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Introduction to LIC of India

Life Insurance Corporation of India is a name known to every Indian household due to its beneficial identity. LIC of India has seen a steep increase in growth. LIC of India has always stood with its slogan of owning the responsibility of the welfare of its customers. It has been awarded several times due to its trustworthy services.

LIC of India is a medium offered to all the people to secure their present and future. A person can have a long-term benefit by accessing this mode. Slow and steady investment can always lead to a relaxing future. Protecting an individual and his family from day to day adversities is the main objective of the LIC. Insuring a person means protecting him and saving him from every possible misfortune. It is always a smart option to buy safety and protection other than repenting later as the financial crisis can strike a man as ever. Nobody can predict the happenings of life.

An individual opting for LIC can always have peace of mind knowing that a helping hand is always at standby at any crucial time. In any case, securing the future is never a bad idea. A small amount of savings can always bring much more comfort than a future without any savings. Certainly, LIC Insurances has proved to be a comfort provider. An insurance buyer is always having the upper hand than the person who is not insured. An insured person is always preparing himself to fight against something unpredictable and has a guarantee and confidence that he can win over any such affliction.

LIC of India

LIC of India has grown its roots firm in the Indian market by becoming the largest life insurance company and having branched out in every part of the country. Agents are successfully spreading the word and providing the required support. LIC is striving hard to make the benefits of the insurance policies to reach every sector of mankind. Every community needs to have an insured life is what LIC believes in. The welfare of every person has been taken up by the firm. Introducing new and refined insurance policies and plans assuring a safe lifestyle is brought by the LIC to the common people. LIC often anticipates the needs of the buyer and designs the policy as it suits the needs of the insurance buyer.

LIC is accessible to every community. Every person approaches the policy in its own way, either offline or online. People are lucky enough that every mode gives the exact incredible benefits that LIC has to offer. The offline way is to approach any trusted insurance agent and map out what policy and plan can offer a helping hand to that individual at the time of crisis. Fill out the proposal form and submit all the necessary documents and buy the policy.

As the times are changing, people are moving towards modern technology; online mode is gaining popularity nowadays due to its ease of handling and quick ways. Online ways have proven to be user friendly due to the series of instructions provided on the website. Also, the cashless experience is vividly used. Certainly, online payment can make an individual avoid running hither and thither to make his work done. Every time running down to an insurance agent can be avoided by dealing in online ways. Also, working online is far safer than approaching an insurance agent as many times a wrong person can be approached.

LIC of India, in an attempt to make it accessible to everyone, has taken up efforts to set up its full service online as well. Many potential insurance plans are floating over the websites so that selection can be made in a defined manner. Many additional benefits are available online, like checking the status of the policy documents, plans, bonus, and claim as well.

LIC has also made online payment method user friendly due to which an individual who is busy and cannot run-up to an insurance firm can just sit at his place and buy an insurance policy or pay his premiums according to his own time. This quality of the LIC of online payment has, without any doubt, attracted a huge working crowd. Policy Bazaar is one such website that allows an individual to go through all and every plan and policy and choose a plan which is best suited for that buyer. Websites like these tend to assist an individual step by step by guiding them with understandable instructions.

Why choose the LIC Plans?

LIC plan is to be chosen because of its protection from the risk, investment returns, and the security that it offers an individual during the time he is insured. The conventional plans that the LIC offers covers a certain amount of risk that an individual is prone to. LIC offers a return on the investment in means of additional bonus, loyalty, and rebates due to which an individual eventually ends with greater returns on his investment.

There are different reasons for which one must choose LIC plans. Some of those reasons as mentioned below:

  • Prompt settlement and hassle-free claim, which is like a boon during the time of emergencies
  • Premium payment facility has been extended to the wide network of branches
  • LIC has a significant bonus rate
  • It is the only life insurer that has got the below sovereign guarantee
  • LIC is also popularly known as the pension provider of the country
  • LIC is a safer option than most other insurers

Types of LIC Life Insurance Plans

Types of Plans

Plans

LIC of India Term Plans

LIC's Anmol Jeevan II

LIC's Amulya Jeevan II

LIC's e-term

LIC of India Pension Plans

LIC's Jeevan Akshay IV

LIC's New Jeevan Nidhi

Pradhan Mantri Vaya Vandana Yojana

LIC of India Child Plans

New children's money back plan

LIC of India Endowment Plans

LIC's Jeevan Pragati

LIC's Jeevan Labh

LIC's single premium endowment plan

LIC's new endowment plan

LIC's New Jeevan Anand

LIC's Jeevan Rakshak

 

LIC's limited premium endowment plan

LIC's Jeevan Lakshya

LIC's Aadhar Shila

LIC's Aadhar Stambh

LIC's Jeevan Utkarsh

LIC of India whole life plan

LIC's Jeevan Umang

LIC of India Money back plans

LIC's Bima Diamond

LIC's new money back plan-20 years

LIC's new money back plan-25 years

LIC's New Bima Bachat

LIC's Jeevan Tarun

LIC Jeevan Shiromani

LIC of India Term Plans

Term insurance plans offer benefits after the death of the insured family member. Or else death benefit is provided if the person expires in his policy tenure. The amount is equal to the sum assured chosen by the policy buyer while buying the plan.

LIC's Anmol Jeevan 2

This is a plan, which comes with a death benefit. In the loss of an insured individual, all the members of the family are offered financial security. The entry age is from 18 years to 55 years. The minimum sum assured is INR 6 Lakh. The maximum maturity age is 65 years and the policy term range up to 25 years.

LIC Amulya Jeevan 2

In this plan, in case the insured dies within the policy tenure, the nominee gets the sum assured, which is up to INR 25 Lakh. The tenure of the policy is of 35 years. The entry age is 18 years to 60 years. The maximum maturity age is 70 years. A grace period of 30 days will be offered to the insurance buyer to pay the premium.

LIC e-term

This plan offers monetary protection to the family of an insured individual after the death of that individual. The entry age for this plan is 18 years to 60 years. The sum assured range up to INR 25 Lakh.

LIC of India Pension Plans

Old age is one such phase of the life where the people on whom we were dependent the entire life tend to lose the strength and eventually be dependent on the younger generation but to reduce the sense of burden it is always helpful to keep some investment so that it can be used while in old age. Pension plans offered by LIC is one such plan that helps the people in their old age.

Jeevan Akshay - VI

It is an annuity pension plan. This plan can be bought by paying a lump sum amount of money. During the lifetime of the insured, the assured amount will be paid to the insured. Offline and online payment modes are both available for this plan.

New Jeevan Nidhi

This plan is both for investment and protection of the insured person. The entry age for this policy ranges from 20 years to 60 years. The sum assured is said to be INR 1 Lakh.

Pradhan Mantri Vaya Vandana Yojana

This is a brand-new pension plan introduced by LIC in the market for senior citizens, which offers pension to the people above the age of 60 years. It offers pension payment, death benefit and maturity benefit to the insured senior citizen.

These three are the pension plans that are offered by the LIC for the betterment of the future old life, which offers a pension:

LIC of India Child Plans

LIC offers various plans for the education and future of the children. Parents can avail of these plans from LIC, which will be a better resource to support the aspiration of the kids and fund it as per the child grows. A parent can think and calculate what could be the expenses that are to be expected and can buy suitable coverage for the growth of their child.

New Children's Money-back Plans

The entry age for this policy is 8 years to 12 years. The policy term is 25 years. The premium paid and the sum assured chosen by the policyholder is taken care of the tax by section 80C and 10(10D)( Tax benefit is subject to change in tax laws). If the life insured dies before beginning of the risk, then the paid premium is returned. Sum assured plus bonus is paid in case a person dies after the commencement of the risk. The minimum sum assured is INR 1 Lakh.

LIC of India Endowment Plans

Endowment plans are always referred to as the plans coming with additional benefits with savings as well as protection.

LIC's Jeevan Pragati

It provides protection for the risk occurring in 5 years of buying the policy. This policy is designed in such a way that the risk-cover increases every 5 years, which is a suitable option for retirement plans. The premium paid is exempted under section 80C. The loan facility is available for this policy after paying a premium of 3 years. In this policy, in case of accidental death or severe disability, optional riders can be chosen.

Entry Age: 12 years

Policy Term: 12 - 20 years

Minimum Sum Assured: INR 1.5 Lakh

LIC's Jeevan Labh

This policy is a limited premium paying policy. It offers a sum assured along with bonuses and other benefits. Here the premium paying period is less than the policy tenure. A grace period of 30 days and 15 days is offered to the policyholder to pay the premium according to a monthly, quarterly, or yearly basis.

Entry Age: 8 years

Policy Term: Up to 25 years

Minimum Sum Assured: INR 2 Lakh

LIC's Single Premium Endowment Plan

In this policy, the premium is to be paid only once at the start of the plan. This plan comes with additional benefits and bonuses as the period of the premium payment increases. A policyholder can apply for the loan after paying a premium of 5 years after buying the policy. 70% of the premium paid is given to the policyholder in the first year of the commencement of the risk. In the second year, the premium paid to the insured is increased to 90%.

Entry Age: 90 days

Policy Term: 10 to 25 years

Minimum Sum Assured: INR 50,000

LIC's New Endowment Plan

Entry Age: 7 years

Policy Term: 10 to 20 years

Minimum Sum Assured: INR 1 Lakh

LIC's New Jeevan Anand

In this plan, the sudden death of the insured is covered even after the maturity of the plan. The policy has a return of 125% of the sum assured, in case of death benefit a nominee gets 105% or more. A grace period of 30 days is applicable.

Entry Age: 18 years

Policy Term: 15 to 35 years

Minimum Sum Assured: INR 10,000

LIC's Jeevan Rakshak

This policy is designed for the insurers who are looking to buy a plan which supports their protection as well as offers a savings account, which can be made useful in ways of death benefits. A loan facility is also available in this policy.

Entry Age: 90 days

Policy Term: 10 to 25 years

Minimum Sum Assured: INR 50,000

LIC's Limited Premium Endowment Plan

It is a double offering policy that offers both savings and protection. In case of a person's untimely demise during the tenure of the plan, the insured family members get the death benefits, and if, after the maturity of the plan, the lump-sum amount is provided to the insured family member.

Entry Age: 18 years

Policy Term: 12 to 21 years

Minimum Sum Assured: INR 3 Lakh

LIC's Jeevan Lakshya

This policy offers loan benefits along with greater maturity benefits. It is useful for minors and offers a lump sum amount at the time of the policy maturity to the remaining members. Maturity benefits of this policy are sum assured benefits and final additional bonus.

Entry Age: 18 years

Policy Term: 13 to 25 years

Minimum Sum Assured: INR 1 Lakh

LIC's Aadhar Shila

This policy is designed for female buyers. The female buyer needs to have an Aadhar card that is issued by the unique identification authority of India. In case of sudden demise during the policy tenure, the plan offers financial security, and after the maturity of the plan, it offers a lump sum amount to the remaining insured family member.

Entry Age: 22 years

Policy Term: 10 to 35 years

Minimum Sum Assured: INR 50,000

LIC's Aadhar Stambh

Males having Aadhar card issued by unique identification authority of India can avail the benefits of this plan. During the policy tenure, in case of any sudden demise, it offers financial security, and after the maturity of the plan, it offers a lump sum amount.

Entry Age: 8 years

Policy Term: 10 to 20 years

Minimum Sum Assured: INR 75,000

LIC's Jeevan Utkarsh

This policy is available for investment till 31st March 2018. Accidental death and disability benefit are provided in this plan.

Entry Age: 6 years

Policy Term: 12 years

Minimum Sum Assured: INR 75,000 

LIC of India Whole Life Plan

This plan covers the life of the insured until the premium is being paid religiously due to which death benefits will also be provided to the insured family members. Savings is also one of the key benefits of buying this policy

LIC's Jeevan Umang

It offers a source of income to the family members of the insured after the sudden demise of the buyer.

Entry Age: 90 days to 55 years

Policy Term: 100-age at entry

Minimum Sum Assured: INR 2 Lakh

LIC of India Money-back Plans

It is a non-linked plan. The maturity benefits of this policy are made in instalments by varied bonuses in a period of 5 years.

LIC's Bima Diamond

It is a money-back plan for the people who opt for this plan. The sum assured will be paid to the insured in a time period, which is chosen by the policyholder, the time period ranges between 9 years to 20 years. Bonuses and optional benefits are also provided in some cases. Benefits are also offered after the maturity of the plan.

Entry Age: 14 to 50 years

Policy Term: up to 24 years

Minimum Sum Assured: INR 1 Lakh

LIC's New Money-back Plan - 20 years

This plan is a traditional endowment plan. In this plan, the policyholder will enjoy the benefits of the company's profit. On the 5th, 10th and 15th year of this policy, 20% of the sum assured is paid. Bonus plus FAB is paid by the remaining 40% of the sum.

Entry Age: 13 to 50 years

Policy Term: 20 years

Minimum Sum Assured: INR 1 Lakh

LIC's New Money-back Plan - 25 years

It offers savings as well as the protection of the insured. Family members of the departed insurer will receive the sum assured during the tenure of the plan and a lump sum amount if the plan has matured.

Entry Age: 13 to 45 years

Policy Term: 25 years

Minimum Sum Assured: INR 1 lakh

LIC's New Bima Bachat

In this plan, in an interval of 3 years, 15% of the sum assured is given to the insured. The premium is paid only once, and that is during the buying of the plan. Loyalty addition is also paid in this policy.

Entry Age: 15 to 65 years

Policy Term: up to 15 years

Minimum Sum Assured: INR 20,000

LIC's Jeevan Tarun

This plan is specifically designed to meet the needs of the growing child, and it also takes care of its education. It is a flexible plan where the buyer can choose the proportion of survival benefits. The risk coverage starts either at the age of 8 years or two years after buying this policy.

Entry Age: 90 days to 12 years

Policy Term: 25 years minus

Minimum Sum Assured: INR 75,000

LIC Jeevan Shiromani

Individuals possessing higher net worth should opt for this policy. This plan provides support to the family members in any case of the sudden death of the policyholder. It also pays periodic payment during the tenure of the policy in case of survival of the policyholder.

Entry Age: 18 years

Policy Term: up to 20 years

Minimum Sum Assured: INR 1 Lakh

*Disclaimer: PaisaWiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Documents required to apply for LIC Plans

LIC can be brought by both online and offline ways. Many people, instead of going through traditional ways, are opting for LIC online payment method due to its easy and user-friendly way. Websites like policy bazaar make the customer comfortable while going through the whole process. The documents that are required to apply for LIC policy are:

  • Age proof: pan card, passport, school leaving certificate, driving license, Aadhar card
  • Address proof: Voter ID, ration card, utility bills, bank statement, and rental agreement
  • Photo ID proof: passport, pan card, voter ID
  • Income proof: Salary slip, bank statement
  • Passport size photos
  • Cheque with the name of LIC for policy premium or cancelled cheque

Eligibility Criteria to apply for LIC policy

One has to meet the following parameters before applying for LIC plans:

  • Individuals between the age of 18 and 35 years, can buy the plan provided that their annual income is INR 3 Lakh or more
  • An individual between the age of 36 and 45 years, can buy the plan provided their annual income is INR 5 Lakh or more
  • The minimum age of entry for most of the plans is 18 years
  • The maximum age entry is 60 years for most of the plan
  • If the applicant is a smoker and had any case of medical patterns in the past, then the policy buyer needs to undergo medical tests and produce the required necessary medical records

Salient Features and Core Benefits of LIC Plans

Here is a rundown to the key features and core benefits of LIC Plans:

  • Maturity benefit, bonus, FAB and life cover continuing till death
  • Rebate of large sum assured is also provided in some cases
  • An additional rider can also be instated in few of the plans and at critical illness or sudden demise of the policyholder or severe disability
  • A loan can also be availed after a certain amount of time a premium is paid by the policyholder
  • If a policyholder wants to exit before the tenure ends, then it provides a guaranteed surrender value
  • LIC of India holds the name of the most trusted firm, and due to its branches widely spread, the benefits associated with it are humongous. Technologically also it has been spreading its wings by setting up the whole process online
  • A process is simplified by various levels, either by the insurance agents or by the sites like policy bazaar, which assists at every step so that the policy buyer goes through all the policies and finds out the policy that is best suited for him and his family
  • LIC provides a wide range of plans in every sector so that no customer feels that there is no plan designed for him. It not only covers all the plans, but they are designed to make every community feel protected and secure due to the lump sum investment the policyholder does in the respective policies
  • Claim procedure has proven to be much more simplified than any other plans due to which the claim settlement ratio has been exponentially increasing year after year
  • Customer support plays a vital role, as a person in unusual circumstances will lookout for something that is quick and easy. Customer support is the option a troubled individual can opt to claim or for any other inquiries. LIC offers splendid customer support which is hard to deny

The Cases that LIC fails to Cover

The following are some of the cases that LIC has failed to cover:

  • Every insurance firm has its own process of investigation in any case of unnatural death. In case of accidental death or critical illness, the sum assured will be paid
  • On the other hand, death by excess consumption of alcohol, caught in any criminal activity, war, any pre-existing illness proven to be fatal, in few cases pregnancy as well are not eligible for the benefit of the sum assured
  • If the policyholder commits suicide, then no claim is possible
  • The policy covers the accidental death but in case if the rider is under the influence of alcohol then the sum assured will not be provided
  • The lifestyle of the policyholder is also very vital because an excessive smoker will be charged with heavy premium as the risk factor that comes along with him is also on a heavier side

The Claim Process of the LIC Plans

Simplified procedures are very important for claim recovery. A policyholder can check online or offline by contacting an insurance agent for the details of the claim recovery.

  • The sum assured will be paid at the end of the policy period for the endowment policies. The policyholder should return the discharge form fully filled along with all the policy documents. Later a post-dated cheque is received by the individual through the post before the due date
  • In the event of the policyholder's untimely demise, the family members have to provide claimant details; policy documents received initially, age proof, Medical attendants certificate, certificate by the employer, medical records, certified copies of FIR if the cause of death was an accident or any unnatural cause

The Renewal Process of the LIC Plans

Renewal of the LIC plan can be done both online and offline. Offline, the policyholder can approach the insurance agent from the firm and pay the premium amount. Online, an individual needs to enter his client ID and Date of birth on the portal. Choosing of desired policy and mode of payment is to be selected. Save or Print the Deposit receipt for future use

Buying the LIC Plans

A LIC policy can always be brought by going down to the insurance firm and getting the work done by going through all the policies and submitting the documents and paying the premium amount. Later the policy documents are posted to the policyholder. But in this technological era, a person who has mere knowledge about the internet can buy a policy online. Buying a policy online not only saves time of going down to the insurance agent but also discounts are available on the policy.

Discounts are available due to the absence of the insurance agent as the middleman due to which there are discounts available on the policies that you find online. Moreover, every kind of plan can be studied thoroughly and compared with the other plans online by taking an ample amount of time. There would be no pressure from any third individual. An individual and his family can go through all the plans available on the website and can decide.

Online websites give a wide range of plans, assists at every point by giving thorough instructions. An individual can go through all the plans, choose the plan, and then submit all the necessary documents on the portal. Later the premium amount can be paid online, which is a hassle-free and safe step as every transaction is guarded by the OTP due to which the individual can make any transactions without thinking twice. LIC premium payment can be made online in just a few minutes, which saves the time and energy of going to the insurance firm.

Moreover, LIC has been branded as one of the most trusted firms due to which making online payments during the buying of the policy or even while paying the monthly, quarterly, yearly basis premium has turned out to be very easy. LIC protects during life and offers support after the life of the insured to the remaining family members. LIC certainly stands up to its objective of looking out for the welfare of the customer.

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Written By: Paisawiki - Updated: 12 April 2021