Life Insurance Corporation of India (LIC of India), the leading insurance company in the country, offers a wide range of life and health insurance plans and policies to choose from. A life insurance plan financially protects the family during critical events like the sudden demise of the main earning member of the family. Some of the plans by LIC of India act both as an insurance and a savings or investment tool.
Types of LIC Plans
LIC of India provides different types of life insurance plans for the benefit of its customers. These plans provide protection and also help in wealth creation and savings. Each type has different policies to secure the future of the loved ones. The policies can be broadly classified as:
- Term Plans
- Amulya Jeevan II Plan
- Anmol Jeevan II Plan
- LIC e-Term Plan
- Endowment Plans
- Jeevan Pragati Plan
- Jeevan Labh Plan
- Single Premium Endowment Plan
- New Endowment Plan
- New Jeevan Anand Plan
- Jeevan Rakshak Plan
- Limited Premium Endowment Plan
- Jeevan Lakshya Plan
- Aadhaar Shila Plan
- Aadhaar Stambh Plan
- Navjeevan Plan
- Pension Plans
- Pradhan Mantri Vaya Vandana Yojna
- New Jeevan Nidhi Plan
- Jeevan Akshay VI Plan
- Jeevan Shanti Plan
- Child Plans
- New Children’s Money Back Plan
- Jeevan Tarun Plan
- Money Back Plans
- Bima Shree Plan
- Jeevan Shiromani Plan
- New Money Back Plan – 20 Years
- New Money Back Plan – 25 Years
- New Bima Bachat Plan
- Whole Life Plans
- Jeevan Umang Plan
- Health Plans
- Jeevan Arogya
- Cancer Cover
LIC Term Plans: Term plans are pure protection plans that provide coverage at low cost, thus, making them affordable. The term plans offered by LIC of India provide financial support to the family in case of the sudden demise of the policyholder during the term of the plan. The table below enumerates some details about the term plans:
|Names of Plans||Entry Age||Policy Term||(Max) Maturity Age||Minimum Sum Assured||Features|
|LIC Anmol Jeevan II||18-55 years||5-25 years||65 years||Rs. 6 lakh||
|LIC Amulya Jeevan II||18-60 years||5-35 years||70 years||Rs. 25 lakh||
|LIC e-Term||18-60 years||10-35 years||75 years||Rs. 25 lakh||
LIC Endowment Plans: An endowment plan is a life insurance that also includes savings plan. Thus, it helps in regular saving and on maturity of the policy, a policyholder gets a lump-sum amount. In case of the death of the policyholder, the nominee receives the sum assured along with bonuses, if any. Let us look at the details of various LIC endowment plans.
|Names of Plans||Entry Age||(Max) Maturity Age||Minimum Sum Assured||Features
|LIC Jeevan Pragati||12 years||65 years||Rs. 1.5 Lakh||
|LIC Jeevan Labh||8 years||75 years||Rs. 2 Lakh||
|LIC Single Premium Endowment Plan||90 days||75 years||Rs. 50000||
|LIC New Endowment Plan||7 years||70 years||Rs. 1 Lakh||
|LIC New Jeevan Anand||18 years||75 years||Rs. 10,000||
|LIC Jeevan Rakshak||8 years||70 years||Rs. 75000||
|LIC Limited Premium Endowment Plan||18 years||69 years||Rs. 3 Lakh||
|LIC Jeevan Lakshya||18 years||65 years||Rs. 1 Lakh||
|LIC Aadhaar Shila||8 years||75 years||Rs. 75,000||
|LIC Aadhaar Stambh||8 years||70 years||Rs. 75000||
Pension Plans: Everyone wants to save some money to secure his/her life after retirement. LIC of India understands this and offers some good pension plans for financial stability in old age. Check out the details about the pension plans by LIC:
|Names of Plans||Entry Age||Features|
|Jeevan Akshay-VI||30 years||
|LIC New Jeevan Nidhi||20 years||
|Pradhan Mantri Vaya Vandana Yojana||60 years (completed)||
Child Plans: These are a combination of insurance and investment. They help create a corpus to fulfil various financial needs of children. Parents can buy these child plans for their child’s education, marriage or any other financial requirements.
|Names of Plans||Minimum Entry Age||Policy Term||Maximum Maturity Age||Minimum Sum Assured||Features|
|New Children’s Money Back Plan||0 days||25 years minus entry age||25 years||Rs. 1 Lakh||
|Jeevan Tarun Plan||90 days||25 years minus entry age||25 years||Rs. 75,000||
Money Back Plans: These plans are a combination of insurance and a savings tool. The policy offers survival advantage every 5 years. As part of the plan, the insured gets money at regular intervals to manage various financial requirements. Look at the following table to know more about the schemes available under LIC money back plans.
|Names of Plans||Entry Age||Maximum Maturity Age||Minimum Sum Assured||Features|
|Bima Shree||8 years||69 years||Rs. 10 lakh||
|New Money Back Plan – 20 Years||13-50 years||70 years||Rs. 1 lakh||
|New Money Back Plan – 25 Years||13-45 years||70 years||Rs. 1 lakh||
|New Bima Bachat||15-65 years||75 years||Rs. 20,000||
|Jeevan Shiromani||18 years||65 years||Rs. 1 lakh||
Whole Life Plan: These plans provide protection and financial support by giving the sum assured on the maturity of the plan. The protection is offered for the entire life, i.e.till 100 years of age. This plan carries only one scheme. The details are provided below:
|Names of Plans||Entry Age||Maximum Maturity Age||Minimum Sum Assured||Features|
|LIC Jeevan Umang||90 days – 55 years||100 years||Rs. 2 Lakh||
LIC of India also offers health insurance plans to help meet sudden medical expenses. The 2 plans offered are Jeevan Aarogya and Cancer Cover. Let us look at the details of these plans:
|Names of Plans||Minimum Entry Age||Minimum Sum Assured||Features|
|Jeevan Aarogya||18 years||Rs. 2 Lakh||Yearly incremental health cover
No claim benefit
|Cancer Cover||20 years||Rs. 50 lakh||Early and major stage cancer types covered
Easy premium payment via yearly or half yearly mode
Documents Required to Purchase LIC Plans
- Proposal Form (duly filled and signed)
- Age Proof (birth certificate, Voter’s Card, etc.)
- Address Proof (Passport, Ration Card, etc.)
- Salary Proof (ITR Details, Salary Slip, etc.)
- Passport-sized Photographs
Online Services Offered by LIC
With the aim of expanding the reach of its services, LIC of India also provides online services. Through its e-services, the customers can use several facilities online that were previously available only at the branch office. Here is a quick look at the services and facilities you can enjoy online:
- Online Registration
- LIC Online Premium Payment
- LIC Premium Calculator
- LIC Policy Status
- Status of Bonus
- Loan Status
- Claim Status
- Policy Renewal
- Details of Due Premiums
- Claim History
Advantages of LIC of India Plans
These are some of the advantages of purchasing plans by LIC of India:
- Protection against unforeseen events: As uncertain life events are, insurance plans by LIC of India are designed to safeguard your finances so as to help you face these events with diligence.
- All-time assistance: The customer support center of LIC of India is quite efficient in its job thus providing you support as and when you need.
- Tax benefits: The premium you pay towards the policies as well as the benefits received from the same, both are tax exempted (conditions apply).
- Loan facility: You can take loan against some of the insurance plans by LIC of India, thus providing liquidity in times of need.
- Lower premium rates: The premium amount of most of the plans by LIC are quite pocket friendly and hence do not burden your budget in lieu of providing insurance cover.
Customer Care Details
For any policy related query, individuals can contact via-
Call: 022- 6827-6827
Call: 18004259876 (For health insurance policies)
SMS: LICHELP <pol.no.> to 9222492224 or SMS LICHELP <pol.no.> to 56767877
About LIC of India
Life Insurance Corporation or LIC of India is the biggest public sector insurance company in India.
LIC was formed under LIC Act, 1956. It started a fund contribution of Rs. 5 crore from the Government of India. Headquartered in the commercial capital of India – Mumbai, the company was started with the aim of providing insurance policies to various sections of the society. It wanted to include rural areas where the coverage of financial services was limited. It provides a wide range of comprehensive insurance policies and products to cater to the needs of diverse base of customers.
Q1. How to buy an LIC policy online?
Buying an LIC policy online is quite simple. Visit the official website of LIC or copy-paste this link: https://www.licindia.in/Home/Apply-Now
After this, a form will appear on the screen. Fill out all the requested details and submit it. The applicant will be redirected to the page of his preferred product page. Now choose between ‘Resident Indian Citizen’ and ‘NRI’ to proceed further. In case of a doubt, call the LIC of India customer care number.
Q2. Which LIC plans can be bought online?
LIC provides 6 plans that can be bought through its official website. These are:
Jeevan Shanti Plan, Jeevan Akshay Plan, Cancer Cover , e-Term Plan,Pradhan Mantri Vaya Vandana Yojna and Navjeevan Plan.
Q3. How to cancel a policy?
An insured can contact the LIC customer care or simply visit the branch for the cancellation process. There is no online mode available for this.
Q4. Can I use LIC premium calculator to compare policies from other companies too?
No. LIC premium calculator is the in-built tool of LIC of India and you can use it to compare and check premium quotes for LIC plans and policies only.
Q5. Is there any mobile app that can be used for renewals and related services?
Yes. there are 4 mobile applications (apps) that can be downloaded from Google Play (Android) and App Store (Apple). These apps are MYLIC, LIC Customer, LIC PayDirect and LIC Quick Quotes.
Q6. I paid the premium using net-banking but haven’t received the receipt yet. What should I do?
In such a case, you can get the premium paid certificate from the service branch of your policy. Also, make sure the address is correct in the records of the company as this may be the reason of non-receipt of the bill.