Life Insurance Corporation of India (LIC) is the leading insurance company in India. It was incorporated in the year 1956 and is based out of Mumbai. LIC has grown to enlarge from its inception and now boasts of an association of over 245 insurance companies and provident societies.
LIC offers a variety of life insurance plans to consumers across the nation. It has its root set in both the urban and rural areas. It aims to enhance the lifestyle and habits of individuals via different savings and investment products in form of life insurance. There are plenty of life insurance plans offered by LIC of which we’ll discuss in brief down below. Read along.
Types of Life Insurance Plans offered by LIC
There are seven different life insurance plans offered by LIC currently. Here’s a list of them:
- LIC Endowment Plans
- LIC Whole Life Plan
- LIC Money Back Plans
- LIC Term Insurance Plans
- LIC Pension Plans
- LIC Unit Plans
- LIC Health Plans
We will further discuss and explain the different options offered under these plans down below.
1. LIC Endowment Plans
Here is a list of options offered under LIC Endowment Plans:
LIC New Jeevan Anand Plan
This plan is targeted to the consumers who are looking for a safety fund for their family even when they are not around. If this plan, the families of the policyholder will receive the policy amount if the policyholder dies before maturity. However, if the policyholder is alive then they can avail a lump-sum amount at the end of the policy term.
Features of LIC New Jeevan Anand Plan
Entry age: 18 years- 50 years
Maximum maturity age: 75 years
Policy term: 15 years to 35 years
Sum assured: Rs 1 lakh – No limit
LIC Jeevan Labh
This insurance plan is a limited premium paying plan that aims at providing savings along with protection. It is a non-linked plan with-profits endowment. Just like the previous one, this also offers financial assistance to the family of the policyholder in case of his/her unfortunate death before the maturity period.
Features of LIC Jeevan Labh Plan
Entry age: 8 years to 59 years
Maximum maturity age: 75 years
Policy term: 16 years/ 21 years/ 25 years
Sum assured: Rs 2 lakh – No limit
Riders: Policyholder can enhance the policy by adding riders like accidental death policy and disability benefit
LIC New Endowment Plan
LIC New Endowment Plan is one of the non-linked plans offered by LIC with the scope for savings and protection plan included in one. It offers the sum insurer a lump sum payment at the end of the maturity period. However, in the case of the death of the insurer, their family member shall receive financial support from LIC in form of payment.
Features of LIC New Endowment Plan
Entry age: 8 years to 55 years
Maximum maturity age: 75 years
Policy term: 12 years- 35 years
Sum assured: Rs 1 lakh – No limit
LIC Single Premium Endowment Plan
This plan offered by LIC is a participating non-linked savings based life insurance policy. It’s an individual based plan where the premium is to be paid in a lump sum at the outset. It allows the insurer to avail either maturity based benefit or death benefit for his family.
Features of LIC Single Premium Endowment Plan
Entry age: 90 days to 65 years
Maximum maturity age: 75 years
Policy term: 10 years
Sum assured: Rs 50000 – No limit
Premium paying mode – One time
LIC New Bima Bachat Plan
The next plan under endowment plans from LIC is New Bima Bachat Plan. It is a participating non-linked protection plan. It is a savings cum protection plan where the premium is payable in one lump-sum. It offers a money-back plan to the family members in case of the death of the insurer during the policy term. The insurer can also withdraw a lump sum amount at the end of the maturity period.
Features of LIC New Bima Bachat Plan
Entry age: 15 years to 50 years
Maximum maturity age: 65 years
Policy term: 9 years/ 12 years/ 15 years
Sum assured: Rs 35000/ 50000/ 70000 – No limit
Premium paying mode – One time
LIC Jeevan Lakshya
LIC Jeevan Lakshya Plan is a non-linked participating life insurance plan. It offers an annual income benefit to the family of the insurer in case of the unfortunate demise of the policyholder before the maturity date. The insurer can also withdraw the lump sum amount at the end of the maturity period if he is alive.
Features of LIC Jeevan Lakshya
Entry age: 18 years to 50 years
Maximum maturity age: 65 years
Policy term: 13 years- 25 years
Sum assured: Rs 1 lakh – No limit
LIC Aadhar Shila Plan
This plan is an exclusively designed life insurance scheme from LIC aimed at females. With LIC Aadhar Shila Plan a female can avail the benefit of savings and protection in one. The insurer will receive a lump-sum amount at the end of the maturity period. In case of the untimely demise of the insurer, their family members shall receive financial assistance from LIC.
Features of LIC Aadhar Shila Plan
Entry age: 8 years to 55 years
Maximum maturity age: 70 years
Policy term: 10 years- 20 years
Sum assured: Rs 75000 – No limit
LIC Aadhar Stambh Plan
This plan from LIC is designed for male persons to provide protection and savings into one. An insurer can withdraw a lump sum amount at the end of the maturity period. In case, the insurer suffers from untimely death, then the family member of the insurer shall be entitled to financial assistance from LIC.
Features of LIC Aadhar Stambh Plan
Entry age: 8 years to 55 years
Maximum maturity age: 70 years
Policy term: 10 years- 20 years
Sum assured: Rs 75000 – No limit
2. LIC Whole Life Plan
Currently, there is only one plan on offer under LIC Whole Life Plan as:
LIC Jeevan Umang Plan
LIC offers this Jeevan Umang Plan as an incentive for income and protection packaged into one insurance policy. It’s a non-linked life insurance plan with profit benefits. It provides an insurer annual survival benefits till the maturity period.
Features of LIC Jeevan Umang Plan
Entry age: 90 days – 55 years
Maximum maturity age: 100 years
Policy term: 100 years less at the time of entry
Sum assured: Rs 2 lakh – No limit
Premium paying term – 15/20/25/30 years
3. LIC Money Back Plans
Here is a list of plans offers under LIC Money Back policy:
LIC Bima Shree Plan
This plan under LIC is a non-linked individual life insurance policy that comes with loyalty additions and guaranteed payout. It’s participating life insurance and is specially designed for individuals with high net worth.
Features of LIC Bima Shree Plan
Entry age: 8 years – 55/ 51/48/45 years
Maximum maturity age: 69/67/66/65 years
Policy term: 14/16/18/20 years
Sum assured: Rs 10 lakh – No limit
LIC Jeevan Shiromani Plan
LIC offers a Jeevan Shiromani plan in form of a non-linked individual life insurance savings option. It comes as a participating plan and has a limited premium payment. This plan offers financial assistance to the family member of the insurer in case of premature death of the policyholder.
Features of LIC Jeevan Shiromani Plan
Entry age: 18 years – 55/ 51/48/45 years
Maximum maturity age: 69/67/66/65 years
Policy term: 14/16/18/20 years
Sum assured: Rs 1 crore – No limit
LIC New Money Back Plan- 20 years
Another money back plans from LIC, this one is named LIC New Money Back Plan and comes with a participating non-linked policy. It has a limited premium plan which comes with survival benefits and death benefits. LIC will provide the family of the policyholder with the financial cover in case of the untimely demise of the insurer.
Features of LIC New Money Back Plan- 20 years
Entry age: 13 years – 50 years
Maximum maturity age: 70 years
Policy term: 20 years
Sum assured: Rs 1 lakh – No limit
LIC New Money Back Plan- 25 years
This one is quite similar to the previous LIC New Money Back Plan with a few differences. It comes as a non-linked participating policy that offers financial support to the insurer along with death benefits. It also offers periodic payment in case of survival of the user at specified durations as mentioned in the term.
Features of LIC New Money Back Plan- 25 years
Entry age: 13 years – 45 years
Maximum maturity age: 70 years
Policy term: 25 years
Sum assured: Rs 1 lakh – No limit
LIC New Children’s Money Back Plan
LIC is aiming at the children with this policy. This LIC New Children’s Money Back Plan is a non-linked individual life insurance plan with participating benefits. It helps to meet the financial needs of the insurer and facilitate the milestones in life like children’s education, marriage, and more.
Features of LIC New Children’s Money Back Plan
Entry age: 0 years – 12 years
Maximum maturity age: 25 years
Policy term: 25 years less age at entry
Sum assured: Rs 1 lakh – No limit
LIC Jeevan Tarun
LIC Jeevan Tarun plan is aimed at providing protection and savings packaged into one for children. This is a non linked plan with a limited premium payment and is specially designed to facilitate the educational and associated needs of children. It comes with annual survival benefit payments and also with maturity benefits.
Features of LIC Jeevan Tarun
Entry age: 90 days – 12 years
Maximum maturity age: 25 years
Policy term: 25 years less age at entry
Sum assured: Rs 75000 – No limit
4. LIC Term Insurance Plans
Here is a list of options offered under LIC Term Insurance Plans:
LIC Tech Term
LIC also offers a technical risk premium plan in form of LIC Tech Term which deals with online-based protection for the insurer. It is a non-linked and non-participating plan that is designed to offer financial protection. In case of the untimely demise of the insurer, his/her family members get financial assistance from LIC.
Features of LIC Tech Term
Entry age: 18 years –65 years
Maximum maturity age: 80 years
Policy term: 10 years – 40 years
Sum assured: Rs 50 lakh – No limit
LIC Jeevan Amar Plan
This term insurance plan from LIC deals with offline based protection for the insurer. It is a non-linked plan with non-participating conditions. It comes with flexible options where the insurer can select two death based benefits in form of either level sum assured or increased sum assured. Just like other insurance schemes, it also offers the insurer’s family financial assistance in case of premature death of the insurer.
Features of LIC Jeevan Amar Plan
Entry age: 18 years –65 years
Maximum maturity age: 80 years
Policy term: 10 years – 40 years
Sum assured: Rs 25 lakh – No limit
5. LIC Pension Plans
The different options offered under LIC Pension Plans are:
Pradhan Mantri Vaya Vandana Yojana
This is an initiative brought on by the Government of India to help provide financial assistance to senior citizens. Under this Pradhan Mantri Vaya Vandana, LIC offers a non-linked and non-participating pension scheme that is subsidized by the Government itself.
Features of Pradhan Mantri Vaya Vandana Yojana
Entry age: 60 years to no limit
Policy term: 10 years
Minimum Pension- Rs 1000 per month/ Rs 3000 per quarter/ Rs 6000 per half-year/ Rs 12000 annually
Pension payment mode – Monthly/ Quarterly/ Half-yearly/ Annually
LIC Jeevan Shanti
This is a single premium pension plan offered by LIC under their pension schemes. It allows an insurer to choose between immediate or deferred annuity to help manage their financial needs. It comes with 9 different annuity options for the insurer to choose from.
Features of LIC Jeevan Shanti
i) For Immediate Annuity
Maximum Entry age: 85 years
Policy term: 10 years
Minimum Pension- Rs 1000 per month/ Rs 3000 per quarter/ Rs 6000 per half-year/ Rs 12000 annually
Pension payment mode – Monthly/ Quarterly/ Half-yearly/ Annually
ii) For Deferred Annuity
Maximum Entry age: 79 years
Minimum deferment period – 1 year
Maximum deferment period – 20 years
Minimum vesting age- 31 years (completed)
Maximum vesting age – 80 years (completed)
LIC Jeevan Akshay- VII
LIC Jeevan Akshay-VII is designed as a non-linked individual-based immediate annuity plan. It is a non-participating scheme and comes with the option to choose from 10 available options for the insurer. The plan is provided in both online and offline mode.
Features of LIC Jeevan Akshay- VII
Entry age: 30 years to 85 years
Maximum purchase price- No limit
Minimum Pension- Rs 1000 per month/ Rs 3000 per quarter/ Rs 6000 per half-year/ Rs 12000 annually
Pension payment mode – Monthly/ Quarterly/ Half-yearly/ Annually
6. LIC Unit Plans
Here is a list of options offered to insurers under LIC Unit Plans:
LIC New Endowment Plus
As the name suggests, this one is a unit-linked regular premium based insurance plan offered by LIC. This LIC New Endowment Plus plan comes with non-participating terms and allows an insurer to invest while also gain insurance cover at the same time. It is designed to help provide protection and long term savings at a flexible term to insurers.
Features of LIC New Endowment Plus
Entry age: 90 days –50 years
Maximum maturity age: 18 years – 60 years
Policy term: 10 years – 20 years
LIC Nivesh Plus
This is another unit-linked single premium insurance cover provided by LIC. It comes with insurance cum investment benefits with non-participating terms. It allows insurers to generate greater returns while staying protected all the while.
Features of LIC Nivesh Plus
Entry age: 90 days –70 years
Maximum maturity age: 85 years
Sum assured – 1.25 times of single premium/ 10 times of single premium
LIC SIIP
LIC SIIP allows an insurer to participate in the investment fund scheme of his choice while availing a life insurance plan. It provided unit-linked and non-participating individual-based insurance plan. An insurer can choose from Bond Fund, Secured Fund, Growth Fund, and Balanced Fund for investment.
Features of LIC SIIP
Entry age: 90 days –70 years
Maximum maturity age: 18 years- 85 years
Policy term- 10 years – 25 years
7. LIC Health Plans
Here is a list of options offered to insurers under LIC Health Plans:
LIC Jeevan Arogya
LIC Jeevan Arogya is a uniquely designed non participating insurance scheme designed with a non-linked plan. It offers health cover for an insurer against any health problems and provides financial assistance during medical needs.
Features of LIC Jeevan Arogya
Entry age: For self/spouse- 18 years ; For parents/ parents-in-law- 18 years ; For children 91 days
Maximum maturity age: For self/spouse- 65 years ; For parents/ parents-in-law- 75 years ; For children 17 years
Premium payment mode – Yearly or half-yearly
Rebate mode- 2% of premium on yearly mode/ 1% of premium on the half-yearly mode
LIC Cancer Cover
LIC Cancer Cover is a traditional based premium payment health plan offered by LIC for its policyholder. It allows the insurer to gain financial assistance in case of early/major stage cancer diagnosis during the policy term.
Features of LIC Cancer Cover
Entry age: 20 years –65 years
Maximum maturity age: 50 years – 75 years
Policy term – 10 years – 30 years
How to Pay LIC Premium
You can pay LIC premium via both online or offline mode. Here’s how to do it:
Pay LIC premium offline
- You can pay the LIC premium at the cash counter of your nearest or any LIC branch.
- The mode of payment can be in form of cash, demand draft, or cheque.
Pay LIC premium online
- You can pay the LIC premium online with the help of the e-service portal of LIC India. All you need to do is go to their official website and access the e-services from there. You can pay it by logging into with your credentials. If you do not want to log in, then also you can pay the premium with ease. We’ll list the steps for both of these.
a) Pay LIC premium online without logging in
- Select on renewal premium/ revival option.
- Click on the proceed button.
- Now enter your policy number along with your date of birth, mobile number, email id, and premium amount.
- Now proceed to make the payment by using any of the options like net banking, debit card, credit card, BHIM, or UPI mode.
- Upon successful completion of the transaction, a receipt will be mailed to your email id.
b) Pay LIC premium online by login
- Access the LIC e-services portal on the website.
- Now select the role.
- Then enter your LIC login credentials.
- Now enter your date of birth for authentication.
- Then proceed to make the payment.
- Upon successful completion of payment, you’ll get a confirmation receipt and your account will be updated.
How to file a claim with LIC?
Step 1: First Intimate for the Claim
- First things first, you need to intimate the insurance company about the claim. For this, you need to provide details like policy number, name of the policyholder, death details, name of the claimant, and more. We’ll list the required details in the second step down below.
Step 2: Required details for claim
Here are the details that you need to furnish while claiming a policy.
- Death certificate
- Claim form
- Policy documents
- Birth certificate of the insurer
- Deeds of assignment (Only in case of death)
- KYC documents if any
Step 3: Settlement of the claim
- Once the documents are attested and verified by LIC, they’ll process the settlement and you’ll receive the policy amount.