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Life Insurance Corporation of India is a Government-owned insurance company. It was founded on September 1, 1956, when the Life Insurance of India Act was passed by the Parliament of India nationalizing the insurance industry. LIC was formed by merging over 245 insurance companies and provident societies. Its headquarters are situated in Mumbai, Maharashtra. LIC of India is the oldest insurance company in the market which enjoyed a monopoly position in the life insurance market till the year 1999.
Top LIC Insurance Plans (2020)
Life Insurance Corporation of India (LIC) offers a wide range of insurance plans. So, let’s have a look at top life insurance plans offered by LIC in different categories:
LIC Endowment/Saving Plans
Endowment plans offer a combination of protection and savings. These are savings-oriented life insurance plans and are also known as saving plans. Life Insurance coverage is allowed under endowment plans against the risk of death of the policyholder during the tenure of the policy. However, if the policyholder survives the policy tenure, lump-sum benefit is paid on maturity of the plan. Thus with endowment plans, you can create saving along with enjoying protection. List of LIC Endowment Plans:
| Product Name | Brief Description |
|---|---|
| LIC’s New Endowment Plus |
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| LIC’s New Jeevan Anand |
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| LIC’s Single Premium Endowment Plan |
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| LIC’s Jeevan Lakshya |
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| LIC’s Jeevan Labh |
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| LIC’s Aadhaar Stambh |
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| LIC’s Aadhaar Shila |
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LIC Whole Life Plans
Whole Life plans are a combination of insurance protection and income benefit. As the name suggests, whole life plans extend lifelong coverage, i.e till 100 years of age. Along with the lump-sum benefit on the maturity of the plan or on the death of the insured, survival benefit is also paid till the maturity.
Whole Life Plans Offered by LIC
| Product Name | Brief Description |
|---|---|
| LIC’s Jeevan Umang |
|
LIC Money-back Plans
Money-back plans are very much like endowment plans. They offer the benefit of regular income during the tenure of the plan. Under endowment plans, the sum assured is paid on maturity whereas, under money-back plans, the sum assured is paid in parts during the tenure of the policy as money-back benefits. This provides liquidity along with insurance protection. In case of death, money-back insurance plans pay the entire sum assured of the plan irrespective of the money-back benefits already paid during the tenure of the policy. LIC offers a wide range of money-back plans in different variants so that you can get a regular flow of income throughout the policy tenure. All the money back plans of LIC are participating plans which participates in the profits of the Corporation and pay simple reversionary bonuses to the policyholder.
Money-back Plans Offered by LIC -
| Product Name | Brief description |
|---|---|
| LIC’s New Money Back Plan- 20 years |
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| LIC’s New Money Back Plan- 25 years |
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| LIC’s Jeevan Umang |
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| LIC’s Jeevan Shiromani |
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| LOC’s Bima Shree |
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| LIC’s New Bima Bachat |
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LIC Unit-linked Insurance Plans
Unit-linked Insurance plans are investment-oriented policies for the people who want wealth maximization from their investments. It helps provides you with the dual benefit of life insurance cover and capital appreciation. These plans help your savings to yield attractive returns and save on taxes. These plans offer investment cum insurance cover during the policy term. Unit-linked plans of LIC allow partial withdrawal from the fund after the expiry of the first five years of the plan thereby offering liquidity to the policyholder.
Unit-linked Plans Offered by LIC -
| Product Name | Brief Description |
|---|---|
| LIC Nivesh Plus |
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| LIC New Endowment Plus |
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| LIC SIIP |
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LIC Term Assurance Plans
Term assurance plans are pure protection plans that offer life cover to the insured at a very affordable premium and ensure financial support to the family of the insured in case of unfortunate death during the term of the plan. These plans help you to create financial security for your family in your absence. The term assurance plans of LIC offer lower premium rates for female proposers and offers flexibility to choose from different death benefit options for customized coverage
Term Assurance Plans Offered by LIC -
| Product Name | Brief Description |
|---|---|
| LIC’s Tech-Term |
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| LIC’s Jeevan Amar |
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LIC Child Plans
Child plans are those insurance plans which have been designed solely for creating a secured financial corpus for the child. These plans cover the child or the parent and help in securing the child’s future through premium waiver rider which is inbuilt under the plan. Under this rider, if the parent dies, the plan does not get disturbed. It continues without the requirement of premiums and the insurance company contributes the premiums on the parent’s behalf. On maturity, the plan matures and pays the promised maturity benefit.
Child plans offered by LIC include the following –
| Name of the Plan | Brief Description |
|---|---|
| LIC’s New Children’s Money Back Plan |
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| LIC’s Jeevan Tarun |
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LIC Pension Plans
Pension plans help in building up retirement corpus and also provide lifelong income after retirement. LIC offers a choice of deferred and immediate annuity plans with 9 different annuity options to choose from. The deferred annuity plans help you to build retirement corpus and immediate annuity plans utilise a corpus to pay long-life benefits. Pension plans are most suited for senior citizens and also for those who are planning their retirement to have a secured future. The Government has introduced a pension scheme, Pradhan Mantri Vaya Vandana Yojana with modified pension rates and has solely authorised LIC to operate the scheme.
Pension Plans Offered by LIC -
| Product Name | Brief Description |
|---|---|
| LIC’s Jeevan Shanti |
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| Pradhan Mantri Vaya Vandana Yojana |
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| LIC’s Jeevan Akshay-VII |
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LIC Micro Insurance Plans
Micro Insurance plan is an insurance plan which is designed for the rural sectors of the country. These insurance plans are introduced to cover people living in rural areas of India. Micro Insurance plan of LIC is a perfect blend of investment, insurance and financial security. The sum assured under these insurance plans is limited and the premiums for the plan are extremely affordable so that the rural people can afford to buy it.
Micro Insurance Plans Offered by LIC-
| Product Name | Brief Description |
|---|---|
| LIC’s Bhagya Lakshmi |
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| LIC’s New Jeevan Mangal |
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| LIC’s Micro Bachat Plan |
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LIC Health Plans
Health Insurance plans cover against certain specified health risk and also provides you with timely support in the event of medical emergencies. Health insurance plans help you and your family to remain financially independent in your difficult times. Health plans offered by LIC covers specific illness and pays a lump-sum benefit if the insured is diagnosed with such illnesses.
Health Insurance Plans Offered by LIC -
| Product Name | Brief Description |
| LIC’s Health Protection Plus |
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| LIC’s Jeevan Arogya |
|
LIC Cancer Plans
Life Insurance Corporation of India also offers a cancer-specific health insurance policy that provides coverage for mild, moderate and advanced cancer stages. A lump-sum benefit is paid to the insured individual depending upon the type of cancer suffered. The lump-sum benefit can be used to pay for the treatment of cancer without any financial crisis.
Cancer Plan Offered by LIC -
| Product Name | Brief Description |
|---|---|
| LIC’s Cancer Cover |
|
LIC NRI Plans
LIC insurance plans can be purchased by NRIs too. All the insurance plans offered by LIC can be brought by NRIs as per their insurance needs subject to eligibility conditions of each plan whether it is term plan, endowment plan, money back plan, ULIP plan or pension plan.
LIC Insurance Riders
Riders are optional cover which can be added to base insurance plan to enhance its coverage benefits. LIC offers a range of riders to suit the variant needs of its customers. The premiums of riders are low and affordable.
| Product Name | Brief Description |
|---|---|
| LIC’s Linked Accidental Death Benefit Rider |
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| LIC’s Accidental Death and Disability Benefit Rider |
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| LIC’s Accident Benefit Rider |
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| LIC’s Premium Waiver Benefit Rider |
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| LIC’s New Critical Illness Benefit Rider |
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| LIC’s New Term Assurance Rider |
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Benefits of buying LIC Insurance Plans
Insurance plans offered by Life Insurance Corporation of India provide a range of benefits. The benefits of different categories of life insurance vary from each other. These benefits depend on the type of insurance plan you choose. Let’s discuss the benefits of buying LIC insurance plans-
- Life Cover- LIC insurance plans provide you with coverage against premature death. On the death of the insured during the term of the plan, the death benefit is paid in all the categories of LIC insurance plans except health insurance plans. This death benefit helps the family of the policyholder to sustain the financial loss suffered due to the death of the breadwinner of the family. You can also avail coverage till 100 years of age under the whole-life insurance plans of LIC which allows you coverage for your whole lifespan against the risk of death.
- Creation of Wealth- LIC insurance plans helps you in wealth creation. The unit-linked and endowment plans of LIC helps in the creation of savings corpus after the tenure of the policy ends, only if the insured survives until the maturity of the plan. You can use this savings corpus to fulfil your financial goals. The endowment plans help you to create a guaranteed corpus whereas ULIP plans enhance your wealth through the benefit of market-linked returns.
- Financial Support and Security for the Family- Life insurance plans provide coverage against the risk of death of the insured which in turn provides financial security to the family of the policyholder in his/her absence. Besides providing coverage against the risk of death, the life insurance plans offered by LIC also cover the risk of critical illness and disability due to accident, if you add an optional rider thereby providing a 360-degree financial assurance against adverse situations.
- The facility of Loan- Under money-back and endowment insurance plans of LIC which have a surrender value, policy loans can be availed after a specified tenure. Also, you can use your LIC insurance plans as collateral security to avail loans to meet your financial needs. Life insurance policies are financial assets that offer you the benefit to avail loan if and when needed.
- Fulfilment of Financial Goals- LIC life insurance plans helps you to meet your short term as well as long-term financial goals. The term insurance plans of LIC helps you to meet the goal of income replacement while retirement plans help you plan your retirement and create a corpus for your retirement which yields you guaranteed annuities. Similarly, health insurance plans provide coverage against future medical requirement goals.
- Provision of Liquidity- Money-back plans of LIC provides the benefit of receiving the money-back at regular intervals thereby helping you to liquefy your funds for your financial needs. With the help of such plans, you can plan strategically to meet your short-term financial needs. If you have ULIP plan, then you can withdraw from your fund value partially under it after the initial five years of the plan are over. You even have a surrender benefit under endowment plans in which you can surrender the policy before the tenure of the plan. Hence, you get the provision of liquidity from these life insurance plans when you need funds.
- Tax Benefits- LIC insurance plans offer tax benefits both on the benefits received on the death of the insured or on the maturity of the plan as well as on the premiums paid by you for the policy. This tax benefit enables you to lower your taxable income and save taxes. LIC insurance plans facilitate tax-free returns and are great options to save on taxes. You can read detailed tax benefits below.
LIC Insurance Claim Process
Having a High Claim Settlement Ratio of 97.79% for the financial year 2019-20 Life Insurance Corporation of India offers the security of settlement of your claim. You can inform the insurance company online for the claim through the official website of the company. Follow the steps-
- Log onto LIC Website (licindia.in) and select the ‘LIC Online Service Portal.’
- If you are not registered in the LIC online service portal then you will have to register by filling the required details. If already registered, then select the type of claim you want to make.
- Fill the form with the details of the claim and attach the supporting documents and then click on ‘Submit.’
- The details of the claim will be verified by the insurance company.
- Once verified, your claim would be settled.
Follow the steps to register yourself on LIC’s Online Service Portal
- Visit the website licindia.in and click on ‘new user.’
- Choose a user-ID, password and then provide the necessary information
- To avail e-services, click on the ‘e-services’ option, then log-in using the user-ID created and then register your policies to avail the e-services by filling up the provided form.
- You will have to print the form, sign it and then upload the scanned copy of the form
- Also, upload the scanned copy of your Aadhaar card or Passport or PAN card
- After verification from the official of LIC, an acknowledgement will be sent to your registered email address and phone number of the policyholder.
You can also visit the nearest LIC branch and initiate the process of a claim by filling the forms and submitting relevant documents.
The Process of Different Types of Claim is Stated Below-
In the Case of Death
- In case of insured’s death during the term of the plan, the nominee of the plan will have to make a death claim in the policy
- The claim can be made both online or by visiting the servicing branch of the life insurance company.
- The death claim form should be submitted along with a certified extract from death register, the original policy document and other relevant documents
- The insurance company would verify the claim form and the submitted documents
- Once verified, the insurance company will pay the claim.
Documents Required for Death Claim
- Claim form duly filled and signed
- The policy document
- Certified extract of the insured from the death register
- Police FIR, medico-legal certificate, coroner’s report, post-mortem report, puchnama, etc in case of accidental death of the insured
- Nominee’s valid identity proof
- Bank account details of the nominee of the plan
In the Case of Survival or Maturity
- The Servicing Branch usually sends the maturity claim intimations to you two months in advance as they endeavour to settle the claim on or before the due date of maturity of the plan.
- You will have to submit the discharge receipt in the prescribed form and send the original policy document at least one month before the due date of the maturity of the plan
- You will receive the payment within the due date of maturity claim after the form and documents are verified by the insurance company.
- If no intimation has been received by you for your claim due in the next two months, you should contact the servicing branch immediately.
LIC Insurance Tax Benefits
LIC insurance plans offer tax benefits on both premiums paid as well as claims received under the plans. Let’s discuss the tax benefits that you can avail from LIC insurance plans-
| Income Tax Act Sections | Tax Benefit |
|---|---|
| Section 80C | Section 80C of the Income Tax Act allows tax benefit on the premiums paid for LIC life insurance plans, except pension plans. You can avail the premiums paid for the life insurance plans as a deduction up to INR 1.5 lakhs per annum. However, premiums up to 10% of the sum assured are allowed as a deduction under this section. |
| Section 80CCC | Section 80CCC of the Income Tax Act allows you to avail a deduction of the premiums paid towards LIC pension plans. Premiums up to INR 1.5 lakh per annum are allowed towards deferred annuity pension plans. Premiums up to 10% of the sum assured under the plan can be availed as a deduction under this section. |
| Section 80D | If you buy LIC health insurance plans, then you can avail deduction for the premiums paid towards such health plans under this section. The deduction would be allowed up to INR 25,000 for each financial year. Moreover, for individuals aged 60 years and above, a deduction up to INR 50, 000 is allowed in one financial year. |
| Section 10 (10A) | Under the deferred annuity plans, 60% corpus can be withdrawn on maturity. This withdrawal of corpus at maturity is called commutation of pension. However, only 33% of the total corpus that is commuted would be allowed as tax-free income under Section 10 (10A) of the Income Tax Act. The rest of the commuted amount would be taxable in the hands of the annuitant. |
| Section 10 (10D) | The survival benefits and maturity benefits received under LIC insurance plans are exempted from tax under this section. To claim these benefits as tax-free incomes, the premiums of the plan should not exceed 10% of the sum assured in the plan. However, if the premium exceeds 10% of the sum assured, then the entire maturity benefit will be taxable in the hands of the policyholder. The death benefit is entirely exempted in the hands of the nominee of the plan irrespective of the premium amount. |
LIC Customer Care Details
In case of complaint, query or any feedback, LIC offers different modes to contact the company. The details to contact the customer care department of the company are as follows-
| Phone Helpline | Contact LIC call centre at 02268276827 (Services are available 24*7) |
| Telephone no. and address of customer zones | You may contact the nearest customer zone for services, information and assistance. (https://www.licindia.in/Customer-Services/Phone-Help-Line#) |
| SMS | SMS LICHELP <pol.no> to 9222492224 or SMS LICHELP <pol.no> to 56767877 |
| Toll-free number | 18004259876 for Health Insurance policies from 10 AM to 5 PM on all working days. |
LIC Review
Life Corporation of India is one of the oldest and the largest insurance company in India. It was formed when hundreds of pf insurance companies were nationalised. Here are some details about the company-
- LIC functions with 2048 computerised branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices and the corporate office.
- The Claim Settlement Ratio of the company for the financial year 2019-20 stood at 97.79%
- LIC’s wide area network covers 113 divisional offices and connects all the branches through a Metro Area Network.
- LIC has 12, 08,826 agents as at 31st March 2020.
You can, therefore, buy any type of life insurance policy from LIC and enjoy good service from the company.
LIC Life Insurance FAQs
Can a lapsed policy be revived?
Yes, LIC allows the policyholder time period of two years from the date of last unpaid premium to revive a lapsed insurance policy.
What is the maximum age up to which coverage under the LIC insurance plans can be availed?
The maximum coverage age of LIC insurance plans varies from plan to plan. However, under most of the insurance plans offered by LIC, coverage allowed is up to 65 years of age.
How frequently can the premiums under micro insurance plans be paid?
The premiums under micro insurance plans can be paid annually, semi-annually, quarterly or monthly whichever suits you best.
What happens after the expiry of the due date of unpaid premium?
A grace period is allowed if the premium is not paid within the due date. The grace period is an additional extended time given to the policyholder to pay the outstanding premiums. If you pay the unpaid premium during the grace period, your insurance policy will not lapse.
Can I surrender my LIC Insurance plan?
Yes, you can surrender your LIC insurance plan. However, the surrender of the plan is available only under the money-back and endowment plans. You would get a surrender value under the plan. Surrender value is not available in term plans. In ULIP plans, surrender value is allowed after the first five policy years.
Do I have to pay any charges for availing e-services?
No, LIC offers the facility of e-services free of charge to its valuable customers.
How to find LIC’s branch offices?
You can find LIC’s branch offices on the official website of the company. Visit the website and click on the ‘Locator’ link and enter your state and city to find various branches locates in the city.
Are there additional riders available in LIC’s term plans and whole life plans?
Yes, LIC has introduced a new term assurance rider that can be added to LIC’s term plans. Also, there is a range of optional riders that can be added to LIC’s whole life plans as per your need by paying an additional premium.
How can I find discontinued plans of LIC?
LIC has withdrawn some of its plans which were offered earlier. You can check the discontinued plans of LIC online on the website of the company. Visit the website and click on the ‘Products’ tab. Under that tab, you will find withdrawn plans that are discontinued by the company.