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LIC of India Plans

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Highlights
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

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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 of India 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

    Life Insurance Corporation provides a wide range of comprehensive insurance plans such as Term Insurance, Endowment, Money Back, Pension, Unit-linked insurance plans and Whole Life Plans. These plans are specially designed to cater to the needs and budget of every individual. LIC with more than 23 crore clients is one of the largest and oldest government-owned life insurance provider. Before selecting a plan always check the eligibility of LIC life insurance plans. Explore the various types of Life Insurance plans offered by Life Insurance Corporation below.

    Types of Life Insurance Corporation Insurance Plans:

    When choosing a life insurance plan, it is very important to consider your individual needs and financial goals. Below are the types of LIC life insurance plans you can choose from:

    1. Term Insurance Plans
    2. Endowment Plans
    3. Whole Life Plans
    4. Money Back Plans
    5. Pension Plans
    6. Unit Linked Plans

    Life Insurance Corporation Term Plans

    Life Insurance Corporation offers two-term insurance plans as discussed below:

    1. LIC Tech Term: LIC Tech Term is pure protection and an online term plan that gives monetary insurance to the day to day life guaranteed in the event of unexpected end of the existence assured.LIC tech term plan is available through the web based application process only for instance one can apply for this term assurance anticipate the web and get it at whatever point and wherever according to his/her solace. This game plan enjoys two benefit decisions specifically Level Sum Assured and Increasing Sum insured. LIC Tech Term likewise offers the candidate to pick his/her strategy term and premium installment term.

    2. LIC Jeevan Amar: LIC Jeevan Amar plan gives insurance if there should be an occurrence of an appalling death of the life guaranteed during the approach term. This arrangement offers life cover and adaptability to browse two passing advantages offered are Level Sum Assured and Increasing Sum Assured. This arrangement offers distinctive premium sums for Non-Smokers and Smokers.

    Life Insurance Corporation Endowment Plans

    Life Insurance Corporation offers several endowment plans as discussed below:

    1. LIC Saral Jeevan Bima: LIC Saral Jeevan Bima is the basic protection strategy that will pay the candidate a decent sum after the demise of the strategy holder.

    2. LIC Bima Jyoti: LIC Bima Jyoti is a non-participating , ensured returns endowment investment insurance plan. It offers live cover and adds to your speculation alongside giving tax breaks. This arrangement can be bought through specialists or online at a limited rate.

    3. LIC Bachat Plus: LIC Bachat Plus offers double advantages of security and investment funds. This policy offers dual benefits- sum to family if there should be an occurrence of safeguarded dies before development and singular amount sum in the event that the safeguarded endures the development time frame.

    4. LIC New Endowment Plan: LIC New Endowment Plan offers Death Benefits and Maturity Benefits. The arrangement is qualified for standard premium installment for the whole residency.

    5. LIC New Jeevan Anand: LIC New Jeevan Anand offers insurance against death for the policyholder all through a lifetime. This arrangement additionally offers a single amount toward the finish of the approach term on the endurance of the policyholder.

    6. LIC New Bima Bachat: LIC New Bima Bachat is an affordable policy that gives a large group of advantages including a passing advantage/development benefit, endurance helps that are payable at indicated approach years, and dependability augmentations.

    7. LIC Single Premium Endowment Plan: LIC Single Premium Endowment Plan offers you to just make a single premium payment towards the start of the policy term. It is a participating endowment plan, which implies that reward will be paid through the term of the policy.

    8. LIC Jeevan Lakshya: LIC Jeevan Lakshya is a participating endowment plan which gives both speculation and protection benefits. If there should arise an occurrence of death of the policyholder a normal pay is given to the chosen one notwithstanding a lump sum at the date of Maturity.

    9. LIC Jeevan Labh: LIC Jeevan Labh is a simple endowment plan. It is a premium payment plan in which you do not need to pay the expenses for the whole length of the term of the approach.

    10. LIC Aadhaar Stambh: LIC Aadhaar Stambh is a plan which gives both assurance and reserve funds. It is just for male candidates and an Aadhaar card is compulsory.

    11. LIC Aadhaar Shila: LIC Aadhaar Shila is a participating endowment plan which is accessible just for Females. As the name proposes, this arrangement must be bought by the individuals who have an Aadhaar Card.

    Life Insurance Corporation Whole Life Plans

    Life Insurance Corporation offers only one whole life plan i.e LIC Jeevan Umang this plan offers income and protection.

    LIC Jeevan Umang: LIC Jeevan Umang benefits start after the superior paying term finishes and this arrangement additionally offers a Lump-sum amount to the policyholder after the policy maturity date or on the death of the policyholder during the policy term.

    Life Insurance Corporation Money Back Plans

    Life Insurance Corporation offers several money back plans as discussed below:

    1. LIC New Money Back Plan-20 Years: LIC New Money Back Plan-20 Years plan gives double elements, for example, assurance against death all through the arrangement term and occasional installment of endurance benefit on endurance of policyholder.

    2. LIC New Money Back Plan-25 Years: LIC New Money Back Plan-25 Years offers an appealing mix of security against death all through the term of the arrangement alongside the occasional installment on endurance at indicated spans during the term.

    3. LIC New Children’s Money Back Plan: LIC New Children’s Money Back Plan is a unique plan intended to take into account various requirements of developing youngsters, including their schooling, wedding.

    4. LIC Jeevan Tarun: LIC Jeevan Tarun is uniquely intended to meet the educational and different necessities of developing youngsters through yearly endurance benefit installments from ages to 20-24 years and development benefit at 25 years old years.

    5. LIC Jeevan Shiromani: LIC Jeevan Shiromani is a restricted expense installment cash back disaster protection plan with least Basic Sum Assured of Rs. 1 crore especially planned for assigned section of High Net-worth Individuals.

    6. LIC Bima Shree: LIC Bima Shree is a restricted premium installment investment funds plan with a base aggregate guaranteed of Rs. 10 lakhs to target explicit people with high total assets.

    7. LIC Jeevan Umang: LIV Jeevan Umang is an income and insurance plan also. This arrangement offers a yearly endurance benefit from the finish of the superior paying term till the development date of the strategy.

    8. LIC Dhan Rekha: LIC Dhan Rekha offers an alluring mix of insurance and reserve funds. This arrangement offers monetary help for the family if there should be an occurrence of awful demise of the policyholder during the approach term.

    9. New Bima Bachat: New Bima Bachat offers financial security and confirmation to the policyholder and his whole family. Bima Bachat is a one-time premium approach; you really want to pay just one single premium for the entire term.

    Life Insurance Corporation Pension Plans

    Life Insurance Corporation offers several pension plans as discussed below:

    1. Pradhan Mantri Vaya Vandana Yozana: Pradhan Mantri Vaya Vandana Yozana is a pension Scheme declared by the Government of India solely for the senior residents aged 60 years or more which was accessible from fourth May, 2017 to 31st March, 2020. The plan is currently stretched out up to 31st March, 2023 for a further time of three years past 31st March, 2020.

    2. LIC’s Jeevan Akshay-VII: LIC Jeevan Akshay-VII is a pension plan that gives quick Annuity. It is accessible in 10 unique choices plans, and clients can pick any choice according to their accommodation and necessity.

    3. LIC’s New Jeewan Shanti: Under this plan a policyholder has the freedom to browse an Immediate Annuity choice or a Deferred Annuity choice. For both the choices, the paces of the annuity are ensured at the hour of the initiation of the approach.

    4. LIC’s Saral Pension: It is a single premium and individual annuity plan. There are four modes of payment in it -Monthly, Quarterly, Half-yearly, and Yearly.

    Life Insurance Corporation Unit Linked plans

    Life Insurance Corporation offers several unit linked plans as discussed below:

    1. LIC’s Nivesh plus: LIC Nivesh Plus is a Single Premium unit connected arrangement which offers potential to develop your cash and offers life cover moreover.This plan has charge reserve funds incorporated into it.

    2. LIC’s SIIP: LIC’s SIIP in an unit linked regular premium individual life insurance plan.The presentation of the assets you put the cash in will decide the general returns of your investment.

    3. LIC’s New Endowment Plus: LIC New Endowment Plan is a non-connected extra security strategy which offers ensured returns and rewards. The approach can be profitable for terms of 12 to 35 years. Strategy can be taken for anybody between 8 to 55 years old and can be proceeded till 75 years old.

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    Claim Process at LIC of India

    • 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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    FAQ About LIC of India

    • 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.

    LIC of India Contact Details

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