#Virukipolicy | T&C*
Life Insurance Corporation of India (LIC of India) was incorporated in 1956, headquartered in Mumbai, India. It is the largest insurance company in India with an association of over 245 insurance companies and provident societies. and it has now completed 63 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 establishment.
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 Bhagavad Geeta “Yogakshemam Vahamyaham” (meaning “I shall take care of my devotees!”). 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 entire journey.
LIC of India had 8 zonal offices, 113 divisional offices, over 2000 branches, 1,537,064 Individual Agents, 342 Corporate Agents, 109 Referral Agents, 114 Brokers, and 42 Banks. LIC has been rated as the No. 6 Most Trusted Service Brand of India by the Economic Times Brand Equity Survey 2012. From the year 2006, LIC of India has been regularly winning the 'Readers Digest Award'. Also, as per the Brand Trust Report, for 4 continuous years, LIC of India has been reported to be the India's most trusted brand in the BFSI category.
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 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 get life insurance 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:
LIC has a whole range of insurance-based savings products to cater the needs of every type of insurance seekers. It has several plans under the 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 to address the needs of the different people. The products have differential features 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 lot of people, either a company, society, or association. The employer or head of the group can avail group insurance for its members, where members can avail cover options at reduced costs.
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LIC is a completely digitalized setup and holds digital data of more than 10 crore policies. The digitalized set up is based on modern-day technologies.
Computers, information technology, and the online drive is not new to the company as it started promoting online services way back since 1995 so that people can access all kinds of services like e-service registration, online payment, policy schedule, policy status, bonus status, loan status, claim status, revival quotation, premium paid certificate, premium due calendar, policy bond, claim history, complain registration, online forms, etc. through online.
Today people can buy LIC's e-policies online; they need not personally visit the office; they can upload documents and pay premiums online.
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 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.
| Entry Age | 6 years |
| Maximum Maturity Age | 47 years |
| Policy Term | 12 years |
| Minimum Sum Assured | Rs. 75,000 |
LIC Jeevan Pragati Plan is a non-linked, profit plan which offers a combination of protection and savings. This plan provides for an automatic increase in risk cover after every five years during the term of the policy. Besides, this plan also takes care of liquidity needs through a loan facility.
| Entry Age | 12 years |
| Maximum Maturity Age | 65 years |
| Policy Term | 12-20 years |
| Minimum Sum Assured | Rs. 1.5 lakhs |
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.
| Entry Age | 8 years |
| Maximum Maturity Age | 75 years |
| Policy Term | 16 years, 21 years, 25 years |
| Minimum Sum Assured | Rs. 2 lakhs |
LIC Single Premium Endowment Plan is a participating non-linked saving cum protection plan, where the premium is paid in a 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 lump sum 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.
| Entry Age | 90 days |
| Maximum Maturity Age | 75 years |
| Policy Term | 10-25 years |
| Minimum Sum Assured | Rs. 50,000 |
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.
| Entry Age | 7 years |
| Maximum Maturity Age | 70 years |
| Policy Term | 10-20 years |
| Minimum Sum Assured | Rs. 1 lakh |
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 lump sum 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.
| Entry Age | 18 years |
| Maximum Maturity Age | 75 years |
| Policy Term | 15-35 years |
| Minimum Sum Assured | Rs. 10,000 |
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.
| Entry Age | 8 years |
| Maximum Maturity Age | 70 years |
| Policy Term | 10-20 years |
| Minimum Sum Assured | Rs. 75,000 |
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.
| Entry Age | 18 years |
| Maximum Maturity Age | 69 years |
| Policy Term | 12-21 years |
| Minimum Sum Assured | Rs. 3 lakhs |
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.
| Entry Age | 18 years |
| Maximum Maturity Age | 65 years |
| Policy Term | 13-25 years |
| Minimum Sum Assured | Rs. 1 lakh |
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.
| Entry Age | 22 years |
| Maximum Maturity Age | 75 years |
| Policy Term | 10-35 years |
| Minimum Sum Assured | Rs. 50,000 |
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.
| Entry Age | 8 years |
| Maximum Maturity Age | 70 years |
| Policy Term | 10-20 years |
| Minimum Sum Assured | Rs. 75,000 |
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.
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.
| Entry Age | 90days-55 years |
| Maximum Maturity Age | 100 years |
| Policy Term | 100-age at entry |
| Minimum Sum Assured | Rs. 2 lakhs |
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.
Bima Diamond Life Insurance Plan is a non-linked plan which offers the combined benefit of savings as well as protection, while also providing financial coverage to the life insured's beneficiaries in case the he/she sees an untimely death.
| Entry Age | 14 years |
| Maximum Maturity Age | 66 years for a 16-year policy term, 65 years for 20 and 24-year policy terms |
| Policy Term | 16 years, 20 years, 24 years |
| Minimum Sum Assured | Rs. 1 lakh |
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.
| Entry Age | 18 years |
| Maximum Maturity Age | 65 years |
| Policy Term | 14 years, 16 years, 18 years, 20 years |
| Minimum Sum Assured | Rs. 1 lakh |
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.
| Entry Age | 13-50 years |
| Maximum Maturity Age | 70 years |
| Policy Term | 20 years |
| Minimum Sum Assured | Rs. 1 lakh |
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.
| Entry Age | 13-45 years |
| Maximum Maturity Age | 70 years |
| Policy Term | 25 years |
| Minimum Sum Assured | Rs. 1 lakh |
LIC New Bima Bachat is a participating non-linked saving cum protection plan, where the premium is paid in a 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.
| Entry Age | 15-65 years |
| Maximum Maturity Age | 75 years |
| Policy Term | 9 years, 12 years, 15 years |
| Minimum Sum Assured | Rs. 20,000 |
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.
| Entry Age | 0 years (at birth) |
| Maximum Maturity Age | 25 years |
| Policy Term | 25 years minus (age at entry)e.g. if entry age is 5 years, then policy term is (25-7)=18 years |
| Minimum Sum Assured | Rs. 1 lakh |
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.
| Entry Age | 90days-12 years |
| Maximum Maturity Age | 25 years |
| Policy Term | 25 years minus (age at entry) e.g. if entry age is 5 years, then policy term is (25-7)=18 years |
| Minimum Sum Assured | Rs. 75,000 |
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.
It is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
| Entry Age | 18-55 years |
| Maximum Maturity Age | 65 years |
| Policy Term | 5-25 years |
| Minimum Sum Assured | Rs. 6 lakhs |
It is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
| Entry Age | 18-60 years |
| Maximum Maturity Age | 70 years |
| Policy Term | 5-35 years |
| Minimum Sum Assured | Rs. 25 lakhs |
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.
| Entry Age | 18-60 years |
| Maximum Maturity Age | 75 years |
| Policy Term | 10-35 years |
| Minimum Sum Assured | Rs. 25 lakhs |
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
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.
Eligibility Conditions and Other Restrictions:
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.
Eligibility Conditions and Other Restrictions:
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 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 perfect combination of protection and long-term savings and also provides you greater flexibility to build a better life and realize your dreams.
Benefits
Death Benefit: In case of death during the policy term provided all due premiums have been paid Death benefit, defined as sum of "Sum Assured on Death" and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, "Sum Assured on Death" is defined as higher of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
Where premiums exclude service tax, extra premium and rider premiums, if any.
Maturity Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Final (additional) bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.
Health insurance plans and online mediclaim policies offer financial security against increasing medical care costs to best meet health issues.
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.
Benefits
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 or Major Stage Cancer during the policy term.
Benefits
Early Stage Cancer
Benefits payable on first diagnosis of any one of the specified Early Stage Cancers are-
Major Stage Cancer
Benefits payable on first diagnosis of the specified Major Stage Cancer are-
LIC's online portal is one of the best initiatives by the Life Insurance Corporation of India that offers on-demand service just on single click. With the online availability, you don't 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 services, LIC offers additional benefits and discounts. But to get avail such discounts and online services first you have to register yourself under LIC's online portal. The whole registration process is the easiest way to access online services.
Moreover, 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. Online registration is important when you want to have access over online services that includes:
Below is the step-by-step process to login and register as a fresh user to check your policy status online:
Online registration for ‘e-services’ is the simplest thing that you can do. Those who are the first time users might find it difficult but with the below steps it would become easier for you:
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 legitimate 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 unusual activities.
1. Ordinary Revival– Beneath this, the policyholder can revive his/her lapsed coverage without any problem. All he/she need to do is pay all the unpaid premium with interest. Furthermore, be geared up in a case, where the coverage enterprise requested for an 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 while 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
3. Installment Revival- There are numerous schemes for the ease of patron and installment revival is one of them. In a 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 installment option, then there are few ways via which you may preserve, In case of yearly premium, a policyholder needs 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 equal installments within the preliminary years alongside 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 pay without difficulty availing 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 utilize this as an advantage by 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.
On successful registration, the customer can access the LIC of India status and start using other services.
This process can be completed by doing the following:
Visit the LIC of India website
To check LIC of India policy status without registration, you can simply send an SMS to ‘56767877’.
Types of Enquiry SMS code:
Procedure to check LIC of India Policy Status by Calling Customer Care.
LIC of India provides 24*7 customer care service that enables you to obtain your LIC policy status by just making a quick call.
Helpline number for MTNL and BSNL users 12151.
For calls from all other landline and mobile numbers; DIAL city code followed by 12151.
1. Does the LIC of India have an app?
Yes, LIC of India does have an app-My LIC, available for Android and iOS users.
2. Is LIC premium taxable?
No, the LIC of India premium paid for your life insurance policy is not taxable as per section 80C of the Income Tax Act, 1961.
3. Is LIC bonus tax-free?
Yes, LIC bonus is exempted under section 10(10D) of the Income Tax Act, 1961.
4. Can we pay LIC premium before the due date?
Yes, you can pay the premium for your LIC of India policy before the due date. However, only premium due in the same financial year can be paid in advance and 3 months advance payment can be made for premium falling in the next financial year.
5. What is the grace period for LIC premium payment?
The grace period of Life Insurance Corporation premium payment is different depending on the premium paying mode. A grace period of 30 days is given for payment made on a quarterly, half-yearly or yearly basis. For payment made on a monthly basis, a grace period of 15 days is given.
Last updated on 13-06-2019
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