Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) is the largest insurance company in India with an association of over 245 insurance companies and provident societies. It was incorporated in 1956 and has its headquarter in Mumbai, India. The company has completed 64 years and today, it stands proud of the fact that it has become what was envisioned way back at the time of its establishment.

Let's discuss all the LIC Life Insurance Plans in detail-

1. LIC Endowment Plans

i) LIC New Jeevan Anand Plan

This plan provides financial assistance to the family in case of the death of the life insured before maturity. It also offers a provision of payment of lump sum at the end of the selected policy term in case of policyholder's survival.

Eligibility Criteria:

**Last updated on 04-12-2020

ii) LIC Jeevan Labh

LIC Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan that provides a combination of protection and savings. It also provides financial assistance to the family in case of unfortunate death of the insured and in case of maturity, a lump sum amount is payable.

Eligibility Criteria: 

**Last updated on 04-12-2020

iii) LIC New Endowment Plan

LIC New Endowment Plan is a participating non-linked plan, which provides an exclusive combination of protection and saving features. This plan offers financial support to your family, so they can live a stable life in case of your death. Also, at the time of maturity, the insured is liable to receive a lump sum amount.

Eligibility Criteria:

**Last updated on 04-12-2020

iv) LIC Single Premium Endowment Plan

LIC Single Premium Endowment Plan is a participating, non-linked, savings individual life assurance plan in which the premium is paid in a lump sum at the outset of the policy. This combination provides financial assistance against death during the policy tenure by paying a lump sum at the end of the chosen policy term (in the event of policyholder's survival).

Eligibility Criteria:

**Last updated on 04-12-2020

v) LIC New Bima Bachat Plan

LIC New Bima Bachat Plan is a participating, non-linked, savings cum protection plan in which the premium is paid in a lump sum at the outset of the plan. It is a money-back plan that offers financial protection to the family of the insured in case of his/her death during the policy tenure.

Eligibility Criteria:

**Last updated on 04-12-2020

vi) LIC Jeevan Lakshya

LIC Jeevan Lakshya is a participating, non-linked life assurance plan that provides a combination of savings and protection. This plan offers annual income benefit, which helps to fulfil the family requirements (in case of an unfortunate demise of the policyholder) any time before maturity. If the person survives the maturity period, a lump sum amount is paid to the policyholder.

Eligibility Criteria:

**Last updated on 04-12-2020

vii) LIC Aadhaar Shila Plan

Exclusively designed for females, LIC Aadhaar Shila Plan offers a combination of protection and savings. Under this plan, your family will receive death benefits to deal with all requirements and liabilities in case of your demise.

Eligibility Criteria:

**Last updated on 04-12-2020

viii) LIC Aadhaar Stambh Plan

Exclusively designed for male lives, LIC Aadhaar Stambh Plan is a mixture of protection and savings. This plan offers financial assistance to your family in case of the unfortunate death of the insured.

Eligibility Criteria:

**Last updated on 04-12-2020

2. LIC Whole Life Plan

i) LIC Jeevan Umang Plan 

LIC Jeevan Umang Plan is a non-linked, with-profit, whole life assurance plan. It provides a combination of income and protection to the policyholder and his/her family. The plan provides annual survival benefits from the end of the premium paying term until maturity.

Eligibility Criteria:

**Last updated on 04-12-2020

3. LIC Money Back Plans

i) LIC Bima Shree Plan

LIC Bima Shree is a non-linked, participating, individual life assurance savings plan that comes out with guaranteed and loyalty additions. This plan is designed for individuals who have a high net worth.

Eligibility Criteria:

**Last updated on 04-12-2020

ii) LIC Jeevan Shiromani Plan

LIC Jeevan Shiromani is a non-linked, participating, individual life assurance savings plan that offers a limited premium payment plan with minimum basic sum assured of Rs. 1 crore. The plan provides the required financial assistance to your family in case of your unfortunate demise during the policy tenure.

Eligibility Criteria:

**Last updated on 04-12-2020

iii) LIC New Money Back Plan-20 Years 

LIC New Money Back Plan-20 Years is a participating, non-linked, limited premium plan that provides a financial cover against death during the whole policy tenure and offers benefits by paying survival benefits.

Eligibility Criteria:

**Last updated on 04-12-2020

iv) LIC New Money Back Plan-25 Years

LIC New Money Back Plan-25 Years is a participating non-linked plan that offers financial support against the death of the insured for the entire policy tenure, along with the periodic payment on survival at specified durations during the term.

Eligibility Criteria:

**Last updated on 04-12-2020

v) LIC New Children's Money Back Plan 

LIC New Children's Money Back Plan is a non-linked, participating, individual life assurance money back that is designed to cater to your financial needs while meeting the important milestones of your child such as education, marriage, etc.

Eligibility Criteria:

**Last updated on 04-12-2020

vi). LIC Jeevan Tarun 

LIC Jeevan Tarun is a participating non-linked plan that comes with a limited premium payment and provides an exclusive combination of protection and saving features, especially for children. This plan is designed to cater to the educational and associated needs of your growing child via annual survival benefit payments (from ages 20 to 24 years) and maturity benefit at the age of 25 years

Eligibility Criteria:

**Last updated on 04-12-2020

4. LIC Term Insurance Plans

i) LIC Tech Term 

LIC Tech-Term is a non-linked, non-participating, online pure risk premium plan that offers financial protection to the policyholder's family in case of his/her unfortunate demise during the policy tenure.

Eligibility Criteria:

**Last updated on 04-12-2020

ii) LIC Jeevan Amar plan

LIC Jeevan Amar plan is a non-linked, non-participating, offline term assurance plan. It offers the flexibility to choose from two death benefit options- level sum assured and increasing sum assured. The plan offers financial protection to your family in case of your unfortunate demise.

Eligibility Criteria:

**Last updated on 04-12-2020

5. LIC Pension Plans

i) Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana is a non-linked, non-participating, pension scheme subsidized by the Government of India that can be bought by paying a lump sum purchase price.

Eligibility Criteria:

**Last updated on 04-12-2020

ii) LIC Jeevan Shanti

LIC Jeevan Shanti is a single premium plan under which the insured has the option to select an immediate or deferred annuity. The plan comes out with 9 different annuity options to choose from that can go well with your needs.

Eligibility Criteria:

**Last updated on 04-12-2020

iii) LIC Jeevan Akshay-VII

LIC Jeevan Akshay-VII is a non-linked, non-participating, individual immediate annuity plan where the policyholder can choose his/her type of annuity from 10 available options on payment of a lump sum amount. Moreover, the plan can be purchased offline as well as online.

Eligibility Criteria:

**Last updated on 04-12-2020

6. LIC Unit Plans

i) LIC New Endowment Plus

LIC New Endowment Plus is a unit-linked, non-participating, regular premium individual life insurance plan that offers investment cum insurance cover during the policy term. This plan is developed to provide a perfect combination of protection, long-term savings, and offer greater flexibility that lets you live your life independently.

Eligibility Criteria:

**Last updated on 04-12-2020

ii) LIC Nivesh Plus

LIC Nivesh Plus is a unit-linked, non-participating, single premium life insurance plan that offers insurance cum investment benefits that allow you to stay protected and earn great returns.

Eligibility Criteria:

**Last updated on 04-12-2020

iii) LIC SIIP

LIC SIIP is a unit-linked, non-participating, individual life insurance plan. A policyholder can choose his/her preferred type of investment fund out of the four options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund.

Eligibility Criteria:

**Last updated on 04-12-2020

7. LIC Health Plans

i) LIC Jeevan Arogya

LIC Jeevan Arogya is a unique, non-participating, non-linked health insurance plan that offers health cover against listed health problems and provides you with financial support during medical emergencies.

Eligibility Criteria:

**Last updated on 04-12-2020

ii) LIC Cancer Cover

LIC Cancer Cover is a traditional premium payment health insurance plan that offers financial assistance if the policyholder is diagnosed with the listed early/major stage cancer during the policy term.

Eligibility Criteria:

**Last updated on 04-12-2020

8. Withdrawn Plans (Recent)

i) LIC Jeevan Pragati

LIC Jeevan Pragati Plan is a non-linked, with-profit plan, which offers a combination of savings and protection, with an automatic increase in risk cover every five years during the policy term.

Benefit:

1. In an unfortunate event of policyholder's death, death benefit (defined as the sum of "Sum Assured on Death"), vested simple reversionary bonuses, and final additional bonus (if any) shall be payable, provided all due premiums have been paid. 

ii) LIC Jeevan Rakshak Plan

LIC Jeevan Rakshak Plan is a non-linked plan that provides a combination of protection and savings. This plan provides financial support to the family in case of the insured's death before maturity.

Benefit:

1. In an unfortunate event of the death of the policyholder during the policy term, "Sum Assured on Death" shall be payable. The amount would be the highest of:

» Basic Sum Assured or

» 10 times of annualized premium or

» 105% of all the premiums paid as on date of death.

iii) LIC Limited Premium Endowment Plan

LIC Limited Premium Endowment Plan is a participating non-linked plan that comes with a combination of savings and protection. The plan also allows you to avail of the loan facility.

Benefit:

1. Under this plan, a policyholder has an option to avail the rider benefits: 

• LIC Accidental Death and Disability Benefit Rider
• LIC New Term Assurance Rider

iv) LIC Jeevan Utkarsh

LIC Jeevan Utkarsh offers a combo of protection and savings, in which the risk cover is 10 times of the single premium. The single premium paid is based on selected basic sum assured and age at entry of the policyholder.

Benefit:

1. Under this plan, the policyholder is eligible for loyalty addition at the time of exit, only after completion of five policy years in the form of the death benefit.

v) LIC Bima Diamond Plan

Bima Diamond Life Insurance Plan is a non-linked, limited premium payment plan that provides the benefit of savings and protection and also offers financial assistance to the insured's family in case of his/her death.

Benefit:

1. If the policyholder survived until the end of each of the specified durations during the policy term, then (s)he is eligible for a fixed percentage of Basic Sum Assured.

The fixed percentage for various policy terms is as below:

• For policy term 16 years: 15% of Basic Sum Assured at the end of each of 4th, 8th, and 12th policy years.
• For policy term 20 years: 15% of Basic Sum Assured at the end of each of 4th, 8th, 12th, and 16th policy year.
• For policy term 24 years: 12% of Basic Sum Assured at the end of each of 4th, 8th, 12th, 16th, and 20th policy year.

vi) LIC New Bima Bachat

LIC New Bima Bachat is a participating, non-linked savings cum protection plan in which the premium is paid in a lump sum at the beginning of the policy.

Benefit:

1. In the event where the policyholder survives till the end of the policy term, the payment of a single premium (excluding taxes and extra premium), along with loyalty addition will be paid to the policyholder.

vii) LIC Anmol Jeevan-II

LIC Anmol Jeevan-II offers financial protection to the family of the policyholder in the event of his/her miserable death.

Benefit:

1. If the policyholder dies during the policy term, the sum assured shall be payable.

viii) LIC Amulya Jeevan-II

LIC Amulya Jeevan-II is a pure protection plan, which is designed to protect your family in case of your demise.

Benefit:

1. In an unfortunate case of the death of the policyholder during the policy term, the sum assured shall be payable.

ix) LIC New Jeevan Nidhi

LIC New Jeevan Nidhi is a conventional, with-profits pension plan that comes with a combination of protection and savings features. The plan also offers death cover during the deferment period.

Benefit:

1. On vesting, an amount equal to the basic sum assured along with accrued guaranteed additions, final additional bonus (if any), and vested simple reversionary bonuses will be paid to the Life Assured, provided the policy is in full force.

x) LIC Jeevan Akshay-VI

LIC Jeevan Akshay-VI is an instant annuity plan that can be bought with a payment of a lump sum amount. The plan offers annuity payments of a specified amount (every year) to the annuitant for a lifetime. Different options are there to choose the type and mode of payment.

Benefit:

1. There are 7 types of the annuity payable under this plan.

Why Buy Life Insurance From LIC?

LIC of India was formed as an outcome of a national movement to safeguard the well-being of the citizens of our country and to equip its diverse nation with at least basic life cover to enable its citizens to attain financial security for themselves as well as their family members (in the case of crisis).

LIC 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, enhanced, and free life cover options to suit the differential requirements of the diverse nation and maximize the mobility of the policyholder's savings.
• It places the utmost importance on safeguarding the interests of policyholders.
• While investing policyholders' money, LIC keeps in mind that the money belongs to policyholders and invests in the best possible way.
• Participation and involvement of employees and agents so that they provide the best services to the people of the nation.

LIC Claim Settlement Procedure:

Step 1: Intimation of Claim

The claimant needs to inform the insurance company as early as possible. The details should consist of the policy number, name of the insured, date of death, place of death, name of the claimant, etc.

Step 2: Submission of Documents

The claimant will be asked to present the below documents to the insurer:

1. Claim form
2. Death Certificate 
3. Age of the Insured (Birth Certificate) 
4. Original Policy Document 
5. Any other document requested by the insurer 

Step 3: Claim Settlement

Once all the documents are submitted and checked by the insurer, your claim will be settled (if approved) very soon by the company.

Note: LIC Insurance Policy also offers coverage against COVID-19. The death claims arising due to Coronavirus are treated on par with other causes of death and are processed as per the terms and conditions of the policy.

LIC Login Process

LIC website offers services with a single click. With the online services available, one doesn't have to visit the branch office. Apart from basic services, LIC offers additional benefits and discounts. But to avail such discounts and online services, you have to register yourself on LIC online portal. Online registration is vital to avail required service from the comfort of your home.

New User LIC Login Registration

The step-by-step process to login and register as a fresh user to check the policy status online are as follows:

• Login to the LIC official website (www.licindia.in) and select the 'Customer Portal' tab under 'Online Services'.
• On the official page of the LIC 'e-services' page, click on the 'New User' button.
• Submit your policy details for the successful completion of the registration process. After this, click on the 'Proceed' button.
• Create a 'Username' and 'Password' for the completion of the LIC online registration process.
• Now, you can log in with the new username and password. Click on the 'Submit' button.
• Register your policy and get the required 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 registered policies.

How To Pay LIC Policy Premium?

Payment of Life Insurance Corporation (LIC) premium online or offline is easy.

Offline Payment LIC of India Premium

Following are the ways by which you can pay the premium for LIC policy offline:

• The premium of LIC policy can be paid offline at the cash counter at any nearest LIC branch office.
• The premium can also be paid in cheque or demand draft.

Online Payment LIC of India Premium

To make the process more convenient, LIC of India has now started LIC 'e-services'. The e-service portal lets you pay online and also avail of other services.

Go to the official website: www.licindia.in/Home/Pay-Premium-Online.

The premium can be paid directly without logging in or can be paid through the LIC of India customer login, i.e. 'e-services' portal.

To Pay Directly Without Login in LIC of India

• Select renewal premium/revival
• Click on 'Proceed'
• Enter your policy number, date of birth, mobile number, premium amount, and email ID.
• The policyholder can then proceed with making the payment.
• The payment can be made via net banking, Debit Card (VISA, Master, and Rupay), Credit Card (VISA, Master and Amex), BHIM, or UPI.
• On making the payment, a receipt would be mailed to your Email ID.

To Pay Through Customer Portal of LIC of India

You will be directed to

• Select role
• Enter your LIC policy login i.e., valid user ID/mobile, or email ID
• Password
• And the date of birth
• Proceed ahead to make the payment.

How To Revive Lapsed Insurance Policy?

If a policyholder is unable to make the payment of premiums on time or within the grace period, the policy will get lapsed. However, to revive the LIC lapsed policy, one can opt for different types of revival schemes such as:

1. Ordinary Revival
2. Special Revival
3. Instalment Revival
4. Survival Benefits Cum-Revival Scheme
5. Loan Cum Revival Scheme

You can also check our article on this for more information.

LIC Life Insurance: Contact Details

Customer Support:

Contact LIC Call Center at 022 6827 6827 (24*7)

For any policy-related grievance, please feel free to contact our Grievance Redressal Officers at Branch / Division / Zonal / Corporate Level.

SMS LIC HELP :

SMS LICHELP to 9222492224 or SMS LICHELP to 56767877.

Toll-free no. 18004259876 for Health Insurance policies from 10 AM to 5 PM on all working days
Get in touch through our Live Chat Option- "LIC MITRA"

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