Life Insurance Corporation of India (LIC) stands as a beacon of trust and financial security in the Indian insurance landscape. Established in 1956, LIC has played a pivotal role in shaping the insurance sector and safeguarding the financial future of millions of Indians. With its steadfast commitment to customer-centric services, robust financial products, and a vast network, LIC has earned the trust of the nation.
As of March 2023, it manages ₹45.7 trillion (US$570 billion) in assets, making it India’s largest insurance firm and institutional investor.
According to the annual report of the Insurance Regulatory and Development Authority of India (IRDAI), the claim settlement ratio for life insurance declined marginally to 98.45% in 2022-23 from 98.64% in 2021-22.
Read more: How to check my lic policy status
Historical Background of LIC of India
The roots of LIC can be traced back to the early 19th century when the Oriental Life Insurance Company was established in Kolkata. However, it was in 1956 that the government of India nationalized the insurance industry and merged 245 insurance companies to form the Life Insurance Corporation of India. Since then, LIC has been at the forefront of the insurance sector, evolving and adapting to the changing needs of the Indian population.
Read more: LIC surrender value calculator
Products and Services of LIC of India
LIC offers a diverse range of insurance products and services catering to the varying needs of individuals across different life stages. From traditional endowment plans to unit-linked insurance plans (ULIPs), health insurance, and pension plans, LIC has a comprehensive portfolio designed to provide financial protection and wealth creation. The flexibility and customization options in LIC policies make them suitable for individuals with diverse financial goals.
Read more: LIC policy for doubling your money
Key features of the Life Insurance Corporation of India (LIC):
History and Size:
- Largest life insurance company in India: Founded in 1956, LIC dominates the Indian life insurance market with a market share exceeding 60%.
- Largest institutional investor in India: LIC manages assets worth over ₹49.24 trillion (US$620 billion) as of March 2023, significantly impacting the Indian economy.
- Government-owned: Owned by the Government of India and operates under the Ministry of Finance, ensuring stability and trust for policyholders.
Products and Services:
- Wide range of products: Offers various life insurance plans catering to diverse needs, including traditional plans, term plans, endowment plans, money-back plans, and unit-linked plans.
- Strong presence in rural areas: Plays a crucial role in spreading life insurance awareness and access in rural India, reaching millions of people.
- Social commitment: Contributes to social welfare through initiatives like the Golden Jubilee Foundation, supporting education, healthcare, and community development.
Financial Performance:
- Consistent profitability: Delivers strong financial performance with consistent profits, ensuring policyholder benefits and investor confidence.
- High claim settlement ratio: Maintains a high claim settlement ratio, promptly fulfilling its obligations to policyholders in times of need.
- Strong brand reputation: Enjoys a strong brand reputation in India, synonymous with trust, reliability, and stability.
Recent Developments:
- IPO in 2022: The much-anticipated initial public offering (IPO) in May 2022 was the largest in India’s history, raising ₹21 billion (US$27 billion).
- Digitalization initiatives: Embracing digitalization to improve customer service, policy issuance, and overall efficiency.
- Expanding product portfolio: Introducing new insurance products to cater to emerging needs and market trends.
Additional Notes:
- LIC faces competition from private life insurance companies, but its vast network, brand recognition, and government backing remain significant advantages.
- Sustainability and responsible investment practices are gaining importance for LIC, attracting environmentally and socially conscious investors.
Read more: Pay lic policy premium through a credit card
LIC Endowment Plans: Key Highlights
Here’s a quick overview of some popular LIC endowment plans with their key features:
| Plan Name | Sum Assured Range | Policy Term | Maturity Benefit | Bonuses | Riders Available |
| LIC Bima Jyoti (Plan No. 860) | ₹1 lakh – ₹2 crore | 15, 20, 25, 30 years | Sum assured on maturity + Loyalty additions + Terminal bonus (if any) | Yes | Accident Benefit Rider, Waiver of Premium Rider, Critical Illness Rider |
| LIC Jeevan Lakshya (Plan No. 933) | ₹1 lakh – ₹2 crore | 16, 18, 20, 22, 25 years | Sum assured on maturity + Loyalty additions + Terminal bonus (if any) | Yes | Accident Benefit Rider, Waiver of Premium Rider, Critical Illness Rider |
| LIC New Endowment Plan (Plan No. 914) | ₹2 lakh – ₹2 crore | 16, 18, 20, 22, 25, 30, 35, 40 years | Sum assured on maturity + Loyalty additions + Terminal bonus (if any) | Yes | Accident Benefit Rider, Waiver of Premium Rider, Critical Illness Rider |
| LIC Jeevan Labh (Plan No. 936) | ₹1 lakh – ₹2 crore | 16, 18, 20, 22, 25, 30 years | Sum assured on maturity + Guaranteed additions + Loyalty additions + Terminal bonus (if any) | Yes | Accident Benefit Rider, Waiver of Premium Rider, Critical Illness Rider |
| LIC Aadhaar Stambh (Plan No. 943) | ₹50,000 – ₹3 lakh | 8, 12, 15, 20, 25, 30 years | Sum assured on maturity + Loyalty additions + Terminal bonus (if any) | Yes | Accident Benefit Rider, Waiver of Premium Rider, Critical Illness Rider |
LIC Bima Jyoti
The LIC Bima Jyoti Plan provides guaranteed increases on top of the assured benefits, making it a great investment for conservative investors in India. If you invest Rs.1 crore in LIC Bima Jyoti, you will receive an additional Rs.1 crore at maturity via assured additions. The final payment of Rs.2 crores has no risk and will be paid to you if all premiums are paid.
Key Features of the LIC Bima Jyoti
- The sum promised in the event of death rises by 25% as soon as all premiums are paid.
- Guaranteed additions are calculated at Rs.50 per 1000 sum promised each year.
- The plan provides many premium payment options, including annual, semi-annual, quarterly, and monthly.
- The lending feature is also available through LIC Bima Jyoti.
- You can purchase this plan both online and offline.
- If you are dissatisfied with the policy’s terms and circumstances, LIC will refund the money paid.
Eligibility criteria of LIC Bima Jyoti-
| Criteria | Details |
| Minimum Entry Age | Completion of 90 days |
| Maximum Entry Age | 60 years |
| Minimum Sum Assured | ₹1 lakh |
| Maximum Sum Assured | No upper limit |
| Minimum Policy Term | 15 years |
| Maximum Policy Term | 30 years |
| Premium Paying Term | Policy Term – 5 years |
| Maturity Age | Completion of 18 years + Policy Term |
| Occupation | All occupations considered, subject to underwriting |
| Medical Requirements | Depends on age, sum assured, and other factors. Medical examination may be required. |
| Other Eligibility | Must be an Indian citizen |
Benefits of LIC Bima Jyoti:
Death Benefit:
- Financial security for loved ones: In case of the policyholder’s unfortunate demise during the policy term, the nominee receives the sum assured on death, providing financial support during a difficult time.
- Guaranteed Death Benefit: Even if all premiums are not paid, the nominee receives a minimum of 105% of the total premiums paid (excluding taxes and riders).
- Enhanced Death Benefit: The sum assured increases by 25% upon full premium payment, offering additional protection.
Maturity Benefit:
- Guaranteed lump sum payment: Upon surviving the policy term, the policyholder receives the sum assured on maturity along with guaranteed additions, ensuring a guaranteed return on investment.
- Loyalty additions: Potential to receive bonus additions declared by LIC, enhancing the maturity payout.
- Terminal bonus (if any): Depending on LIC’s performance, a terminal bonus may be declared at maturity, further increasing the payout.
Other Benefits:
- Guaranteed additions: ₹50 per ₹1000 sum assured is added every year, increasing the maturity amount.
- Tax benefits: Premiums paid qualify for tax deductions under Section 80C of the Income Tax Act.
- Loan facility: Policyholders can avail a loan against the policy’s surrender value after a certain period.
- Paid-up value: If premiums are discontinued after a minimum period, the policy continues with a reduced sum assured without future premium payments.
- Riders available: Enhance coverage with optional riders like Accidental Death Benefit, Waiver of Premium Rider, and Critical Illness Rider (subject to eligibility).
Overall, LIC Bima Jyoti offers a combination of:
- Protection: Provides financial security to loved ones in case of death.
- Savings: Guarantees a lump sum amount at maturity with potential bonus additions.
- Flexibility: Offers various benefits like loan facility and paid-up value option.
However, it’s important to remember:
- This is a non-linked plan with guaranteed returns but potentially lower returns compared to market-linked plans.
- Carefully consider your financial goals, risk tolerance, and other investment options before choosing this plan.
LIC Jeevan Lakshya (Plan No. 933)
LIC Jeevan Lakshya is a traditional plan with a restricted premium that is not linked and is designated as a With-Profits Endowment Assurance plan. The plan went into effect in March 2015. This plan provides an annual income that can be used to support the requirements of the family, particularly minors, in the event that the policyholder dies before the plan matures. A lump sum payment is also made accessible at the end of the maturity period, independent of the policyholder’s survival status.
Salient features of LIC Jeevan Lakshya Plan:
| Feature | Details | ||
| Sum Assured | Minimum: ₹1,00,000Maximum: No limitMultiples: ₹10,000 | ||
| Policy Term | 13 to 25 years | ||
| Premium Payment Modes | Yearly, half-yearly, quarterly, monthlyElectronic Clearing Service (ECS) available | ||
| Premium Payment Term | 3 years less than policy term | ||
| Age of Entry | Minimum: 18 years (completed)Maximum: 50 years (nearest birthday) | ||
| Maximum Maturity Age | 65 years (nearest birthday) | ||
| Bonuses | With-Profits Endowment Assurance planSimple Reversionary Bonus and Final Additional Bonus (if applicable)Paid out at maturity | ||
| Optional Riders | LIC Accidental Death and Disability Benefit Rider | ||
| LIC New Term Assurance Rider | |||
LIC Jeevan Lakshya Eligibility Criteria:
| Criteria | Details |
| Minimum Entry Age | Completion of 18 years |
| Maximum Entry Age | 50 years (nearer birthday) |
| Minimum Sum Assured | ₹1 lakh |
| Maximum Sum Assured | No upper limit |
| Minimum Policy Term | 16 years |
| Maximum Policy Term | 25 years |
| Premium Paying Term | Policy Term – 5 years |
| Maturity Age | Completion of 18 years + Policy Term |
| Occupation | All occupations considered, subject to underwriting |
| Medical Requirements | Depends on age, sum assured, and other factors. Medical examination may be required. |
| Other Eligibility | Must be an Indian citizen |
Additional Notes:
- Sum assured cannot exceed 20 times of annual income.
- Sum assured cannot exceed 10 times of death coverage already availed under all LIC policies.
- Riders available: Accident Benefit Rider, Waiver of Premium Rider, Critical Illness Rider (subject to additional eligibility)
- For detailed information and specific eligibility requirements, please refer to the official LIC Jeevan Lakshya brochure or consult an LIC agent.
Read more: LIC jeevan azad policy
Benefits of LIC Jeevan Lakshya:
Maturity Benefit – If all premiums have been paid in full and the policyholder has lived to the end of the policy term, the Maturity Benefit will include the Sum Assured on Maturity plus the vested Simple Reversionary Benefits and the Final Additional Bonus, if any. The Sum Assured on Maturity is the same as the Basic Sum Assured. The Death Benefit provides a Sum Assured on Death plus Simple Reversionary Bonuses and Final Additional Bonus (if applicable) in the event of the policyholder’s death during the term.
Tax Benefits – The premium paid for this plan is admissible for receiving a rebate on income tax under 80C, and the maturity amount is free of tax under section 10D.
LIC New Endowment Plan (Plan No. 914)
LIC New Endowment Plan given by LIC of India is a participating endowment plan that offers the twin benefit of protection cum saving plan. The LIC New Endowment Plan includes both death and maturity benefits.
The combination of saving and protection gives a financial cushion to the family of the deceased insurance holder for the duration of the policy. Furthermore, if the insurance buyer survives the whole term of the policy, they will get the lump-sum amount as a maturity bonus when the policy matures. Furthermore, by providing a credit facility, the LIC New Endowment Plan addresses liquidity concerns.
Unlike pure-term insurance products, the LIC endowment plan is suitable for people who desire to have disciplined savings for life.
Read more: LIC jeevan rakshak plan
Key Features of LIC’s New Endowment Plan
- This is a participating traditional endowment plan.
- Under this plan, the policyholder must pay a premium for the whole duration of the coverage.
- The LIC New Endowment plan also provides surrender benefits and lending possibilities to meet liquidity requirements.
- On survival until the end of the policy duration, the maturity benefit is paid to the policyholder, and the policy is terminated.
- If the life insured dies within the policy duration, the death benefit is paid to the nominee, and the policy is terminated.
- The LIC plan provides additional coverage as an optional accidental death and disability benefit rider, which may be purchased for an additional premium in addition to the policy’s base coverage.
| Feature | Details |
| Plan Type | Protection Cum Savings Plan |
| Plan Number | 914 |
| UIN Number | 512N277V02 |
| Online Availability | No |
| Premium Payment Term | Equal To Policy Term |
LIC New Endowment Plan Eligibility Criteria:
| Criteria | Details |
| Minimum Entry Age | Completion of 8 years |
| Maximum Entry Age | 55 years (nearer birthday) |
| Minimum Sum Assured | ₹2 lakh |
| Maximum Sum Assured | No upper limit |
| Minimum Policy Term | 16 years |
| Maximum Policy Term | 40 years |
| Premium Paying Term | Policy Term |
| Maturity Age | Completion of 18 years + Policy Term |
| Occupation | All occupations considered, subject to underwriting |
| Medical Requirements | Depends on age, sum assured, and other factors. Medical examination may be required. |
| Other Eligibility | Must be an Indian citizen |
Additional Notes:
- Sum assured cannot exceed 20 times of annual income.
- Sum assured cannot exceed 10 times of death coverage already availed under all LIC policies.
- Riders available: Accident Benefit Rider, Waiver of Premium Rider, Critical Illness Rider (subject to additional eligibility)
- For detailed information and specific eligibility requirements, please refer to the official LIC New Endowment Plan brochure or consult an LIC agent.
Benefits of LIC New Endowment Plan:
Financial Protection:
- Death Benefit: In case of your unfortunate demise during the policy term, your nominee receives the sum assured on death, providing financial support to loved ones.
- Guaranteed Death Benefit: Even if all premiums are not paid, the nominee receives a minimum of 105% of the total premiums paid (excluding taxes and riders).
Maturity Savings:
- Guaranteed Lump Sum Payment: Upon surviving the policy term, you receive the sum assured on maturity along with loyalty additions, ensuring a guaranteed return on investment.
- Loyalty Additions: Potential to receive bonus additions declared by LIC, enhancing the maturity payout.
- Terminal Bonus (if any): Depending on LIC’s performance, a terminal bonus may be declared at maturity, further increasing the payout.
Flexibility and Additional Features:
- Variety of Policy Terms: Choose a policy term ranging from 16 to 40 years to suit your financial goals and planning horizon.
- Loan Facility: Access a loan against the policy’s surrender value after a certain period for unforeseen expenses.
- Paid-up Value Option: If premiums are discontinued after a minimum period, the policy continues with a reduced sum assured without future premium payments.
- Riders Available: Enhance coverage with optional riders like Accidental Death Benefit, Waiver of Premium Rider, and Critical Illness Rider (subject to eligibility).
Tax Benefits:
- Premiums paid qualify for tax deductions under Section 80C of the Income Tax Act.
- Maturity benefit is tax-free under Section 10(D) of the Income Tax Act (subject to conditions).
Overall, LIC’s New Endowment Plan offers a balanced combination of:
- Protection for your loved ones
- Guaranteed savings with potential bonus additions
- Flexibility to meet your changing needs
- Tax benefits
However, it’s important to remember:
- This is a non-linked plan with guaranteed returns but potentially lower returns compared to market-linked plans.
- Carefully consider your financial goals, risk tolerance, and other investment options before choosing this plan.
LIC Jeevan Labh-
LIC Jeevan Labh Plan 936 (formerly known as LIC Jeevan Labh 836) is an endowment plan that combines life insurance and savings. If you live to the end of the insurance term, you will get maturity benefits. Its participatory character allows customers to earn a portion of LIC of India’s revenues. This makes it an excellent solution for savings, increased returns, and insurance protection in one package.
LIC’s Jeevan Labh Policy Features
- Customers must pay premiums for a short time to receive long-term protection.
- Policyholders can take advantage of credit facilities under this plan after paying a regular premium for two years. It is capped at 90% of the surrender value.
- The plan allows you to receive the death and maturity benefits in instalments over 5, 10, or 15 years.
- If the plan is purchased for a kid, parents can include the LIC’s Premium Waiver Benefit Rider in the policy. If the parent dies, LIC waives future premiums so that the child does not have to face the burden of keeping the policy in force.
- If the sum promised is Rs.5 lakhs or above, one may be eligible for premium rebates.
LIC New Endowment Plan Eligibility Criteria:
| Criteria | Minimum | Maximum |
| Entry Age | 8 years | 59 years |
| Sum Assured | ₹2,00,000 | No upper limit |
| Maturity Age | N/A | 75 years |
| Policy Term | 16, 21 & 25 years | – |
| Premium Paying Term | 10, 15 & 16 years | – |
Additional Information:
- The table shows the general eligibility criteria. Specific requirements may vary depending on the chosen policy term.
- For each Entry Age, the corresponding Premium Paying Term options are displayed.
- Maturity Age is determined by adding the chosen Policy Term to 18 years.
LIC Jeevan Labh benefits-
Life Protection Benefits
- Death Benefit: In case of your death during the policy term, your nominee receives the sum assured on death, which is the higher of:
- 10 times of the annualized premium
- The basic sum assured
- Guaranteed Death Benefit: Even if all premiums are not paid, your nominee will still receive a minimum of 105% of the total premiums paid (excluding taxes and riders).
Maturity Benefits
- Maturity Benefit: Upon surviving the policy term, you receive the sum assured on maturity, which is the higher of:
- The basic sum assured
- The sum assured on death
- Loyalty Additions: Over the policy term, you will earn loyalty additions, which are additional amounts added to your policy value. These loyalty additions are based on the performance of LIC and are not guaranteed.
- Final Additional Bonus (FAB): At the end of the policy term, LIC may declare a final additional bonus (FAB), which is an additional amount added to your policy value. The FAB is not guaranteed.
Other Benefits
- Loan Facility: After paying premiums for at least 3 years, you can avail a loan against the surrender value of your policy.
- Paid-up Value: If you discontinue paying premiums after a minimum period, your policy will continue with a reduced sum assured.
- Riders: You can add optional riders to your policy to enhance your coverage. Available riders include:
- Accidental Death Benefit Rider
- Waiver of Premium Rider
- Critical Illness Rider
Tax Benefits
- Premiums paid under the plan are eligible for tax deductions under Section 80C of the Income Tax Act.
- Maturity proceeds are tax-free under Section 10(D) of the Income Tax Act, subject to conditions.
Overall, LIC Jeevan Labh is a comprehensive plan that offers a good combination of protection and savings. The plan is suitable for individuals who are looking for financial security for their loved ones and also want to save for their retirement or other financial goals.
However, it is important to remember that this is a non-linked plan, which means that the returns are not linked to the performance of the market. As a result, the returns on this plan may be lower than market-linked plans.
It is also important to carefully consider your financial goals, risk tolerance, and other investment options before choosing this plan.
1. LIC Aadhaar Stambh-
LIC Aadhaar Stambh (Plan No. 943, UIN No. 512N310V02) is one of the Life Insurance Corporation of India’s unique policies intended specifically for males at an inexpensive premium rate. It is a Non-Linked, Participating, Individual, Life Assurance plan that provides both protection and savings benefits. It not only provides financial support to the nominee or beneficiary in the event of the covered person’s sad and untimely death, but it has also developed the Auto Cover and loan facility to meet the policyholders’ liquidity requirements.
LIC Aadhaar Stambh Eligibility and Key Features:
| Feature | Details |
| Eligibility | Male applicants with valid Aadhaar card |
| Minimum Entry Age | 8 years |
| Maximum Entry Age | 55 years |
| Maximum Maturity Age | 70 years |
| Plan Type | Non-linked, with-profit endowment assurance |
| Sum Assured Range | ₹75,000 – ₹3,00,000 (in multiples of ₹5,000) |
| Policy Term | 10, 15, 20 years |
| Premium Payment Term | Same as policy term |
| Risk Commencement | Immediate upon policy issuance |
| Premium Payment Modes | Annual, semi-annual, quarterly, monthly (via NACH only) |
Benefits of LIC Aadhaar Stambh
Death benefit
If the life assured dies before the end of the policy term, their nominee is entitled to a death benefit provided that all required premiums have been paid.
If the policyholder dies during the first five years of the policy’s term, the “Sum Assured on Death” will be payable. If the policyholder dies after 5 years, the “Sum Assured on Death” plus the Loyalty Addition (if applicable) will be paid.
The sum assured will be the greater of (i) 10 times the annualised premium; (ii) the sum assured at maturity; or (iii) the basic sum assured. The death benefit granted will not be less than 105% of the total amount of premiums paid until the date of death.
Maturity Benefit
If the life assured survives the policy period and pays all due premiums, they will be entitled to the maturity benefit, also known as the’sum assured on maturity’, as well as any Loyalty Addition.
The sum assured upon maturity’ will be equivalent to the Basic Sum Assured.
Add-On Riders
The policyholder has the option of using LIC’s Accident Benefit Rider (UIN: 512B203V02. Rider sum promised cannot exceed Basic Sum promised.
LIC Whole Life Plans
A new individual, savings, and whole life insurance plan has been introduced by Life Insurance Corporation of India, or LIC. The Plan is a non-participating, non-linked plan. This type of life insurance is all-inclusive and offers lifetime protection. Whole life insurance, as the name suggests, offers coverage for the insured person’s entire lifetime, in contrast to term insurance plans, which only cover an individual for a predetermined duration. This insurance plan contains a savings component where cash values build up over time in addition to providing death payments to the beneficiaries upon the policyholder’s passing.
LIC Jeevan Umang Key Features:
| Feature | Description |
| Plan Type | Endowment Assurance |
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 65 years |
| Policy Term | 15, 20, 25, 30, 35, 40 years |
| Sum Assured | No limit |
| Premium Payment Terms | Yearly, half-yearly, quarterly, and monthly (Salary Savings Scheme and NACH only) |
| Premium Payment Mode Rebate | 2% on yearly, 1% on half-yearly, Nil on quarterly & monthly (SSS and NACH only) |
| Maturity Benefit | No guaranteed maturity benefit. However, policyholders can withdraw the sum assured and declared bonuses after a certain age (e.g., 40 years from policy start and 80 years of age). |
| Death Benefit | Higher of: <br> – 7 times annual premium <br> – Basic Sum Assured |
| Bonuses | Simple Reversionary Bonus and Final Addition Bonus (declared by LIC) |
| Loan Facility | Available after 4 policy years, up to 90% of surrender value |
| Tax Benefits | <br> – Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. <br> – Maturity proceeds and death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Accidental Death & Disability Benefit Rider, New Term Assurance Rider, Premium Waiver Benefit Rider, Critical Illness Benefit Rider |
| Free Look Period | 15 days from policy issuance |
LICs Jeevan Umang
Your family can get protection and income with the LIC Jeevan Umang plan. The plan offers an annual survival benefit up until the point of maturity, and upon the policyholder’s death or at maturity, a lump sum payment is made.
The death benefit at the policyholder’s passing must equal at least 105% of the entire amount of premiums paid. If the life assured lives to the end of the premium-paying term and all outstanding premiums have been paid, a survival bonus equal to 8% of the Basic Sum Assured will be given annually.
LIC’s Money-Back Plans
One of the biggest life insurance providers in the Indian insurance industry is the Life Insurance Corporation of India, or LICI. It has the biggest client base and provides a selection of insurance policies to its clients. Every insurance plan meets a certain financial need, which makes it relevant to consumers. Another kind of insurance plan that the organisation offers is money back insurance.
Here is a look at LIC’s money back programmes and the variations on them-
| Plan Name | Age (in years) | Min. & Max. Sum Assured |
| LIC’s Dhan Rekha | 8 (Completed) for Policy Term 20 years, 3 (Completed) for Policy Term 30 years, 90 days (Completed) for Policy Term 40 years | Min- Rs. 2,00,000, Max- No limit |
| LIC’s New Bima Bachat | Min- 15 years, Max- 50 years | Min- Rs. 35,000 for term 9 years, Rs. 50,000 for term 12 years, Rs. 70,000 for term 15 years, Max- No limit |
| LIC’s New Money Back Plan – 20 Years | Min- 13 years, Max- 50 years | Min- Rs. 100,000, Max- No Limit |
| LIC’s New Money Back Plan – 25 Years | Min- 13 years, Max- 45 years | Min- Rs. 100,000, Max- No Limit |
| LIC’s New Children’s Money Back Plan | Min- 0 years, Max- 12 years | Min- Rs. 100,000, Max- No Limit |
| LIC’s Jeevan Tarun | Min- 90 days, Max- 12 years | Min- Rs. 75,000, Max- No Limit |
| LIC’s Jeevan Shiromani | Min- 18 years, Max- 55 years | Min- Rs. 1,00,00,000, Max- No Limit |
| LIC’s Bima Shree | Min- 8 years, Max- 55 years | Min- Rs. 10, 00,000, Max- No Limit |
LIC’s Dhan Rekha
The Dhan Rekha life insurance plan from LIC is a non-linked, non-participating plan that provides an alluring mix of savings and protection. This plan offers the policyholder’s family financial support in the tragic event of their death during the policy’s term. In addition, guaranteed lump sum payments to the surviving policyholder at maturity and periodic payments upon survival at predetermined intervals throughout the policy term will be provided. This plan also uses a lending facility to meet liquidity needs.
LIC Dhan Rekha Key Highlights:
| Feature | Description |
| Plan Type | Endowment Assurance |
| Minimum Entry Age | 8 years (completed) for 20 years term, 3 years (completed) for 30 years term, 90 days (completed) for 40 year term |
| Maximum Entry Age | 55 years (for all terms) |
| Policy Term | 20, 30, or 40 years |
| Sum Assured | Minimum: Rs. 2,00,000, Maximum: No Limit |
| Premium Payment Mode | Yearly, half-yearly, quarterly, monthly |
| Premium Payment Mode Rebate | 2% on yearly, 1% on half-yearly, Nil on quarterly & monthly |
| Maturity Benefit | Sum assured plus declared bonuses payable on policy maturity |
| Death Benefit | Higher of: <br> a) Sum assured on death before policy anniversary following 8th birthday <br> b) 7 times annual premium payable thereafter |
| Bonuses | Simple Reversionary Bonus and Final Addition Bonus (declared by LIC) |
| Loan Facility | Available after 4 policy years, up to 90% of surrender value |
| Tax Benefits | Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. Maturity proceeds and death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Disability Benefit Rider, Critical Illness Benefit Rider |
| Free Look Period | 15 days from policy issuance |
LIC Brand-New Bima Bachat
Popular life insurance plan from LIC, New Bima Bachat (Plan No. 916, UIN No. 512N284V02), offers the ideal balance of savings and financial protection. In the event that the policyholder passes away within the term of the policy, the insurance plan provides the nominee and/or family with the highest level of financial protection. Along with survivor benefits at certain intervals, this money-back plan also guarantees repayment of the single premium and loyalty addition upon plan maturity.
The length of the plan determines the premium amount in accordance with the policy. Additionally, the plan effectively uses its lending facility to meet the liquidity demands.
LIC’s New Bima Bachat Key Highlights:
| Feature | Description |
| Plan Type | Traditional, Participating, Single-Premium Money Back Insurance Plan |
| Minimum Entry Age | 15 years (completed) |
| Maximum Entry Age | 50 years (nearest birthday) |
| Policy Term | 9, 12, or 15 years |
| Sum Assured | Minimum: Rs. 35,000 (9 years), Rs. 50,000 (12 years), Rs. 70,000 (15 years), Maximum: No Limit (in multiples of Rs. 5,000) |
| Premium Payment | Single premium payment at policy inception |
| Survival Benefits | 15% of the Sum Assured paid at the end of 3rd, 6th, and 9th years for 9 years term, 3rd, 6th, 9th, and 12th years for 12 years term, and 3rd, 6th, 9th, and 12th years for 15 years term. |
| Maturity Benefit | Return of single premium along with declared bonuses on maturity |
| Death Benefit | Sum Assured paid to the nominee(s) in case of death during the policy term |
| Bonuses | Simple Reversionary Bonus and Final Addition Bonus (declared by LIC) |
| Loan Facility | Available after policy completion of 1 year, up to 90% of surrender value |
| Tax Benefits | Single premium qualifies for tax deduction under Section 80C of the Income Tax Act. Maturity proceeds and death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, New Term Assurance Rider |
| Free Look Period | 15 days from policy issuance |
LIC’s New Money Back Plan – 20 Years
The LIC (Life Insurance Corporation of India) New Money Back Plan-20 years (Plan No. 920, UIN No. 512N280V02) is the perfect blend of death benefit protection for the duration of the plan and periodic payments upon survival at predetermined intervals during the policy’s term. The nominee receives the entire amount guaranteed, without deducting the survivor benefits, in the event that the insured person passes away during the term period.
The plan offers the policyholder a liquidity benefit, which is akin to an endowment insurance. Money-Back Plans are considered the ideal choice for those seeking a high-liquidity, low-risk plan. LIC The New Money Back Plan-20 Years is among the strongest financial supports a family can have because it delivers guaranteed returns and bonuses.
LIC New Money Back Plan – 20 Years Key Highlights:
| Feature | Description |
| Plan Type | Non-Linked, Participating, Limited Premium, Individual, Life Assurance Plan |
| Minimum Entry Age | 13 years (completed) |
| Maximum Entry Age | 50 years (nearest birthday) |
| Policy Term | 20 years |
| Sum Assured | Minimum: Rs. 100,000, Maximum: No Limit |
| Premium Payment Term | Limited premium payment period of 4, 8, 12 or 16 years |
| Survival Benefits | Guaranteed Money Back additions paid every 4th year starting from 4th policy year and ending at 16th policy year |
| Maturity Benefit | Sum Assured plus declared bonuses payable on policy maturity |
| Death Benefit | Sum Assured plus declared bonuses payable to the nominee(s) in case of death during the policy term |
| Bonuses | Simple Reversionary Bonus and Final Addition Bonus (declared by LIC) |
| Loan Facility | Available after 4 policy years, up to 90% of surrender value |
| Tax Benefits | Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. Maturity proceeds and death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Critical Illness Benefit Rider, Disability Benefit Rider, Waiver of Premium Rider |
| Free Look Period | 15 days from policy issuance |
LIC New Money Back Plan – 25 Years
The 25-year LIC New Money Back Plan (Plan No. 920, UIN No. 512N280V02) is a participating, non-linked, limited premium individual life assurance savings plan that provides both guaranteed returns and insurance coverage. In addition to providing periodic payments upon surviving at predetermined intervals over the term, the policy protects policyholders against death for the duration of the plan.
LIC New Money Back Plan – 25 Years Key Highlights:
| Feature | Description |
| Plan Type | Non-Linked, Participating, Limited Premium, Individual, Life Assurance Plan |
| Minimum Entry Age | 13 years (completed) |
| Maximum Entry Age | 45 years (nearest birthday) |
| Policy Term | 25 years |
| Sum Assured | Minimum: Rs. 100,000, Maximum: No Limit |
| Premium Payment Term | Limited premium payment period of 5, 10, 15, or 20 years |
| Survival Benefits | Guaranteed Money Back additions paid every 5th year starting from 5th policy year and ending at 20th policy year |
| Maturity Benefit | Sum Assured plus declared bonuses payable on policy maturity |
| Death Benefit | Sum Assured plus declared bonuses payable to the nominee(s) in case of death during the policy term |
| Bonuses | Simple Reversionary Bonus and Final Addition Bonus (declared by LIC) |
| Loan Facility | Available after 4 policy years, up to 90% of surrender value |
| Tax Benefits | Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. Maturity proceeds and death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Critical Illness Benefit Rider, Disability Benefit Rider, Waiver of Premium Rider |
| Free Look Period | 15 days from policy issuance |
LIC New Children’s Money Back Plan
The parents or grandparents of a child between the ages of 0 and 12 may purchase the LIC New Children’s Money Back Plan. To put it simply, it’s an investing plan that doubles as insurance to ensure the child has a good future. This participating plan is further qualified for the bonus based on the plan’s performance.
The major reason the LIC New Children’s Money Back Plan is still a luxurious and well-liked option for parents or grandparents is because it offers a lump sum payment and maturity, which gives the child up to age 25 financial securities to reach their milestones. Any country’s future is viewed through the eyes of its children. As a result, having well-planned financial security is crucial to ensuring that a child’s goals are not impeded by money.
LIC’s New Children’s Money Back Plan Key Features:
| Feature | Description |
| Plan Type | Non-Linked, Participating, Limited Premium, Individual, Child, Endowment Assurance Plan |
| Minimum Entry Age | 0 years (completed) |
| Maximum Entry Age | 12 years (nearest birthday) |
| Policy Term | 20, 25, or 30 years |
| Sum Assured | Minimum: Rs. 100,000, Maximum: No Limit |
| Premium Payment Term | Limited premium payment period of 10, 15, or 20 years |
| Survival Benefits | 20% of the Sum Assured payable on every policy anniversary coinciding or followed by the completion of 17, 20, and 22 years of the child’s age |
| Maturity Benefit | Sum Assured plus declared bonuses payable on policy maturity |
| Death Benefit | Higher of: <br> a) Sum Assured on death before policy anniversary following 8th birthday <br> b) 7 times annual premium payable thereafter |
| Bonuses | Simple Reversionary Bonus and Final Addition Bonus (declared by LIC) |
| Loan Facility | Available after 4 policy years, up to 90% of surrender value |
| Tax Benefits | Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. Maturity proceeds and death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Critical Illness Benefit Rider, Waiver of Premium Rider |
| Free Look Period | 15 days from policy issuance |
LIC’s Jeevan Tarun
A non-linked, participating individual life assurance savings plan, LIC Jeevan Tarun (Plan No. 934, UIN No. 512N299V02) is especially made for the kids to protect their health and future events in the event that you are not around. This plan has developed protection benefits in addition to savings characteristics so that, with the aid of survival and maturity benefits, it can meet the needs of a growing child in terms of education, marriage, and other necessities.
Any parent or grandparent may purchase the plan for a child between the ages of 0 and 12. This plan is sufficiently flexible to give you the option to select from the following four choices, whereby the proposer may determine, during the proposal stage, how much of the Survival Benefits will be used over the policy’s term:
| Option | Survival Benefit | Maturity Benefit |
| 1 | No Survival benefit | 100% of Sum Assured |
| 2 | 25% of Sum Assured every year for 5 years | 75% of Sum Assured |
| 3 | 10% of Sum Assured every year for 5 years | 50% of Sum Assured |
| 4 | 15% of Sum Assured every year for 5 years | 25% of Sum Assured |
LIC Jeevan Tarun Key Highlights:
| Feature | Description |
| Plan Type | Non-Participating, Limited Premium, Endowment Assurance Plan |
| Minimum Entry Age | 90 days (completed) |
| Maximum Entry Age | 12 years (nearest birthday) |
| Policy Term | 25 years |
| Sum Assured | Minimum: Rs. 75,000, Maximum: No Limit |
| Premium Payment Term | Limited premium payment period of 20 years |
| Survival Benefits | 15% of the Sum Assured payable annually from 8th policy year to 22nd policy year |
| Maturity Benefit | Remaining Sum Assured plus declared bonuses payable on policy maturity |
| Death Benefit | Higher of: <br> a) Sum Assured on death before policy anniversary following 8th birthday <br> b) 10 times annual premium payable thereafter |
| Loan Facility | Not available |
| Tax Benefits | Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. Maturity proceeds and death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Critical Illness Benefit Rider, Waiver of Premium Rider |
| Free Look Period | 15 days from policy issuance |
LIC Jeevan Shiromani
The Jeevan Shiromani plan (Plan No. 947, UIN No. 512N315V02) from Life Corporation of India (LIC) provides the ideal combination of savings and protection for the policyholder who is concerned about providing for the financial stability of his or her family. This individual life assurance savings plan, which is non-linked and participatory, is intended primarily for high earners each year. The fact that you will receive financial support in the form of an amount assured if the policyholder passes away within the policy’s term is one of the main factors contributing to the plan’s popularity.
On the other hand, recurring payments are due if the insured lives for the designated length of time. In addition, the policyholder will get a lump sum payout on the maturity date. Additionally, in the event that the customer is identified as having any of the aforementioned catastrophic illnesses, the plan provides a total payment amount equivalent to 10% of the chosen minimum sum assured. The plan’s ability to address liquidity concerns through a borrowing facility accounts for its appeal.
LIC Jeevan Shiromani Key Highlights:
| Feature | Description |
| Plan Type | Non-Linked, Participating, Individual, Life Assurance Savings Plan |
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | 55 years (nearest birthday) |
| Policy Term | Throughout life (until age 100) |
| Sum Assured | Minimum: Rs. 1 crore, Maximum: No Limit |
| Premium Payment Term | Limited premium payment period of 15, 20, or 25 years |
| Money Back Benefits | No traditional maturity benefit. However, policyholders can withdraw the Sum Assured and declared bonuses after a certain age (e.g., 40 years from policy start and 80 years of age). |
| Maturity Benefit | Not applicable as it’s a whole life plan. |
| Death Benefit | Sum Assured plus declared bonuses payable to the nominee(s) in case of death |
| Bonuses | Guaranteed Additions of Rs. 50 per thousand of Sum Assured for the first five years and Rs. 55 per thousand of Sum Assured from the 6th policy year till the end of premium paying term. Additionally, it participates in profits and receives Loyalty Additions declared by LIC. |
| Loan Facility | Available after 4 policy years, up to 90% of surrender value |
| Tax Benefits | Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. Death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Critical Illness Benefit Rider, Term Rider, Disability Income Rider, Hospital Cash Rider |
LIC’s Bima Shree
Bima Shree (Plan No. 948, UIN No. 512N316V02) is a product of LIC (Life Corporation of Life), which provides policyholders seeking to safeguard their children’s finances with the perfect combination of savings and protection. For those with high incomes who want to ensure they get paid on a regular basis, the corporation introduced this option. The plan will give the nominee or the family members the highest level of financial protection in the event that the policyholder passes away while the policy is in effect. People who want to protect their family’s financial future are huge fans of this money-back plan.
The user will probably get periodic payments at predetermined intervals if the policyholder lives out the plan’s length, in addition to receiving a lump sum payment at maturity. This approach may potentially easily meet your liquidity needs with the help of this borrowing facility.
LIC Bima Shree Key Highlights:
| Feature | Description |
| Plan Type | Non-Linked, Participating, Limited Premium, Individual, Endowment Assurance Plan |
| Minimum Entry Age | 8 years (completed) |
| Maximum Entry Age | 55 years (nearest birthday) |
| Policy Term | 15, 20, 25, 30, 35, 40 years |
| Sum Assured | Minimum: Rs. 10,00,000, Maximum: No Limit |
| Premium Payment Term | Limited premium payment period of 5, 8, 10, 12, or 15 years |
| Guaranteed Additions | Rs. 50 per thousand Sum Assured every year from the policy start |
| Maturity Benefit | Sum Assured plus declared bonuses and accrued Guaranteed Additions payable on policy maturity |
| Death Benefit | Higher of: a) Sum Assured on Death before policy anniversary following 8th birthday b) 7 times annual premium payable thereafter, plus accrued Guaranteed Additions and declared bonuses. |
| Bonuses | Simple Reversionary Bonus and Final Addition Bonus (declared by LIC) |
| Loan Facility | Available after 4 policy years, up to 90% of surrender value |
| Tax Benefits | Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. Maturity proceeds and death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Critical Illness Benefit Rider, Term Rider, Waiver of Premium Rider |
| Free Look Period | 15 days from policy issuance |
LIC Term Assurance Plans
The way that LIC term insurance policies are designed protects a family against potential financial loss in the event that the insured passes away. Additionally, nearly 250 million clients nationwide have been served by LIC in the more than 60 years since its founding.
By offering policies that satisfy each person’s needs at different phases of their life, LIC Term Insurance seeks to improve quality of life. At one point in time, LIC was the sole insurance provider with clients in the most isolated regions of India. Thus, the nominee will receive the assured amount in the event that the life assured passes away while the policy is still in effect. Furthermore, LIC term insurance is reasonably priced. Therefore, as a precautionary measure, there’s no reason not to get life insurance. It’s better to be safe than sorry, after all!
Life Term Assurance Plans:
| Plan Name | Age (in years) | Min. & Max. Sum Assured | Key Highlights |
| LIC’s Tech Term | Min- 18 years, Max- 65 years | Min- Rs. 5,00,000, Max- No Limit | – Affordable premiums, Multiple rider option |
| LIC’s Jeevan Amar | Min- 18 years, Max- 65 years | Min- Rs. 25,00,000, Max- No Limit | – High sum assured suitable for high-income earners, No maturity benefit |
| LIC’s Saral Jeevan Bima | Min- 18 years, Max- 65 years | Min- Rs. 5,00,000, Max- Rs. 25,00,000 | – Convertible to endowment plan, Flexible premium payment options |
LIC’s Tech Term
The non-linked, non-participating LIC New Tech Term (Plan No. 954, UIN No. 512N351V01) is an online pure risk premium plan that provides financial protection to the insured’s family in the tragic event of the insured’s death within the policy’s term. The plan offers “Level Sum Assured” and “Increasing Sum Assured” as the two benefit options. Since this plan is a term life insurance policy, there is no maturity benefit. Let’s discuss this plan in more detail!
LIC’s Tech Term Key Highlights:
| Feature | Description |
| Plan Type | Non-Linked, Non-Participating, Online Term Assurance Plan |
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | 65 years (nearest birthday) |
| Policy Term | 5, 10, 15, 20, 25, 30, 35, 40 years |
| Sum Assured | Minimum: Rs. 500,000, Maximum: No Limit |
| Premium Payment Mode | Online only (one-time premium) |
| Death Benefit | Sum Assured paid to the nominee(s) in case of death during the policy term |
| Tax Benefits | Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. Death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Critical Illness Benefit Rider, Waiver of Premium Rider |
| Free Look Period | 15 days from policy issuance |
| Other Highlights | – Affordable premiums compared to traditional term plans, – Quick and easy online application process, – No medical tests required for most applicants, – Policy documents delivered electronically |
LIC’s Jeevan Amar
A safe protection plan, LIC Jeevan Amar (Plan No. 855, UIN No. 512N332V01) provides guaranteed financial support to the insured’s family in the event of the insured’s untimely death during the policy’s term. The insured under this policy is entitled to choose between two benefit options: Level Sum Assured and Increasing Sum Assured. In addition, it provides women with discounted rates, which elevates LIC Jeevan Amar to the top among female policyholders.
LIC’s Jeevan Amar Key Highlights:
| Feature | Description |
| Plan Type | Non-Linked, Non-Participating, Individual, Pure Risk Premium Life Insurance Plan |
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | 65 years (nearest birthday) |
| Policy Term | 10, 15, 20, 25, 30, 35, 40 years |
| Sum Assured | Minimum: Rs. 25,00,000, Maximum: No Limit |
| Premium Payment Mode | Regular, Limited (5, 8, 10, 12, or 16 years), Single |
| Death Benefit | Higher of: a) Sum Assured on death b) 7 times annual premium payable thereafter |
| Maturity Benefit | No maturity benefit |
| Tax Benefits | Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. Death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Critical Illness Benefit Rider, Disability Benefit Rider, Waiver of Premium Rider |
| Free Look Period | 15 days from policy issuance |
| Other Highlights | – High sum assured suitable for high-income earners, – Optional instalment payment of death benefit, – Special rates for women |
LIC’s Saral Jeevan Bima
The LIC Saral Jeevan Bima Plan is a pure risk, non-participating life insurance plan that provides financial protection for the insured’s family in the case of an early death during the policy’s term.
In the event that the Life Assured passes away within the waiting period for causes other than accidents, 100% of all premiums paid will be reimbursed. Only fatalities resulting from accidents that happen within 45 days of the risk starting will be covered by this policy. However, the corporation won’t be responsible for paying the amount promised.
LIC’s Saral Jeevan Bima Key Highlights:
| Feature | Description |
| Plan Type | Traditional, Participating, Individual, Convertible Term Insurance Plan |
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | 65 years (nearest birthday) |
| Policy Term | 5, 10, 15, 20, 25, 30, 35, 40 years |
| Sum Assured | Minimum: Rs. 500,000, Maximum: Rs. 25,00,000 (for entry ages 18-40) |
| Premium Payment Mode | Regular, Limited (5, 8, 10, 12, or 16 years), Single |
| Death Benefit | Sum Assured plus declared bonuses paid to the nominee(s) in case of death during the policy term |
| Maturity Benefit | Sum Assured plus declared bonuses payable on policy maturity. Also has the option to convert to an endowment plan at maturity. |
| Tax Benefits | Premiums paid qualify for tax deduction under Section 80C of the Income Tax Act. Maturity proceeds and death benefits received by the nominee(s) are generally tax-exempt. |
| Riders Available | Accidental Death Benefit Rider, Critical Illness Benefit Rider, Waiver of Premium Rider |
| Free Look Period | 15 days from policy issuance |
| Other Highlights | – Flexibility in premium payment terms, – Convertible to an endowment plan offering maturity benefit, – Affordable premiums compared to traditional term plans with maturity benefit |
LIC Pension Plans
| Plan Name | Age Eligibility (Years) | Min. & Max. Sum Assured | Key Highlights |
| Pradhan Mantri Vaya Vandana Yojana | 60+ (Min) | No Max | – Guaranteed pension of 7.40% p.a. payable monthly, – Multiple payout options available.,- Government-backed scheme. |
| LIC’s Jeevan Akshay – VII | 30-85 | Depends on minimum premium | – Immediate annuity plan with various annuity options., – No death benefit., – Guaranteed returns. |
| LIC’s New Jeevan Shanti | 30-80 | No limit | – Single premium deferred annuity plan., – Choice of joint life or single life annuity., – Return of purchase price on death. |
| LIC’s Saral Pension | 40-80 | No limit | – Single premium immediate annuity plan., – Fixed monthly pension throughout life., – Return of purchase price on death. |
Pradhan Mantri Vaya Vandana Yojana
A pension plan was introduced by the Indian government and is available for use from May 4, 2017, until March 31, 2020. The Pradhan Mantri Vaya Vandana Yojana scheme’s upper ceiling was raised to Rs. 15 lakhs by the Indian government in the 2018–2019 Budget Speech. The Life Insurance Corporation (LIC) of India offers the plan for purchase both online and offline. The primary objective of the programme is to furnish elderly individuals with a consistent pension during the period of declining interest rates.
For senior citizens, the Pradhan Mantri Vaya Vandana Yojana is a retirement/pension system. The Life Insurance Corporation is in charge of overseeing and running the programme. The programme was introduced in May 2017 and is government-subsidized. The purchase price is the amount of money invested in this programme. The system has a fixed rate of return on investment because the sovereign backs it. Pension payments under the system are made on a monthly, quarterly, or annual basis. The greatest substitute for conventional bank savings is the Pradhan Mantri Vaya Vandan Yojana.
key highlights of Pradhan Mantri Vaya Vandana Yojana:
| Feature | Details |
| Eligibility (Years) | 60+ |
| Sum Assured | No Max |
| Pension Rate | 7.40% p.a. |
| Payout Frequency | Monthly |
| Payout Options | Multiple |
| Death Benefit | No |
| Government-backed | Yes |
LIC’s Jeevan Akshay – VII
The plan called LIC Jeevan Akshay (Plan No. 857, UIN No. 512N337V02) is made to meet a variety of the insured’s financial demands. This is an immediate annuity plan with a single premium that is non-participating and non-linked. At annuity age, the policyholder receives a pension from the plan in addition to a combined life insurance policy. Since its February 1, 2022 launch, LIC Jeevan Akshay has offered its current and prospective clients higher annuity rates. In addition to the adjustments to the annuity rates, LIC’s Jeevan Akshay VII is accessible via the Common Public Service Centre (CPSC-SPV) and other existing channels of distribution.
LIC’s Jeevan Akshay – VII Key Highlights
| Feature | Details |
| Plan Type | Single premium, immediate annuity |
| Age Eligibility (Years) | 30-85 |
| Sum Assured | Depends on minimum premium chosen |
| Annuity Options | 10 options including life annuity, guaranteed period annuity, annuity with return of purchase price, etc. |
| Life Cover | Single or joint life |
| Premium Payment Mode | Lump sum |
| Loan Facility | No |
| Surrender Value | No |
| Tax Benefits | Premiums may qualify for tax deductions under Income Tax Act. Annuity income partially taxable. |
| Free Look Period | 15 days |
LIC’s New Jeevan Shanti
On February 1, 2022, LIC New Jeevan Shanti (Plan No. 858, UIN No. 512N338V02) was introduced as a single premium non-linked, non-participating plan. The LIC Jeevan Shanti Plan, also known as plan number 858, offers a wide range of possibilities for insurance. There are two Deferred Annuity alternatives in the plan, both of which offer sufficient protection against life’s risks. At the time the insurance was established, the annuity rates for both options were guaranteed.
The plan’s main goal is to provide prospective clients with a wide range of insurance options so they may choose the one that best fits their needs. People searching for insurance that pay out over their lifetime can investigate both offline and online buying choices because LIC Jeevan Shanti policies are accessible both offline and online.
key highlights of LIC’s New Jeevan Shanti:
| Feature | Details |
| Plan Type | Single premium, deferred annuity |
| Age Eligibility (Years) | 30-80 |
| Sum Assured | No limit |
| Annuity Options | Joint life or single life |
| Life Cover | Single or joint life |
| Premium Payment Mode | Lump sum |
| Loan Facility | No |
| Surrender Value | No |
| Tax Benefits | Premiums may qualify for tax deductions under Income Tax Act. Annuity income partially taxable. |
| Free Look Period | 15 days |
LIC’s Saral Pension
The Life Insurance Corporation of India (LIC) has introduced numerous programmes to address policyholders’ post-retirement needs. These programmes provide you with post-retirement financial security. The LIC Saral Pension Yojana is one such programme offered by LIC that has special features.
A Standard Immediate Annuity plan, the LIC Saral Pension Yojana was introduced in accordance with the policies and rules of the Insurance Regulatory and Development Authority of India (IRDAI). The policyholder may select one of two annuity types when receiving a lump sum payout. Annuities are paid for the duration of the annuitant’s life, with the rates guaranteed at the start of the term.
LIC’s Saral Pension Key Highlights
| Feature | Details |
| Plan Type | Single premium, immediate annuity |
| Age Eligibility (Years) | 40-80 |
| Sum Assured | No limit |
| Annuity Options | Life annuity with 100% return of purchase price or joint life annuity with 100% return of purchase price to surviving spouse |
| Life Cover | Single or joint life |
| Premium Payment Mode | Lump sum |
| Loan Facility | Available after 6 months of policy start for specific reasons (medical emergencies, critical illness) |
| Surrender Value | Available after 6 months of policy start for specific reasons (medical emergencies, critical illness) |
| Tax Benefits | Premiums may qualify for tax deductions under Income Tax Act. Annuity income partially taxable. |
| Free Look Period | 15 days |
LIC ULIP Plans
Unit-linked insurance plans, or ULIPs as they are more often known, are a type of insurance plan that offers both insurance coverage and an investment return. Investments made with the premiums paid for ULIPs are made in market-linked funds. Any fund can be selected by the policyholder based on his tolerance for risk. After that, the invested premiums increase and yield returns in tandem with the fund’s growth. Because they permit partial withdrawals during the plan’s duration, ULIPs are likewise flexible. In addition, policyholders have the option to top-up their premiums and transfer to different investment funds.
| Feature | LIC’s Nivesh Plus | LIC’s SIIP | LIC’s New Endowment Plus |
| Age Eligibility (Years) | 90 days – 70 years | 90 days – 70 years | 90 days – 50 years |
| Sum Assured Options | 1.25 times of Single Premium, 10 times of Single Premium | 10 times of Annualized Premiums (Age below 55 Years), 17 times of Annualized Premiums (Age 55 years and above) | 10 times of Annualized Premiums |
| Key Features | Money Back benefits at specified durations, Maturity benefit – Sum Assured + accrued bonuses | Policy can be linked with riders for additional benefits, Loan facility available after 4 policy years | Option to choose Accident Benefit Rider, Maturity benefit – Sum Assured + accrued bonuses + Loyalty additions |
LIC’s Nivesh Plus
LIC provides Nivesh Plus, a unit-linked, single-premium, non-participating individual life insurance plan. For a single premium, the plan offers investment and insurance protection for the term of the policy. With this plan, you can choose the type of sum insured at policy inception and allocate the premium to one of four investment fund options.
key features of LIC Nivesh Plus:
| Feature | Description |
| Age Eligibility (Years) | 90 days – 70 years |
| Sum Assured Options | 1.25 times of Single Premium, 10 times of Single Premium |
| Key Features | Money Back benefits at specified durations, Maturity benefit – Sum Assured + accrued bonuses |
LIC’s SIIP
On March 2, 2020, LIC introduced its Systematic Investment Insurance Plan (Plan No. 852, UIN No. 512L334V01). The plan is included in the class of non-participating, unit-linked individual life insurance plans. As an insurance and investment plan, the LIC SIIP plan intends to provide a life cover in addition to growth potential for invested funds. Investors can allocate their earnings among four distinct investment options offered by the plan. Before making an investment, you can evaluate the plan’s numerous perks to see if it is worthwhile.
Allow us to walk you through the plan’s features, eligibility requirements, and other information so you can determine if it meets your insurance needs.
LIC’s SIIP Key Features
| Feature | Description |
| Plan Type | Unit Linked Insurance Plan (ULIP) |
| Age Eligibility | 90 days – 70 years |
| Min. & Max. Sum Assured | Not applicable (sum assured determined by premium and fund performance) |
| Investment Options | 4 funds: Bond Fund, Secured Fund, Balanced Fund, Growth Fund |
| Premium Payment Mode | Regular premiums |
| Premium Payment Term | Same as policy term (10 to 25 years) |
| Guaranteed Additions | Up to 25% of annualized premium (increases every 5 years) |
| Death Benefit | Higher of Sum Assured on date of death and Fund Value |
| Maturity Benefit | Fund Value |
| Partial Withdrawals | Allowed after 5 years (subject to conditions) |
| Loan Facility | Available after 4 policy years (subject to conditions) |
| Riders Available | Accident Benefit Rider, Critical Illness Rider, Waiver of Premium Rider |
| Tax Benefits | Premiums qualify for tax deductions under Income Tax Act (Section 80C). Maturity proceeds and partial withdrawals exempt from tax under certain conditions (Section 10(10D)). |
| Free Look Period | 15 days |
LIC’s New Endowment Plus
The policyholder of LIC New Endowment Plus (Plan No. 935, UIN No. 512N301V02) has access to both investment and insurance alternatives through this unit-linked insurance plan. Under this policy, there is a premium allocation charge that is applied to each premium that the policyholder pays. The units will be bought with the allocated premium. This plan was designed specifically for you to provide you greater flexibility to live the life of your dreams and achieve your goals, as well as a very good combination of long-term savings and security.
LIC’s New Endowment Plus: Key Highlights
| Feature | Description |
| Plan Type | Unit Linked Insurance Plan (ULIP) |
| Age Eligibility | 90 days – 50 years |
| Min. & Max. Sum Assured | 10 times of Annualized Premiums |
| Investment Options | 4 Funds: Bond, Secured, Balanced, Growth |
| Premium Payment Mode | Regular, Yearly, Half-yearly, Quarterly, Monthly |
| Premium Payment Term | Same as policy term (10-25 years) |
| Maturity Benefit | Sum Assured + Loyalty Additions (if any) + Fund Value |
| Death Benefit | Higher of Sum Assured and Fund Value |
| Partial Withdrawals | Allowed after 5 years (subject to conditions) |
| Loan Facility | Available after 4 years (subject to conditions) |
| Riders Available | Accident Benefit, Critical Illness, Waiver of Premium |
| Tax Benefits | Premiums qualify for tax deductions under Income Tax Act (Section 80C). Maturity proceeds and partial withdrawals exempt from tax under certain conditions (Section 10(10D)). |
| Free Look Period | 15 days |
LIC Micro Insurance Plans
An insurance plan created specifically for the nation’s rural areas is known as a microinsurance plan. The intended audience for these plans is rural residents. These policies are accessible to the rural people due to their low premiums and restricted sum assured.
LIC Micro Insurance Plans-
| Feature | LIC’s Bhagya Lakshmi | LIC’s New Jeevan Mangal | LIC’s Micro Bachat Plan |
| Age Eligibility (Years) | 18-55 | 18-55 | 18-55 |
| Sum Assured Range | Rs. 20,000 – Rs. 50,000 | Rs. 10,000 – Rs. 50,000 | Rs. 50,000 – Rs. 200,000 |
| Plan Type | Term insurance with maturity benefit | Term insurance with accident benefit | Endowment plan |
| Maturity Benefit | Sum Assured + accrued bonuses (if any) | N/A | Sum Assured + accrued bonuses |
| Death Benefit | Sum Assured + accrued bonuses (if any) | Double Sum Assured in case of accidental death, Sum Assured in case of natural death | Sum Assured + accrued bonuses |
| Policy Term | 10, 15, or 20 years | 10, 15, or 20 years | 15 or 20 years |
| Premium Payment Mode | Regular premiums (Yearly, Half-yearly, Quarterly, Monthly) | Regular premiums (Yearly, Half-yearly, Quarterly, Monthly) | Regular premiums (Yearly, Half-yearly, Quarterly, Monthly) |
| Riders Available | None | Accident Benefit Rider | None |
| Loan Facility | Not available | Not available | Not available |
| Free Look Period | 15 days | 15 days | 15 days |
LIC’s Bhagya Lakshmi-
LIC’s Bhagya Lakshmi Plan is especially intended for people with modest incomes. This micro-insurance plan is limited payment, protection-focused, non-participating, and ensures that the policyholder will repay 110 percent of the premiums by the policyholder’s maturity date. In the event of the policyholder’s death, the nominee will receive a death benefit. The plan does not include GST, and obtaining this policy does not require the policyholder to submit to any form of medical examination.
LIC’s Bhagya Lakshmi Key Highlights
| Feature | Description |
| Plan Type | Term insurance with maturity benefit |
| Age Eligibility (Years) | 18-55 |
| Sum Assured Range | Rs. 20,000 – Rs. 50,000 |
| Policy Term | 10, 15, or 20 years |
| Premium Payment Mode | Regular premiums (Yearly, Half-yearly, Quarterly, Monthly) |
| Maturity Benefit | Sum Assured + accrued bonuses (if any) |
| Death Benefit | Sum Assured + accrued bonuses (if any) |
| Riders Available | None |
| Loan Facility | Not available |
| Free Look Period | 15 days |
LIC’s New Jeevan Mangal
The New Jeevan Mangal Plan from LIC is one of the many innovative insurance plans that Life Insurance Corporation of India has created. A microinsurance plan with features similar to those of a term insurance plan is the New Jeevan Mangal Plan offered by the LIC. A protection plan offered by the LIC, the New Jeevan Mangal Plan, ensures that all premiums paid will be reimbursed on the maturity day. The plan’s other salient characteristics, advantages, and highlights are covered in more depth below.
| Feature | Details |
| Policy Type | Term insurance with accident benefit |
| Age Eligibility (Years) | 18-55 |
| Sum Assured Range | Rs. 10,000 – Rs. 50,000 |
| Policy Term | 10, 15, or 20 years |
| Premium Payment Mode | Regular premiums (Yearly, Half-yearly, Quarterly, Monthly) |
| Maturity Benefit | N/A |
| Death Benefit | – Sum Assured + accrued bonuses (if any) in case of natural death |
| Riders Available | Accident Benefit Rider (Optional) |
| Loan Facility | Not available |
| Free Look Period | 15 days |
LIC’s Micro Bachat Plan
For more than 60 years, Life Insurance Corporation of India, also known as LIC, has been offering top-notch services. LIC has consistently been in the forefront of introducing novel policies into the market, driven by the need to safeguard the precious lives of all Indians.
The company just released the LIC Micro Bachat Plan 951, which provides several benefits at reasonable costs, including two benefits. A classic, non-linked micro-insurance plan that combines savings and insurance features is the LIC Micro Bachat Plan. In accordance with this plan, the policyholder receives the maturity benefit if he lives to maturity; in the event that he passes away, the death benefit is paid to his family. The LIC Micro Bachat Plan, which offers a lending facility in addition to various other perks, is appropriate for “small savings,” particularly for those in the lower income bracket.
LIC’s Micro Bachat Plan: Key Features
| Feature | Details |
| Plan Type | Endowment plan |
| Age Eligibility (Years) | 18-55 |
| Sum Assured Range | Rs. 50,000 – Rs. 200,000 |
| Policy Term | 15 or 20 years |
| Premium Payment Mode | Regular premiums (Yearly, Half-yearly, Quarterly, Monthly) |
| Maturity Benefit | Sum Assured + accrued bonuses (if any) |
| Death Benefit | Sum Assured + accrued bonuses (if any) |
| Loan Facility | Not available |
| Free Look Period | 15 days |
LIC Withdrawn Plans
LIC, the government-owned insurance firm, was founded in 1956 and was a pioneer in the nation’s life insurance market. In terms of the quantity of policies sold, the company’s sales figures have surpassed 20 lakh crores since introduction. However, LIC has discontinued several of its product offerings due to IRDA’s mandate and to consistently adhere to other regulatory modifications. The Life Insurance Corporation of India has terminated the following insurance plans.
LIC Health Insurance Plans
| Feature | LIC’s Jeevan Arogya | LIC’s Cancer Cover |
| Plan Type | Comprehensive Health Insurance | Specific Illness (Cancer) Cover |
| Age Eligibility (Years) | 18 days – 65 years | 20 years – 65 years |
| Sum Assured Range | No limit | Rs. 10,00,000 – Rs. 50,00,000 |
| Policy Term | Up to 80 years (renewable) | 20 years, 25 years, 30 years |
| Benefits Covered | Hospitalization, Surgery, Day Care, Ambulance, etc. | Early & Major Stage Cancer Diagnosis |
| Renewal Option | Yes | Yes |
| Free Look Period | 15 days | 15 days |
LIC’s Jeevan Arogya
The non-participating Jeevan Arogya health insurance plan from LIC pays for a range of medical expenses. This LIC mediclaim insurance is a fixed benefit policy, meaning that it will pay out a lump sum benefit regardless of the actual costs you incur if the covered charges are incurred. As a result, the policy provides you with a lump sum payment that you can use to pay for any necessary medical expenses or other expenses.
LIC Jeevan Arogya Key Highlights
| Feature | Description |
| Plan Type | Comprehensive Health Insurance |
| Age Eligibility (Years) | 18 days – 65 years |
| Sum Assured Range | No limit |
| Policy Term | Up to 80 years (renewable) |
LIC’s Cancer Cover
A non-linked, non-participating regular premium health insurance plan, LIC’s Cancer Cover (Plan No. 905, UIN No. 512N314V03) offers financial protection in the event that the life assured is diagnosed with any of the designated Early and/or Major Stage Cancers throughout the policy period. The 26th of April, 2023 saw the launch of this product. The policy-seeker has the opportunity to select the type of Sum Insured at the initiation from two benefit options offered by the plan. The alternatives should be carefully selected based on each person’s unique needs, as the plan’s premium and benefits will change based on the option selected and cannot be changed afterwards.
LIC Cancer Cover: Key Highlights
| Feature | Description |
| Plan Type | Specific Illness (Cancer) Cover |
| Age Eligibility (Years) | 20 years – 65 years |
| Sum Assured Range | Rs. 10,00,000 – Rs. 50,00,000 |
| Policy Term | 20 years, 25 years, or 30 years |
Why Choose India’s Life Insurance Corporation?
Choosing India’s Life Insurance Corporation (LIC) can be attributed to several reasons, reflecting the company’s strong reputation and various benefits it offers to policyholders. Here are some reasons why individuals may choose LIC:
1. Legacy and Trust: LIC is one of the oldest and most trusted life insurance companies in India. It has a long-standing legacy, having been established in 1956, and is known for its reliability and financial stability.
2. Wide Range of Products: LIC offers a diverse range of life insurance products to cater to different needs and preferences. Whether it’s term insurance, endowment plans, or investment-linked policies, LIC provides options for various financial goals.
3. Financial Strength: LIC is a government-owned entity, and its financial stability is often seen as a key strength. Policyholders may have confidence in the company’s ability to fulfil its commitments, including the payment of claims.
4. Nationwide Presence: LIC has an extensive network of branches and agents across the country, making it easily accessible to individuals from various regions. This widespread presence enhances customer convenience and support.
5. Customer Service: LIC is known for its customer-centric approach. The company strives to provide excellent customer service, addressing queries, and offering support throughout the policy tenure.
6. Social Initiatives: LIC is often involved in various social initiatives and contributes to the community’s welfare. This commitment to social responsibility may resonate with individuals who appreciate companies with a broader impact.
7. Tax Benefits: Life insurance policies from LIC offer tax benefits under Section 80C of the Income Tax Act. Premium payments and the maturity amount may be eligible for tax deductions, providing an additional financial incentive.
8. Policy Flexibility: LIC policies often come with flexible features, allowing policyholders to tailor their coverage based on their financial goals and changing needs.
9. Guaranteed Returns: Some LIC policies, particularly traditional plans, may offer guaranteed returns, providing policyholders with a sense of security and a predetermined financial outcome.
Claim Procedure for Policies Under LIC of India
One of the most important aspects of serving policyholders is settling claims. Consequently, the Corporation has made prompt settlement of Maturity and Death Claims a top priority.
The process for resolving claims related to maturity and death is as follows:
Claims of Maturity:
For endowment policies, the payment is due at the conclusion of the policy period. The Branch Office servicing the policy notifies the policyholder in writing of the date on which the insurance amounts are payable to them, at least two months prior to the due date of payment. The policyholder is required to submit the completed Discharge Form, Policy Document, NEFT Mandate Form (Bank A/c Particulars with supporting documentation), KYC requirements, and other necessary documentation. Upon receiving these documents, payment is handled ahead of time, guaranteeing that the maturity amount is credited to the policyholder’s bank account on the due date.
Certain plans, like Money Back Policies, offer policyholders recurring payouts as long as premiums are paid until the anniversary of the Survival Benefit becoming due. In some situations where the amount payable is up to Rs. 500,000, payments are paid without the need for the Discharge Receipt or Policy Document.
Claims for Death:
The death claim amount is payable if the premiums are paid on time and the death happens during the grace period. Upon learning of the Life Assured’s passing, the Branch Office makes the following requests:
a) Claim form A, the Claimant’s Statement, which contains details on the claimant and the deceased.
A portion of the Certified Death Registry
c) If age is a barrier, provide documentation proving your age.
d) The insurance acts as evidence of ownership to the deceased’s estate if it is not nominated, assigned, or issued in accordance with the M.W.P. Act.
f) Original Policy document.
The following extra forms are necessary if a person passes away within three years of the date of risk or the date of revival/reinstatement.
The medical attendant of the dead during his or her final illness must fill out Claim Form B, Medical Attendant’s Certificate.
In the event that the life assured needed hospital care, submit Claim Form B1.
Fill out Claim Form B2, if you are the Medical Attendant who treated the deceased before his last illness.
A person of good character and responsibility must fill out and sign Claim Form C, Certificate of Identity and Burial or Cremation.
Claim form E – Certificate from the employer if the assured was an employee.
Certified copies of the First Information Report, Post-mortem Report, and Police Investigation Report are needed if the death was due to an accident or other unusual reason.
These supplementary records are necessary to verify the veracity of the claim, i.e., that the deceased did not omit any relevant information that would have changed our decision to approve the proposal at the time of proposal. These forms also help us should Corporation officials conduct an investigation.
Frequently Asked Questions
Here are the frequently asked questions about LIC of India:
1. How does one go about getting the receipt for the premium?
When making a payment, the user will be asked for their email address. The email address supplied during the transaction will get the payment receipt. The apps “Paytm – My Order,” “PhonePe – History,” “Google Pay – All Payment Activity,” and “Amazon Pay – Your Orders,” among others, will allow users to download the receipt. The “Mobikwik” app does not have this capability, but the email address entered while making the payment will receive a payment receipt.
2. When will the Premium be deducted from clients’ accounts?
The premium won’t be withdrawn until the customer’s bank has successfully authenticated the mandate and the response has been placed in NACH master at the zone’s NACH centre.
3. In accordance with the policy, how will the money be recorded?
The PCMC Department is located in the Jeevan Seva Annex Building, S.V. Road, Santacruz (West), Mumbai 400 054, and is responsible for handling all aggregated payments from vendors and banks.
Policies having a registered email address receive e-receipts; policyholders without an email address registered receive printed receipts through normal mail.
4. Is it accurate to say that consuming alcohol or smoking affects how the premium is calculated?
The usage of alcohol and tobacco does impact premium estimates. People who use alcohol and tobacco together are considered to be at high risk because both substances are bad for their health. Should you disclose that you often use alcohol or smoke, the premium amount will go up.
5. Is a death caused by COVID-19 covered by my LIC’s policy?
Yes, LIC insurance coverage now extends to deaths connected to COVID-19.
6. In the event that the nominee dies or is not included in the policy, what happens?
In the event that the nominee passes away or is not mentioned in the policy, family members will need to provide documentation proving their claim to the policy payout.
7. How does one go about modifying a bank account?
Together with updated bank information, a fresh mandate form needs to be delivered to the LIC Servicing Branch office.
8. If the directive is not followed, what should be done?
Up until the due date, premiums must be paid in full at the branch cash counter. In the future, NACH will be in charge of premium collection.
9. Do term insurance premiums include GST?
Yes, the premium for a plan is subject to an 18% GST slab.
10. How do my plans for LIC Term Insurance mature?
You won’t receive anything because LIC term insurance products don’t offer maturity rewards. The only advantage you get is the death benefit. Your loved ones or family can get the secured money in your absence.
11. How much time is the grace period for LIC term plans?
For annual and half-yearly premium payments, LIC offers a 30-day grace period under its term insurance policies.
12. How much time will it take to resolve a claim?
The Insurance Regulatory Authority of India (IRDAI) states that all reported claims are settled within 30 days of receipt of the necessary evidence, and if additional investigation is needed, the claim is settled within 120 days of receipt of the necessary documentation.
13. Can I pay my insurance premiums through a service provider or at a bank?
- You have to go to the website of the bank or service provider.
- You have to click the payment consent button after selecting the date you want your account to be charged on the page.
- The approved bank will take money out of your account, combine all of your payments, and send LIC the total.
14. What happens if you use the Portal to make two payments at once?
The double payment is being returned to the service provider and will be credited back to your account. Refund processing could take seven or eight days. For any additional inquiries, kindly get in touch with bo eps1@licindia.com.
15. What occurs if the premium isn’t changed but the amount is debited?
Please contact your banker if the amount has been taken out of your account and hasn’t been adjusted in your policy after ten days or longer. It’s possible that the funds are waiting to be reversed in your banker’s suspense account.
