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Life Insurance Corporation of India (LIC)

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Life Insurance Corporation of India (LIC) is the largest insurance company in India and boasts of a very large customer base. With a claim settlement ratio of 98.04% for the year 2017-18, LIC offers a diverse range of insurance portfolio catering to various needs of its customers.

The Life Insurance Corporation of India (LIC) is a state-owned insurance group and investment company. It is the largest insurance company in India with an estimated asset value of Rs 1,88,3018.82 crore.

Established in 1956, The Life Insurance Corporation of India offers a variety of insurance products to its customers such as insurance plans, pension plans, Unit Linked plans, special plans and group schemes as well as online child insurance plans

The LIC of India currently has a network of close to 2,048 branches and 1,337,064 agents operating in different cities and towns all over the country.

Why To Opt for LIC Life Insurance Plans?

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

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

Types of Plans Available From LIC:

LIC Endowment Plans:

Plan Type Basic Sum Assured Term
LIC Single Premium Endowment Plan Rs. 50,000 25 years
LIC New Endowment Plan Rs. 1 lakh 35 years
LIC’s New Jeevan Rakshak Rs.75,000 (per life) 20 years
LIC’s Limited Premium Endowment Plan Rs. 3 lakh 12 16, and 21 years
New Jeevan Anand Rs. 1 lakh 35 years
LIC’s Jeevan Labh Rs.2 lakh 16, 21, and 25 years
LIC’s Jeevan Pragati Rs.1.50 lakh 12 to 20 years
New Jeevan Lakshya Rs. 1 lakh 25 years

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

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

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

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

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

LIC Money Back Plans:

Plan Type Basic Sum Assured Term
LIC New Money Back Plan - 20 Years Rs. 1 lakh 20 years
LIC New Money Back Plan - 25 Years Rs. 1 lakh 25 years
LIC New Bima Bachat Plan Rs. 1 lakh
  • For 9-year policy term: Rs.35,000
  • For 12-year policy term: Rs.50,000
  • For 15-year policy term: Rs.70,000
LIC’s Bima Diamond 10 x annualized premium 12, 16 or 20 years
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 comes with not only death benefits and maturity benefits, similar to other life insurance plans but it also has the major advantage of survival benefits as well as optional benefits. This money back plan also is a participating policy which allows the policyholder to enjoy simple reversionary bonuses from LIC as a part of participating in the company’s profits.

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

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

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

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

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

LIC Term Assurance Plans:

Plan Type Basic Sum Assured Term
LIC's Anmol Jeevan II Rs. 24 lakhs 25 years
LIC's Amulya Jeevan II Rs. 25 lakhs 35 years
LIC's e-Term: Rs. 25 lakhs (Rs. 50 lakhs for non-smokers) 35 years

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

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

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

LIC's NEW TERM ASSURANCE RIDER - (UIN: 512B210V01):

This is a rider that provides life cover to the family of the insured in case of his/her untimely death. The rider can be integrated with a base policy to provide additional benefits at low cost premiums.

LIC ULIP Plans:
Plan Type Basic Sum Assured Term
LIC's New Endowment Plus 10 x Annualized Premium N.A.

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

LIC Pension Plans:

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

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

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

LIC Micro Insurance Plans:
Plan Type Basic Sum Assured Term
LIC's New Jeevan Mangal Plan Rs.50,000
  • For regular premiums: 10 years to 15 years.
  • For single premiums: 5 years to 10 years
LIC’s Bhagya Lakshmi Rs.50,000 2 years + premium paying term (PPT)

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

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

LIC Group Plans:

Plan Type Basic Sum Assured Term
LIC's Group Credit Life Insurance Rs.4 lakhs 5 to 35 years
LIC's SINGLE PREMIUM GROUP INSURANCE Rs.10 lakhs 2 years to 7 years
LIC's New Group Leave Encashment Plan Rs. 1000 (minimum) Yearly renewable
LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I Rs. 1000 (minimum) Yearly renewable
LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II Rs. 1000 (minimum) Yearly renewable
LIC's New Group Gratuity Cash Accumulation Plan Rs. 1000 (minimum) Yearly renewable
LIC's New Group Superannuation Cash Accumulation Plan N.A Yearly renewable

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

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

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

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

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

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

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

LIC Social Security Schemes:

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

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

    1. Fortune Plus

    2. LIC New Jeevan Suraksha-I

    3. Jeevan Vriddhi

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

    5. Jeevan Sugam

    6. Two Year Temporary Assurance Policy

    7. LIC Mortgage Redemption

    8. Flexi Plus

    9. CDA Endowment Vesting At 21

    10. CDA Endowment Vesting At 18

    11. Profit Plus

    12. Jeevan Varsha

    13. Child Fortune Plus

    14. The Whole Life Policy- Limited Payment

    15. Health Protection Plus

    16. Jeevan Arogya

    17. Market Plus I

    18. Jeevan Kishore

    19. Marriage Endowment

    20. Jeevan Amrit

    21. Jeevan Surabhi-25 Years

    22. Jeevan Nischay

    23. Wealth Plus

    24. Jeevan Aastha

    25. Money Plus-I

    26. Jeevan Chhaya

    27. Jeevan Surabhi-20 Years

    28. The Money Back Policy-25 Years

    29. Jeevan Saathi Plus

    30. Health Plus

    31. Samridhi Plus

    32. Pension Plus

    33. Jeevan Nidhi

    34. New Jeevan Dhara-I

    35. The Endowment Assurance Policy - Limited Payment

    36. Bima Account 1

    37. The Whole Life Policy

    38. Bima Account 2

    39. Jeevan Pramukh

    40. Jeevan Mitra(Double Cover Endowment Plan)

    41. Jeevan Bharthi-I

    42. Jeevan Surabhi-15 Years

    43. The Whole Life Policy- Single Premium

    44. Child Future Plan

    45. Jeevan Chhaya

    46. Anmol Jeevan-I

    47. New Jeevan Nidhi

    48. Jeevan Anurag

    49. Komal Jeevan

    50. Child Career Plan

    51. Jeevan Tarang

    52. VARISHTHA PENSION BIMA YOJANA

    53. Educational Annuity Plan

    54. Jeevan Saral

    55. Amulya Jeevan-I

    56. LIC's Jeevan Shagun

    57. Lic's Jeevan Shikhar

    58. Jeevan Deep

    59. Jeevan Saathi

    60. New Janaraksha Plan

    61. The Money Back Policy - 20 Years

    62. The Endowment Assurance Policy

    63. Jeevan Anand

    64. Bima Bachat

    65. Jeevan Aadhar

    66. Jeevan Vishwas

    67. Jeevan Shree-I

    68. Jeevan Ankur

    69. Endowment Plus

    70. New Bima Gold

    71. Bima Nivesh 2005

    72. Jeevan Mangal

    73. Jeevan Madhur

    74. Superannuation Plus

    75. Gratuity Plus

    76. Jeevan Mitra(Triple Cover Endowment Plan)

How to Check Policy Status of LIC Life Insurance Policy?

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

LIC Life Insurance Customer Care:

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

LIC Life Insurance FAQ's:

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

    A. LIC offers the following life insurance policies:

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

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

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

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

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

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

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

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

  6. What happens if I miss paying my premium?

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

  7. Will I get a full refund if I cancel my policy in the free look period?

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

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

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

  9. How can I make a claim?

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

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

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

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

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

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

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

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

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

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

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

  15. How to safely pay premiums through the agent?

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

  16. How can I make a claim?

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

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

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

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

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

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

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

  20. What is the minimum eligibility criteria?

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

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News About LIC Life Insurance

  • LIC offers new automatic renewal service to policyholders

    In a bid to make policy renewal easier, Life Insurance Corporation of India (LIC) has introduced the INSTAPAY service that allows you to set standing instructions for payment of your renewal premium. According to a statement released by the life insurance major, the new service offered by the company is integrated with the existing bill desk platform. The option will be available with all banks so you can avail this facility no matter which bank you hold an account in. All you have to do is log in to your account via the website or mobile application and add LIC to your list of billers. You will be required to provide details of your policy such as policy number, e-mail ID, mobile number, sum assured amount, etc. The renewal premium due date and the renewal premium amount information will be retrieved from the LIC portal. Once you have set the system to auto-debit the amount, you need not worry about remembering the renewal date anymore. What’s more, the system takes into consideration the grace period and pays the renewal premium 7 days before completion of the grace period. The maximum premium amount that can be paid through this facility is Rs.50,000 inclusive of GST.

    5 July 2018

  • Details of the LIC policy can be obtained online and by SMS

    Life Insurance Corporation (LIC) customers need not visit the branch for any information anymore and can get all details of their policy online. LIC customers can take advantage of this new facility for seeking any kind of information. The policy status, the premium paid, and the maturity of the policy can be obtained with the help of the policy statement. This facility is also available by SMS.

    Customers can visit the LIC website (https://www.licindia.in/) to check the status of the policy. However, initially, they will have to register on the website. Customers can enter their name, date of birth, and policy number to check the status of the policy. Details of the policy can also be obtained by calling 022 68276827 or by sending an SMS (LICHELP Policy Number) to 9222292224. LIC customer can avail these benefits for free.

    The status of the policy can also be obtained by sending an SMS to 56677. In case customers want to know the premium of the policy, they must send ‘ASKLIC PREMIUM’ to 56677. All information will be received on the number the SMS was sent from. The facility can be used even if the policy has lapsed.

    05 June 2019

  • LIC-owned IDBI Bank to sell mutual fund business

    IDBI Bank Ltd. has recently announced that they have started the process which involves the selling of mutual funds. A senior official of the bank has said that the bank has appointed ICICI Securities Ltd. to advise IDBI Asset Management Ltd. And IDBI MF Trustee Co. Ltd. which is the sales force of the mutual fund business.

    In addition to the mutual fund business, the bank is also looking forward to selling its stakes in IDBI Federal Life Insurance Co. Ltd. IDBI is the holder of 48% stake while the Federal Bank and Ageas own 26% each. It should be noted that the non-performing assets (NPAs) of the bank has improved and come down to 29.67% from 31.78% in the July-September period.

    30 May 2019

  • Details about LIC's Jeevan Umang policy

    LIC's Jeevan Umang policy is a whole life plan that provides both income and protection to the policyholders. The policy provides maturity benefits at the end of the survival period and a lump sum benefits in cases of death of the policyholder in the policy term. Any individual below the age of 55 years can apply for this policy with a minimum sum assured of Rs.2 lakh.

    LIC Jeevan Umang offers 4 different policy terms of 15 years, 20 years, 25 years, and 30 years. The survival benefit of this policy will be paid at the end of the premium paying period at an interest rate of 8%. If the policyholder survives till the maturity of the policy, a lump sum amount with basic sum assured and bonuses will be paid to him/her. If the policyholder dies within the policy term, a death benefit equal to 10 times the annualised or sum assured on maturity will be paid to the nominee. The plan also offers additional benefits like accidental benefit rider, critical illness benefit rider, new term insurance rider, etc.

    27 May 2019

  • Recruitment for Apprentice Development Officer posts at LIC has started

    The Life Corporation of India (LIC) had issued a notification on 20 May 2019 for LIC Apprentice Development Officer (ADO) Recruitment 2019. The notification has been issued for all Eight Zones. The online application process has begun for the posts as well. According to the notification, LIC is accepting applications for the 8581 ADO posts that are available under the Western Zonal Offices, West Bengal.

    According to the notification that has been issued, the online process to submit the application will be available from 20 May 2019 until 9 June 2019. Individuals must have completed at least a Bachelor’s Degree from an accredited university in India in order to apply for the posts. The candidate must be within the ages of 21 years and 30 years, respectively, and preference will be given to candidates with at least 2 years of experience in the life insurance industry. The procedure to hire candidates will be via a two-phase examination followed by an interview. The tentative dates for the preliminary examination are from 6 July 2019 to 13 July 2019 and for the main examination is from 10 August 2019.

    21 May 2019

  • LIC Received Additional Time to Hold Stakes in IDBI Federal Bank

    Life Insurance Corporation of India (LIC) has received a temporary exemption to hold stakes indirectly in the life insurance provider – IDBI Federal Life Insurance Company. The Insurance Regulatory and Development Authority of India (IRDAI) has in turn allowed LIC to hold stakes in two more insurance companies as it continues to hold stake in IDBI Federal Life Insurance Company as well. As per the laws guiding the insurance sector, a single company cannot be the promoter of two insurance firms within the same category. In this case, LIC itself is an insurance provider while it indirectly holds stake at IDBI Federal Life through the IDBI Bank. One of the sources has reported that LIC’s stake in IDBI Life through its holding will be allowed for now and for the time being, in order to refrain from some uncertainties. LIC is currently the majority shareholder in IDBI Bank and through this it has become the parent of IDBI Federal Life Insurance. IDBI Bank is the parent company of IDBI Federal Life Insurance Company. In the previous year, IRDAI had allowed LIC to hold at least 51% stake in the IDBI Bank.

    8 May 2019

  • LIC Offering Pension Plans Along With Term Insurance and Endowment Plans

    The biggest life insurance provider in India, Life Insurance Corporation (LIC) of India, also provides pension plans in addition to insurance products such as money back plans, endowment plans, and term insurances. The company is currently offering several pension plans which include LIC Jeevan Shanti, LIC Jeevan Akshay-VI, and Pradhan Mantri Vaya Vandana Yojana. According to the official website of LIC, the insurance provider ensures that the pension payments or annuity are made immediately or deferred on a monthly, quarterly, half-yearly, or annual basis.

    The LIC Jeevan Shanti Plan is a single-premium plan that customers can buy after the payment of a minimum lump sum premium worth Rs.1.5 lakh. While this scheme does not have any upper ceiling for its purchase price, it carries 9 various annuity options. On the other hand, the LIC Pradhan Mantri Vaya Vandana Yojana (PM VVY) allows senior citizens to withdraw immediate pension. This plan can be purchased by paying a lump sum amount. Furthermore, the LIC Jeevan Akshay-VI is available for any person from the age group of 30 years to 85 years after the payment of a single lump sum premium of Rs.1 lakh.

    16 April 2019

  • LIC New Jeevan Anand Insurance Policy – Sum Assured, Premium and other details

    The Life Insurance Corporation of India is launching a new Jeevan Anand policy that is all set to offer a number of endowment plans. The new Jeevan Anand Policy will be offering a combination of savings and protection according to the website of the insurer. This is an endowment insurance policy. Endowment insurance plans are a little different when compared to term insurance plans. Term insurance policies mature at the time of death of an insured person. Endowment plans on the other hand offer a savings options as part of the policy. This is apart from the protection provided by the policy and is valid for the entire policy period. This policy can be purchased by anyone above the age of 18 years and a maximum of 50 years. The policy term can vary between 15 years and 35 years. The policy will have to mature on or before the policyholder is 75 years old. The minimum sum assured for the policy is Rs.1 lakh. There is no maximum limit for the sum assured amount.

    11 April 2019

  • LIC Jeevan Pragati policy

    LIC Jeevan Pragati policy is an endowment policy. It is a non-linked, with-savings plan that offers a combination of protection and savings. The policy can be bought by any individual ages between 12 years and 45 years. The minimum sum assured for Jeevan Pragati Policy is Rs.1.5 lakh with no upper limit on the maximum amount.

    Customers can opt for a policy term that falls between 12 years and 20 years. The premium payment option for this policy is monthly, quarterly, half-yearly, or yearly. If the policyholder fails to pay the premium s within the grace period, the policy will lapse. LIC has a provision under which policyholders can revive their lapsed policies by paying all the arrears with interest within 2 years of the lapse date and before the maturity date.

    Since LIC Jeevan Pragati is an endowment policy, it offers death benefit and maturity benefit. The policyholder will receive the sum assured, additional bonuses, and all vested bonuses upon surviving till the maturity of the policy. If the policyholder dies within the policy period, the sum assured will be paid to the beneficiary of the policy.

    5 April 2019

  • No tax benefits for investment in PMVVY LIC pension scheme

    It is vital for citizens to focus on returns after their retirement and not just tax savings when making investments in tax-saving schemes. Not every pension scheme available provides tax benefits. One such scheme that does not provide tax benefits is the Pradhan Mantri Vaya Vandana Yojana (PMVVY). The Life Insurance Corporation (LIC) of India handles all operations of the scheme.

    Investment towards the scheme can be done by senior citizens who are above the age of 60 years. The maximum amount an individual can invest in the scheme is Rs.15 lakh and it must be done on or before 31 March 2020. The policy duration of the scheme is 10 years and depending on the investment, senior citizens can earn a pension between Rs.1,000 and Rs.10,000 per month. The returns that are earned from PMVVY must be taxed as per existing laws and the rate of tax is applicable. However, Goods and Service (GST) Tax is exempted for individuals who are investing in this scheme. The investment made towards the scheme are not eligible for tax deductions of Rs.1.5 lakh under Section 80C of the Income Tax Act. Individuals are also entitled to a free look period, can avail loans after completing 3 years, and a surrender value under this scheme.

    28 March 2019

  • LIC Digital Sales to Go Up to Tackle Private Players

    With the advent of technology, purchasing and owning things has become super easy and convenient. This is applicable with regards to life insurance policies and health insurance policies. The emergence of various private players in the market has made the competition stiffer than earlier. Moreover, these private players, most of the times, sell online plans that can be purchased with just the click of the button. This has become a pattern wherein private players are aggressively selling online financial products to their customers. In the hubbub, state-owned public insurance company, Life Insurance Corporation of India or LIC has decided to significantly up its digital sales to stay at par with the private sector companies.

    Additionally, LIC has also asked its 10-lakh agent task force to become increasingly aggressive in terms of selling policies to applicants and individuals. Currently, LIC offers only 6 of its financial products online. The plans that can be purchased online are LIC Jeevan Shanti, LIC Cancer Cover, and the recently launched LIC Navjeevan plan.

    The new generation is extremely keen on being very objective when it comes to purchasing a life insurance policy. Since online plans offer the scope to compare and then purchase, more and more people are inclining towards that direction. This is the reason why even LIC is looking to move forward in that digital direction. A more detailed version of this plan will be revealed in the coming months.

    26 March 2019

  • IRDAI Shows Green Light to Two Insurers Being Part of LIC Group After Deal with IDBI

    According to a regulatory source, the problem of 2 life insurance companies being part of the same group will not prove to be a major hindrance to LIC’s aim of becoming IDBI Bank’s promoter. The Insurance Regulatory and Development Authority of India is said to know that LIC’s deal to take over promoter stake in IDBI Bank would mean that the Life Insurance Corporation of India will also promote IDBI Federal Life Insurance. The main reason for this is that IDBI Bank has already announced its decision to sell its IDBI Federal Life Insurance stake. Officials explained that LIC is an entity that is owned by the government, and so is IDBI Bank, making it the first ever case where an insurance company promotes a bank.

    31 December 2018

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LIC Life Insurance Reviews

Page 1 of 50 1 2 3 4 5
  • LIC Life Insurance
    "Suitable policy for every family"
    0.5 5.0/5 "Blown Away!"
    Purchased my life insurance policy from LIC. One of friend engaged with insurance business since he approached me, i bought the policy from him. This is a tax benefits policy. I am paying the premium amount of Rs. 4000 every month. In the year of 1996, i have bought the plan and i make the premium through online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Sep 12, 2019
  • LIC
    LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 5 years before. The policy is for 20 years. I am paying premium in the half yearly package. While getting a policy my agent has given an information about the policy details. I use to do payment through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 10, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 2.0/5 "Expected more"
    I have taken LIC policy directly through the agent .The name of this policy was Bhartiya Jeevan Bhima policy .This policy premium os paid on montly mode.I am paying te premium amount of Rs.615.The agent gave all the required information about the policy details very clearly .I am paying the premium through online as well as agent .
    Was this review helpful? 0
    , jaipur
    Reviewed on Sep 10, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 13 years. The policy is for 20 years and it is jeevan anadha. I am paying premium in the yearly package for the amount of 5 thousands. While getting a policy my agent has given an information about the policy details.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 09, 2019
  • LIC Life Insurance
    "Good for child future"
    0.5 4.0/5 "Great!"
    Before 3 years I took Jeevan Suraksha plan in LIC for my daughter, quarterly I used to pay Rs.2500 it has term of 10 years. Then I get sum assured, bonus interest and they do have life coverage for certain demise. Generally I make the payment through the executive.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Sep 09, 2019
  • LIC Life Insurance
    "Good Life cover policy"
    0.5 5.0/5 "Blown Away!"
    The policy is nice from LIC. I have chosen LIC because some of my colleague is working as a LIC agent hence i purchased the policy from him. I'm paying the premium amount of Rs. 10000 for each quarter. Its for 10 years term policy. I'm satisfied with the sum assured amount and this is tax benefits policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 08, 2019
  • LIC Life Insurance
    "Need to drecrease premium amount"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 10 years. The policy is for more than 15 years and name for the policy is jeevan anadha. I am paying premium in the quarterly package and amount which was paying higher of 3 thousands. While getting a policy my agent has given an information about the policy details.
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 07, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Claims are better in LIC. Earlier i had a money back policy and its money savings and tax benefits policy. I have chosen the monthly payment mode. When my policy got over but from ECS my money is automatically deducted to LIC account, they themselvves resolves this issue even though i have not given any request to stop the payment.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 07, 2019
  • LIC Life Insurance
    "Fine Policy"
    0.5 4.0/5 "Great!"
    I have bought a life insurance from Life Insurance Corporation of India. LIC is having a better products. Generally i wont use the customer care and directly i used to visit the branch and the peoples are good. My premium payment has been deducted through ECS. The people are genuine. I'm satisfied with the sum assured amount provided by them. Once the policy is getting matured, directly they will credited the money back to my account.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Sep 07, 2019
  • LIC Life Insurance
    "Benefits needs to increased for long term"
    0.5 3.0/5 "Satisfactory"
    I pay Rs. 10,000 each per annum for three policies, my parents started from my childhood. LIC is not a right choice to invest the money for long terms but they are providing financial security for the certain demise. The customer care needs lots of improvement interms of professional service.
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Sep 06, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent .This policy is very useful .I have got all the required details about the policy through the agent .This policy tenure is for 15years .This policy is still active and i am paying the premium through online and branch .There was no difficulties faced so far .
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 06, 2019
  • LIC Life Insurance
    "Need to improve their servcie"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in LIC on 10 years before. The policy is for 20 years. I am paying premium in the quarterly package. Before agent given all the details but now days there is no proper update from their end and not sending remainder messages to send so that once I missed to pay so they had charged for 1000 rupees.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent .This policy name is Barathi Jeevan Bhima .I have got all the required details about the policy through the agent .This policy tenureis for 20 years .Thispolicy is still active and i am paying the premium through online and branch .
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent .The policy name is Jeevan Anand and the tenure is for 18 years.I am paying the premium on half yearly basis .I am paying the premium through online and sometime through agent .While submitting the documents the process was smooth .
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Not upto the mark"
    0.5 3.0/5 "Satisfactory"
    Recently 2 to 3 policies matured with LIC and am paying premium for one more policy, I think its called JEEVAN ANAND because taken long back. I am not satisfied with the benefits and the sum assured is not upto the mark. The payment mode is auto debit.
    Was this review helpful? 0
    , vizianagaram
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Recommendable Plan"
    0.5 5.0/5 "Blown Away!"
    I have money back plan with LIC, I activated in 2007 but it get over at 2040. I need to pay monthly premium around Rs. 1027+ gst, there is a waiting period of 20 years then I get the sum assured, they are providing life coverage for the certain demise as well. The agents are helpful interms of resolving the queries.
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is for 17 years and i have paid the premium only for 2 years and the name of the policy is jeevan Anand .The agent failed to inform about the due date and failed to pay the amount and policy got lapsed .I have got all the details about the policy through the agent.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent and this policy is for the tenure of 12 years .This is a policy of child plan and got all the details about the policy through the agent .I have got my policy documents on time and there was no difficulties faced so far . This policy is still active and there was no drawbacks faced so far when availed this policy .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have been LIC premium for last 7 years and the premium was 5775rupees through cash which is convenient for me. Actually my father friend is working as an agent and the policy was suggested by him. The services and responses are good. The benefits are satisfactory.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 03, 2019
  • LIC Life Insurance
    "LIC is Good"
    0.5 4.0/5 "Great!"
    Bought my life insurance policy from Life Insurance Corporation of India. My term plan is Jeevan Anand and i never contacted the customer care service but whenever i have any clarification i used to visit their branch and rectify the same. I am paying the premium amount of Rs. 2500 every month.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 31, 2019
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