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LIC was incorporated in 1956 in India, and it has now completed sixty-two 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 inception.
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 Geeta “YogakshemamVahamyaham”. 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 journey.
LIC of India had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter.
The need for insuring life starts with life itself and slowly gets expressed as we progress along the journey of life. In life, we meet so many risks that we are left wondering what would happen if certain events were to impair our life as well as the lives of our family members?
Modern age man insures his/her life by paying nominal periodic amounts called premiums. Should any incident that has been covered by the policy occur during the policy term, then the policyholder or beneficiaries are entitled to claim the applicable benefits.
The most basic type of life insurance product is sole life cover. Under this policyholder can insure his life against death for the benefit of his/her survivors. In the event of the demise of policyholder within the policy, term beneficiaries can claim the sum assured and other benefits if applicable.
Other insurance based products can be health based insurance, units based insurance. Insurance products can have several riders and optional features.
Life insurance products are generally for the long term and can be renewed.
Who can avail Life Insurance Policies?
All Indian, as well as non-resident Indians, can avail life insurance plans. Certain plans can be only be availed upon attaining the age of maturity whereas certain other plans like child plans and endowment plans can be availed for minors under the guardianship of an adult who is generally a parent or relative.
In order to avail life insurance policy one needs to submit along with the form, certificate of age, identity and income as well as address proof. Documents in support of the same can be Adhaar Card, Pan Card, Ration Card, Matriculation Certificate, Income Statement, Passport, Electricity or Gas bill.
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 so as 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 avail life cover 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:
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 as well as enhanced and optional life cover options to suit the differential requirements of the vast and diverse nation and maximize the mobility of policy holder’s savings.
It places utmost importance on safeguarding the interests of our policyholders.
Invest in a manner that safeguards the interests of the nation, society, and community and maximize returns.
While investing policyholders money, LIC keeps in mind that the money belongs to our policyholders and we are the trustees of the same and invest in the best possible way.
Participation and involvement of our employees and agents so that they provide best services to the people of the nation.
LIC has a whole gamut of insurance-based savings products that cater to the needs of every type of insurance seeker including the micro insured. It has several plans under 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 so as to address the needs of the different people. The products have differential features so as 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 group of people which can be a company, society or association. The employer or head of the group can avail group insurance for its members whereby members can avail cover options at reduced costs.
The premium to be charged initially under the scheme will be Rs.200/- per annum per member for a cover of Rs.30,000/-, out of which 50% will be subsidized by the Social Security Fund . In case of Rural Landless Household (RLH) remaining 50 % premium shall be borne by the State Government/ Union Territory and in case of another occupational group the remaining 50% premium shall be borne by the Nodal Agency and/or Member and/or State Government/ Union Territory.
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
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.
LIC's Jeevan Pragati Plan
LIC Jeevan Pragati Plan is a non-linked, with - profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility.
LIC Jeevan Labh
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.
LIC Single Premium Endowment Plan
LIC Single Premium Endowment Plan is a participating non-linked saving cum protection plan, where the premium is paid in 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 lumpsum 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.
LIC’s New Endowment Plan
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.
LIC New Jeevan Anand Plan
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 lumpsum 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.
LIC Jeevan Rakshak Plan
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.
LIC Limited Premium Endowment Plan
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.
LIC Jeevan Lakshya
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.
LIC’s Aadhaar Shila Plan
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.
LIC’s Aadhaar Stambh Plan
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.
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.
LIC’s Jeevan Umang plan
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.
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.
LIC’s Jeevan Shiromani plan
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.
LIC New Money Back Plan-20 years
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.
LIC New Money Back Plan-25 years
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.
LIC New Bima Bachat
LIC New Bima Bachat is a participating non-linked saving cum protection plan, where the premium is paid in 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.
LIC New Children’s Money Back Plan
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.
LIC Jeevan Tarun
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.
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’s Anmol Jeevan - II
It is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise.
LIC Amulya Jeevan– II
It is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
LIC e-Term
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.
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
Pradhan Mantri Vaya Vandana Yojana
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.
LIC’s New Jeevan Nidhi
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.
LIC’s Jeevan Akshay- VI
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
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 good combination of protection and long-term savings and also provides you greater flexibility to build a better life and realize your dreams.
Health insurance plans & online mediclaim policies offer financial security against increasing medical care costs to best meet health issues.
LIC Jeevan Arogya
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.
LIC’s Cancer Cover
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 and/or Major Stage Cancer during the policy term.
LIC is a completely digitalized setup and holds digital data of more than ten crore policies. The digitalized set up is based on modern-day technologies.
Computers and information technology are not new to the company. It introduced computers in its set up as early as 1964, and the older machines were timely phased out to be replaced by new generation devices.
The online drive is also not new to the company as it started promoting online services way back since 1995 so that people can access status of their policy through their online computer devices.
Today people can buy LIC’s e-policies online; they needn’t personally visit the office, they can just upload documents and pay premiums online.
LIC’s online portal is one of the best initiative by the Life Insurance Corporation of India that offers on demand service just on single click. With the online availbility, you dont 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 servics, LIC offers additional benefts and discounts. But to get avail such discounts and online services you have to first register yourself under LIC’s online portal. The whole registeration process is the easiest way to access over online services.
Reover, 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. Onlone registeration is importat when you wamt to have access over online services that includes
Claim status
Online payment
Assignment and nominee status
Policy status
Revival quotations
Proposal and policy images
Benefit illustration
Complaint registration
Loan status
Policy conditions and other features
Below is the step-by-step process to log in and register as a fresh user to check your policy status online.
Online registeration for e-services is the simplest thing that you can do. Those who are the first time users might find it difficult but with this below steps it would become easier for you
Go to the authorized website of Life Insurance Corporation of India that is – www.licindia.in.
Look for the ‘LIC e-Services’ option and press the button.
This will direct you to a new page displaying two options to choose - 1) ‘Registered User’ and 2) ‘New User’. For the registeration, you have to select the second option. Select the ‘New User’ tab.
It will take you to the another page that would ask for your personal details. This forwards to another page asking your personal details. You can find entry fields on this page. Here you have to submit the policy No., premium installments, birth date details and the e-mail id you want to register here. After filling in the details click on the ‘proceed’ button to continue.
The second page will allow you to create your own ‘Username’ and ‘Password’ for the LIC website. Your registration concludes here once you log in with your username and password on the website.
On the first page of the website you will get all the necessary options related to your account. You can proceed further after registering each of your policies and investments made with LIC. Dont forget that, with the same you can easily see the status of your policies and can make payments accordingly.
After registering all details related to policies, now you can make premum paymnet online easily. If your policies are not enrolled at the website you have to pay premiums as a non-registered user.
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 genuine 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 abnormal activities.
1. Ordinary Revival– Beneath this, the policyholder can revive his/her lapsed coverage without any problem. All he/she need to do is just pay all the unpaid premium with interest. Furthermore, simply be geared up in case, where the coverage enterprise requested for a 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 whilst 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
You ought to use unique revival scheme for the complete tenure of the policy.
The policyholder can also move for special revival in the preliminary 3 years of the coverage lapsation.
The Policyholder must now gather any give up cost under the policy. That’s why the choice of special revival can be achieved within the initial 3 years of the policy.
3. Installment Revival-There are numerous schemes for the ease of patron and installment revival is one of them. In 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 instalment option, then there are few ways via which you may preserve,In case of yearly premium, a policyholder need 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 identical installments within the preliminary years along side 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 without difficulty avail 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 use this advantage by means of 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.
Thursday December 17, 2015
In April- November, the life insurance sector has registered a growth of 9 percent in overall annual premium, chiefly because of volatile market conditions.
This growth has been registered by large private sector companies. During the period, overall APE- a way to normalize policy premium into the equivalent of usual annual premium- including personal and group business for private players was up 16% to Rs 1,25,563 crore and Life Insurance Corporation up 4% to Rs 1,50,456 crore.
“Among large players, ICICI Prudential Life and Max Life, which have been more volatile in FY2016 YTD, reported a decline in individual business in November, leading to weak growth for the industry,” said Kotak Institutional Equities confirmed through a report.
HDFC continued to be a steady player while SBI remained in the high growth trajectory.
Showing slowdown in the capital market-driven inflows in the life insurance segment, Max India and ICICI Prudential Life registered a decline in income. ICICI Prudential Life grew overall adjusted premium 17%.
Tuesday February 02, 2016
On Monday, Life Insurance Corporation of India announced the launch of its own repository- Lic E-services. The LIC-E service will allow its existing customers to verify details of policies, including settlement status, and can buy the new one as well.
The portal will ensure easy access to policy-related information as well as payment anytime and anywhere, apart from buying a new policy online, Chairman S K Roy, said.
Online facility was introduced by by Irdai Chairman T S Vijayan, who at one point served as the chief of the insurance behemoth.
Chairman Roy said LIC has already sold 40,000 policies online during the pilot phase.
“I don’t think the online service will any way affect the business of our agents. In fact, they are very enthused about this facility. This should only add to our incremental business and not eat into the agency sales,” Roy said, adding that “during the current fiscal so far, we have sold 15 million new policies out of which 6,000 were the new E-Term policies”.
With this, the online consumer will not have to pay the commission.
Monday November 13, 2017
On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.
“The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017,” the IRDA said.
In the last June, the government of India had informed about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 compulsory for getting financial services that include insurance also and asked policyholders and companies for linking the existing policies with the same.
In a discussion with all life and general insurance companies, IRDA said the rules have “statutory force” and they have to implement the rule without waiting for the further instructions.
Right now, there are 24 life insurers and 33 general insurance companies operating in the country.
Although, there are no deadlines that have been given by IRDA for the completion of the process, as per the circular, it has to be done as soon as possible. Some insurance companies also said that this can also result in the delay of payout in a few cases. Aadhaar is now also compulsory for financial transactions of Rs 50,000 and above. Likewise, one has to link one’s Aadhaar number with the mobile number latest by February 6, 2018.
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