LIC Life Insurance
LIC, also known as the Life Insurance Corporation of India, came into being after the Indian Parliament passed the Life Insurance Corporation Act on June 19, 1956. This act led to the birth of LIC on September 1, 1956. The main aim of LIC of India was to make life insurance accessible to more people, especially those living in rural areas.
Today, LIC operates through a vast network of 2000+ fully computerised branch offices, 100+ divisional offices, 5+ zonal offices, and more than 1380 satellite offices, in addition to its corporate office. The company has also teamed up with multiple banks and other service providers to allow people to pay their insurance premiums online, which adds convenience for policyholders.
When LIC started, it brought together 154 Indian insurance companies, 16 foreign companies, and 75 provident companies. This merger made LIC one of the biggest financial institutions in India, headquartered in Mumbai, Maharashtra.
From Jeevan Umang to Bima Jyoti, Life Insurance Corporation of India offers an ample number of life insurance plans and policies. Read below to learn more about LIC Life Insurance. [1]
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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification
Why Choose LIC Life Insurance?
The reasons that make Life Insurance Corporation of India one of the best life insurance companies are as follows:
- Claim Settlement Ratio: The first metric that people usually consider while buying a life insurance policy from any insurer is its claim settlement ratio. In the case of LIC, the company's CSR was 98.52% in the FY22-23. This percentage shows that LIC of India has settled most of the claims that it has received.
- Amount Settled: During the Fiscal Year 2022-2023, the LIC of India successfully settled claims totaling Rs. 18,398 Crores . This figure shows the company's strong financial position and dedication to meeting the obligations of policyholders promptly.
- Solvency Ratio: According to the IRDAI Report for the Financial Year 2022-2023, the insurer maintained an impressive solvency ratio of 187% . This percentage made it clear that LIC boasts excellent financial health and was able to pay possible liabilities in full.
- Assets Under Management: During the Fiscal Year 2022-23, LIC managed assets worth Rs. 40,43,655 Crores . This huge amount reflects the insurer's extensive financial strength and indicates that they have a substantial pool of resources to fulfill their commitments to policyholders.
- Sum Assured in Force: During the year 2022-2023, LIC reported a total sum assured of Rs. 1,14,07,421.49 Crores . This figure represents the total amount of coverage provided by the company's life insurance policies that are currently in force. [2]
Eligibility To Purchase LIC Life Insurance Plans
The eligibility to purchase LIC India Term and Investment plans are as follows:
Term Plans
- Individuals aged between 18 and 35 years are eligible to buy an LIC Term plan if their verifiable annual income is more than Rs.3 lakhs , with a maximum sum assured of Rs.75 lakhs.
- For those aged between 36 and 45 , the term plan is available if their verifiable annual income exceeds Rs.5 lakhs , with a maximum sum assured of Rs. 50 lakhs.
Investment Plans
The minimum age for entry is 90 days , and the maximum entry age requirement is 70 years for LIC Investment plans. However, it's essential to be aware that these age limits could change depending on the specific investment plan you choose.
NOTE: Eligibility might change depending on the policy you opt for.
Types of Plans Offered by LIC Life Insurance Company
Life Insurance Corporation of India offers the following types of life insurance plans:
- Whole Life Plans: The LIC Whole Life Plan provides coverage for the entire lifetime of the policyholder. This means that as long as the premiums are paid, the policy will remain in force until the death of the insured person. And, the the time of the policyholder's death, nominees will receive the sum assured along with any accumulated bonuses.
- Money-Back Plans: LIC's Money-Back Plans provide periodic payouts to the policyholders during the policy term along with the maturity benefit. Under these plans, a certain percentage of the sum assured is paid out at regular intervals during the policy term. And, if the policyholder survives till the end of the policy term, the remaining sum assured is paid out as the maturity benefit along with a bonus, if any.
- Term Assurance Plans: Term Assurance Plans by LIC India offer pure life cover for a specific duration chosen by the policyholder. These plans provide financial protection to the insured's family in the event of their untimely demise during the policy term. If the insured passes away during the term of the policy, the nominee receives the sum assured. However, if the insured person survives the entire policy term, no maturity benefit will be provided.
- Endowment Plan: Endowment Plans are savings-oriented life insurance policies that offer both protection and savings benefits. These plans provide a lump sum payout either on the death of the insured during the policy term or on survival till the maturity of the policy.
- Pension Plans: Pension Plans, also known as retirement plans or annuity plans, are designed to provide a steady income during the policyholder's retirement years. These plans accumulate a corpus over the policy term through regular premium payments, which are later used to provide pension or annuity payments post-retirement.
- ULIP Plans: Unit Linked Insurance Plans or ULIPs combine insurance coverage with investment opportunities. A portion of the premium paid is allocated towards providing life cover, while the remaining amount is invested in the chosen funds. These plans offer the potential for higher returns in comparison to traditional life insurance policies.
Top Plans Offered by LIC
The top plans offered by LIC Insurance are tabulated below:
Plan Name
Plan Type
Entry Age
Maximum Maturity Age/ Policy Term
Premium Payment Term
New Tech Term Plan
18 years - 65 years
PT:10 to 40 years
Regular Premium: Same as policy term
Limited Premium:
- (Policy Term minus 5) years for Policy Term (10 to 40) years
- (Policy Term minus 10) years for Policy Term (15 to 40) years
90 days - 60 years
PT:15 to 20 years
Policy Term minus 5 Years
90 days - 65 years
PT:10 to 25 years
Same as Policy Term
90 days to 55 years
PT:(100 – age at entry) years
15, 20, 25 and 30 years
18 years to 65 years
PT:10 to 40 years
Regular Premium: Same as policy term
Limited Premium:
- (Policy Term minus 5) years for Policy Term (10 to 40) years
- (Policy Term minus 10) years for Policy Term (15 to 40) years
Riders Available with LIC Life Insurance Plan
The following are the riders available with LIC Life Insurance plans:
- Accidental Death and Disability Benefit Rider: This rider provides financial support in case the policyholder faces permanent disability or passes away due to an accident. The accident benefit sum assured is paid out in monthly installments over a period of 10 years.
- New Term Assurance Rider: This rider provides financial assistance if the policyholder passes away within the rider's term. Notably, this rider can only be attached to non-linked plans at the time of policy inception, and if the policyholder survives the rider term, no benefit will be paid out.
- Premium Waiver Benefit Rider (With Auto Cover): This rider can be added to policies with auto cover for children or minors. Auto cover refers to the continuation of coverage even if premiums are not paid for up to 2 years. However, this benefit is only applicable if two full years’ premiums have been paid without any fail.
- Accident Benefit Rider: This rider provides extra financial compensation if the policyholder passes away due to an accident. It pays out the rider sum assured along with the sum assured in case of accidental death.
- Linked Accidental Death Benefit Rider: If the policyholder passes away due to an accident, either immediately or within 180 days after the accident, their nominee will receive an additional lump sum amount along with the base sum assured.
- Premium Waiver Benefit Rider: This rider waives off the payment of future premiums after the death of the policyholder until the end of the rider term. Notably, despite not paying the life insurance premium, the base policy benefits will continue. However, there must be a minimum of 5 years remaining in the premium payment term under both the rider and the base plan.
- New Critical Illness Benefit Rider: This LIC rider provides coverage for expenses incurred before and after hospitalisation due to 15 critical illnesses specified by the company. Please note that this rider can only be added to non-linked policies and only at the time of policy inception. [3]
NOTE: A rider is an extra feature that can be added to the main life insurance policy for additional benefits. However, these benefits are accessible only by paying an extra premium.
How To Buy an LIC Life Insurance Plan?
You can buy any of the life insurance plans of Life Insurance Corporation of India either through the InsuranceDekho website or directly through the official website:
Buy LIC Policy Through the official Website
Life Insurance Corporation of India allows individuals to purchase life insurance policies online via its official website. The steps to buy one are included below:
Step 1: Go to the LIC Website
Start by visiting the official website of LIC of India [5].
Step 2: Follow the Steps Above
Now, to complete your life insurance policy purchase from the LIC India website, you simply need to follow the same steps as above in the section "Buying a LIC Policy Through the InsuranceDekho Website" (starting from Step 2).
Documents Required
One needs to furnish the below-mentioned documents when purchasing a LIC life insurance policy:
- Proof of Identity: In order to prove your identity, you must submit any of these documents - Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card.
- Proof of Address: Submit any one of the following as an address-proofing document- Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card.
- Proof of Income: Both salaried and non-salaried individuals are required to submit a different set of documents as income proof while purchasing the best LIC policy. Some of the documents that can be used as income proof involve last three months' salary slips, the previous three years' income tax returns, etc.
- Medical Reports : The Life Insurance Corporation of India might require you to undergo medical tests in order to check your health conditions and calculate coverage accordingly. So, once all the medical checks have been done, you need to submit the reports.
- Additional Documents: Other important documents such as recent passport-size photographs, past LIC policy details, and medical history details must also be submitted to the insurer. This will eventually help LIC of India in assessing your risk profile and provide you with suitable coverage options.
How to Claim?
Making a life insurance claim in the unfortunate event of a policyholder's death can be done in the following steps:
Step 1: Inform About the Claim
The first and foremost thing that a nominee must do is to notify about the claim to the insurance company.
Step 2: Document Submission
As a part of the next step, the nominee must submit the requested documents like Policy Number, Death Certificate, and Government ID proof, supporting the life insurance claim. Please note that other documents like the FIR Report or Postmortem Report might be needed, depending upon the death cause.
Step 3: Review of Claim
The insurance company will review the requested claim once they receive all the supporting documents.
Step 4: Claim Settlement
The LIC life insurance claim settlement process starts here, once approved by the concerned team.
NOTE: If there is no nominated beneficiary or in case of the nominee’s unavailability, the claim will be disbursed to the next legal heir. Remember that, this can be done only if there is proper legal evidence.
How InsuranceDekho can Help?
If you choose to submit your claim settlement request through InsuranceDekho, our team will work alongside your insurer to streamline the process for you. Moreover, we'll be ready to assist you with any issues or questions you may need help with.
Mode of Payment Options Offered By LIC Life Insurance
Following are the modes of payment [6] that LIC accepts for the payment of life insurance premiums:
- Credit Card
- Debit Card
- Net Banking
- UPI
- InstaPay
- Paytm
- NACH
- Bill Pay
LIC Life Insurance - Awards and Achievements
- Golden Peacock National Training Award 2022-23
- Navbharat BFSI Awards 2022 - Best Life Insurance Company in Claim
- BERKSHIRE Media - India's Best Company of the Year Awards 2022
- ET Ascent Brand Excellence Award 2022-23
- World BFSI Congress & Awards for Insurance Company of the Year
- Marksmen Most Trusted Brand of India 2021-22
- E conomic s Times BFSI Award Best Brand 2021-22
- Outlook money award 2021 most trusted brand in insurance 2021-22 [7]
LIC Life Insurance - Customer Service & Support
Policyholders or nominees can get in touch with InsuranceDekho’s Customer Support Team [8] in case of any doubts related to LIC Life Insurance:
- Email: Send an email to support@insurancedekho.com , explaining your concerns in detail
- Phone: Alternatively, you can call on InsuranceDekho's customer support number +91-755 1196 989
LIC Life Insurance - Complaints & Grievance Redressal
The following ways can assist you with LIC Life Insurance’s complaints and grievance redressal:
Grievance Redressal with InsuranceDekho
In case you as a policyholder face any issue related to unresolved queries, pending claim requests, or claim rejection, you can get in touch with InsuranceDekho’s Customer Support Team or Grievance Redressal team:
- Phone Number: You can contact the team directly on the phone number 755 1196 989, which is operational from Monday to Sunday 24*7 (excluding national and gazetted holidays)
- Email ID: Write and send your concern to support@insurancedekho.com
You can even contact Mr. Rohit Khurana if you wish to escalate the issue related to your LIC Life Insurance policy. He is the designated Grievance Redressal Officer at InsuranceDekho and can be contacted by sending an email to grievance@insurancedekho.com . If you are still not satisfied with the resolution, you can send an email to the Principal Officer at PO_GIBPL@girnarinsurance.com [9]
Grievance Redressal with LIC Insurance Company
Your LIC insurance grievances can directly be resolved by the insurer as well. For that, you need to send an email to co_complaints@licindia.com . [10]
References:
- https://licindia.in/hi/history#:~:text=The%20Parliament%20of%20India%20passed,reach%20all%20insurable%20persons%20in
- https://irdai.gov.in/document-detail?documentId=4417599
- https://licindia.in/web/guest/riders
- https://www.insurancedekho.com/
- https://licindia.in/home
- https://licindia.in/payment-through-alternate-channels
- https://licindia.in/web/guest/awards
- https://www.insurancedekho.com/contact-us
- https://www.insurancedekho.com/grievance-redressal
- https://licindia.in/grievances
LIC Life Insurance Plan List
| Name of Plan | Sum Assured |
| LIC Bima Jyoti Popular | 20 lac - 10 cr | Check Premium |
| LIC Jeevan Umang Popular | 20 lac - 10 cr | Check Premium |
| LIC SIIP Popular | 20 lac - 10 cr | Check Premium |
| LIC Jeevan Anand Popular | 20 lac - 10 cr | Check Premium |
| LIC Jeevan Labh Popular | 20 lac - 10 cr | Check Premium |
User Reviews
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What users are saying
Securing Family
I was looking for a meaningful gift for my niece’s wedding when I came across the Life Insurance policy from InsuranceDekho. I gifted her LIC Life Insurance, and there couldn’t have been a better gift for her future. Thank you, team. You are doing a wonderful job. Read More
By Sandeep Bishnoi
On: Jun 24, 2024
Exceptional Team Support
I recently had an outstanding experience with InsuranceDekho's support team regarding my LIC life insurance policy. Their exceptional dedication to customer satisfaction reaffirmed my confidence in both InsuranceDekho and LIC life insurance. Read More
By Vishesh Arora
On: Mar 11, 2024
Buy Conveniently
Nice place to purchase a Life insurance policy. I bought the LIC Life Insurance Plan. The process was quite smooth and easy. The policy tracking feature is very impressive. It's been a week since I bought the LIC life insurance policy. It was easy for me to know the status of my plan on InsuranceDekho’s online portal. Read More
By Manish Rathor
On: Feb 09, 2024
Recommended Service
This platform is my favorite place to buy a Life insurance policy. I bought the LIC LIfe insurance plans from Insuranedekho’s website. All the documentation and paperwork were done online easily and safely. I recommend everyone who is looking forward to buying an affordable life insurance plan. Read More
By Soniya Rajput
On: Dec 12, 2023
User-friendly website
The website of InsuranceDekho is extremely easy to use. I was easily able to scroll through the different sections of the website when I was buying LIC Life Insurance Policy from InsuranceDekho. Read More
By Shreya Deol
On: Nov 24, 2023
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FAQs
Why should I choose the Life Insurance Corporation of India?
Life Insurance Corporation of India is the oldest and one the largest insurance providers in India. Life Insurance Corporation provides a wide range of Term Insurance, Endowment, Money Back and Whole Life Plans. Life Insurance Corporation has featured a high claim settlement ratio of 96.69% in the FY 2019-20.
What is the grace period of insurance plans offered by Life Insurance Corporation?
LIC offers 15 days of grace period for the policies with monthly premium payment mode and 30 days for policies with quarterly/half-yearly/yearly premium payment mode.
Who receives the claim benefit?
The claim benefit is payable to the nominee in case of an unfortunate demise of the life assured. In case the life assured has assigned the policy to someone, the assignee will be entitled to the benefits payable under the life insurance policy.
Can I file claims for LIC insurance plans online?
To file a claim for Life Insurance Corporation insurance plans you need to visit the LIC branch office for claim intimation and assessment.
What are the types of Insurance plans offered by Life Insurance Corporation?
- Term Insurance Plans
- Endowment Plans
- Whole Life Plans
- Money Back Plans.
Partner Life Insurance Companies
- ICICI Prudential Life Insurance
- SBI Life Insurance
- Aditya Birla Sun Life Insurance
- Bandhan Life Insurance
- Kotak Life Insurance
- Bajaj Allianz Life Insurance
- Bharti AXA Life Insurance
- Canara HSBC Life Insurance
- Aviva Life Insurance
- Reliance Nippon Life Insurance
- Max Life Insurance
- HDFC Life Insurance
- TATA AIA Life Insurance
- PNB MetLife Insurance
Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
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