Features of Life Insurance Corporation of India Plans
There are various features of LIC Plans. Let's understand each of them in detail:
- Convenient Payment Options: LIC plans offer convenient payment options, including monthly, quarterly, half-yearly, and yearly modes.
- Grace Period: LIC life insurance plans offer a grace period to avoid penalties in case you miss your premium payments.
- Easy Buying Process: The process of buying LIC life insurance plans is easy and fast. You can either visit their website/branch office or PolicyX.com to get a plan that suits your requirements.
- Choice of Policy Tenure: LIC life insurance products offer you the option to choose the policy tenure that best suits your needs.
Exclusions of LIC Life Insurance Plans
- Death due to a pandemic such as COVID-19 or Ebola will not be covered by the company.
- Death due to indulging in any adventure sports.
- Death due to consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease that isn't mentioned at the start of the policy.
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Benefits of LIC Life Insurance Plans
There are multiple benefits of LIC Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.
Best Customer Experience
LIC brings effective solutions to its customers. The insurer tends to look at every product, service point, and innovation from the customer's perspective.
Economical and Affordable Plans
LIC offers cost-effective plans with affordable premiums, catering to individuals across demographics.
Flexible Plans
LIC plans offer various coverage options, allowing you to select a plan that meets your needs.
Healthy Lifestyle Benefit
LIC Plans recognize and reward individuals who have a healthier lifestyle with their low premium options.
Tax Benefits
Tax Benefits can be availed for premium payments of plans under sections 80C and 10 (10D) of the Income Tax Act 1961.
Riders You Can Avail with LIC Life Insurance Plans
| Name of the Rider |
Benefits |
| LIC Accidental Death and Disability Benefits Rider |
Additional benefits are offered if the policyholder is diagnosed with any of the critical illnesses mentioned or suffers disability due to an accident. |
| LIC Accidental Death Benefits Rider |
A lump sum amount is offered in case of the policyholder's demise due to an accident if you have opted for an accidental death benefit rider. |
| LIC Critical Illness Rider |
A lump sum amount is offered if the policyholder is diagnosed with any of the critical illnesses mentioned. |
| LIC Premium Waiver Benefit Rider |
Future premiums are waived off if the policyholder's demise is due to an accident or any of the critical illnesses mentioned, provided you have a premium waiver benefit rider. |
Documents Required to Purchase LIC Life Insurance Policy
Here is the list of documents required to buy LIC Plans:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license (either one).
- Age Proof: Passport, Aadhaar card, PAN card, Driving license (either one).
- Address Proof: Utility bill, passport, voter ID, ration card (either one).
- Medical Records: Medical records of the policyholder if requested.
- Income Proof: Bank statement, last three months' salary slips (if you are salaried) (either one).
How to Calculate Premiums
- Visit the official website of LIC Company.
- Click on 'All plans' on the navigation bar and select 'Life Insurance Plans'.
- Click on the plan you want to buy by clicking "Buy Online".
- Provide your details, including your name, gender, age, educational details, and income details.
- Select the cover option you want and make your payment. Once the payment is made, you will get a payment confirmation at your registered email address.
How to File LIC Claims?
Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim settlement process at LIC Life Insurance involves the following three steps:
Online Process
1. Claim Intimation
Inform the company about the incident via various channels: by writing an email to LIC Life, calling the toll-free number, filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim.
2. Document Submission
You have to submit the necessary documents requested by the insurer to process the claim.
- In case of natural death: death claim form, death certificate, original policy documents, claimant's identity & residence proof, medical records, and account details of the nominee.
- In case of an accidental death: The same documents with two additional ones: FIR and post-mortem report.
3. Claim Settlement
After receiving all the documents and claim forms, the insurer will verify the details as per their norms. If they require any additional details, they will contact you via call or email. On successful completion, the claim will be settled, and the amount will be transferred to the nominee's bank account. The same will be communicated to him/her over a call or an email.
Offline Process
LIC Life insurance claim settlement procedure can be reported by visiting the local LIC Life Branch Office. For details of LIC Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.
How to Port Your Policy
- Fill out the form given at the top of this page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, you will get a payment confirmation at your registered email address.
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