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LIC was incorporated in 1956 in India, and it has now completed sixty-two years, and today it stands proudly of the fact that it has been able to attain and become what was envisioned way back at the time of its inception.
When this is said, it does not mean its achievements in terms of premium collection and growth but its steadfastness on the motto from The Geeta “YogakshemamVahamyaham”. The company derives fulfillment from the fact that it has been able to secure the lives of the many crores of Indians till now in its journey.
LIC of India had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter.
The need for insuring life starts with life itself and slowly gets expressed as we progress along the journey of life. In life, we meet so many risks that we are left wondering what would happen if certain events were to impair our life as well as the lives of our family members?
Modern age man insures his/her life by paying nominal periodic amounts called premiums. Should any incident that has been covered by the policy occur during the policy term, then the policyholder or beneficiaries are entitled to claim the applicable benefits.
The most basic type of life insurance product is sole life cover. Under this policyholder can insure his life against death for the benefit of his/her survivors. In the event of the demise of policyholder within the policy, term beneficiaries can claim the sum assured and other benefits if applicable.
Other insurance based products can be health based insurance, units based insurance. Insurance products can have several riders and optional features.
Life insurance products are generally for the long term and can be renewed.
Who can avail Life Insurance Policies?
All Indian, as well as non-resident Indians, can avail life insurance plans. Certain plans can be only be availed upon attaining the age of maturity whereas certain other plans like child plans and endowment plans can be availed for minors under the guardianship of an adult who is generally a parent or relative.
In order to avail life insurance policy one needs to submit along with the form, certificate of age, identity and income as well as address proof. Documents in support of the same can be Adhaar Card, Pan Card, Ration Card, Matriculation Certificate, Income Statement, Passport, Electricity or Gas bill.
LIC Of India was formed as an outcome of a national movement to safeguard the well-being of the citizens of our country, to equip its vast and diverse nation with at least basic life cover so as to enable its citizens to attain financial security for themselves as well as their family members in the face of crisis.
Just by paying a nominal monthly premium, citizens have been able to avail life cover so that in the event of their demise their dependents continue to be adequately provided for.
It has been LIC’s objective to ensure that:
Life insurance products are made widely available all over India, especially in the rural and backward regions and for the socially and economically deprived segment.
It offers basic as well as enhanced and optional life cover options to suit the differential requirements of the vast and diverse nation and maximize the mobility of policy holder’s savings.
It places utmost importance on safeguarding the interests of our policyholders.
Invest in a manner that safeguards the interests of the nation, society, and community and maximize returns.
While investing policyholders money, LIC keeps in mind that the money belongs to our policyholders and we are the trustees of the same and invest in the best possible way.
Participation and involvement of our employees and agents so that they provide best services to the people of the nation.
LIC has a whole gamut of insurance-based savings products that cater to the needs of every type of insurance seeker including the micro insured. It has several plans under insurance category and health plans. It also has plans for the common man, special plans, unit plans, pension plans and micro insurance plans.
LIC has a broad and deep product spectrum so as to address the needs of the different people. The products have differential features so as to suit the various requirements and priorities.
At present, its popular life insurance products include Anmol Jeevan II and AmulyaJeevan II as well as its E-term plan. The company keeps its insurance products in tune with the need of time and keeps phasing out or withdrawing older product versions and introducing newer ones.
It offers individual as well as group insurance products. The group insurance products benefit a group of people which can be a company, society or association. The employer or head of the group can avail group insurance for its members whereby members can avail cover options at reduced costs.
The premium to be charged initially under the scheme will be Rs.200/- per annum per member for a cover of Rs.30,000/-, out of which 50% will be subsidized by the Social Security Fund . In case of Rural Landless Household (RLH) remaining 50 % premium shall be borne by the State Government/ Union Territory and in case of another occupational group the remaining 50% premium shall be borne by the Nodal Agency and/or Member and/or State Government/ Union Territory.
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.
LIC’s Jeevan Utkarsh
LIC’s Jeevan Utkarsh offers a combination of protection and savings wherein the risk cover is ten times of Tabular Single premium. The proposer will have an option to choose the Basic Sum Assured. The single premium payable shall depend on the chosen Basic Sum Assured and age at entry of the life assured.
LIC's Jeevan Pragati Plan
LIC Jeevan Pragati Plan is a non-linked, with - profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility.
LIC Jeevan Labh
LIC Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
LIC Single Premium Endowment Plan
LIC Single Premium Endowment Plan is a participating non-linked saving cum protection plan, where the premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
LIC’s New Endowment Plan
LIC New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
LIC New Jeevan Anand Plan
It is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
LIC Jeevan Rakshak Plan
It is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
LIC Limited Premium Endowment Plan
It is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
LIC Jeevan Lakshya
It is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.
LIC’s Aadhaar Shila Plan
It offers a combination of protection and savings. This plan is exclusively designed for female lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
LIC’s Aadhaar Stambh Plan
It offers a combination of protection and savings. This plan is exclusively designed for male lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
Whole life insurance or the whole of life assurance sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.
LIC’s Jeevan Umang plan
It offers a combination of income and protection to your family. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on the death of the policyholder during the policy term.
A money back policy is a more complex life insurance policy than a term plan or a standard life insurance cover that pays the sum assured to the insured party on maturity. It provides certain amounts called survival benefits in addition to the sum assured and a bonus from the insurance company based on its performance.
LIC’s Jeevan Shiromani plan
It offers a combination of protection and savings. This plan is specially designed for High Net-worth Individuals. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term.
LIC New Money Back Plan-20 years
LIC New Money Back Plan-20 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term.
LIC New Money Back Plan-25 years
LIC New Money Back Plan-25 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders.
LIC New Bima Bachat
LIC New Bima Bachat is a participating non-linked saving cum protection plan, where the premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term.
LIC New Children’s Money Back Plan
LIC New Children’s Money Back Plan is a participating non-linked money back plan. This plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits.
LIC Jeevan Tarun
LIC JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. 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.
Term Insurance is a life insurance plan that provides financial coverage to the beneficiary of the insured person for a defined period of time. In the event of the death of term insurance policyholder during the policy term, the beneficiary can claim death benefits from the insurance company.
LIC’s Anmol Jeevan - II
It is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise.
LIC Amulya Jeevan– II
It is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
LIC e-Term
The Plan provides an immediate pension for senior citizens 60 years and above.It can be purchased by paying a lump sum amount. The plan provides for pension payments of the stated amount for the policy term of 10 years, with the return of purchase price at the end of 10 years.
A pension is a fund into which a sum of money is added during an employee's employment years, and from which payments are drawn to support the person's retirement from work in the form of periodic payments
Pradhan Mantri Vaya Vandana Yojana
The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price.
LIC’s New Jeevan Nidhi
LIC’s New Jeevan Nidhi Plan is conventional with profits pension plan with a combination of protection and saving features. This plan provides for death cover during the deferment period and offers annuity on survival to the date of vesting.
LIC’s Jeevan Akshay- VI
It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the lifetime of the annuitant. Various options are available for the type and mode of payment of annuities.
Unit plans are investment plans for those who realize the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have a consistent income.
LIC New Endowment Plus
LIC New Endowment Plus is a unit linked non-participating endowment assurance plan which offers investment cum insurance cover during the term of the policy. This plan is specially designed for you to provide a very good combination of protection and long-term savings and also provides you greater flexibility to build a better life and realize your dreams.
Health insurance plans & online mediclaim policies offer financial security against increasing medical care costs to best meet health issues.
LIC Jeevan Arogya
It is a unique non-participating non-linked plan which provides health insurance cover against certain specified health risks and provides you with timely support in case of medical emergencies and helps you and your family remain financially independent in difficult times.
LIC’s Cancer Cover
It is a regular premium payment health insurance plan which provides financial protection in case the Life Assured is diagnosed with any of the specified Early and/or Major Stage Cancer during the policy term.
LIC is a completely digitalized setup and holds digital data of more than ten crore policies. The digitalized set up is based on modern-day technologies.
Computers and information technology are not new to the company. It introduced computers in its set up as early as 1964, and the older machines were timely phased out to be replaced by new generation devices.
The online drive is also not new to the company as it started promoting online services way back since 1995 so that people can access status of their policy through their online computer devices.
Today people can buy LIC’s e-policies online; they needn’t personally visit the office, they can just upload documents and pay premiums online.
LIC’s online portal is one of the best initiative by the Life Insurance Corporation of India that offers on demand service just on single click. With the online availbility, you dont have to visit the branch office as you used to. You will be free of long queues to get your work done.
Apart from basic servics, LIC offers additional benefts and discounts. But to get avail such discounts and online services you have to first register yourself under LIC’s online portal. The whole registeration process is the easiest way to access over online services.
Reover, you will get several additional benefits and updates about the company and policies as well. But for it, you have to first register yourself for LIC’s online portal. Onlone registeration is importat when you wamt to have access over online services that includes
Claim status
Online payment
Assignment and nominee status
Policy status
Revival quotations
Proposal and policy images
Benefit illustration
Complaint registration
Loan status
Policy conditions and other features
Below is the step-by-step process to log in and register as a fresh user to check your policy status online.
You have to first log in to the LIC official website (www[dot]licindia[dot]in) and select the 'Customer Portal' tab which is there under 'Online Services'.
On the official page of LIC e Services' page, click on the 'New User' buttonStep 2: On the official page of LIC e Services' page, click on the 'New User' button.
On reaching this step you have to submit your policy details that includes Policy Number, Premium Amount, Date of Birth, etc. for the completion of the registration process. After it, click on the proceed button.
Now it's time to create a new 'Username' and 'Password' for completion of LIC online registration process.
Now, you can log in with new username and password. Click on the 'Submit' button.
Register your policy and get the require details from the tab 'Enroll Policies' that is available on the left-hand side of the screen. Select the 'View Enrolled Policies' option. Verify the 'Captcha' to check the status of your registered policies.
Visit the LIC's official website (www[dot]licindia[dot]in) and select the 'Customer Portal' tab under 'Online Services'.
On the LIC's e Services' page, select the 'Registered User' button.
On the login form, select the 'Forgot user ID/Password?' link
With the 'Password' option selected, enter your 'User ID' and ‘Date of Birth’.
Fill out correct Captcha and then click on the 'Submit', button to proceed.
Visit the LIC's official website (www[dot]licindia[dot]in) and select the 'Customer Portal' tab under 'Online Services'.
On clicking 'customer Portal', you will land on the LIC's e Services' page, choose the 'Registered User' button.
On the login form, click on the 'Forgot user ID/Password?" link.
Select the 'User ID' option, enter your 'Policy Number', 'Premium' and 'Date of Birth'.
Fill the correct Captcha and then click on the 'Submit', button to proceed.
Online registeration for e-services is the simplest thing that you can do. Those who are the first time users might find it difficult but with this below steps it would become easier for you
Go to the authorized website of Life Insurance Corporation of India that is – www.licindia.in.
Look for the 'LIC e-Services' option and press the button.
This will direct you to a new page displaying two options to choose - 1) 'Registered User' and 2) 'New User'. For the registeration, you have to select the second option. Select the 'New User' tab.
It will take you to the another page that would ask for your personal details. This forwards to another page asking your personal details. You can find entry fields on this page. Here you have to submit the policy No., premium installments, birth date details and the e-mail id you want to register here. After filling in the details click on the 'proceed' button to continue.
The second page will allow you to create your own 'Username' and 'Password' for the LIC website. Your registration concludes here once you log in with your username and password on the website.
On the first page of the website you will get all the necessary options related to your account. You can proceed further after registering each of your policies and investments made with LIC. Dont forget that, with the same you can easily see the status of your policies and can make payments accordingly.
After registering all details related to policies, now you can make premum paymnet online easily. If your policies are not enrolled at the website you have to pay premiums as a non-registered user.
In the event of any crisis, LIC provides full support to its policyholders or their beneficiaries. It has a well-defined claim settlement process whereby claims can be raised and settled without any hassles.
It tries to settle maximum claims within the stipulated time frame and its claim settlement ratio for the year 2016-17 was 98.14 as per data of IRDA annual report, which was the highest in the insurance sector. In the past years also LICs claim settlement ratio has been similar and it has been continuously assessed as being the top insurance company by financial experts.
The company generally settles almost all genuine claims except those that fall under our exclusions list, and these include suicide by policyholder within one year of availing policy and situations including acts of self-injury, criminal and unlawful acts, undertaking abnormal risks and other such abnormal activities.
1. Ordinary Revival– Beneath this, the policyholder can revive his/her lapsed coverage without any problem. All he/she need to do is just pay all the unpaid premium with interest. Furthermore, simply be geared up in case, where the coverage enterprise requested for a assertion of right health together with a few medical checkups.
2. Special Revival– Below this scheme of revival the date graduation of the insured individual may be shifted and he/she will be able to pay a single premium as in step with the age at revival time. A person can take advantage of the unique revival scheme whilst he/she isn't able to pay the premium in a lump sum. below this scheme too, insurance corporation can ask for a health report. If someone wants to revive his/her coverage beneath the unique revival scheme, then there are few situations such as
You ought to use unique revival scheme for the complete tenure of the policy.
The policyholder can also move for special revival in the preliminary 3 years of the coverage lapsation.
The Policyholder must now gather any give up cost under the policy. That’s why the choice of special revival can be achieved within the initial 3 years of the policy.
3. Installment Revival-There are numerous schemes for the ease of patron and installment revival is one of them. In case in which the policyholder is not able to pay the due premium in a lump-sum, then beneath the revival scheme he can use the installment choice. If you are going for instalment option, then there are few ways via which you may preserve,In case of yearly premium, a policyholder need to pay 1/2 of the every year charge. In the half of-yearly method, the policyholder must pay one half of the every year premium.
4. Within the quarterly premium section, the policyholder has to make 2 quarterly bills. Below the monthly mode,the policyholder will pay normal 6 months premium underneath the month-to-month mode. The policyholder could make the rest of the price in identical installments within the preliminary years along side the normal top rate.
5. Survival benefits Cum-Revival Scheme– A policyholder can effortlessly use this scheme to restore the money back policy. If, this advantage due date comes previous than the in line for renewal date, then the policyholder can without difficulty avail the survival benefit. A person has to pay the more amount in case the quantity for revival is extra than the survival advantage and vice-versa.
6. Loan Cum Revival Scheme – A policyholder can also pass for mortgage cum revival scheme. Under the same the policyholder can use this advantage by means of taking the coverage loan at the date of revival of the coverage that acquires a surrender value. The policyholder may require to pay an additional amount in case there may be any scarcity inside the revival amount. If the mortgage amount is more than the revival quantity than the more amount might be paid to the policyholder.
Life Insurance Corporation of India
Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021.
IRDAI Reg No- 512
Tuesday September 18, 2018
On September 12th, LIC Chairman Shri V. K Sharma launched the latest product Jeevan Shanti. This is a single premium plan with dual annuity options. The annuitant can take an immediate annuity or deferred annuity. This plan is non– linked and non-participating plan. In the case of the immediate annuity, the returns can be availed from day one. In the case of deferred plan time period of investment is between 1 to 20 years.
Both the type of plans got multiple options to choose from. In the immediate plan there are almost 9 options, in the case of the deferred plan, there are 2 options to select. Both single and joint life is covered as well. In joint life any dependent can be covered by grandparents, parents to children. Special provision is provided for the handicapped dependent also called as divyangjan.
NPS members got special privilege to become the member of the immediate annuity. In the deferred plan, there’s guarantee addition at the end of the policy month. In the case of the demise of the annuitant, the beneficiary gets the benefits in some options. Jeevan Shanti can be purchased easily online as well as offline. Addition of this product is indeed a boon for LIC.
Monday September 10, 2018
The insurance industry has always been considered an underdog for decades. Many people are not even aware of the benefits of some basic policies. Until 2001 only 2.71% of the market was captured by the Insurance sector. Within a span of sixteen years, it has penetrated to 3.7% in 2017. During the period of six years i.e. 2011 to 2017, there’s a 56% increase in this Industry.
In the Financial Year (FY) of 2017-2018, it has recorded the Gross premium of 72 billion USD.
The launch of revolutionary schemes like Ayushman Bharat has further accelerated this sector.
Pioneer float of such plans commits to cover Rs. 5 lakhs for about 10 crore poor families. This move will also generate lots of jobs for different skills that will improvise the economy and the employment rates.
There has always been needed for different Insurance coverage. Life and health are the most important things in a person’s life that need protection. Many people didn’t even know the wellbeing they can get by investing in the Insurance. By buying good insurance plan at a very low price, many families are already cherishing. This has also resulted in making Insurance more popular. Often neglected people are the poor segment of the society. Because of no coverage in Insurance their condition further deteriorates. However this new Insurance plan, Ayushman Baharat is designed to cover these strata of society.
Growing awareness among people has also contributed to the growth of the Insurance Industry. Other factors like increasing salaries, generation X and the changing ecosystem of self-care has further bestowed Insurance penetration. Ayushman Bharat, a flagship program by the government is the key benefactor for the Insurance sector. With the advent of such plans, Insurance Industry is expected to reach 280 Billion USD in the FY of 2019-2020.
Friday September 07, 2018
As per the latest statistics by IRDA, almost 25% of people don’t care to renew their policies every year. This is more common with the insurance products that are of a low premium amount. Insurance giant LIC has earned 5,000 crores because of lapse of premium in the fiscal year (FY) of 2016-17. The same year it sold policies worth Rs. 22,178 crores, which is almost 44% of the market share. In the FY of 2017, out of 1.8 crore policies it sold, one third are expected to expire before the end of 2018.
Attribute to this loss goes to the agents who often sell insurance just to meet their targets. In some other policies, there are greater chances of misspelling as well. Agents intent to promote such products to increase their numbers and commission. In the west, such actions by the insurance advisers are managed by the clause of clawback. In countries like India, Insurance Industry is still at a nascent stage.
Policy lapse majorly contributes to increasing the ratio of AUM in the Industry. It’s even faster than the increase in the AUM in mutual fund Industry. Within a span of a decade, the mutual fund has grown ten times. In the case of the insurance sector, the ratio of increase is even higher. It has been growing at a pace of 11-14% every year. Life industries have witnessed exponential growth from Rs. 5.41 lakhs to Rs. 30 lakhs from 2008 to 2018. Reson for such a huge growth is the asset under management. Prime reason for the growth of AUM in insurance niche is the cessation in the policy.
These lapsed policies are a complete loss to the policyholders. If they don’t care to renew the policy within the year of purchase than they bear lose of the entire premium amount. The average rate of renewal every year is approximately 75-76%. All the lapsed policies contributes in increasing the AUM of the Insurance Industries.
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