to cover treatments. Saying that there are more than 5 lakh policies that are yet to revived and have been defunctional for almost 5 years, the division manager confirmed the insurer’s decision to offer subsidies between Rs.1,500 and Rs.2,000 for lapsed policies.

      14 September 2018

    • LIC has a market share of 69.4%

      1 September 2018 was the 62nd anniversary of Life Insurance Corporation of India (LIC) and it remains one of the major players in the life insurance industry. With regard to the amount of premium collected by the company, LIC has a 69.4% share in the life insurance sector. Being the first life insurance company of independent India, the company has a total of 290 million policies in force. The current net asset of the company is more than Rs.28.45 lakh crore. While the company had 168 offices in the year 1956, the company, as of now, has more than 4,826 offices. The insurer has as many as 1.11 lakh employees and 1.15 crore agents that aid the success of the insurance giant. The company has a vast distribution network and a high claim settlement ratio record. The company is also considered one of the largest institutional investors in India as it invests around Rs.48,000 crore to Rs.50,000 crore in stocks on a yearly basis.

      3 September 2018

    • Life Insurance Corporation (LIC) of India to acquire up to 14.9% stake in IDBI Bank

      LIC has recently made a proposal to increase its total equity stake holding in IDBI bank to up to 14.9% by way of a preferential issue. Through this, the insurance company will acquire a 51% majority ownership of the bank. The first round of the stake purchase by LIC is expected to bring about Rs.2,000 crore to IDBI Bank. Thus, while LIC currently already holds a 7% stake in the public-sector lender, it will be raising its stake in the bank by another 7%. Further, the board members of LIC are expected to hold a meeting shortly to consider an offer to purchase equity shares from minority shareholders under the guidelines of the Securities and Exchange Board of India (SEBI) to acquire the remaining 36% stake. This cash infusion will help the bank meet its urgent cash requirements.

      Life Insurance Corporation (LIC) of India will be investing about Rs.12,000 crore to acquire a controlling stake in IDBI Bank. LIC’s proposal to acquire a majority stake in the public-sector bank has already been approved by the Cabinet Committee on Economic Affairs (CCEA). The life insurance firm has also received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to hold over 15% stake in IDBI Bank.

      29 August 2018

    • LIC’s cancer cover receives huge response, says official

      According to an official from the Life Insurance Corporation of India (LIC), the company’s newly introduced cancer cover has received a huge response from the general public. Vipin Anand, the head of LIC’s Western Zone, revealed that this region alone has sold more than 60,000 policies within the first nine months of the policy’s launch. This cover was launched by the company in November 2017.

      Despite the advancements in medical treatment, cancer is still a major life-threatening disease that is very expensive to treat. Medical procedures can now treat cancer even in the advanced stage. However, the expenses can be huge and out of reach for many people. This is the main reason why cancer covers are getting popular in India.

      Cancer covers pay a lump sum amount following the diagnosis of the disease. The amount received from this plan can be used for medical expenses as well as day-to-day living expenses.

      27 August 2018

    • LIC sells cancer policies worth Rs.29 crore in the western zone of India

      In a time when the country is going through a revolution with regard to health insurance and health care, with upcoming National Health scheme that is known as the Ayushman Bharat or the Modi Care as the media has labelled it, other insurers both private and public are seeing a penetration with regard to their health insurance policies. According to the largest health insurer in the country, Life Insurance Corporation, they have managed to sell cancer cover policies worth a premium of Rs.29 crore. This however, is just the west zone of the LIC in India, and the department has managed to sell 60,000 plus cancer cover policies till date according to Vipin Anand, the LIC west zone head. The cancer cover policies offered by LIC are non-linked policies, have regular premium payments and a fixed benefit for the policyholder and dependents if the event of cancer arises. The west zone of LIC is primarily areas such as Maharashtra, Goa, Daman and Diu and Dadra Nagar & Haveli. Now, through the Ayushman Bharat scheme, 500 million people are expected to be covered, and a sum assured of Rs.5 lakh per family has been promised through the scheme, which would be the largest healthcare service in the world.

      26 August 2018

    LIC Life Insurance Reviews

    • LIC Life Insurance
      "Good in all"
      0.5 4.0/5 "Great!"
      I have my life insurance with LIC. It is a normal traditional policy. The tenure for the policy is for 15 yeas. I am satisfied with the plan benefits and the sum assured in the policy. The payment also can be done with ease. I can do it online. Good in all.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 11, 2018
    • LIC Life Insurance
      "Policy benefits are good"
      0.5 5.0/5 "Blown Away!"
      I have taken my life insurance with LIC. The customer services are good. I am satisfied with the policy coverage and the plan benefits. The tenure is for 20 years. It is a money back policy and I would be getting the benefit every three to four years. The payment of premium can be done online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 10, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My dad has taken a policy for me from LIC. It is a normal life insurance policy. The customer support and response is good. It has been a traditional company and it is very secure. The tenure is for 15 years and and the premium is paid online on a yearly basis.
      Was this review helpful? 0
      , roorkee
      Reviewed on Nov 09, 2018
    • LIC Life Insurance
      "Experience is good"
      0.5 4.0/5 "Great!"
      I have taken a normal traditional life insurance policy with LIC. The services are good and the tenure is for 15 years. The premium is also normal. I am satisfied with the policy coverage and plan benefits in the policy. The premium is deducted through ECS.
      Was this review helpful? 0
      , hosur
      Reviewed on Nov 08, 2018
    • LIC Life Insurance
      "Looking for more benefits"
      0.5 3.0/5 "Satisfactory"
      LIC Policy has tax relief, I make the monthly premium around Rs. 500 for the term of 20 years , they are providing life coverage including accidental in case of certain demise.I am happy with LIC but still its not so beneficial, I suggest them to create the bench mark than private company.
      Was this review helpful? 0
      , jayankondam
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "Looking for better policy"
      0.5 3.0/5 "Satisfactory"
      Its a government insurance company, we always trust LIC, I have policy with them, I make the premium on half yearly basis around Rs. 8500 for the term of 20 years, after the matured policy , I get the matured value around Rs. 6 lakhs but I am not aware of complete benefits.
      Was this review helpful? 0
      , jayankondam
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "Good Plan"
      0.5 5.0/5 "Blown Away!"
      My endowment plan with LIC, has the total tenure of 22 to 25 years, I make the premium amount around Rs. 12,000. They give better life cover to the nominees I always believe the LIC its trust one and the benefits are also good for the long time policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      For my Jeevan Lak policy, I used to make the policy amount around Rs. 12,000 it also has tax benefits and financial security in case of certain demise. It has the total tenure period of 25 years then I will get the return value + interest rate of the total term.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "Good Life Cover Plan"
      0.5 5.0/5 "Blown Away!"
      I have many policies with LIC, especially in this Jeevan Laksat policy has good life cover. If anything happen to me, my family will get good coverage from the insurance company. I used to make the premium amount around Rs. 14,000 it has the total term of 25 years .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "Safe company for the policy"
      0.5 4.0/5 "Great!"
      I have taken my life insurance policy with LIC. LIC is improved a lot now. This plan name is Jeevan Suraksha. 7 years back, i have purchased the policy. I have chosen the half yearly payment mode. This is 30 years plan policy. I pay the premium amount of Rs. 30 K. This is tax benefitable. I make the payment through online and accidental, disability cover and death coverage is applicable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "Very Good policy"
      0.5 5.0/5 "Blown Away!"
      I have purchased my life insurance policy 20 years back. My colleague has suggested me about this policy. I chosen the endowment plan. I pay the premium amount of Rs. 10000 annually. I have to pay the premium upto 2021. I'm not sure about the coverage value. This is a tax benefitable policy
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Long time back I have taken LIC Policy, now I am not sure about the policy cover. Just making payment through online , yearly I make the premium around Rs. 30,000 for the term of 20 years. LIC gives tax benefits and the financial security for unforeseen events.
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      , kolkata
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "Improve on claim process"
      0.5 3.0/5 "Satisfactory"
      I already have five policies with LIC, I took life insurance before five years, previously it was good. But now claim process is not that much great. Because during endowment policy claim, after submitting the documents, I received the maturity amount after a month.
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      , kolkata
      Reviewed on Oct 30, 2018
    • LIC Life Insurance
      "The Best"
      0.5 5.0/5 "Blown Away!"
      I am holding LIC policy, I generally make the premium around Rs. 10,000 per annum for the term of 15 years their service is good, and they have different payment mode its good. All policies has tax benefits and financial security for unforeseen events.
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      , delhi
      Reviewed on Oct 30, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken my endowment policy with LIC. I used to pay the premium amount of Rs. 3064 and i have chosen the quarterly payment mode. Total tenure period of the policy is 13 years and i have got a sum assured amount of Rs. 1.5 lakhs. I have bought the policy 5 years before. I will make the payment in a LIC point.
      Was this review helpful? 0
      , virudhunagar
      Reviewed on Oct 30, 2018
    • LIC Life Insurance
      "Old company is best for policy"
      0.5 4.0/5 "Great!"
      I have selected the term insurance policy with LIC. Since the company is old one and traditional one. 20 years back during my college days i have purchased this term insurance policy. I used to pay the premium amount of Rs. 7000 every quarter. Total tenure period of policy is 21 years. Tax benefitable policy
      Was this review helpful? 0
      , salem
      Reviewed on Oct 30, 2018
    • LIC Life Insurance
      "Good Company"
      0.5 5.0/5 "Blown Away!"
      I have taken my life insurance with LIC and i used to pay the premium amount of Rs. 55000 every year. This is a tax benefitable policy. From the beginning, LIC is a known company for the life insurance policies and its owned Government hence i have selected this LIC. I will get a coverage amount of Rs. 5 lakhs. Death benefit and accidental cover is available.
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      , hyderabad
      Reviewed on Oct 29, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      Money back policy is good, I am making premium continually, but after certain period I get the bonus amount. After 10 years I get the sum assured value its good. LIC have financial security incase of demise. I am fine with the maturity benefits and other features.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Oct 29, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I am fully satisfied with LIC, its very convenient to make the payment through online and other benefit. I have Endowment policy, I make the yearly payment, after certain period I get sum assured and also I have life cover for unforeseen events.
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      , tirunelveli
      Reviewed on Oct 29, 2018
    • LIC Life Insurance
      "Trust worthy"
      0.5 5.0/5 "Blown Away!"
      My dad told to take the LIC policies, because of the trust. The service is also good I don't have any issue. But LIC is very costly I am paying Rs. 45k per annum its quite expensive but I am sure after certain demise they provide life cover to the nominee. They do have lots of options to make the payment.
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      , mohali
      Reviewed on Oct 29, 2018
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