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Life Insurance Corporation of India

Life Insurance Corporation of India

There is so much choice in Insurance. Getting the best deal is far more easier now, thanks to comparison options available online.

Life Insurance Corporation of India

Life Insurance Corporation of India, commonly known as LIC, is one the most well known public sector insurance companies in India. To an extent, the company is synonymous with the sector of life insurance in India.

Founded in 1956 with the motto ‘yogakshemam vahamyaham’, which is derived from the Bhagavad Gita and means "Your welfare is our responsibility", LIC stands tall today, presiding over the operations of over 245 small insurance companies along with provident societies that were merged in the fifties to form the company.

An extremely popular public insurance company, LIC crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005 making it one of the few insurers to offer more than 1 crore policies in a year. Over the years, LIC has been the recipient of a number of prestigious awards that are testimony to its standing and service rendered.

Some of the well known awards and accolades that have been awarded to LIC include the likes of The Economic Times Brand Equity Survey 2012 award, which rated LIC as the No. 6 Most Trusted Service Brand of India. LIC has also been Voted India's Most Trusted brand in the BFSI category according to the Brand Trust Report for four continuous years from 2011 to 2014.

Today, LIC has 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices, and a corporate office headquartered in Mumbai. The insurer has foreign operations in Singapore, Mauritius, Fiji and London, and has joint ventures operating in Sri Lanka, Nepal, Bahrain and Saudi Arabia.

LIC Products

LIC offers a wide bouquet of insurance plans including endowment plans, term insurance plans, and other special plans that the insurer introduces from time to time. The active LIC products as of July 2017 are listed below.

  • Aam Aadmi Bima Yojna Aam Aadmi Bima Yojana (AABY) is a Government of India Social Security Scheme administered through Life Insurance Corporation of India (LIC). Eligible members should be the head of the family or one earning member of the below poverty line family (BPL). The premium is fixed at Rs. 200 per annum per member for a cover of Rs. 30,000.

Life Insurance Corporation plans

Endowment plans

  • LIC Jeevan Pragati Plan is a non-linked endowment plan offering a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy.

  • LIC Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan. This plan provides financial support for the family in case of unfortunate death of the policyholder before maturity and a lump sum amount at the time of maturity for the surviving policyholder.

  • LIC Single Premium Endowment Plan is a participating non-linked savings cum protection plan offering the option of premium payment in lump sum at the outset of the policy.

  • LIC New Endowment Plan : The New Endowment Plan from LIC is a participating non-linked plan that offers an attractive combination of protection and saving features.

  • LIC New Jeevan Anand is a popular endowment plan offering the additional options of accidental death and disability benefit rider.

  • LIC Jeevan Rakshak offers a combination of protection and savings that include sum assured on death and maturity benefits with any additions if eligible as well as participation in profits.

  • LIC Limited Premium Endowment Plan: The Limited Premium Endowment Plan by LIC offers sum assured on maturity equal to basic sum assured, along with vested simple reversionary bonuses and final additional bonus.

  • LIC Jeevan Lakshya offers an annual income benefit equal to 10% of the basic sum assured as death benefit and sum assured on maturity as maturity benefit.

  • LIC Aadhaar Shila is exclusively designed by LIC for female lives having Aadhaar Card issued by UIDAI.

  • LIC Aadhaar Stambh is exclusively designed for male lives having Aadhaar Card issued by UIDAI.

Money Back Plans

  • LIC Bima Diamond is a close ended plan that shall be available for sale up to 31st August, 2017, coinciding with the diamond jubilee year of LIC.

  • LIC New Money Back Plan - 20 Years is a participating non-linked plan offering protection against death throughout the term and periodic payment on survival at specified durations during the term. The premium payment term is for 20 years.

  • LIC New Money Back Plan - 25 Years is a participating non-linked plan offering protection against death throughout the term and periodic payment on survival at specified durations during the term. The premium payment term is for 25 years.

Term Assurance Plans

  • LIC Anmol Jeevan - II is a protection plan that provides financial protection to the insured’s family in case of his/her unfortunate demise.

  • LIC Amulya Jeevan - II is a protection plan that provides financial protection to the insured's family in case of his/her unfortunate demise.

Whole Life Plans

  • LIC Jeevan Umang plan offers a combination of income and protection providing annual survival benefits from the end of the premium paying term till maturity.

Pension Plans

  • Pradhan Mantri Vaya Vandana Yojana: Pradhan Mantri Vaya Vandana Yojana is for citizens aged 60 years and above. The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price.

  • Jeevan Akshay-VI is an immediate annuity plan, which can be purchased by paying a lump sum amount. No medical examination is required under the plan.

  • New Jeevan Nidhi Plan is a conventional with-profits pension plan with a combination of protection and saving features.

Unit Plans

  • LIC New Endowment Plus is a unit linked non-participating endowment assurance plan offering investment cum insurance cover during the policy term.

Micro Insurance Plans

  • LIC’s New Jeevan Mangal is a protection plan with return of premiums on maturity. Premium can be paid either in a lump sum or regularly.

  • LIC’s Bhagya Lakshmi is a non-par limited payment protection oriented plan with return of 110% of total amount of premiums payable on maturity.

Health Plans

  • LIC Jeevan Arogya Plan is a popular health cover plan with various benefits including daily hospital cash benefits.

FAQs

Ans. Any Indian resident above 18 years of age can purchase an insurance policy. Policies can also be bought for minors by their parents and guardians depending on the terms and conditions as specified in the policy document.

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