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LIC Life Insurance Benefits

Life Insurance Corporation of India (also known as LIC) is a state-help insurance company. Since 1956 LIC has been providing robust life insurance services. Life Insurance Corporation is one of the largest life insurance providers in India that provides a wide range of insurance plans such as Term Insurance, Whole Life, Endowment, and Money Back. The best thing about LIC is that it anticipates your insurance needs and provides you with a plan that fulfils your requirements.

Moreover, LIC designs insurance plans to cater to every individual's requirement and promises to provide coverage at a nominal cost.

Benefits of Life Insurance Corporation of India

Life Insurance Corporation offers the following benefits to its customers:

  • Variety of Products: Life Insurance Corporation provides a wide range of Term Insurance, Endowment, Money Back and Whole Life Plans. The plans offered by Life Insurance Corporation can be chosen according to your requirements and budget. LIC is the most trusted insurance provider and it strives to fulfil every insurance need of a person at an affordable amount.
  • High Claim Settlement Ratio: Life Insurance Corporation has featured a claim settlement ratio of 97.9% in 2024. High Claim Settlement Ratio reflects the credibility of insurance companies. The Claim Settlement Ratio depicts the number of claims that were paid successfully in a year. When you choose an insurance provider with a high claim settlement ratio, you can rely on the insurance provider to approve the claim fairly in desperate times.
  • Award-Winning Services: Life Insurance Corporation has received many awards and has been rated as ‘Most Trusted Service Brand Of India’ by The Economic Times Brand Equity Service in 2012. LIC 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. All this shows that LIC is a trusted life insurance provider in India.
  • Excellent Customer Support: Life Insurance Corporation is one of the largest and oldest life insurance providers of affordable policies and plans. The company values its customers and provides excellent customer services. Their customer care toll-free number is accessible 24x7. This helps the customer to stay connected with the insurance provider at all times.
  • Tax Benefits: Under multiple sections of the Income Tax Act,1961, LIC provides tax benefits. When you pay your life insurance premium, you can potentially reduce your taxable income. This means you will have to pay less income tax to the Government. In short, LIC is a means of helping you reduce your tax burden while still encouraging you to invest for the future.
  • Creation of Wealth and Savings: When you invest in Life Insurance Companies, you are investing your money into policies that may appreciate in value over time. The longer you leave your money invested, the more it has the chance to accumulate and create wealth. In other words, LIC policies offer an organised and disciplined way of saving, ensuring that you have a financial corpus when you need it.
  • Retirement Planning: LIC offers retirement-focused policies that help you build a corpus for your post-work years. These plans ensure a steady income stream during your retirement. It furthermore allows you to maintain a comfortable lifestyle without relying solely on social security or other sources.
  • Simplified Purchasing Process: Purchasing and applying for a LIC life insurance plan is very easy. You can visit the LIC branch office for a consultation or purchasing a life insurance plan. You can also get information about the life insurance plan you want to purchase via SMS. Online customer services are simplified to make it easier for existing and potential customers.
  • Assured Returns: A lot of LIC plans offer guaranteed returns. This means that you can be sure about the minimum amount you will receive at maturity. This feature gives you a sense of regularity and stability, which makes it simpler for you to confidently plan your financial objectives.
  • Loan Facility: Unexpected expenses might arise in life, and you may sometimes require money to cover them. Policyholders may obtain loans from LIC secured by the cash value of their policies. This can be especially useful in times of emergency since it offers a safety net for your finances without requiring you to sell off other assets.

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

LIC Life Insurance Plan List

    Name of PlanSum Assured
    LIC Bima Jyoti20 lac - 10 cr Check Premium
    LIC Jeevan Umang20 lac - 10 cr Check Premium
    LIC SIIP20 lac - 10 cr Check Premium
    LIC Jeevan Anand20 lac - 10 cr Check Premium
    LIC Jeevan Labh20 lac - 10 cr Check Premium
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    Claim Process at LIC Life Insurance

    • 1

      Claim Intimation

      In the event of the death of the life assured, the insurance company should be intimated as early as possible.
    • 2

      Submission of Documents

      For easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
    • 3

      Claim Evaluation

      After successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
    • 4

      Claim Settlement

      If claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.

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    FAQs

    • Why should I choose the Life Insurance Corporation of India?

      Life Insurance Corporation of India is the oldest and one the largest insurance providers in India. Life Insurance Corporation provides a wide range of Term Insurance, Endowment, Money Back and Whole Life Plans. Life Insurance Corporation has featured a  high claim settlement ratio of 96.69% in the FY 2019-20.

    • What is the grace period of insurance plans offered by Life Insurance Corporation?

      LIC offers 15 days of grace period for the policies with monthly premium payment mode and 30 days for policies with quarterly/half-yearly/yearly premium payment mode.

    • Who receives the claim benefit?

      The claim benefit is payable to the nominee in case of an unfortunate demise of the life assured. In case the life assured has assigned the policy to someone, the assignee will be entitled to the benefits payable under the life insurance policy.

    • Can I file claims for LIC insurance plans online?

      To file a claim for Life Insurance Corporation insurance plans you need to visit the LIC branch office for claim intimation and assessment.

    • What are the types of Insurance plans offered by Life Insurance Corporation?

      Types of Life Insurance Corporation Insurance Plans are:

      • Term Insurance Plans
      • Endowment Plans
      • Whole Life Plans 
      • Money Back Plans.

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