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

  • Coronavirus death claims settled for 16 policies by LIC so far

    On 11 April 2020, Life Insurance Corporation (LIC), India’s largest life insurer, told its policyholders that death claims that have been raised due to coronavirus will be treated the same as other cases of death and will be paid on an urgent basis.

    According to LIC, many lives have been lost due to coronavirus and the efforts are being made to locate victims based on the list provided by government authorities. The company further added that death claims due to coronavirus have been settled for 16 policies. In the previous fiscal year, more than 7.5 lakh death claims were settled by LIC, while only 0.75% of them are still outstanding. Earlier in April, the Life Insurance Council announced that its members will not deny any death claims to any policyholder because of coronavirus. According to a statement made by the apex lobby of life insurance companies, the force majeure clause will not apply in the case of coronavirus death claims. The statement further added that both private and public insurers must process any claims due to coronavirus at the earliest. LIC recently announced a 30-day extension for the premiums to be paid to help individuals during the coronavirus outbreak. LIC also announced that policies which can be revived without providing any evidence of good health can be done online.

    23 April 2020

  • LIC relaxes premium for their insurance plans until 15 April

    The Life Insurance Corporation of India has taken a decision to relax the payment of premiums for the life insurance policies if the customers are unable to the pay the premium online due to the COVID-19 crisis. The relaxing of payment will be applicable till 15 April 2020.

    In a statement issued by the company, LIC announced that due to the circumstances being faced by the country due to COVID-19, they will be relaxing the payment of premiums for the policyholders if the customers are not able to deposit the money online.

    Life Insurance Corporation has been urging policyholders to resort to online payment options in order to pay their premiums or loan installments. Similarly, the Reserve Bank of India has been urging the citizens of the country to make their payments through online banking due to the lockdown in place by the government of the country.

    The Life Insurance Corporation has sold 2.14 crore policies up until 17 March 2020 and will be targeting a total of 2.5 crore policies by the end of this fiscal year.

    2 April 2020

  • Government’s share in LIC to be sold, according to Nirmala Sitharaman

    Nirmala Sitharaman, the Finance Minister of India, in the Budget speech said that the government’s stake in the Life Insurance Corporation of India will be sold via an IPO. According to the minister, a mechanism will also be adopted by the government to address house finance corporations’ and NBFC’s liquidity constraints. However, the percentage of the stake that would be sold by the government was not mentioned by the finance minister. She went on to add that the government is looking to sell its holdings in IDBI Bank. The minister went on to add that the deposit insurance cover for bank failure shall rise from the Rs.1 lakh it is now to Rs.5 lakh. She also said that the government has made a proposal for the expansion of the exchange traded fund.

    25 February 2020

  • LIC Housing Finance merging with any other entity improbable according to Life Insurance Corporation

    On Monday, Life Insurance Corporation mentioned that there has not been any proposal to merge Life Insurance Housing Corporation with any other entity. After many reports had come out suggesting that there might be a merger between LIC Housing Finance with its banking partner IDBI Bank, LIC had put out a statement which mentioned that there were no such proposals to do so.

    IDBI Bank as well, in a separate statement mentioned that there has been no proposal submitted or discussed in the board meetings about a possible merger.

    LIC Housing Finance’s shares had dipped by more than 10% in the day trade on the Bombay Stock Exchange after this statement was released. The scrip settled at Rs.380.30 per share. Along with this, shares of IDBI Bank also took a dip by 2.54% and ended the day trade at Rs.34.50 per share.

    The Life Insurance Corporation holds a 51% majority stake in IDBI Bank. The latter had reported a standalone net loss of Rs.5,763.04 crore due to the rise in its bad loans

    The bank had recorded a net loss of Rs.4,158.48 crore during October-December 2019 and had increased due to the higher number of bad loans. Along with this, the bank’s Non-Performing Assets were at 28.72% of the gross advances at the end of December 2019. In the previous fiscal year, the bank’s NPAs were at 29.67%.

    19 February 2020

  • LIC to focus on products that provide a recurrent cash-flow

    Life Insurance Corporation of India (LIC), that improved its market share in the single-premium product space, said that it would concentrate on products such as ULIPs that require payments to be made more than once.

    According to the Chairman of LIC, MR Kumar, the company concentrated on non-single premium policies at the beginning of 2020. The insurer also announced on 7 February 2020 that it had increased its presence in the market in first-year premiums and the number of policies over its competitors in the private sector. The market share of the insurer in terms of the number of policies increased from 73.54% to 77.61% and in terms of first-year premiums from 66.26% to 70.02%. As of September 2019, the income of LIC increased by 18% when compared to the same time last year. The insurer is waiting for the approval of the Insurance Regulatory and Development Authority of India (IRDAI) to launch two non-single premium products in March. Concerns have been raised by various insurance sector stakeholders and analysts over the announcements made in the Budget that removes around 70 types of tax deductions such as ULIPs.

    17 February 2020

  • Change in LIC policy rules

    There has been a change in the guidelines for traditional life insurance policies and Unit-Linked Insurance Plans (ULIPS) effective from 2 February 2020, based on instructions from the Insurance Regulatory and Development Authority of India (IRDAI). The revival period for ULIPs of the Life Insurance Corporation (LIC) of India has been increased to 3 years from now. For pension plans, the withdrawal limit has also been increased to 60%, which was earlier one-third of the corpus. Once the 5-year lock-in period is over, 25% partial withdrawal can be made. On 31 January, LIC had planned to terminate 23 plans and start fresh on 1 February. Guidelines were set by the IRDAI in 2019 to close any and all plans which were not aligned to its project guidelines. It had also relaxed regulations for traditional life insurance plans, ULIPs, and pension plans.

    5 February 2020

  • LIC increases dominance in life insurance market

    Life Insurance Corporation (LIC) of India had 6% increase in market share between April and September 2019, increasing its dominance in the life insurance industry. It now has 72% of the market share overall. Its business growth was 18% in September compared to last year and 42% between April and September. In the first half of the fiscal year, retail business grew by 22% driven by new launches in the segment of individual single premiums. There was a growth of 15% in New Business Premiums (NBP) for life insurance firms in September when compared to last year. The growth for these companies between April and September was 35%. For private life insurance firms, the growth was 9% in September compared to last year. The growth of annualized Premium Equivalent (APE) was 4% in September 2019 for private life insurance companies. Bajaj Allianz and SBI Life were the leading companies in this sector. SBI Life’s individual policies grew by 13% when compared to private life insurance companies which grew by 5%.

    19 November 2019

  • Dominance of LIC in the insurance market at 72%

    The dominance of Life Insurance Corporation (LIC) has further increased by 6% in the Indian insurance market. The 6% jump in market share is between the months of April and September. The overall market share of LIC is at 72%.

    In the insurance market, several state-run life insurers are doing better than their private competitors. According to the latest data that has been issued by the IRDAI, LIC has seen a growth of 18% in September when compared to the same time last year. As per a report from Jefferies, LIC has seen strong business growth, taking its market share to 72%. It further added that new launches have seen a strong 22% growth in the first half of the financial year. However, the insurance sector has caught up with the economic slowdown that is ongoing. Annual Premium Equivalent (APE) has seen a decline of 3% for the month of September when compared to the same time last year. APE saw growth between 11% and 27% for the year on year growth between the months of April and August. A measure that is used to compare life insurance premiums by ensuring policy returns are normalised into regular annual payments is APE.

    18 October 2019

  • LIC assures its policyholder that their money is secure and safe

    On 7 October 2019, the Life Insurance Corporation of India (LIC) refuted claims that they are in a weak financial position and have assured its policyholders that their investments are safe and secure, and the company’s financial health is sound.

    A clarification was given by LIC after various messages posted on social media claimed that the company was suffering heavy losses. These messages raised concerns over the money of various individuals who have invested in LIC. According to a statement made by LIC, the claims have been refuted and they have assured their policyholders that their money is safe. The insurer further added that the news is incorrect, uncorroborated, and was done to tarnish the image of the company. According to LIC, the message looks to portray LIC in poor light. LIC declared its highest-ever bonus of Rs.50,000 to its policyholders during 2018-2019. As of 31 August 2019, the market share of LIC was 72.84% and 73.06% in terms of the number of policies and first-year premiums, respectively. The market share of LIC has grown from 66.24% to 73.06% in August 2019 when compared to March 2019. Apart from being the largest financial institution, LIC is also the biggest investor in the debt and equities market. The value of LIC in at trillions of rupees.

    17 October 2019

  • Public sector entities see a huge increase in LIC’s investments over the last 10 years

    There has been a huge increase in investments made by Life Insurance Corporation (LIC) in public sector entities over the last decade. LIC has come to the government aid time and again.

    According to Reserve Bank of India’s (RBI’s) data, as of March 2019, a total investment of Rs.26.6 lakh crore has been made by LIC. Out of the Rs.26.6 lakh crore, Rs.4 lakh crore is in the private sector, while the remaining is in the public sector. As of March 2019, LIC’s investments towards the public sector has increased from 75% to 85% over the last 10 years. That is nearly a 15% growth on a yearly basis. The increase in investments was high in 2013-2014 and 2017-2018. The main reason for the increase in investments is because equity stakes were sold by the government in Hindustan Aeronautics, General Insurance Corporation of India, New India Assurance, MMTC, Engineers India, and BHEL. Investments in public sector entities increased by 79% and 84% in 2013-2014 and 2017-2018, respectively.

    19 September 2019

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LIC Life Insurance Reviews

Page 1 of 50 1 2 3 4 5
  • LIC Life Insurance
    "Best policy "
    0.5 5.0/5 "Blown Away!"
    LIC has offered a Jeevan Anand policy and i have taken for 5 year before. I am paying premium of Rs. 15,000 on quarterly basis which is sufficient. While getting a policy the agent has given me a clear policy details and their service was good and it has a good policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 20, 2020
  • LIC
    LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 15 years 2021 getting maturity and i am paying premium on quartely 40,000 which am paying to the agent. It covers up to myself with the sum assured of 7.5L.
    Was this review helpful? 0
    , tirupur
    Reviewed on Mar 20, 2020
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy of Jeevan Bhima for the tenure of 15 years .The premium is paid through yearly basis and premium is paid by myself through lic office only.This policy is stil active and the policy features and benefits was clealry shared by the agent .
    Was this review helpful? 0
    , indore
    Reviewed on Mar 20, 2020
  • LIC Life Insurance
    "Good "
    0.5 4.5/5 "Excellent!"
    I have taken a life insurance in LIC on 6 years before. The policy of tenure period of 20 years. I am paying premium on half yearly package the amount of 8K which is nominal. While getting a policy my agent has given an information about the policy details. It covers up to myself.
    Was this review helpful? 0
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Secured policy"
    0.5 4.5/5 "Excellent!"
    I got Money Back policy from LIC. It was taken on 14 years back. The tenure period of 20 years. The premium amount need to pay on half yearly basis of 2,480 rupees. Evey 5 years I get good returns from their end. So far I have not faced any charge. I use to remainder and update from my agency.
    Was this review helpful? 1
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good"
    0.5 4.5/5 "Excellent!"
    I took a life insurance for myself only from LIC. The policy of Jeevan Mithra which I need to pay of 10K on quarterly basis. I took this policy on 15 years back, when I was a student took this insurance so all the details got from their end on time. Only for investment taken this policy.
    Was this review helpful? 0
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good service"
    0.5 4.5/5 "Excellent!"
    LIC has offered a life insurance for my children. It covers my kids only. It was taken on 2015 which is good policy. The tenure period of 20 years. Agent has given all the details about the policy and also provided hard copy documents on time. The premium amount to pay of around 3K.
    Was this review helpful? 0
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good policy "
    0.5 4.5/5 "Excellent!"
    For my spouse I taken a life insurance policy from LIC on 3 years back. It covers only for her. The tenure period will be 20 years. I use to pay the premium amount of 20K per annum. Since somebody suggested about this policy so I opted for it. The policy is Jeeven Anandh.
    Was this review helpful? 1
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 4.5/5 "Excellent!"
    I taken a life insurance from LIC on 7-8 years back. They have given the policy of Jeevan Anandh which was covered only for myself. The premium amount which I need to pay of 6K around. The agent has given all the details about this policy. So far I have not faced any charge. To pay the amount I visit branch directly. The tenure period of 20 years.
    Was this review helpful? 1
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I got a money back policy from LIC hence taken on 12 years back. I am paying premium on quarterly package the amount of 6K which is nominal. While getting a policy the agent has given an information about all details and received the hard copy documents on time. It covers up to myself only.
    Was this review helpful? 1
    , rajahmundry
    Reviewed on Mar 18, 2020
  • LIC Life Insurance
    "Very good"
    0.5 5.0/5 "Blown Away!"
    My Aunt is working in LIC, she only suggested me to take this Life Insurance policy. I am paying annual premium of Rs. 30,000 which is auto debited from my account. This policy benefits are clearly explained to my mom and she knows it better than me. Its a money back policy taken last 2 years back.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 18, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 20 years. I need to pay the premium on monthly of 3K which am paying to the agent. It covers up to myself with the sum assured of 5L.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 17, 2020
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through lic agent .This was a maturity benefit policy and the policy tenure is for 15 years and the premium is paid on yearly basis .I am using net banking service as well as mobile banking service both are very user friendly .This was taken for my family benefits and customer service was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 16, 2020
  • LIC Life Insurance
    "Trustable policy"
    0.5 5.0/5 "Blown Away!"
    LIC is a evergreen and trust able company without any problem anyone can take the policy by closing their eyes. Therefore, I have chosen the money back policy by considering the future benefits. I pay the premium amount of Rs. 2000 on a monthly basis. This policy has a term period of 15 years. I pay the premium through online.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 16, 2020
  • LIC Life Insurance
    "Average Service"
    0.5 2.0/5 "Expected more"
    I have taken life insurance policy through LIC agent .This was a jeevan bhima policy and the tenure is for 15 years and the premium is paid within 3 months through the agent and the policy documents got on time without any delay .The service was average according to me.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 15, 2020
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    Fifteen years back, i have taken a life insurance from LIC and the policy has a tenure of 20 years. Once in 3 months, i am paying premium of Rs. 2500 and if something happen then amount would goes to my nominee otherwise I will be receiving the return.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 15, 2020
  • LIC Life Insurance
    "Better"
    0.5 5.0/5 "Blown Away!"
    I got a life insurance with LIC which is Jeevan Anand and the tenure is 21 years. I have purchased this policy 3 years back. I make the premium on yearly which is around 15K. There is no reminder call for due date. The payment mode is online and easy.
    Was this review helpful? 0
    , kanpur
    Reviewed on Mar 15, 2020
  • LIC Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    LIC has offered a Jeevan Anand policy and i have taken for 1 year before. I am paying premium of Rs. 5,000 on monthly basis which is sufficient. While getting a policy the agent has given me a clear policy details and their service was good and it has a good policy coverage.
    Was this review helpful? 1
    , haldwani
    Reviewed on Mar 15, 2020
  • LIC Life Insurance
    "Good service "
    0.5 3.0/5 "Satisfactory"
    I am using LIC Money back policy more than five years and i am paying premium of Rs. 9,000. After maturity i will be getting good returns and their service was good. This insurance policy covers any risk or any uncertainty demise. Overall am satisfied.
    Was this review helpful? 0
    , medak
    Reviewed on Mar 14, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 3.0/5 "Satisfactory"
    From LIC, i have taken a Money back policy and i am paying premium once in 6 months. I have opted for the tenure period of 15 years and i have completed the policy and got maturity amount also. I paid the premium through agent and he clearly informed benefits of this policy.
    Was this review helpful? 0
    , medak
    Reviewed on Mar 14, 2020
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