Investment Cage

Life Insurance Corporation of India (LIC)

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:

  1. LIC Endowment Plans
  2. LIC Whole Life Plan
  3. LIC Money Back Plans
  4. LIC Term Insurance Plans
  5. LIC Pension Plans
  6. LIC Unit Plans
  7. 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

Pay LIC premium online

a)     Pay LIC premium online without logging in

b)     Pay LIC premium online by login

How to file a claim with LIC?

Step 1: First Intimate for the Claim

Step 2: Required details for claim

Here are the details that you need to furnish while claiming a policy.

Step 3: Settlement of the claim

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