LIC Life Insurance
- Death Benefits
- Maturity Benefits
- Affordable Premiums
Established in 1956, Life Insurance Corporation (LIC) is one of the oldest life insurance companies that continues to deliver complete financial security solutions to the people of India. Over the years, Life Insurance Corporation has positioned itself as an insurer that consistently manages to meet customer expectations.
There are several reasons for choosing Life Insurance Corporation as your insurer:
To get more insight into LIC Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:
LIC Life Insurance has a Solvency Ratio of 1.66 as per the IRDAI annual report 2023-24. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.
To cater to the dynamic insurance needs of an individual and their family, LIC Life Insurance comes with a range of plans. This allows their customers to choose an ideal plan for themselves. The company ensures to offer a plan for everyone.
| Plan | Entry Age | Tenure | Minimum Sum Assured | Unique Features |
|---|---|---|---|---|
| LIC Jeevan Labh | Minimum Age - 18 years Maximum Age - 65 years | Rs 2 lakhs to No limit | Rs 2 lakh |
|
| LIC Premium Endowment | Minimum Age - 30 days Maximum Age - 65 years | Rs 1 lakh to No limit | Rs 1 lakh |
|
| LIC Jeevan Tarun | Minimum Age - 90 days Maximum Age - 12 years | Rs 75,000 to No limit | Rs 75,000 |
|
| LIC New Children Money Back Plan | Minimum Age - 0 years Maximum Age - 12 years | Rs 1 lakh to No limit | Rs 1 lakh |
|
| LIC Bima Bachat | Minimum Age - 15 years Maximum Age - 66 years | Rs 35,000 to No limit | Rs 35,000 |
|
| LIC Bima Diamond | Minimum Age - 14 years Maximum Age - 45 years | Rs 1 lakh to Rs 5 lakh | Rs 1 lakh |
|
| LIC Jeevan Arogya | Minimum Age - 91 days Maximum Age - 75 years | 100 times of Applicable Daily Benefit (ADB) | 100 times of Applicable Daily Benefit (ADB) |
|
| LIC Jeevan Shagun | Minimum Age - 8 years Maximum Age - 45 years | Rs 60,000 to No llimit | Rs 60,000 |
|
| LIC New Money Back 20 Years | Minimum Age - 13 years Maximum Age - 50 years | Rs 1 lakh to No limit | Rs 1 lakh |
|
| LIC Jeevan Akshay | Minimum Age - 25 years Maximum Age - 85 years | Rs 10 lakh to No limit | Rs 10 lakh |
|
| LIC Jeevan Shikhar | Minimum Age - 6 years Maximum Age - 45 years | Rs 1 lakh to No limit | Rs 1 lakh |
|
| LIC Aadhaar Stambh | Minimum Age - 8 years Maximum Age - 55 years | Rs 2 lakh to Rs 5 lakh | Rs 2 lakh |
|
| LIC Aadhaar Shila | Minimum Age - 8 years Maximum Age - 55 years | Rs 75,000 to Rs 3,00,000 | Rs 75,000 |
|
| LIC Jeevan Umang | Minimum Age - 90 days Maximum Age - 55 years | Rs 2 lakh to No limit | Rs 2 lakh |
|
| LIC New Jeevan Anand | Minimum Age - 18 years Maximum Age - 50 years | Rs 1 lakh to No limit | Rs 1 lakh |
|
| LIC Jeevan Rakshak Plan | Minimum Age - 8 years Maximum Age - 55 years | Rs 75,000 to Rs 2 lakhs | Rs 75,000 |
|
| LIC Jeevan Lakshya Plan | Minimum Age - 18 years Maximum Age - 50 years | Rs 1 lakh to No limit | Rs 1 lakh |
|
| LIC New Endowment Plan | Minimum Age - 8 years Maximum Age - 55 years | Rs 1 lakh to No limit | Rs 1 lakh |
|
| LIC Single Premium Endowment | Minimum Age - 90 days Maximum Age - 65 years | Rs 50,000 to No limit | Rs 50,000 |
|
| LIC Jeevan Saral | Minimum Age - 18 years Maximum Age - 65 years | Rs 5 lakhs to Rs 25 lakhs | Rs 5 lakhs |
|
| LIC Pradhan Mantri Vaya Vandana Yojana | Minimum Age - 60 years Maximum Age - No limit | N/A | - |
|
| LIC Kanyadan Policy | Minimum Age - 18 years Maximum Age - 50 years | Rs 1 lakhs to No limit | Rs 1 lakh |
|
| LIC Jeevan Shanti | Minimum Age - 30 years Maximum Age - 79 years | Rs 1,50,000 to No limit | Rs 1,50,000 |
|
| LIC Jeevan Saathi | Minimum Age - 18 years Maximum Age - 55 years | Rs 10,000 to No limit | Rs 10,000 |
|
| LIC Micro Bachat | Minimum Age - 18 years Maximum Age - 55 years | Rs 50,000 to Rs 2 lakhs | Rs 50,000 |
|
| LIC Komal Jeevan | Minimum Age - 90 days Maximum Age - 10 years | Rs 1 lakh to Rs 25 lakhs | Rs 1 lakh |
|
| LIC Navjeevan Plan | Minimum Age - 90 days Maximum Age - 65 years | Rs 1 lakhs to No limit | Rs 1 lakh |
|
| LIC SIIP Plan | Minimum Age - 90 days Maximum Age - 65 years | Rs 10 lakhs to No limit | Rs 10 lakhs |
|
| LIC Bima Shree | Minimum Age - 8 years Maximum Age - 45 years | Rs 10 lakhs to No limit | Rs 10 lakhs |
|
| LIC Nivesh Plus | Minimum Age - 90 days Maximum Age - 70 years | Rs 1 lakhs to No limit | Rs 1 lakh |
|
| LIC Jeevan Akshay VII | Minimum Age - 25 years Maximum Age - 100 years | Rs 1 lakhs to No limit | Rs 1 lakh |
|
There are various features to the LIC Life Insurance Plan. Let's understand each of them in detail:
LIC Term Insurance
LIC Jeevan Labh (Plan No: 936) is a limited premium paying, non-linked (Not dependent on equity-based funds and money/share market) with-profit endowm...
Unique Features
This plan has double roles to play. Firstly, this plan is applicable for safeguarding a family after the untimely death of the policyholder. Secondly,...
Unique Features
LIC's Jeevan Tarun is basically a participating non-linked limited premium plan that offers a great combination of protection along with savings for y...
Unique Features
The future of the world depends on the strength of the children today. But if they are not prepared for that purpose, the dream will be unattainable. ...
Unique Features
Ever come across a large pile of banknotes? You know, by winning the lottery or hitting the jackpot at your favorite casino? Your first instinct must ...
Unique Features
LIC launched the Bima Diamond Plan (table No. 841) on September 19, 2016. This is a non-linked plan, i.e. it doesn't depend on the share market. It is...
Unique Features
When it comes to offering a complete insurance suite of the most comprehensive financial security in terms of health and life, you are in safe hands w...
Unique Features
LIC Jeevan Shagun is a non-linked, participating, savings with protection single premium Money-Back plan. The policy provides high life cover in the e...
Unique Features
The LIC New Money Back Plan 20 Years (Plan No: 920)was floated on January 6, 2014 to cater to the financial needs of the business and the salaried cla...
Unique Features
LIC Jeevan Akshay VI Plan is an immediate annuity pure pension plan for senior citizens provided by one of the top ranked insurance companies in India...
Unique Features
Of the many efficient plans of LIC, the Jeevan Shikhar Plan stands out in terms of benefits and simplicity of terms. The endowment plan was initially ...
Unique Features
LIC's Aadhaar Stambh Plan (Plan No: 943, UIN: 512N310V01) is a non-linked insurance plan, with profits and a regular premium-paying endowment plan. It...
Unique Features
LIC’s Aadhaar Shila Plan (Plan No: 944) is a non-linked insurance plan, with profits and a regular premium-paying endowment plan. This plan is a...
Unique Features
LIC Jeevan Umang (Plan No: 945) is a conventional, with-profit, non-linked endowment plan with complete life insurance coverage. The policy provides t...
Unique Features
LIC New Jeevan Anand is a participating non-linked plan providing a combination of both protection and savings. The plan offers financial protection a...
Unique Features
LIC Jeevan Rakshak Plan (Table No. 827) is a participating non-linked plan that provides a combination of insurance and savings. As the name suggests,...
Unique Features
For the financial security of children and families, the LIC Jeevan Lakshya Plan (Plan No: 933) is the most suitable one. It is a collection of saving...
Unique Features
LIC New Endowment Plan-one of the best policy by LIC India. The LIC New Endowment plan (Plan No: 914) is a must-avail plan considering the many benefi...
Unique Features
It is a traditional endowment with death and maturity benefits to the policyholder. Even a bonus facility is given along. In this plan, the premium is...
Unique Features
LIC Jeevan Saral is an Endowment Assurance plan under which the proposer has simply to choose the amount and mode of premium payment. The plan comes o...
Unique Features
Pradhan Mantri Vaya Vandana Yojana is a single premium payment pension plan. This pension plan offers an option to either choose the amount of pension...
Unique Features
(A Perfect Gift For Your Beloved Daughter) LIC Kanyadan policy is the perfect financial coverage for your daughter with a very low premium. Unlike oth...
Unique Features
Life Insurance Corporation (LIC) is an Indian insurance company owned by the Government of India. It was founded on 1st September 1956 and is headquar...
Unique Features
LIC Jeevan Saathi is basically an endowment assurance policy that is there to ensure the lives of husband and wife. It offers the required financial p...
Unique Features
LIC Micro Bachat Plan (Table No. 951) is a traditional, non-linked, participating micro-insurance plan that offers dual benefits of protection as well...
Unique Features
LIC has been very dynamic in introducing plans according to different individuals' demands. The LIC Komal Jeevan Plan is exclusively fabricated for ch...
Unique Features
LIC Navjeevan is a newly launched plan by the Life Insurance Corporation of India. It is a non-linked with profit endowment assurance plan. It is a co...
Unique Features
LIC SIIP is a unit-linked non-participating individual life insurance plan. The plan comes out as an opportunity to monetize the investment options of...
Unique Features
LIC Bima Shree Policy is a traditional, non-linked, and with-profit money-back life insurance policy that features guaranteed additions to provide sec...
Unique Features
LIC Nivesh Plus is a unit-linked, non-participating, and single-premium individual life insurance plan. It offers insurance cum investment benefits th...
Unique Features
Jeevan Akshay- VII (Table No. 857) is a single premium, non-linked, and non-participating immediate annuity plan. It pays annuity or pension to the po...
Unique Features
There are multiple benefits of LIC Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.
LIC Life brings effective solutions to their customers. The insurer tends to look at every product, every service point, and every innovation from their customer’s perspective.
LIC Life offers cost-effective plans with affordable premiums catering to individuals across demographics.
LIC Life Insurance plans offer various coverage options, allowing you to select a plan that meets your needs.
LIC Life Insurance Plans recognize and reward individuals who have a healthier lifestyle with their low premium options.
Tax Benefits can be availed for premium payments of LIC Life Insurance plans under sections 80C and 10 (10D) of the Income Tax Act 1961.
Here are the rider options you can avail with LIC Life Insurance Plans to enhance your coverage:
In case of the policyholder’s demise within 180 days after the accident, benefits are paid to the beneficiary.
In case of the policyholder’s demise or disability due to the accident, benefits are paid to the beneficiary.
In case of the policyholder’s demise due to an accident, death benefits are paid to their loved ones.
Future premiums are waived off in case of the policyholder’s uncertain demise.
Benefits are paid in case the policyholder is diagnosed with any of the 15 critical illnesses.
This rider offers additional benefits along with the benefits of a basic plan to the beneficiary in case of the policyholder’s demise.
Here is the list of documents required to buy LIC Life Insurance Plans:
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
LIC Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.
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.
Visit the official website of LIC Life Insurance 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, income details, etc.
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.
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:
Inform the company about the incident via various channels-either 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.
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.
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 and the same will be communicated to him/her over a call or an email.
LIC Life insurance claim settlement procedure can be reported by visiting the local LIC Life Branch Office. For the 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.
If you have any more queries regarding LIC Life Insurance Plans,
Renewals, or Claim Procedures, contact our insurance experts at:
1800-4200-269 now!
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
See More Life Insurance Articles
See More Life Insurance Articles
4.5
Rated by 917 customers
Select Your Rating
Let us know about your experience or any feedback that might help us serve you better in future.
Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
4284-1734412362.webp)
Do you have any thoughts you’d like to share?