LIC Life Insurance

Upto ₹25 Lakh Saral Jeevan Bima

Life Insurance banner image
Enter your details to buy Life Insurance
/ /
By proceeding, I agree to the Terms & Conditions
  • no income proof
    No Income proof/Kyc needed*
    *Only for Paytm Customers
  • instant approval
    Instant approval with NO paperwork
  • no spam calls
    No Spam calls. Promise

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 NameBrief Description
LIC’s New Endowment Plus
  • It is a participating non-linked insurance plan that offers an attractive combination of protection and saving features.
  • The lump-sum amount is paid in the form of maturity benefit on the maturity of the plan if the policyholder survives the term of the plan or on the death of the insured on his/her death during the term of the plan
  • Loan facility offers liquidity to the policyholder.
LIC’s New Jeevan Anand
  • Maturity benefit is paid as the lump-sum amount for the survival policyholders at the time of maturity of the plan
  • Loan facility is available
  • Optional cover of LIC Accidental Death and Disability Benefit Rider is available to be purchased by paying additional premium
LIC’s Single Premium Endowment Plan
  • It is a non-linked, participating, individual life assurance plan.
  • The premium for the plan is paid in a lump sum at the outset of the policy.
  • This plan offers an attractive combination of savings cum protection features to the policyholder
LIC’s Jeevan Lakshya
  • It is a participating, non linked plan that offers a combination of insurance and savings.
  • It provides bonuses to enhance the corpus.
  • This plan provides liquidity through its loan facility.
LIC’s Jeevan Labh
  • Jeevan Labh is a non-linked, limited premium paying endowment plan
  • It is a participating plan which participates in the profits of the corporation.
  • Two optional riders- LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider can be added to this plan
LIC’s Aadhaar Stambh
  • Aadhaar Stambh is a plan specially designed for male lives, that offers savings along with protection
  • Loyalty additions are available at the time of exit from the plan either due to death of insured or on maturity subject to certain conditions.
  • Option to take the death benefit under the plan in instalments.
LIC’s Aadhaar Shila
  • Aadhaar Shila is a plan exclusively designed for female lives which offers a combination of insurance protection and savings.
  • The plan takes care of liquidity needs through its loan facility and auto cover facility.
  • Rebates can be availed for yearly and half-yearly premium payment mode.

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 NameBrief Description
LIC’s Jeevan Umang
  • It is non-linked, with profit, whole life assurance plan
  • Annual survival benefits are paid from the end of the premium paying term until the maturity of the plan
  • Optional riders such as new critical illness rider, accident benefit rider, etc are available. 

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 NameBrief description
LIC’s New Money Back Plan- 20 years
  • Survival benefits which are 30% of the sum assured are paid at the end of 5th, 10th and 15th policy year. 
  • Maturity benefit which is 40% of the basic sum assured is paid if the life assured survives the stipulated date of maturity
  • It is a participating insurance plan which participates in the profits of the corporation
LIC’s New Money Back Plan- 25 years
  • It is a non-linked participating, Individual, limited premium life assurance plan
  • This plan offers an attractive combination of protection against the death of insured throughout the term of the plan and periodic survival benefits at specified intervals.
  • The plan offers four optional riders which include accidental death and disability benefit rider, accidental benefit rider, new term assurance rider and new critical illness benefit rider.
LIC’s Jeevan Umang
  • Jeevan Umang is an individual, non-linked participating, whole life assurance plan offering both protection and income to your family.
  • Annual survival benefits are paid from the end of the premium paying term until the maturity of the plan.
  • Five optional riders are available under this plan which can be purchased by payment of additional premium.
LIC’s Jeevan Shiromani
  • The minimum basic sum assured under this plan is INR 1 crore.
  • It is a non-linked, participating, individual, limited premium payment money back life assurance plan. 
  • It is designed especially for the targeted segment of high net-worth individuals.
LOC’s Bima Shree
  • The minimum basic sum assured under the plan is INR 10 lakhs and is specially designed for high net-worth individuals. 
  • It is a non-linked, participating, individual, limited premium payment money back life assurance savings plan.
  • Guaranteed additions accrue at the end of each policy year
LIC’s New Bima Bachat
  • A premium of the plan is to be paid in lump-sum at the outset of the policy
  • It is a money-back insurance plan which provides both death benefit and survival benefits at regular interval to surviving policyholders
  • On maturity, the single premium is returned along with loyalty addition, if any.

 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 NameBrief Description
LIC Nivesh Plus
  • Guaranteed additions as a percentage of single premium are added to Unit Fund on completion of specific duration of the policy years
  • LIC linked accidental death benefit rider is available at the time of issuance of the policy. 
  • Benefit of partial withdrawal from the fund at any time after the fifth policy year is also available. 
LIC New Endowment Plus
  • It is a unit-linked non participating endowment assurance plan
  • The plan provides a good combination of protection and long- term savings. 
  • You have a choice of investing your premiums in any one of the four types of investment funds available.
LIC SIIP
  • Guaranteed additions as a percentage of one annualised premium shall be added to the Unit Fund of the plan
  • The policyholder can switch between any fund types during the term of the policy
  • Partial withdrawals can be made after the end of the first five policy years

 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 NameBrief Description
LIC’s Tech-Term
  • It is a non-linked, non-participating, pure protection ‘Online Term Assurance Policy.’
  • Tech-term will be available only through the online application process and no intermediaries will be involved
  • Offers flexibility to choose from two benefit options: level sum assured and increasing sum assured. 
LIC’s Jeevan Amar
  • Jeevan Amar is a without profit, non-linked, pure protection plan
  • The plan has two categories of rates of premiums for smokers and for non-smokers.
  • Flexibility to choose death benefit either in lump-sum or/and in instalments.

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 PlanBrief Description 
LIC’s New Children’s Money Back Plan
  • It is a non-linked, participating, individual, life assurance money back policy. 
  • New Children Money Back Plan is designed specially to meet educational, marriage and other needs of growing children through the survival benefits. 
  • The plan can be brought for child age 0 to 12 years by any of the parents or grandparents of the child. 
LIC’s Jeevan Tarun
  • Jeevan Tarun is a non-linked, participating, limited premium payment insurance plan
  • This plan offers a combination of insurance coverage and saving feature for children
  • Jeevan Tarun is designed to meet the educational needs of growing children through payments of survival benefits from ages 20 years to 24 years and maturity benefit at the age of 25 years.

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 NameBrief Description
LIC’s Jeevan Shanti
  • Jeevan Shanti is a single premium insurance plan with an option to choose a deferred or immediate annuity.
  • This policy can be taken on one’s own life or as joint life with parents, children, grandparent, grandchildren, siblings or spouse.
  • The annuity rates under the plan are guaranteed at the inception of the plan and are payable throughout the lifetime of the annuitant.
Pradhan Mantri Vaya Vandana Yojana
  • The Pradhan Mantri Vaya Vandana Yojana is a retirement investment scheme with a term of 10 years
  • It is a non-linked, non-participating, pension scheme subsidized by the Government of India.
  • This scheme can be brought both offline as well as online.
LIC’s Jeevan Akshay-VII
  • It is an immediate annuity policy which pays guaranteed annuities  throughout your life
  • There are 10 annuity payment options to choose from
  • You can also avail joint life annuities on your life and also on your spouse’s life under many options

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 NameBrief Description
LIC’s Bhagya Lakshmi
  • It is a non-linked, non-participating, limited premium paying, micro insurance, individual, term life insurance savings plan.
  • It provides a return of 110% of the total premiums payable on maturity of the plan
LIC’s New Jeevan Mangal
  • Jeevan Mangal micro insurance protection plan with return of the premiums on the maturity of the plan
  • You can pay the premium either in lump-sum or in instalments regularly over the policy term
  • This plan has an in-built accidental benefit rider that provides double risk coverage in case of accidental death.
LIC’s Micro Bachat Plan
  • It is a non-linked, regular premium, participating, individual, life assurance savings plan.
  • The policies under this plan shall be eligible for loyalty additions
  • There are two optional riders that can be added to the plan by paying an additional premium. The optional riders are- Accident Benefit rider and Accidental Death and Disability Benefit Rider.

 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 NameBrief Description
LIC’s Health Protection Plus
  • There are different types of health-related benefits available under the plan which includes hospital cash benefit, domiciliary treatment benefit and major surgical benefit.
  • It is a unique long term health insurance plan which combines health insurance covers for all the family members including husband, wife and children.
  • 49 surgeries are covered under Major Surgical benefit available under this insurance plan
LIC’s Jeevan Arogya
  • It is a unique non-linked, non-participating, health insurance plan which gives you financial protection in case of medical emergencies
  • The lump-sum benefit is paid under this irrespective of the actual medical cost incurred.
  • Increasing health cover is offered every year of the policy.

 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 NameBrief Description 
LIC’s Cancer Cover
  • It is a regular premium health insurance plan in which sum insured is paid if the life assured is diagnosed with specified early or/and major stage cancer during the term of the plan
  • Flexibility to choose the type of sum insured which includes level sum insured and increasing sum insured at the time of inception of the plan
  • The policy can be brought both offline as well as online.

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 NameBrief Description
LIC’s Linked Accidental Death Benefit Rider
  • If the insured meets an accident and dies within 180 days of the accident, this rider will provide an additional sum over and above the death benefit to the nominee of the plan
  • The rider cover would be available only till the maturity of the base insurance plan or till the insured turns 70, whichever is earlier.
LIC’s Accidental Death and Disability Benefit Rider
  • This rider provides cover to the insured against accidental death and disability due to an accident suffered during the term of the plan.
  • On the death of the insured due to accident during the term of the plan, the rider sum assured would be paid to the nominee along with the death benefit of the base insurance policy.
LIC’s Accident Benefit Rider
  • The rider is available only for individuals above 18 years of age.
  • On accidental death of the insured during the policy tenure, the rider sum assured will be paid in addition to a death benefit under the base plan.
LIC’s Premium Waiver Benefit Rider
  • The rider provides for waiver of future premiums of the base plan till the expiry of rider term in case of death of the insured during the term of the rider.
  • On survival to the end of the rider term, nothing shall be payable.
LIC’s New Critical Illness Benefit Rider
  • Critical illness rider offers cover against 15 covered critical illnesses in which the sum insured of the rider is paid if the insured is diagnosed with any of the 15 covered critical illnesses.
  • The sum insured of the rider shall be paid only once during the term of the plan and is irrespective of actual medical expenses incurred.
LIC’s New Term Assurance Rider
  • This rider provides life cover in case of unfortunate death of the insured during the term of the policy.
  • On the death of insured during the rider term, the sum assured in the rider will be payable to the nominee of the plan.

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-

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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- 

  1. Log onto LIC Website (licindia.in) and select the ‘LIC Online Service Portal.’
  2. 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.
  3. Fill the form with the details of the claim and attach the supporting documents and then click on ‘Submit.’
  4. The details of the claim will be verified by the insurance company.
  5. Once verified, your claim would be settled.

Follow the steps to register yourself on LIC’s Online Service Portal

  1. Visit the website licindia.in and click on ‘new user.’
  2. Choose a user-ID, password and then provide the necessary information
  3. 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.
  4. You will have to print the form, sign it and then upload the scanned copy of the form
  5. Also, upload the scanned copy of your Aadhaar card or Passport or PAN card
  6. 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

  1. 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
  2. The claim can be made both online or by visiting the servicing branch of the life insurance company.
  3. The death claim form should be submitted along with a certified extract from death register, the original policy document and other relevant documents
  4. The insurance company would verify the claim form and the submitted documents
  5. Once verified, the insurance company will pay the claim.

Documents Required for Death Claim

  1. Claim form duly filled and signed
  2. The policy document
  3. Certified extract of the insured from the death register
  4. Police FIR, medico-legal certificate, coroner’s report, post-mortem report, puchnama, etc in case of accidental death of the insured
  5. Nominee’s valid identity proof
  6. Bank account details of the nominee of the plan

In the Case of Survival or Maturity

  1. 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.
  2. 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
  3. You will receive the payment within the due date of maturity claim after the form and documents are verified by the insurance company.
  4. 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 SectionsTax 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 80CCCSection 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 80DIf 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 HelplineContact 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#
SMSSMS LICHELP <pol.no> to 9222492224 or SMS LICHELP <pol.no> to 56767877
Toll-free number18004259876 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.

View All

Recent Articles

View All
https://insurance-blog-cms.paytminsurance.co.in/369_The_Dangersof_Being_Underinsured_0084a91478.jpg

The Dangers of Being Underinsured

Know complete information about the effects of being underinsured.

Read More
https://insurance-blog-cms.paytminsurance.co.in/368_Learn_About_Taxabilityon_Your_Life_Insurance_Policy_Payouts_e36a42a753.jpg

Learn About Taxability on Your Life Insurance Policy Payouts

Check latest updates, changes in tax rules and learn about taxability on your life insurance policy payouts.

Read More
https://insurance-blog-cms.paytminsurance.co.in/367_Complete_Guide_To_Financial_Planning_With_Life_Insurance_cd65443ff8.jpg

Complete Guide To Financial Planning With Life Insurance

Tips, tricks and complete guide to financial planning with life insurance plans.

Read More
https://insurance-blog-cms.paytminsurance.co.in/366_How_Accident_Benefit_Rider_With_Life_Insurance_Can_Help_You_d00963bd14.jpg

How Accident Benefit Rider With Life Insurance Can Help You

How accident benefit rider with life insurance can help you benefits of buying riders with life insurance poli...

Read More
https://insurance-blog-cms.paytminsurance.co.in/365_Questions_You_Should_Ask_Before_Buying_Life_Insurance_97c37aaab0.jpg

Questions You Should Ask Before Buying Life Insurance

Know what questions you should ask before buying life insurance step by step guide.

Read More
https://insurance-blog-cms.paytminsurance.co.in/364_All_You_Want_To_Know_About_E_Insurance_260eb96f68.jpg

All You Want To Know About E-Insurance

A complete guide of informations all you want to know about e-insurance and latest policy.

Read More
https://insurance-blog-cms.paytminsurance.co.in/363_What_Budgeting_Means_For_Salaried_Professionals_7e23a86891.jpg

What Budgeting Means For Salaried Professionals

Get details on what budgeting means for salaried professionals and savings.

Read More
https://insurance-blog-cms.paytminsurance.co.in/362_Is_Life_Insurance_Affordable_ac133af3aa.jpg

Is Life Insurance Policy Affordable? Know More

Is Life Insurance Policy Affordable? Get More Information About Benefits and Process of Buying Life Insurance ...

Read More
https://insurance-blog-cms.paytminsurance.co.in/361_8_Smart_Ways_To_Get_Your_Life_Insured_For_Less_5e6cae93c8.jpg

8 Smart Ways To Get Your Life Insured For Less

What are 8 Smart Ways To Get Your Life Insured For Less Know More With Paytm Insurance

Read More