LIC of India
  • Cover against CI
  • Variety of plans
  • Avail Special plans
Buy Policy in just 2 mins

Buy Policy in just 2 mins

Happy Customers

2 lakh + Happy Customers

Free Comparison

Free Comparison

Customized Term Insurance Plan for you.

Get upto 10% Online Discount*

Enter Your Name

Age

Life Insurance Corporation

Established in 1956, Life Insurance Corporation (LIC) is the oldest life insurance company that continues to deliver complete financial security to the people of India. Over the years, Life Insurance Corporation has positioned itself as an insurer that consistently manages to meet customer expectations. When we think about insurance in India, the Life Insurance Corporation of India comes first to our mind. LIC offers a varied range of insurance products catering to various demands of its consumers. The Life Insurance Corporation of India is a government-owned insurance and investment corporation in India. With an estimated asset value of Rs 1,88,3018.82 crore, it is India's largest insurance firm. As per IRDAI annual report 2020-2021, Life Insurance Corporation had a claim settlement ratio of 98.62% as of 31 March 2021. There is a 2% increase in the claim ratio when compared to 31 March 2020 when the ratio stood at 96.69%. The percentage of claims that were repudiated or denied fell to 1.0% in 2020-21, down from 1.09% the previous year.

LIC Awards and Recognition

LIC has been successfully maintaining its position as the most trusted insurance brand in India. The company continues to shine through with its performances year after year by bringing in new and improved insurance plans and policies for the masses. In recognition of their solutions, LIC has received countless awards, especially for serving the underserved population of the country. Some of the recent achievements of LIC are listed below.

awards
  • ACEF Award 2021-22
  • Economic Times BFSI Award-Best Brand 2021-22
  • World BFSI Congress Award-Customer Service excellence award 2021-22
  • World BFSI Congress Award-Excellence in Claim Service 2021-22
  • Reader's Digest Trusted Brand Award 2020 adjudged LIC as the winner in the Life Insurance Category
  • Brand Finance Insurance 100 report for 2021 ranked LIC in 3rd position in the Most Strongest Indian Insurance Brand list
  • Brand Finance Insurance 100 report for 2021 ranked LIC in 10th position in the Most Valuable Indian Insurance Brand list
  • LIC falls under the world's top 100 brands by value according to 2020 BrandZ™ Top 100 Most Valuable Global Brands ranking released by WPP and Kantar

Why choose LIC Insurance Plans?

With 250 million and counting, Life Insurance Corporation is considered to be the world's largest life insurance company. It has some of the most affordable premiums and excellent coverage alternatives, regardless of one's profession. Life Insurance Company of India has been a part of millions of lives from the last 65 years and has earned the trust of it's customers. Here is why one should opt for LIC as a life insurance provider:

  • Technologically backed up and a superior network: With over 2048 branch offices and 1381 satellite branches, LIC has been a leader as an insurance provider for its attempts to stay ahead of the game. When dealing with insurance documentation, the organisation uses technology such as WAN, IVRS, LAN, IVRS, and even EDMS, which allows customers to go paperless.
  • International operations: Life Insurance Corporation of India has fully operational offices in Nepal, Sri Lanka, and other cross border nations. Saudi Arabia and Bahrain in the Middle East and the intitation of LIC to open offices in Australia, Canada, and the United States.
  • Product variety: LIC offers one of the most diverse ranges of policy types in the life insurance industry. One of their highlights is that it has one of the largest portfolios of life insurance group schemes. You will see their wide array of products mentioned in the list below.
  • IPO: LIC released it's IPO and has given their employees and policyholders a gift by offering a 60 rupees discount on it's price of Rs 902-949 per equity share.
  • Stock market performance: LIC stocks are one of the most steady stocks on the BSE when it comes to stock market positioning. This company is almost often included in the best-performing stock lists, especially when it comes to insurance companies.

Key Features Of LIC

Given the myriad of options available, it is important to identify the right insurer and the right plan that will best suit the potential needs of the customer and her/his family in the future. Key factors that should be taken into consideration while choosing a plan are companies' annual premium, solvency ratio, and claim settlement ratio. Our team at PolicyX evaluated 24 companies based on the above-mentioned factors. Notably, LIC was found to have ranked as one of the best in terms of financial soundness and claim support service.

Given below are a few highlights about the company's performance. Let's have a look at them:

Annual premium (2019-20)Rs. 1,78,276 crores
Claim settlement ratio (2020-21)98.62%
Solvency ratio1.66
No. of branches2,048

In the following section, we provide you with a detailed explanation of these features. Read along to find out.

1 LIC Market Share

Market share is a good benchmark towards understanding the performance, growth, and financial position of a company in this industry. Over the years, LIC has maintained its position as a public sector giant in the insurance space.

In the graph below, we have highlighted the yearly trend in the amount of annual premium generated by LIC, over the past fiscal years. As indicated by the graph, the annual premium increased gradually from FY 2018-19 to FY 2020-21.

Yearly Trend in Annual Premium of LIC (Rs. in Crore)

Yearly Trend in Annual Premium of LIC

**Data has been sourced from IRDAI's annual report of 2019-20

2 LIC Claim Settlement Ratio

The ratio indicates the number of claims settled by the company out of the total number of claims received by it. It is a principal factor in determining the reliability of an insurance company. Therefore, those interested in investing in an insurance plan should always seek a company with a good claim settlement ratio (CSR).

As per the IRDAI's annual report, the claim settlement ratio of LIC stood at 98.62% in FY 2020-21. The company successfully settled claims that amounted to a total of Rs. 9,33,889 Crore.

In the graph below, we have presented the yearly trend in the CSR of LIC, over the past fiscal years.

Yearly Trend in Claim Settlement ratio of LIC (in %)

Yearly Trend in Claim Settlement Ratio of LIC

**Data has been sourced from IRDAI's annual report of 2019-20

3 LIC Solvency Ratio

The solvency ratio is another key parameter that underscores the financial trustworthiness of an insurance company. It measures the ability of the company to meet its long-term debt obligations and other monetary commitments. IRDAI dictates that all life insurance companies in India should maintain a solvency ratio of at least 1.5%.

It is worth highlighting that in the last four years, LIC has managed to maintain a solvency ratio of 1.5% and above. The IRDAI annual report FY 2020-21 reveals the solvency ratio of LIC as 1.66.

The following graph illustrates the solvency ratio of LIC over the past few years

Yearly Trend in the Solvency Ratio of LIC

Yearly Trend in The Solvency Ratio of LIC

**Data has been sourced from IRDAI's annual report of 2019-20

4 LIC Operating Network

As recorded in 2020, the company has an extensive network of distribution comprising 8 zonal offices, 113 divisional offices, 1,381 satellite offices, 2,048 fully computerized branch offices, 3,354 Life Plus offices, 31,556 Premium Points, and a Corporate office in Mumbai, Maharashtra.

Further driven by its vision to ease access to its policies and improve customer convenience, the company has undertaken initiatives such as:

  • LIC has teamed up with banks and service providers across selected cities to facilitate an online premium collection facility.
  • It has commissioned Info Centers to be set up in Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi, Pune, and many other cities.
  • It has launched Satellite Sampark offices, which are smaller, leaner, and closer to their customers.

Products Offered by LIC

LIC offers a range of plans, both individual and group, each catering to the needs of the society through competitive features and additional riders. Customers at LIC are assured the best service and products, including health plans, micro insurance plans, pension plans, term insurance, and unit-linked products, among others, which are constantly updated per changing needs and times.

Let's look at a quick overview of insurance plans offered by the company.

Product CategoriesNames of Plans
Insurance PlansEndowmentLIC Bima Jyoti
LIC New Endowment Plan
LIC New Jeevan Anand
LIC Single Premium Endowment Plan
LIC Jeevan Lakshya
LIC Jeevan Labh
LIC Aadhaar Stambh
LIC Aadhaar Shila
Term AssuranceLIC Jeevan Amar
LIC Tech Term
LIC Saral Jeevan Bima
Whole LifeLICs Jeevan Umang
Money BackLIC Dhan Rekha
LIC New Bima Bachat
LIC Jeevan Umang
LIC New Money Back Plan - 20 YEARS
LIC New Money Back Plan - 25 YEARS
LIC New Children's Money Back Plan
LIC Jeevan Tarun
LIC Jeevan Shiromani
LIC Bima Shree
P&GS(pension and group schemes)LIC New Group Superannuation Cash Accumulation Plan
LIC New Group Gratuity Cash Accumulation Plan
LIC New Group Leave Encashment Plan
LIC Group Credit Life Insurance
LIC Single Premium Group Insurance
LIC New One Year Renewable Group Term Assurance Plan I
LIC New One Year Renewable Group Term Assurance Plan II
LIC One Year Renewable Group Micro Term Assurance Plan
Group Immediate Annuities
Pradhan Mantri Jeevan Jyoti Bima Yojana
LIC Group Assurance Plan

Claim Process of LIC Insurance

The nominee of the insurance plan can file a claim for the policy upon the death of the policyholder. Once LIC is intimated about the death of the Life Assured, the branch office requests for the following:

  • Claim form A - Duly filled and attested with claimant's statement providing details of the deceased and the claimant.
  • Certified extract from Death Register.
  • Documentary proof of age and address proof of the nominee/claimant.
  • Original Policy Document.
  • Cancelled cheque and photocopy of the passbook of the nominee.

Note: Depending upon the TnCs of the plan, you might be required to submit some additional documents as well. We recommend that you should check the specific plan brochure for that.

How to Contact LIC?

Registered and Corporate Office Address: Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512.

Contact Information: LIC call center: 022 6827 6827 (Monday to Friday: 08.00 a.m. to 08.00 p.m. / Saturday: 10.00 a.m. to 06.00 p.m.)

Customers can also contact their nearest Customer Zones for personalized services, information, and any assistance, the details of which can be found on LIC website under 'Contact Us'.

SMS Service: SMS LICHELP <policy number> to 9222492224 or SMS LICHELP <policy number> to 56767877.

Relevant Links

LIC of India: FAQs

1. What is the claim settlement ratio of LIC?

As per the IRDAI report of 2019-20, LIC had a claim settlement ratio of 96.69%.

2. How much time does LIC take to settle a claim?

LIC ideally takes 30 days to settle claims. As per IRDAI, every insurer should settle death claims within 30 days.

3. What additional documents could be asked while filing for an accidental death claim?

In addition to those mentioned under 'Claim Process', the claimant/nominee must carry certified photocopies of:

  • First Information Report
  • Post-mortem Report
  • Police Investigation Report

4. What is the free look period of LIC Jeevan Amar term insurance plan?

The free look period is 15 days from the date of receipt of the policy bond.

5. Will I receive a discount if I pay my LIC premium online?

Policyholders are liable to receive discounts in case they opt for online payment of premium. The amount of discount can vary depending on the plan.

6. Will I have to inform the company if I change my residence during the policy period?

Yes, you will have to update the company about the change.

7. What should I do in case I lose my original term policy document?

You have to visit the nearest LIC branch and apply for a new one.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.4/5 (30 Total Rating)

October 4, 2021

Aryan Dhaneja

Indore

fast claim settling...really happy with the help I received. Will be forever grateful to the agent who helped! Thanks

September 28, 2021

Kushagra Tyagi

Agra

badhiya support mila customer team se! compare kiye kaafi plans and I bought one jo mere liye suitable tha with the help i got

September 28, 2021

Govind Deb

Kanpur

it was a pleasure purchasing life insurance from LIC. Very supportive staff and patient. Thanks guys!

September 27, 2021

Saheba Quereshi

Chandigarh

thanks LIC for settling my claims so shortly! it was really urgent and I m happy to have placed my trust on the company

September 22, 2021

Kamlesh Kumar

Agra

sahi plan mil gyaa...i have to thank LIC jinke plans are budget mein...so i got gud cover at low premiums...

Last updated on June, 2022

Types of Insurance Plans

Get Instant Quotes