LIC of India

Whole Life Plans

Whole life insurance or assurance also known as "straight life" or "ordinary life," is a life insurance plan that guarantees to be in force for the entire lifetime of the policyholder, only if all the premiums will be paid till the maturity date.

LIC Jeevan Umang Plan:

It provides a combination of income and protection to the policyholder and his/her family. This combination plan provides annual survival benefits from the end of the premium paying term till maturity financial assistance to the family in case of miserable death of the life insured at the time of policy tenure.

Money Back Plans

A money back policy is a standard life insurance cover that benefits policyholder with the sum assured on maturity. The insurance company offers survival benefits in appropriate limit along with the sum assured and a bonus from on the basis of its performance.

LIC Bima Diamond Plan:

Bima Diamond Life Insurance Plan is a non-linked plan that provides the benefit of savings and protection, financial assistance to the family in case of miserable death of the life insured.

LIC Jeevan Shiromani Plan

It provides a combination of protection as well as savings. This plan is developed for High Net-Worth Individuals especially. This combination plan provides financial assistance to the family in case of miserable death of the life insured at the time of policy tenure.

LIC New Money Back Plan-20 Years

It is a participating non-linked plan that provides an exclusive combination of protection against death during the whole policy tenure and also benefits by paying survival benefits in defined intervals.

LIC New Money Back Plan-25 Years

It is a participating non-linked plan that provides an exclusive combination of protection against death during the whole policy tenure and also benefits by paying survival benefits in defined intervals. This special combination offers financial assistance to the family of the policyholder in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid.

LIC New Bima Bachat

It is a participating non-linked savings and protection plan, in which the premium is paid in a lump sum at the beginning of the policy. It is a money-back plan that offers financial support against death along with survival benefits at defined intervals at the time the policy tenure.

LIC New Children’s Money Back Plan

It is a participating non-linked money back plan. This plan is developed cater to the educational, marriage and other needs of growing children with the provision of survival benefits.

LIC Jeevan Tarun

It is a participating non-linked plan having low premium, that provides an exclusive combination of protection and saving features especially for children. This plan is developed cater to the educational and other needs of growing children with the provision of annual survival benefits for the age group of 20 to 24 years and maturity benefit for 25 years of age.

Term Assurance Plans

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 Anmol Jeevan-II

It is a protection plan that offers financial protection to the family of the policyholder in the event of his/her misearable death.

LIC Amulya Jeevan-II

It is a protection plan that offers financial protection to the family of the policyholder in the event of his/her misearable death.

LIC e-Term

This plan offers an instant pension service for senior citizens of 60 years of age and above. A lump sum amount is to be paid for the purchasing the plan.. The plan provides pension payments of the specified amount for a policy tenure of 10 years, along with the return of buying price at the end of 10 years.

Pension Plans

There is addition of a sum of money at the time of an employee's employment years that account is called a Pension Fund (PF) account, from which money can be withdrawn for financial support once the person is retired in the form of monthly payments.

Pradhan Mantri Vaya Vandana Yojana

This plan can be bought by paying a lump sum amount. The policyholder or the person who will be receiving the pesion has an option to select either the amount of pension or the purchase price.

Eligibility Conditions and Other Restrictions:

• Minimum Entry Age: 60 years (completed)
• Maximum Entry Age: No limit
• Policy Term: 10 years
• Minimum Pension: Rs. 1,000/- per month
1. Rs. 3,000/- per quarter
2. Rs.6,000/- per half-year
3. Rs.12,000/- per year
• Maximum Pension: Rs. 10,000/-per month
1. Rs. 30,000/-per quarter
2. Rs. 60,000/- per half-year
3. Rs. 1,20,000/- per year

LIC New Jeevan Nidhi

It is traditional with-profits pension plan along with a aggregation of protection and saving features. This plan offers death cover during the grace period and offers annuity (fixed sum paid every year) on surviving from the date of initiation.

Eligibility Conditions and Other Restrictions:

• Minimum Entry Age: 20 years (nearest birthday)
• Maximum Entry Age: 60 years (nearest birthday)
• Policy Term: 5-35 years
• Minimum Basic Sum Assured: Rs.1,00,000 under regular premium; Rs.1,50,000 under single premium policies
• Maximum Basic Sum Assured: No limit (The sum assured shall be in multiples of Rs. 5,000)

LIC Jeevan Akshay-VI

It is an instant Annuity plan, that can be bought with a payment of a lump sum amount. The plan offers for annuity payments of a specified amount every year to the retired employee. Different options are there to choose the type and mode of payment.

• Minimum Entry Age: 30 years
• Maximum Entry Age: 65 years
• Policy Term: 5-35 years
• Minimum Purchase Cost of Annuity: Rs. 1 lakh
• Maximum Purchase Cost Of Annuity: No limit
• Payment Modes: Monthly, Quarterly, Half-Yearly, Yearly

Unit Plans

Unit plans are investment plans to secure the savings for future needs of an individual. 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 developed to provide a perfect combination of protection and long-term savings and also offers greater flexibility for a healthy and independent life.

Benefits

Death Benefit: Death benefit, defined as sum of "Sum Assured on Death" during the policy term is paid only if all the outstanding premiums are clear. Vested Simple Reversionary Bonuses and Final Additional bonus are also applicable under the same. It is the amount 125% higher of the Basic Sum Assured or 10 times of the annualised premium. This benefit is not less than 105% of overall premiums paid till death.

The premiums are exclusive of service tax, extra premium and rider premiums will also be provided, if exists.

Maturity Benefit: Basic Sum Assured + Vested Simple Reversionary Bonuses and Final Additional bonus can also be availed in lump sum amount on surviving the policy term only if all the outstanding premiums are clear.

Participation in Profits: The policy will participate in profits of LIC and also liable to get Simple Reversionary Bonuses mentioned by the LIC of India only if the policy is in force.

Final (additional) bonus will also be applicable during any claim of maturity or death only if the policy was active for a minimal period of time.

Health Plans

Health insurance plans and online mediclaim policies provides financial support during health emergencies to bear the medical care costs.

LIC Jeevan Arogya

It is a non-participating non-linked plan that offers health insurance against certain mentioned health problems and provides you with financial support during medical emergencies and protects you and your family live independently.

Benefits

• Valuable financial protection in case of hospitalisation, surgery, etc.
• Increasing Health cover every year
• Lump sum benefit irrespective of actual medical costs
• No claim benefit
• Flexible benefit limit to choose from
• Flexible premium payment options.

LIC Cancer Cover

It is a traditional premium payment health insurance plan that offers financial assistance if the policyholder is diagnosed with any of the mentioned Early or Major Stage Cancer during the policy term.

Benefits

Early Stage Cancer

Benefits will be availed on early diagnosis of any one of the defined Early Stage Cancers:

1. Lump sum benefit: 25% of the Sum Insured can be availed.
2. Premium Waiver Benefit: On diagonosis of cancer from the very first date, premiums for the next 3 policy years or the policy term whichever is less, will be waived from the policy.

Major Stage Cancer

Benefits will be availed on early diagnosis of any one of the defined Major Stage Cancers:

1. Lump Sum: 100% of the Sum Insured excluding any previously paid claims in respect of Early Stage Cancer will be applicable.
2. Income Benefit: In addition to above lump sum benefit, Income Benefit of 1% of the Sum Insured will be paid every policy month after the payment of Lump Sum, for a secure period of next 10 years regardless of the survival of the policyholder and even if this period of 10 years exceeds the policy term. In the event of death of the policyholder during avail of Income Benefit, the remaining payoffs, will be paid to the nominee(s).
3. Premium Waiver Benefit: From the next policy year all the future premiums will be abandoned. And the policy will be free from all amenabilities except the extent of Income Benefit.