Compare Life Insurance Corporation of India Plans

Life-Insurance-Corporation-of-India

Life Insurance Corporation of India

Life Insurance Corporation of India is popularly known as LIC India. This company has become one of the leading financial service providers in the past 50 years. The company ensures to enhance the life of people through providing financial security to them. LIC’s slogan in Sanskrit is “yogakshemam vahamyaham” which translates to “Your welfare is our responsibility” in English.

LIC India, as of now has fully computerized 2048 branch offices in India with 113 divisional, 8 zonal, and 1380 satellite and corporate offices. This company continues to be the dominant life insurer and is moving fast on a new growth trajectory that is surpassing its past records. It has issued over one crore policies over the past year and crossed the milestone of issuing 1,01,32,955 new policies.

From the time in which Life Insurance became nationalized in India to the present times, LIC has achieved several milestones and has had a record-breaking performance in different aspects of the Life insurance sector.

Company performance

In 1956, when the Parliament of India passed the Life Insurance of India Act, which nationalized the private insurance industry in India, LIC was founded.

LIC India has since expanded from being a Life Insurance company that only had its assets in India, to performing International Operations and having Associates internationally as well.

LIC India has won several awards that Include the Indian Insurance Award, The Global Brand Excellence Award, The Lokmat BFSI Award and much more. The number of awards received by this company for different achievements proves the efficiency in which the company performs its functions and the satisfaction that users get through associating with this company.

Key advantages and features

Over the years, LIC’s performance has made the company synonymous to Life Insurance in India. Providing reasonable rates premiums and sufficient coverage options. Some reasons why LIC is opted by many:-

  • Technologically Superior network - The company uses technology such as IVRS, WAN, LAN and EDMS which allows its customers to go paperless when Insurances are dealt with.
  • Works fruitfully with others - LIC does not work alone; instead it has partners such as NCDEX, LIC Mutual Fund, NSE, Stock Holding Corporation of India, Insurance Institute of India and National Insurance Academy. It works through convergence as well.
  • Going International - The company has spread its business. Now it has offices in countries like Saudi Arabia, Nepal, Sri Lanka and Bahrain.
  • Product Variety - Every other quarter, the company launches new products that are meant for the benefit of the society.
  • Performance in the Stock Market - LIC stocks are one of the most stable stocks in the BSE. When it comes to insurance providers, this company is always featured in the stock lists.

Types of Plans available with LIC

Life Insurance Corporation of India offers different insurance plans for different customer needs.

1. LIC Endowment Plans

  1. Jeevan Rakshak: loan facility along with maturity and death benefits
  2. New Jeevan Anand: return is 125% of the sum assured.
  3. Jeevan Labh: enjoy simple reversionary with additional bonuses.
  4. Jeevan Pragati: accidental risks taken care of in 5-year policy.
  5. Jeevan Lakshya: premiums as low as Rs. 4366 sum assured of 1 lakh rupees.

2. LIC Money Back Plans

  1. New Money Back 20 years Plan: survival and optional benefits.
  2. New Money Back 25 years Plan: the benefits are paid out for this plan.
  3. New Bima Bachat Plan: money back to users in 9,12 and 15 years.
  4. Jeevan Tarun: meeting the educational requirements of children.
  5. Bima Diamond: a sum paid back at specific time intervals.
  6. New Children’s Money Back Plan: nurturing skill in the sport along with the educational need of a child.

3. LIC Term Assurance Plans

  1. Anmol Jeevan II: provides fiscal protection to the family.
  2. Amulya Jeevan II: long-term investment for your child(ren).
  3. e-Term: maintaining lifetime insurance online.
  4. NEW TERM ASSURANCE RIDER: gaining benefits of an insurance policy with a slightly higher premium.

4. LIC ULIP Plans

  1. New Endowment Plus: more tax savings to ensure the financial security of one's family and loved ones.

5. LIC Pension Plans

  1. Jeevan Akshay-VI: complete life cover with a stable source of income.
  2. New Jeevan Nidhi: Single premium pension plan but the payments are deferred.

6. LIC Micro Insurance Plans

  1. New Jeevan Mangal Plan: small investment for a short time will assure monetary security for family and loved ones.
  2. Bhagya Lakshmi: 110% of sum assured at the end of maturity.

7. LIC Group Plans

  1. New Group Gratuity Cash Accumulation Plan: helps employees of a company when needed for their families, in their absence.
  2. New Group Leave Encashment Plan: for an employee group as small as 25 members.
  3. Group Credit Life Insurance
  4. SINGLE PREMIUM GROUP INSURANCE: no restrictions on group size for getting this plan.

8. LIC Social Security Schemes

Aam Aadmi Bima Yojana: provides a cover of Rs. 30,000 each.

Product Plan Details

1. LIC Endowment Plans:

Plan Type Basic Sum Assured Term
Single Premium Endowment Plan Rs. 50,000 25 years
New Endowment Plan Rs. 1. Lakh 35 years
New Jeevan Rakshak Rs. 1 Lakh 20 years
Limited Premium Endowment Plan Rs. 3 Lakhs 21 years
New Jeevan Anand Rs. 1 Lakh 35 years
Jeevan Labh N.A. N.A.
Jeevan Pragati N.A. N.A.
New Jeevan Lakshya Rs. 1 Lakh 25 years

2. LIC Money Back Plans:

Plan Type Basic Sum Assured Term
New Money Back Plan - 20 years Rs. 1 lakh 20 years
New Money back Plan - 25 years Rs. 1 lakh 25 years
New Bima Bachat Plan Rs. 1 lakh 9, 12 or 15 years
Bima Diamond 10 x annualized premium 12, 16 or 20 years
Jeevan Tarun N.A. 20 years
New Children’s Money Back Plan Rs. 1 lakh 20 years

3. LIC Term Assurance Plan:

Plan Type Basic Sum Assured Term
Anmol Jeevan II Rs. 25 lakhs 35 years
Amulya Jeevan II Rs. 25 lakhs 35 years
e-Term Rs. 25 lakhs (Rs. 50 lakhs for non-smokers) 35 years

5. LIC Pension Plans:

Type of Plan Basic Sum Assured Term
New Jeevan Nidhi Rs. 1 to 50 lakhs N.A.
Jeevan Akshay - VI Rs. I lakh N.A.

6. LIC Micro Insurance Plans:

Type of Plan Basic Sum Assured Term
New Jeevan Mangal Plan N.A. N.A.
Bhagya Lakshmi Rs. 2 to 5 lakhs 7 to 15 years

8. LIC Social Security Plans:

Type of Plan Basic Sum Assured Term
Aam Aadmi Bima Yojana Rs. 30,000 N.A.

7. LIC Group Plans:

Type of Plan Basic Sum Assured Term
Group Credit Life Insurance Rs. 4 lakhs 5 to 35 years
Single Premium Group Insurance Rs. 10 lakhs 5 to 35 years
New Group Leave Encashment Plan Rs. 1000 (minimum) Yearly Renewable
New One Year Renewable Group Term Assurance I Rs. 1000 (minimum) Yearly Renewable
New One Year Renewable Group Term Insurance Plan II Rs. 1000 (minimum) Yearly Renewable
Cash Accumulation Plan
New Group Superannuation Cash Accumulation Plan N.A. Yearly Renewable

For applying for any LIC Life insurance plan, an individual needs to be more than 18 years of age and less than 60 years of age. Also, the person should be either a salaried, self-employed or a professional who has his/her own business.

The documents that are needed to apply for any plan are-

  • Identity proof
  • Age proof
  • Income Proof
  • Address proof
  • PAN Number
Looking for an insurance policy? Get Instant Quotes from 44+ insurers Click Here
Child's date of birth
/ /
Enter Correct Age(Maximum 17 years) Child & Parent's Age Difference should be 18 year
Parent's date of birth
/ /
Enter Correct Age(Minimum 18 years)
Gender
Male Female
Annual Income
{{size.text}} Select a Value from list
Enter Your name
Enter Your Name
Enter Your email
Enter Your Email Id
Mobile No.
Enter Your 10 digit Number
OTP
Gender
Male Female
Tobacco User
Yes No
Annual Income
* {{usertextincome}}
{{item.ActualIncomeText}} Please select a value
With date of birth
/ /
Enter Age More than 18 years
Living in
{{item.cityname}} Loading your City ... This is Required
Enter Your name
Enter Your Name
Enter Your email
Enter Your Email Id
Mobile No.
Enter Your 10 digit Number
OTP
Gender
Male Female
Date of birth
/ / Enter Age More than 18 years
I want to invest
Please Enter Amount Please enter value between 10 Thousand to 5 Lacs yearly or monthly 850 to 41666 Please enter value between 10 Thousand to 5 Lacs yearly or monthly 850 to 41666
Yearly Monthly
Enter Your name
Enter Your Name
Enter Your email
Enter Your Email Id
Mobile No.
Enter Your 10 digit Number
OTP