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  • Life Insurance Corporation of India (LIC)

    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 98.31%, LIC offers a diverse range of insurance portfolio catering to various needs of its customers.
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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    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 1,560,482 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.


    Key Highlights of LIC Life Insurance

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    Claim-settlement ratio for LIC Life Insurance

    Claim Settlement Ratio

    Claim-settlement ratio of 98.31% for year 2016-2017

    Occupation eligibility for LIC Life Insurance

    Grievances Resolved

    100% Grievances Settled for year 2016-2017


    To be eligible for LIC Life Insurance

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    Minimum age for LIC Life Insurance

    You should be at least 18 years old

    Maximum age for LIC Life Insurance

    You should be less than 60 years old

    Occupation eligibility for LIC Life Insurance

    You should be either Salaried, Self- employed, a professional or have your own business


    LIC Life Insurance at a Glance

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    Maximum tenure of LIC Life Insurance

    A maximum tenure of 35 years

    Maximum sum assured for LIC Life Insurance

    Min Sum Assured: Rs 25 Lakhs
    Max Sum Assured: No limit subject to underwriting

    Exclusions for LIC Life Insurance

    Specific exclusions: Suicide within the first 12 months


    Documentation needed to apply for an LIC Life Insurance

    • 1. Identity Proof
    • 2. Age Proof
    • 3. Income Proof
    • 4. Address Proof
    • 5. PAN Number

    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. In India,LIC is synonymous with life insurance with some of the most reasonably rated premiums and sufficient 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 which allows 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 number 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. 1 lakh 20 years
    LIC’s Limited Premium Endowment Plan Rs. 3 lakhs 21 years
    New Jeevan Anand Rs. 1 lakh 35 years
    LIC’s Jeevan Labh N.A. N.A.
    LIC’s Jeevan Pragati N.A. N.A.
    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 9, 12 or 15 years
    LIC’s Bima Diamond 10 x annualized premium 12, 16 or 20 years
    LIC’s Jeevan Tarun N.A. 20 years
    LIC New Children’s Money Back Plan Rs. 1 lakh 20 years

    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. 25 lakhs 35 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 dependants at home.

    LIC's Amulya Jeevan II: This is a minimal and basic plan for long-term investment of you 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 than can be used to make a whole insurance policy to gain the benefits of a term insurance policy with a slightly higher premium.

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

    LIC's New Endowment Plus: 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 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 N.A. N.A.
    LIC’s Bhagya Lakshmi Rs. 2 to 5 lakhs 7 to 15 years

    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 5 to 35 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.

    LIC Withdrawn Plans:

    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. 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.

    News About LIC Life Insurance

    • Rs.35,000 Monthly Pension With LIC Jeevan Shanti + PPF Pension Plan

      The LIC Jeevan Shanti + PPF pension plan allows individuals to earn Rs.35,000 per month as pension after retirement by investing only Rs.5,000 every month for 15 years. However, the chances of the scheme offering the best returns increases if the investment is made early, approximately at the age of 25 years. When a policyholder starts his or her investment of the amount at the age of 25, he or she can be assured that he/she will be able to get the return of the said pension amount at the age of 60. While there are numerous other pension plans available in the market, the one mentioned above can be deemed as the simplest plan that an individual can start invest in to receive an assured amount on a monthly basis after retirement. If a person decides to invest just Rs.10,000 per month in this scheme for the 15 years, then he or she would become eligible for a monthly pension plan.

      In addition to the attractive interest rate, the PPF account comes with multiple other benefits as well, which are at par or above the interest offered by several Fixed Deposit plans. Not only can the investor get an assured return from the PPF, he or she will also receive tax benefits on the investment along with the interest earned on it.

      4 December 2018

    • LIC to Partner With Kerala Government for Post-Flood Rehabilitation

      The Life Insurance Corporation of India (LIC) is planning to join hands with the Government of Kerala to help with the reconstruction and rehabilitation activities in the flood-affected state. According to the statement of the Chairman at LIC, V. K. Sharma made while addressing the media persons, the company is looking to invest in the bonds of the state government and sponsor a few specific projects to this end. LIC has recently offered financial assistance worth more than Rs.7 crore for this purpose to the Chief Minister’s Distress Relief Fund. Furthermore, the life insurance provider is planning to host a major subscription drive in the wake of the recent floods in Kerala that claimed 483 lives. In reference to this tragedy, Sharma further added that only 55 individuals among the total number of deceased were LIC policyholders, and had a total of 79 policies. Out of this, 40 policies were surrendered, matured, or lapsed. The company has finally settled 26 claims till now, and steps are being taken to settle the rest of the claims. Even though LIC has 75% market share in the country, the coverage of the company still has room for improvement. The client base of the public-sector insurer is ranges between 25% and 30% only out of the total population of the state. The Managing Director of LIC, B Venugopal, stated that the organisation had taken a proactive role in identifying and settling claims soon after the floods. Additionally, LIC had also appointed nodal officers to identify the policyholders in the flood-affected districts. He further added that the insurance provider also relaxed the norms in order to be able to make immediate settlements. The claimants were also not mandated to produce the death certificate of the deceased. Instead, they only had to provide a certificate by government authorities or the LIC development officer. During this time, some of the claims were settled in as less as 3 hours, and the late fees for due premiums were condoned from 15 July to 30 September. This facility was availed by around 9,700 policyholders and the total amount waived stands at Rs.8.70 lakh.

      25 October 2018

    • LIC Jeevan Shiromani plan versus LIC Bima Shree plan

      The Life Insurance Corporation of India (LIC) offers several schemes that have a money back guarantee. Two of the most popular plans are the following:

      LIC Jeevan Shiromani plan provides minimum basic sum assured of Rs.10 lakh to the insured. There is no limit on the maximum basic sum assured. The policy term can be chosen based on the policyholder’s convenience, i.e., 14, 16, 18, or 20 years.

      LIC Bima Shree plan offers a mix of savings and protection to the policyholder. The plan is specifically designed for high net-worth customers. The minimum basic sum assured is Rs.10 lakh. There is no limit on the maximum sum assured. The policy term can be 14, 16, 18, or 20 years.

      17 October 2018

    • Life Insurance Corporation Jamshedpur division ranks number 1 in premium growth

      With a 22% plus increase in the total number of premiums availed in the year, LIC Jamshedpur has now topped the list of having the highest premium growth rate in the country amongst all insurers in the country. LIC Jamshedpur experienced a Rs.390.29 crore premium, smashing their target of Rs.303 crore, a 128% increase in the premium income amount.

      20 April 2017

    • LIC appoints two more Managing Directors

      The Appointments Committee of the Cabinet has approved the appointment of Sunita Sharma and B Venugopal as MDs for up to five years or up to their superannuation date, whichever comes first. With the other two MDs, Usha Sangwan and Hemant Bhargava, the country’s biggest insurance company now has four MDs. Meanwhile, the BBB (Bank Board Bureau) recommended five executive directors and chief executives were recommended for the post of MD at five public sector banks.

      12 April 2017

    • LIC Gives Over Rs. 50 lakh Towards Scholarship Under Aam Aadmi Bima Yojana

      As a part of its month-long diamond jubilee celebrations, the Visakhapatnam division Life Insurance Corporation (LIC) recently awarded Mr. A. Tulasi Rao, chairman of Visakha Dairy, a cheque for Rs.50 lakh as the scholarship amount for children of dairy farmers falling under the Aam Aadmi Bima Yojana (AABY). This Bima Yojana, which is one of the most prominent scheme initiated by LIC, has been introduced with the objective of assisting people belonging to the weaker sections.

      5 october 2016

    • ‘Bima Diamond’ Launched to Commemorate LIC’s Diamond Jubilee

      LIC has launched a money-back plan to commemorate their diamond jubilee. Called ‘Bima Diamond’, the plan comes with a 16, 20 and 24 year policy term and is available for purchase up till 31st August, 2017.

      The plan will provide policyholders with a fixed amount of money every 4th year during the policy term.

      The plan comes with a full Sum Assured amount during the policy tenure and half the Sum Assured amount beyond the policy term.

      Auto coverage will also be available after the third policy year onwards. Personal accidental death rider and disability riders are available with this plan.

      23 September 2016

    • LIC Eyes Bonanza Earnings From Eastern States

      The Life Insurance Corporation of India (LIC) is looking at making Rs.5,000 crore from premium earnings from the eastern parts of India for the current financial year. The company has already amassed close to Rs.2,000 crore in premiums up to August, posting 100% growth.

      The company is now targeting reaching Rs.5,000 crore by the end of the financial year.

      LIC’s pension and group schemes have contributed significantly to their earnings as well, with Rs.2,616 crore amassed through them so far.

      The spurt in revenue has also fuelled a recruitment drive to keep up with demand, with LIC adding over 40,000 new agents in the eastern sector.

      9 September 2016

    • LIC sells 2% stake in GNVFCL

      Life Insurance Corporation of India (LIC) has reduced its stake in the Gujarat Narmada Valley Fertilisers and Chemicals Ltd (GNVFCL) by selling off 2% of its stake. LIC had a total of 9.81% share in the company. After selling off 2% through an open market transaction, LIC now has a total of 7.80% stake in the company. According to a BSE filing, LIC had 31,20,693 shares of GNVFCL amounting to 2%. Taking the closing price of Wednesday, Rs.153.85 per share, the total value of the sale amounts to Rs.48 crore.

      1 September 2016

    • LIC To Soon Give A Green Signal For Aditya Birla Nuvo-Grasim Merger

      The Aditya Birla Nuvo-Grasim merger nears completion as it awaits the go to signal from the nation’s most prominent investment institution, Life Insurance corporation. While private equity investor, Ashish Dhawan, is not quite in favour of the merger, Kumar Mangalam Birla already has the support of LIC for the merger.

      On Aug 11, management of the Aditya Birla Group announced plans for restructuring of two of its listed group entities, Aditya Birla Nuvo and Grasim Industries, both of which have undergone a dip in market shares since the deal was announced. LIC’s stake stands at 4.66% in Aditya Birla Nuvo and at 6% in Grasim.

      29 August 2016

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    LIC Life Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Very good"
      0.5 4.5/5 "Excellent!"
      I am using Life Insurance policy and need payment in six month once i am happy with LIC insurance policy . Since long time i am using Life cover policy so i am only trust to LIC for Life insurance payment is made in cheque and sometimes in cash which one collected by agent for service i can give rating 4.5 very good service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 13, 2018
    • LIC Life Insurance
      "Good Trusted insurance company"
      0.5 3.5/5 "Pretty good"
      They have reached across all over and they have spread the different policies when I started this policy they helped on it. I normally pay the premium annual basis around Rs.1.5 lakh for the long term with tax benefits and life cover also included.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 13, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my life insurance with Life insurance corporation of India, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly,the premium amount they have charged me was nominal,and it use to get auto debited from my account.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Dec 12, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my life insurance with Life insurance corporation of India, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis, and they have charged me up to 7000 it is nominal , and premium amount it use to get auto debited from my account.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 12, 2018
    • LIC Life Insurance
      "LIC is trustable company"
      0.5 5.0/5 "Blown Away!"
      I have just selected Life Insurance Corporation of India for my life insurance policy because its recommended by my father. Total tenure period of the policy is 20 years. Overall, i have not faced any kind of issues with Life Insurance Corporation of India.
      Was this review helpful? 0
      , lucknow
      Reviewed on Dec 12, 2018
    • LIC Life Insurance
      "LIC is good for future"
      0.5 5.0/5 "Blown Away!"
      I have purchased the LIC policy for last 5 years. My father has recommended me about this policy. I have been paying the premium of Rs. 6000 and i have selected the yearly payment mode. I used to make the payment through online by using my debit card. Overall, I'm satisfied with LIC.
      Was this review helpful? 0
      , lucknow
      Reviewed on Dec 12, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken Jeevan anand policy from the life insurance corporation of India . It has coverage of accidental and critical illness benefits . Am satisfied with the premium amount which am making yearly , I make the payment through online banking . I have chosen this policy based on the benefits and features . Overall am satisfied with this policy .
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 12, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance jeevan policy from Life insurance corporation of India . This policy covers with accidental coverage and critical illness coverage . This is good policy with good benefits . Overall am satisfied with customer service and response .And making the payment half yearly through on line net banking.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 12, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance policy from the life insurance corporation of India . I pay the premium amount quarterly which i make the payment through online . The policy coverage with accidental benefits and critical illness .i have chosen long term policy where the premium amount is bit expensive comparing to other policy
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 12, 2018
    • LIC Life Insurance
      "Cool policy"
      0.5 4.0/5 "Great!"
      I have purchased my LIC policy in 2008 and the policy name is Jeevan Anand. This policy having a tenure period of 25 years. I used to pay the premium of Rs. 2000 in a every half year. The sum assured amount was Rs. 2 lakhs. This is a tax benefitable policy. Its because of the trust i have selected LIC.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Dec 12, 2018
    • LIC Life Insurance
      "Jeevan ke saath be and Jeevan ke baath be"
      0.5 2.5/5 "Just OK"
      Total tenure period of the policy is longer one. I would have opted for short period of time. The explanation procedure of the policy was not happened when i purchased the life insurance policy with LIC. I never been contacted the LIC customer care. I have taken the policy 10 years before. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 11500 per annum. The sum assured amount is Rs. 2 lakhs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with Life insurance corporation of India from past 6-7 years, and the agent of LIC was know person so he suggested me best policy and there premium amount they have given me was nominal and there is no hidden charged , and i pay premium through on line.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Very Good Policy"
      0.5 4.5/5 "Excellent!"
      I have purchased the Life insurance policy with LIC. 8 years ago, i have taken the Jeevan Anand policy. They are having so many policies but most of the times i just took the policy for the tax benefits. I have selected the payment mode for every six months.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.5/5 "Excellent!"
      My Jeevan Raksha policy was purchased from Life Insurance corporation of India. I took this policy 3 years before and just because of the tax benefits i have purchased. I make the premium yearly once and i used to pay the premium amount by cash.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.5/5 "Excellent!"
      I feel LIC is a very good company to take the insurance policies hence i have selected my Jeevan Anand policy 4 years back with this company and I'm very satisfied with the LIC services. I have chosen the payment mode by cash, and i make the premium six months once
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I have Jeeven anand policy, I used to pay the premium around Rs.18,000 for one year, I get the benefits amount after 18 years, they have life coverage of Rs. 4 lakhs and tax benefits. Payment mode is good I used to make the payment through online.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my life insured with LIC from last 4-5 months and it is a long term policy. I am happy with the returns and benefits of this policy. Net banking is easy to make premium payments i pay it once in 6 months. The maturity period for this life insurance policy is 15 years.
      Was this review helpful? 0
      , lucknow
      Reviewed on Dec 10, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using life insurance with Life insurance coporation of India , and the premium they use to charge me was nominal and it use pay my insurance premium through on line itself, there agent had explained me clearly about the the policy and coverage in this policy, overall service is going smoothly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 10, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from long time and it is a long term policy. I pay my premium once in a month through ECS for Rs 525 and i am convenient with the payment options. The tenure period for this loan is 20 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 10, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with Life insurance corporation of India, i took my life insurance with my friend as he is the agent of that and he had suggested me good policy explain me well about the coverage and the premium amount they have charged me was nominal they have given me up to 25,000 , i use to pay to my friend the premium amount.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 10, 2018
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