LIC company
SBI Life Insurance is one of India’s pioneering life insurance companies offering a wide range of comprehensive pension and life insurance products. Moreover, the company is well-known for providing higher customer service.
LIC of India
LIC, or the Life Insurance Corporation of India, is a significant life insurance provider based in Mumbai that offers a variety of insurance products to its consumers. Insurance plans, pension plans, ULIP (Unit Linked Plans), corporate schemes, and child insurance plans are among the company’s most popular offerings.
The state-run insurer, LIC, is the country’s largest life insurance planner, with a customer base in the millions. With LIC policies, you may easily achieve long-term objectives and provide for your loved ones in the event of an unfortunate tragedy. The corporation provides a wide range of insurance products to its large customer base while also increasing the liability of the insurance holder’s savings.
All of the plans available are designed to protect the policyholder’s interests and act as trustees in their individual and collective capacities.
Key Highlights Of The Company
Here are the key highlights of the Life Insurance Corporation of India:
| Solvency Ratio | 1.55 |
| Gross Written Premium | Rs. 3,79,389.60 Cr. (2020-21) |
| Email Id | co_cc@licindia.com |
| Contact No. | +91-022 6827 6827 |
| Address | Life Insurance Corporation Of India Central Office ‘Yogakshema’ Jeevan Bima Marg Nariman Point Mumbai 400021 |
| SMS | SMS LICHELP to 56767877 |
Types of Life Insurance Plans Offered by LIC
Here are the types of life insurance plans offered by LIC. Let’s discuss them in detail!
1. LIC Endowment Plans
An endowment life insurance policy incorporates elements of life insurance with the rewards of saving. Here are the endowment plans offered by LIC.
- LIC’s Bima Jyoti
Looking for a plan that may provide you with both savings and protection? If so, choose none other than LIC Bima Jyoti. The plan offers you maximum protection in case of your demise during the period of the policy. The biggest benefit is that it offers a guaranteed lump sum payment to the user at maturity. It provides an appealing combination of protection and savings, as well as meeting liquidity requirements through a credit facility.
- LIC’s Bachat Plus
Bachat Plus from LIC is a popular plan by LIC that offers comprehensive assistance to your family in case of your death. In the case of the surviving policyholder, the lumpsum payment would be made to them. It is so flexible that you will have the option to pay your premium either as a lump sum or for a 5-year limited period, based on your preference. If the Life assured’s age at registration is less than 8 years, the risk within this policy will begin either 2 years from the policy’s start date or 2 years from the policy anniversary that overlaps with or immediately follows the completion of 8 years of age, whichever comes first.
- LIC’s New Endowment Plan
If you are looking for a plan that can provide you with both savings and protection, choose none other than LIC New Endowment Plan. The LIC New Endowment Plan gives financial support to the family of the deceased policyholder at any time before maturity. This non-linked, participating plan perfectly cater to liquidity due to its credit facility. Depending on the company’s financial performance, you may be entitled to a portion of its profits. And the biggest advantage is that if you live to the end of the policy period, you will be eligible for a maturity benefit.
- LIC’s New Jeevan Anand
The New Jeevan Anand Plan from LIC offers a good mix of protection and savings to the policyholder during the policy period. In case the buyer survives, they will get the lumpsum payment. Also, you don’t need to worry about its liquidity needs as it offers loan facilities as well. If the life insured dies within the policy period, a basic sum assured will be paid along with the sum assured on death, final supplementary bonus, vested simple reversionary bonuses, and more. Also, you are likely to receive a significant profit portion under this policy.
- LIC’s Single Premium Endowment Plan
The LIC Single Premium Endowment Plan is a savings cum protection plan that provides financial protection against death during the policy period. In case of the survival of the policyholder, the user will receive the lumpsum payment at the end of the policy period. With this plan, you will get dividends based on the company’s financial performance. Also, you will receive a maturity benefit if you live to the end of the policy period.
- LIC’s Jeevan Lakshya
Jeevan Lakshya from LIC combines protection and savings and even offers an Annual Income benefit to meet the necessities of life, extremely important to the success of children. Regardless of the Policyholder’s survival or untimely death, the lumpsum amount would be paid to the user without any hassle. The plan perfectly caters to liquidity with its credit facility.
You will get an annual income benefit equal to 10% of the base sum secured under the death benefit. In addition, you will receive an assured absolute equivalent amount to 110 percent of the minimum sum assured. When the policy matures, this will be paid. This will be paid on the anniversary of the policy.
- LIC’s Jeevan Labh
The Jeevan Labh endowment plan from LIC is a restricted premium paying, non-linked, with-profit endowment plan that provides combined protection and savings. In the event of the policyholder’s untimely death before maturity, the policy provides financial help to the policyholder’s family. If the policyholder survives, the lumpsum payment will be made to them.
Under the policy, you will be liable to get a portion of the company’s profits when rewards are disclosed after the year. This insurance policy offers a credible facility of loan as it comes with a liquidity option.
- LIC’s Aadhaar Stambh
Aadhaar Stambh by LIC is specially designed for male lives and provides both protection and savings. This non-linked and life assurance plan offers maximum financial protection to the policyholder in case of his/her demise. The policy offers the entire payment to the user at maturity.
When something unpleasant happens to the life insured, it provides good monetary help to his or her family. A loyalty enhancement and the money promised will be paid if the policyholder dies after 5 years but before the policy expires.
- LIC’s Aadhaar Shila
The Aadhaar Shila plan from LIC is developed specifically for women that provides both protection and savings. in the event of the policyholder’s untimely death before maturity, this plan provides financial help to the policyholder’s family. At the time of maturity, the lumpsum payment would be made to the user. Furthermore, this plan provides liquidity through its Auto Cover as well as a credit option.
When the insured dies, it pays out a death benefit. The nominee will get a death benefit in case of the death of the user during the first five years of the policy period. If the customer survives to the end of the policy period, he or she will get a loyalty bonus as well as the sum assured at maturity.
2. LIC Whole Life Plans
A Whole Life plan is a simple regular payment whole life plan that comes with a bonus facility. It lasts for the duration of the insured’s life, as long as the premiums are paid. Let’s discuss the whole life plan offered by LIC.
- LICs Jeevan Umang
The Jeevan Umang plan from LIC provides your family with both income and protection. Till the time of maturity, the plan provides the annual survival benefit and get a lumpsum payment either on the death of the policyholder or at the time of maturity.
At the demise of the policyholder, the death benefit must be at least 105 percent of the total premiums paid. A survival bonus equivalent to 8% of the Basic Sum Assured will be paid each year if the life assured survives to the end of the premium-paying term, provided all due premiums have been paid.
3. LIC's Money-Back Plans
Following are the money-back plans offered by LIC. Let’s take a brief look at them.
- LIC’s Dhan Rekha
The Dhan Rekha Life Insurance Plan from LIC offers an appealing combination of protection and savings. This Non-Participating, Individual, Savings plan provides financial assistance to the policyholder’s family in the event of the policyholder’s untimely death during the policy term. In the case of the survival of policyholders, the guaranteed lumpsum payments at the time of maturity.
The “Sum Assured on Death” plus Accrued Guaranteed Additions shall be paid on death during the policy period following the date of initiation of risk. A specific proportion of the Basic Sum Assured will be paid if the life assured survives for each of the stated durations during the policy period, providing the policy is in force.
- LIC’s New Bima Bachat
The LIC’s New Bima Bachat is a money-back plan that offers financial protection against death during the policy term in exchange for the payment of survival benefits. Under the policy, the premium is paid in total at the outset of the policy. once the policy matures, the single premium and loyalty amount will be returned to the user.
If the Life Assured lives to the end of the policy term, the “Sum Assured on Maturity,” including any Loyalty addition, will be paid.
- LIC’s New Money Back Plan – 20 Years
The LIC New Money Back Plan-20 Years is an ideal combination of death protection throughout the policy. In case of the death of the policyholder, the plan offers financial assistance to the family. However, in the case of the survival of the policyholder, the entire payment would be paid without any difficulty.
If the policy is in full force death benefit, bonuses are payable on death within the policy period, including “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus. Where the “Sum Assured on Death” is the greater of 125 percent of the Basic Sum Assured or 10 times the annualised premium.
- LIC’s New Money Back Plan – 25 Years
The LIC New Money Back Plan-25 years provides maximum protection to the policyholder against his/her death and monthly payments on survival. This non-linked participating plan gives financial assistance to the family of the deceased policyholder at any time before completion, as well as a lump sum amount to the surviving policyholders at maturity.
If the policy is in full force, the policyholder will be entitled to share in the Corporation’s earnings and will be eligible for Simple Reversionary Bonuses based on the company’s experience.
- LIC’s New Children’s Money Back Plan
LIC’s New Children’s Money Back Plan is specially designed to meet the growing needs of the children that include education, marriage through Survival Benefits.
It also includes risk protection for the child’s life during the policy term, as well as many survival rewards if the child survives to the end of the defined periods. For a child aged 0 to 12 years, any parent or grandparent can purchase the plan. If the Life Assured survives the policy anniversary or immediately follows the completion of ages 18, 20, or 22, then the minimum Sum Assured of 20% will be paid on each occasion, providing the policy is still in operation.
- LIC’s Jeevan Tarun
It offers an appealing combination of protection and savings features. This non-linked plan is tailored to fulfil the scholastic and other needs of growing children, with annual Survival Benefit payments. This is a customizable plan in which the applicant can choose the proportion of Survival Benefits to be received during the policy’s term at the planning phase.
After the completion of 20 years of age, a secure percentage of Sum Assured shall be payable on each policy anniversary. For inforce maturing policies, a specified proportion of the Sum Assured will be payable on maturity if the Life Assured survives the stipulated maturity date.
- LIC’s Jeevan Shiromani
The Plan is a limited premium payment money back life insurance plan that is specifically developed for the High Net-worth Individuals market. It has a minimum Basic Sum Assured of Rs. 1 crore to cater to the needs of the individual and his/her family.
A specific proportion of the Basic Sum Assured will be paid if the life assured survives each of the specified durations during the policy term. After paying premiums for at least one full year’s premium and completing one policy year, a loan facility is provided under this plan, according to certain criteria as indicated in the plan terms.
- LIC’s Bima Shree
The plan is a limited premium payment money back life insurance plan primarily intended for a specific group of Elite Cumulative People. If you are someone who wants to provide maximum financial protection to your family and can invest a huge amount, this is an ideal investment to make.
The “Sum Assured on Maturity” plus any accrued Guaranteed Additions and Loyalty Addition, will be paid on the life assured surviving to the date of maturity. On the other hand, if the policyholder survives at the end of the policy, the “Sum Assured on Maturity” including any accrued Guaranteed Additions and Loyalty Addition will be paid.
4. LIC Term Assurance Plans
Term insurance is a type of insurance that is purchased for a specific period or a particular number of years. Here are the term assurance plans offered by LIC. These are as follows:
- LIC’s Tech Term
LIC’s Tech-Term is a profit-free “Online Term Assurance Policy” that protects the insured’s family’s finances in the event of his or her untimely death. With no middlemen involved, this plan will only be accessed through an online application process.
The Corporation will not give any claim except for an equivalent amount to 80% of the premiums paid if the policyholder (irrespective of its mental condition) attempts suicide within 12 months from the date of revival.
- LIC’s Jeevan Amar
The Jeevan Amar plan from LIC is a pure protection plan that allows you to choose between two types of death benefits: level Sum Assured and growing Sum Assured. This non-linked plan allows the policyholder to make the payment of premiums in three ways: single, regular, or limited. In case of the death benefit payment, you can choose either in monthly installments or in lumpsum.
If the Policyholder is dissatisfied with the policy’s “Terms and Conditions,” the Policyholder may return the policy to the Corporation within 15 days of receiving the policy bond, If the Policyholder is dissatisfied with the terms and conditions of the policy. The user also needs to state his/her reasons for objections.
- LIC’s Saral Jeevan Bima
Saral Jeevan Bima Plan from LIC is a non-participating and pure risk life insurance plan that protects the insured’s family financially in the event of his or her untimely death during the period of the policy.
If the Life Assured dies during the waiting period for reasons other than an accident, an amount equivalent to 100% of all premiums received will be paid. This policy will only cover death as a result of an accident if it occurs within 45 days of the risk beginning. The company, however, will not be liable to pay the sum assured.
These insurance plans are ideally suited for senior citizens and those who are preparing for a secure future, ensuring that you never miss out on life’s greatest pleasures. LIC offers the following pension plans:
- Pradhan Mantri Vaya Vandana Yojana
The Pradhan Mantri Vaya Vandana Yojana (Modified-2020), introduced by 2020 by the Government of India. The plan has a modified rate of pension and has increased the time of sale of this plan for a further three years, beginning in the Financial Year 2020-21.
At the start of each year, the guaranteed rates of pension for policies sold during a year shall be reviewed and decided by the Ministry of Finance, Government of India, according to the terms and circumstances of this plan.
- LIC’s Jeevan Akshay – VII
Under this plan of LIC, the policyholder would have an option to choose the type of annuity from the list of ten alternatives in exchange for a lump sum payment. The user has an option to buy the plan via an online or offline method. The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of the Annuitant(s).
The Annuity shall be paid in arrears, i.e., after one year, six months, three months, and one month from the date of policy commencement, depending on the annuity payment method.
- LIC’s New Jeevan Shanti
This is a regular premium policy with the choice of a single life or joint life deferred annuity for the Policyholder. The annuity rates are specified at the beginning of the policy, and annuities are paid once the deferment period has ended for the rest of the Annuitant’s life (s).
If the annuitant dies or the policy is surrendered during the deferred period, the Additional Benefit on Death for the policy year in which the death/surrender occurs will accumulate until the end of the policy month.
- LIC’s Saral Pension
According to the Insurance Regulatory and Development Authority of India (IRDAI) standards, this is a Standard Immediate Annuity plan with the same terms and conditions issued by all life insurers. On payment of a lump sum amount, the Policyholder has the option of choosing between two types of annuities.
If the annuitant, spouse, or any of the annuitant’s children is diagnosed with any of the specified critical illnesses, the policy can be surrendered at any time after six months from the date of the beginning of the policy according to the Corporation’s medical examiner.
6. LIC ULIP Plans
A ULIP is an investment and insurance product that allows policyholders to pay their premiums annually or monthly, depending on their preferences. Let’s take a look at the ULIP plans offered by LIC.
- LIC’s Nivesh Plus
Nivesh Plus is a premium plan offered by LIC that provides insurance and investment coverage throughout the policy’s duration for a single premium. This unit-linked single premium individual life insurance plan allows you to choose the preferred sum insurance at the time of policy beginning.
This plan gives you the option of selecting the type of Sum Insured from the outset while allowing you to invest in the premium in one of four different types of investment funds.
- LIC’s SIIP
The LIC SIIP provides both insurance and investment protection throughout the policy’s duration. This regular-premium individual life insurance plan is available both offline and online while offering you the option of investing premiums in one of four different types of investment funds.
For the policy’s term, you can pay premiums at yearly, half-yearly, quarterly, or monthly intervals. During the policy’s term, the method of premium payment must be selected at the point of purchase, but it can be changed (to one of several regular premium payment modes) at any future policy anniversary.
- LIC’s New Endowment Plus
The New Endowment Plus plan from LIC provides investment cum insurance coverage during the policy’s life. This plan was created just for you to give a solid balance of safety and long-term savings, as well as more flexibility in building a better life and realising your aspirations.
The policy allows you to make premium payments in either of the types of investment funds available under the policy. based on the fund’s Net Asset Value (NAV), the unit fund is subject to a variety of charges, and the value of the units may rise or fall.
7. LIC Micro Insurance Plans
Micro-insurance policies are designed to increase insurance coverage among the most economically vulnerable members of society. Here are the types of microinsurance plans offered by LIC. Let’s discuss them in detail!
- LIC’s Bhagya Lakshmi
The Bhagya Lakshmi Plan, offered by LIC, is a non-profit plan that provides financial security and helps people save money while also serving as an insurance and investment tool. In the event of the policyholder’s death, the nominee will receive the lumpsum amount along with the death benefit. During the premium-paying duration of the policy, premiums might be paid on a yearly, half-yearly, quarterly, or monthly basis as per the convenience of the policyholder.
- LICs New Jeevan Mangal
The LIC’s New Jeevan Mangal Plan is a protection-oriented plan that includes an Accident Benefit, which gives double risk coverage in the event of accidental death. As per the policy’s conditions, the policy will be regarded in force, with risk coverage continuing uninterrupted during the grace term. The Policy will lapse if the premium is not paid before the grace period expires.
- LIC’s Micro Bachat Plan
Looking for a plan that may provide you with both savings and protection? If so, your search ends here! The Micro Bachat from LIC is an individual life assurance plan that provides financial support to the policyholder’s family in the event of the policyholder’s untimely death during the policy term.
8. LIC Withdrawn Plans
For various classes and segments of the Indian economy, LIC offers many withdrawn plans. Here’s the list of the following withdrawn plans offered by LIC. Let’s take a look at them!
- LIC’ Jeevan AROGYA
LIC’s Jeevan Arogya is a unique non-participating non-linked plan which provides health insurance cover against certain defined health risks. One of the biggest benefits of the plan is that it provides you with timely assistance in the context of health emergencies while offering comprehensive financial protection to the family. Whether you are a Principal Insured or Other Insured Life, your premium will be determined by your age, gender, health insurance option, and payment method.
- LIC’s Cancer Cover
Cancer Cover from LIC is a continuous premium payment health insurance plan that provides maximum financial protection to the policyholder. If the user is diagnosed with early and/or Major Stage Cancers throughout the period, this plan may help you out! For the first five years following the policy’s issuance, the premium rates under this plan are guaranteed. With this plan, the premium rates for future years may be revised based on the company’s experience.
Why Go With Life Insurance Corporation of India?
Here are the reasons to choose Life Insurance Corporation of India:
1. A Multitude of Products: Life Insurance Corporation offers a variety of products that can be customized to meet your needs and budget. Some of the plans include money back, endowment, and whole life insurance plans that perfectly cater to an individual’s insurance needs at a reasonable cost.
2. High Claim Settlement Ratio: In FY 2019-20, Life Insurance Corporation had a claim settlement ratio of 96.69 percent. For those who don’t know, the high claim settlement ratio showcases the credibility of an insurance company. In the case of LIC, the CSR is exceptional and can be availed without thinking twice.
3. Award-Winning Services: Life Insurance Corporation has received many awards such as the BFSI digital innovation award, Aashirwad awards, 8th Annual Greentech HR excellence award, Golden peacock award-national training, brand icon award times of India, to name a few.
4. Excellent Customer Support: Customers are valued by the organization, which delivers exceptional customer service. Life Insurance Corporation is one of the nation’s largest and oldest suppliers of cheap life insurance policies and programs. Their toll-free customer service number is available 24 hours a day, 7 days a week. This allows the customer to have constant contact with the insurance provider.
5. Simplified Purchasing Process: A life insurance policy from LIC is simple to buy and apply for. For a consultation or to purchase a life insurance policy, you can go to a LIC branch office. You can also use SMS to acquire information about the life insurance plan you want to buy. Existing and new consumers will find it easier to use online customer support.
Know the Premium Calculation Of LIC of India Plans
If you are looking to know the exact premium amount of LIC of India, you need to visit the official website of the company. To give you a proper explanation, let’s take an example to understand it properly!
Rahul has decided to purchase “LIC New Jeevan Anand plan”, “LIC Saral Jeevan Beema”, and “LIC Jeevan Lakshya” to secure the financial future of his loved ones. Based on the age, name of the policy, age, sun assured, here is the premium amount that Rahul has to pay.
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