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LIC Life Insurance FAQs

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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


    • How do I check my policy status via SMS enquiry process?

      To check the policy status for your LIC life insurance policy send a message 9222492224 with the following details:

    • What happens when the nominee dies or is not mentioned in the policy?

      If the nominee dies or is not mentioned in the policy, your family members will have to produce proof establishing their right to claim the policy benefit.

    • Which type of insurance policy should I choose?

      You should choose the policy that best suits your needs depending on your insurance objectives, your income, your existing policies (if any), your assets, liabilities, your expenses.

    • Can I take a loan against my LIC policy?

      You can avail of the facility to take a loan against the LIC life insurance policy only if it is a money-back/endowment plan that offers this facility.

    • Why can a claim be denied?

      A claim can be denied if it is a case of fraud or suicide. After intimating the insurance provider a claim is assessed to make sure the claim raised is genuine.

    Claim Settlement

    • What is the claim settlement ratio of Life Insurance Corporation?

      Life Insurance Corporation featured a high claim settlement ratio of 97.79% in the FY 2019-20.

    • Where can I download the claim forms from?

      You can download the claims forms from Life Insurance Corporation official website by following simple steps:

      Step 1: Visit the Life Insurance Corporation website and click on ‘LIC Online Service Portal’
      Step 2: Click on ‘Claim forms’ on the right menu under ‘LIC Online Service Portal’
      Step 3: Choose the claim form as required according to your claim and download the form.

    • What is the toll-free helpline number of Life Insurance Corporation?

      Toll-free helpline number of Life Insurance Corporation is 022 68276827.

    • What documents ID Proof and address proof required while applying for an insurance policy?

      The following documents can be considered for ID and Address Proof while applying for an insurance policy:

      • PAN Card Passport
      • Aadhar Card
      • Driving License
      • Bank Account Statement
      • Voter Identity Card.

    • How to apply for a LIC life insurance policy claim?

      One needs to inform the insurance provider regarding a claim at the branch office. The claims are handled at the LIC branch office only.


    • 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.


    • What are the different options available to pay the premium?

      Insurance companies provide several options for premium payment. You can choose to pay monthly, quarterly, semi-annually, or annual payment options. Some insurance plans are available with a single premium.

    • Which type of insurance policy is best according to my needs?

      The policy that best suits your needs depends on your insurance objectives, your income, your existing policies (if any), your assets, liabilities, your expenses.

    • What is the free-look period offered by the Life Insurance Corporation of India?

      LIC offers 15 days of free-look period in case the life assured is not satisfied with the life insurance plan or does not comply with terms and conditions of the insurance policy.

    • What are different rider’s options offered under LIC Term insurance plans?

      The riders offered for LIC term insurance plans are LIC Accidental Death Benefit, LIC New Term Assurance Rider, LIC Linked Accidental Death Benefit Rider, LIC Accidental Death, and Disability Benefit Rider, LIC New Critical Illness Benefit Rider, and LIC Premium Waiver Benefit Rider.

    • What is ‘Accidental Death Benefit’?

      Accidental Death Benefits is an optional additional rider that provides a death benefit only if the policyholder’s death is caused by an accident.

    Premium Calculator

    • Is GST applicable on life insurance premiums?

      Yes, a GST slab of 18% is applicable to the premium charged for a plan.

    • What is the age limit to purchase a LIC life insurance policy?

      A basic life insurance plan can be purchased from 20 years of age to 60 years of age.

    • Does consumption of tobacco/alcohol affect the premium calculation?

      Yes, consumption of tobacco/alcohol affects the premium calculation as consumption of tobacco/alcohol is injurious to health, people who consume either of both are considered at high risk. When you declare that you consume tobacco/alcohol on a regular basis, the premium amount rises.

    • Does my LIC life insurance policy cover death due to COVID-19?

      Yes LIC insurance policies now cover death caused due to COVID-19.

    • Can I pay my renewal premium online?

      The renewal premium payments can be made online on the LIC website through net banking, credit/debit card, BHIM and UPI.

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      On: Nov 21, 2023

    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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