Life Insurance Corporation of India (LIC of India)

Life Insurance Corporation of India (also known as LIC) is a state-held insurance provider. Life Insurance Corporation started operating in September 1956. Life Insurance Operations is the oldest and one of the largest life insurance providers in India. Life Insurance Corporation of India provides a wide range of insurance plans such as Term Insurance, Whole Life, Endowment and Money Back Plans.

LIC has won several awards, here are some of the awards presented to LIC. Life Insurance Corporation of India was rated as ‘Most Trusted Service Brand Of India’ by The Economic Times Brand Equity Service in 2012. The company has continuously been receiving the ‘Reader’s Digest Trusted Brand’ award since 2006. Life Insurance Corporation has been voted ‘India’s Most Trusted Brand’ for four continuous years from 2011-2014.

Types of LIC Life Plans

Life Insurance Corporation a wide range of comprehensive life insurance plans. Following are the types of life insurance plans offered by the insurance company:

• Term Insurance Plans: Life Insurance Corporation offers two-term insurance plans. LIC’s Tech Term is pure protection and an online term plan that provides financial protection to the family of the policyholder on the unforeseen demise of the policyholder. LIC’s Jeevan Amar offers life cover and flexibility to choose from two death benefits offered are Level Sum Assured and Increasing Sum Assured.
• Endowment Plans: Life Insurance Corporation offers several endowment plans namely LIC’s Saral Jeevan Bima, LIC’s Bima Jyoti, LIC’s Bachat Plus, LIC’s New Endowment Plan, LIC’s New Jeevan Anand, LIC’s New Bima Bachat, LIC’s Single Premium Endowment Plan, LIC’s Jeevan Lakshya, LIC’s Jeevan Labh, LIC’s Aadhaar Stambh and LIC’s Aadhaar Shila.
• Whole Life Plans: Life Insurance Corporation offers only one whole life plan i.e LIC’s Jeevan Umang this plan offers income and protection. LIC’s Jeevan Umang offers survival benefits after the premium paying term ends till the policy maturity date and this plan also offers a lump sum amount at the time of maturity/death of the policyholder.
• Money Back Plans: Life Insurance Corporation offers several money back plans namely LIC’s New Money Back Plan-20 Years, LIC’s New Money Back Plan-25 Years, LIC’s Jeevan Umang, LIC’s New Children’s Money Back Plan, LIC’s Jeevan Tarun, LIC’s Jeevan Shiromani and LIC’s Bima Shree.

Significant Facts About Life Insurance Corporation Of India

Before purchasing a life insurance policy from LIC you should know about some facts about the insurance company. Below mentioned is a list of facts that one should be aware of before purchasing life insurance plan offered by LIC:

1. LIC is one of the oldest government owned insurance companies that has been providing life insurance for the last 59 years.
2. LIC has been operating at a multinational level, as of now the insurance company is operating in Fiji, UK, Mauritius, Singapore, Bangladesh, Bahrain, Dubai, Abu Dhabi, Oman, Qatar, Kuwait, Saudi Arabia, Sri Lanka, Kenya and Nepal.
3. LIC invests most of its funds in bonds (government and corporate) and some funds in stock markets. The return on investments is partly provided to policyholders and remaining is utilised by the government of India (95% of the returns on investment is provided to policyholders).
4. LIC has more than 11 Lakhs agent network that helps in distribution of life insurance policies.
5. Since LIC is a government run insurance company, the government guarantees to settle claims in case it defaults.
6. LIC is a very customer centric insurance provider. The slogan of LIC ‘Yogakshemam Vahamyaham’ from Bhagvad Geeta means ‘Your welfare is our responsibility.’

Features And Benefits Of LIC Life Insurance Plans

Below mentioned are some features and benefits that one can avail under a LIC life insurance policy:

• Provide Financial Security - When you choose to purchase life insurance policy from LIC, you can ensure financial security of your loved ones in your absence. LIC life insurance policy provides financial security to the family of the life assured in case of an unforeseen demise of the life assured during the policy tenure.
• Tax Benefits - One can avail tax benefits by investing in a LIC life insurance policy. Premiums paid for LIC life insurance policy qualify for tax exemptions under Section 80C and 10(10D) of the Income Tax Act.
• Hassle-free Claim Settlement - As LIC is a state run insurance company, settling claims on time without any hassles is the one major thing that the insurance company focuses on. One does not need to worry about the claim not being settled on time. This is the one major advantage of purchasing a LIC life insurance policy.
• Variety of Life Insurance Plans - LIC offers a variety of life insurance plans to choose from. You can choose to purchase a Whole Life, Term, Money Back, Endowment, ULIP. You can choose a life insurance plan according to your requirements and budget.

Why Choose LIC?

Life Insurance Corporation of India well known as LIC is a government run insurance company. The insurance company has been providing a wide range of life insurance plans for a long time. LIC is the oldest life insurance company in India. LIC offers a wide range of life insurance products designed to fulfill different requirements of different people. LIC was established with a main objective of providing financial security to people. LIC life insurance policies are a very popular choice amongst customers. LIC is one the most trusted life insurance companies in India.

Modes Of Payment Options Offered By LIC

LIC policyholders have an option to pay premiums online or offline. Below mentioned are different modes of payment options offered by LIC:

1. Online Payment Options:

Following is the list of online payment options offered by LIC:

• LIC’s Official Website
• E-Wallets (Paytm, BHIM etc.)
• UPI
• Debit/Credit Cards
• Net Banking

2. Offline Payment Options:

Following is the list of offline payment options offered by LIC:

• Direct Payment at
• NACH
• Bill Pay
• ATM - Axis and Corporation Bank

Claiming Insurance With LIC

Since Life Insurance Corporation of India is a state run insurance company, settling claims on time is the best facility offered by the insurance company to its customers. The insurance company helps in ensuring a hassle free claim settlement for its customers.

As a nominee of an LIC policyholder, who has passed away, you should be aware of the entire claim process starting from filing a claim intimation to claim settlement. The entire claim settlement process is offline, the nominee has to visit the branch office to file a claim for LIC insurance policy. Below mentioned is the step-by-step guide to file a death claim with LIC:

Claim Intimation - In case of an unforeseen demise of the life assured, the nominee is required to visit the branch office of Life Insurance Corporation of India to intimate the insurance company regarding the claim. The branch official will provide claim forms and NEFT form which is to be filled by the nominee. The NEFT form is required for the transfer of the death benefit into the nominee's back account. The nominee has to provide an intimation letter under which date of demise, place of demise and cause of demise of the policyholder.

Submit Required Documents - The nominee has to submit supporting documents which are required to assess the claim. All supporting documents that the nominee is going to submit is to be self attested. Do keep in mind that while assessing the claim LIC can ask for additional documents before the claim is finally settled.

Claim Settlement - Once the nominee has submitted the documents collect the acknowledgement slip. The nominee shall receive the claim amount shall be settled within 30 days in case no additional documents are required. In case the claim amount is not settled within 30 days, the nominee can visit the branch office to check the status of the claim.

Important Documents For Purchasing LIC Life Insurance Policy

Mentioned below is the lost of important documents required in order to purchase a LIC life insurance policy:

1. Identity Proof

• Aadhaar Card
• Passport
• Voter ID Card
• PAN Card

2. Age Proof

• Driving License
• Voter ID Card
• Marriage Certificate
• Birth Certificate

3. Address Proof

• Passport
• Ration Card
• Aadhar Card
• Latest 3 electricity, water or any other utility bills

3. Income Proof

• Latest 6 salary slips
• Income Tax Returns of last 2 years
• Bank statements of last 6 months stating 3 months of salary credited continuously
• Form 16

4. Other Documents

• Proposal Form
• Policy Declarations in case the application form has not been filled by the policyholder itself
• Final Declaration stating that information provided is true and correct.

How To Check LIC Policy Status?

LIC offers numerous services online to smoothen the experience for its customers. Checking your life insurance policy status from time to time is as important as purchasing a life insurance policy.

In case you are a new user you must register for e-services on the home of LIC’s official website, you will be required to fill an online registration form to create your login credentials. Once you have successfully registered a confirmation email will be sent to your registered email address, you will receive a URL link which redirects you to a page where you can link your life insurance policy to your user account. On this page you need to provide details such as policy number, date of birth, premium amount etc. and click on ‘Submit’ to proceed. The status of policy will be displayed instantly as you submit the information provided.

Below mentioned are some steps that one must follow to check the policy status of their LIC life insurance policy online:

Step 1 - Visit the official website of the e-service portal of LIC.

Step 2 - Click on ‘New User’ in case you haven’t already registered, if you have already registered then click on ‘Registered User.’ (You can follow the above mentioned steps to register yourself)

Step 3 - An external link will open where you need to enter your UserID/Email/Mobile Number, Password and Date of Birth.

Step 4 - Once you have successfully logged in, click on the ‘Policy Status’ tab.

Step 5 - Click on the policy number to get your policy status.

You can also check your policy status offline through calling the helpline number of LIC or by sending a SMS. To get your policy status through SMS simply send ASKLIC to 56767877 or 9222492224 from your registered mobile number.

LIC Online Payment

You can now make LIC premium payments online efficiently and securely anywhere and anytime. You can make payments online on the LIC e-services portal. Below mentioned are some steps to make the payment online on the portal:

Step 1 - Visit the official website of LIC and selec ‘Pay Premium Online’ from the ‘Online Services’ section on the home page.

Step 2 - You can choose to pay without logging in or through the customer portal. If you want to pay without login, select ‘Pay Direct’ and if you want to pay through customer portal then select ‘Through Customer Portal.’

Step 3 - In case you select ‘Pay Direct’ a new window will open under which you can select the type of payment such as Renewal, Advance Premium Payment, Loan Repayment or Loan Interest Repayment. After selecting the type of payment you must fill the customer validation form, verify your premium particulars and proceed to make the payment.

In case you want to pay a premium through customer portal you will have to login using your User ID/Email/Mobile, Password and Date of Birth.

Step 4 - Provide your policy number and amount of the premium payable. Select the policy and proceed to make the payment.

LIC Premium Calculator

If you want to estimate the amount of premium for a LIC life insurance policy before purchasing a insurance policy, you can follow these steps:

Step 1 - Visit the official e-services portal of LIC and click on ‘Premium Calculator and Benefit Illustration’ option.

Step 2 - Enter required information such as your name, date of birth, age, gender, mobile number and email address then click on ‘Next’

Step 3 - You can choose to get a quick quote or compare quotes. Select the name of plans you want to compare or select the name of plan you want to get a quick quote of.

Step 4 - Enter your preferred sum assured, policy term and policy tenure then click on ‘Next’.

Step 5 - Premium for the insurance policy will be calculated on the basis of yearly, half yearly, quarterly and monthly basis. You can choose the premium payment frequency of your plan and click ‘Get Illustration’ benefit illustration.