LIC Policy

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LIC Policy

LIC or Life Insurance Corporation is India’s largest insurance provider. And in recent decades, it has become an industry giant by issuing millions of policies over the years. Life Insurance Corporation Policies are one of the most reliable policies in India. With a claim settlement ratio of 98.04% for the year 2017-18. It offers a diverse range of insurance portfolios catering to various needs of its customers.

LIC Policy

Why should one opt for Life Insurance Corporation Policy?

  • Technological superior Network:- LIC has become the leader as an insurance provider by staying ahead in the game. It has been achieved by being at par in terms of network and by providing advanced and efficient services.
  • Not alone in the game:- This company does not work alone it partners with other financial and insurance tycoons such as NSE, LIC Mutual Fund, NCDEX, Stock Holding Corporation of India and many other similar organisations
  • Going International:- Not only in India but it has fully functional offices in Sri Lanka, Saudi Arabia, and Bahrain. It also has ambitious plans to expand its business in Australia, Canada, and the USA.
  • Product Variety:- It provides a huge variety of products which enables its policyholders and those who are willing to invest in their policies.
  • Performance in the stock market:- When it comes to the stock market, LIC stocks are one of the most stable stocks in the BSE.

Types of plans available in LIC Policy

LIC Endowment Plans

Plan type Basic Sum Assured Term
LIC Single Premium Endowment plan Rupees 50000 25 years
LIC New endowment plan Rs 1 lakh 35 years
LIC New Jeevan Rakshak Rs 75000 per life 20 years
LIC Limited premium endowment plan Rs. 3 lakh 12,16 and 20 years
New Jeevan Anand Rs. 1 lakh 35 years
LIC Jeevan Labh Rs. 2 lakh 16,21,25 years
LIC Jeevan Pragati  Rs. 1.5 lakh 12 to 20 years
LIC Jeevan Lakshya Rs. 1 lakh 25 years

LIC Money Back Plans

Plan type Basic sum assured Term
LIC New Money back plan 20 years Rs 1 lakh 20 years
LIC New money back plan 25 years Rs 1 lakh 25 years
LIC new bima bachat plan Rs 1 lakh
  • For 9 years policy term 35000 rupees
  • For 12 years policy term 50000 rs
  • For the 15-year policy term 70000 rs
LIC bima diamond 10 X Annualized premium 12,16, or 20 years
LIC Jeevan Tarun Rs 75000 25 minus(-) entry age of the policyholder
LIC new children money back plan Rs 1 lakh 25 minus entry Age of policyholder

LIC Term Assurance Plans

Plan type Basic sum assured Term
LIC’s Anmol Jeevan II RS.24 Lakhs 25 years
LIC’s Amulya Jeevan II RS.25 Lakhs 35 years
LIC’s e-term: RS.25 Lakhs (Rs.50 Lakhs for non-smokers) 35 years

LIC Pension Plans

Plan type Basic sum assured Term
LIC’s New Jeevan Nidhi Rs.1 Lakh to 50 lakh N.A.
Jeevan Akshay-VI Rs 1 lakh N.A.

LIC Group Plans

Plan type Basic sum assured Term
LIC’s Group Credit Life Insurance Rs 4 lakh  5 to 35 years
LIC’s SINGLE PREMIUM GROUP INSURANCE Rs 10 lakhs 2 years to 7 years
LIC’s NEW GROUP LEAVE ENCASHMENT INSURANCE Rs1000 ( minimum) Yearly renewable
LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN Rs1000 ( minimum) Yearly renewable
LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II Rs1000 ( minimum) Yearly renewable
LIC’s New group gratuity cash accumulation plan Rs1000 ( minimum) Yearly renewable
LIC’s New group superannuation cash accumulation plan N.A. Yearly renewable

Insurance

Best LIC Policy policies for Investment

When it comes to purchasing a life insurance plan, LIC policies are the most popular choice for customers. As it offers an extensive range of insurance products which caters to various requirements of insurance buyers.

Here is the list of the best policies offered by LIC

LIC Policies Plan Type Entry Age Maximum Maturity Age Policy Term Sum Assured Status
LIC Tech Term Plan Term Assurance Plan 18-65 years 80 years 10-40 years Min Rs 50,00,000 Max- no upper limit Active
LIC Jeevan Umang Whole Life Insurance 90 day( completed ) – 55 years 100 years 100 years minus(-) the age at entry Min Rs 200000 Max no upper limit Active
LIC Jeevan Amar Term Assurance Plan 18-65 years 80 years 10-40 years Min 2500000 Max no upper limit Active
LIC Money back 25 years Money-Back Plan  13-45 years 70 years 25 years min 100000 max no upper limit Active
LIC New Jeevan Anand Endorsement Plan 18-50 years 75 years 15-35 years min 100000 max no upper limit Active

How to check the status of LIC policy

The status of your LIC plan can be checked online. To do so follow some simple steps such as:-

  1. Go to the online portal of LIC.
  2. Log in with your credentials.
  3. Now you can check your policy status and make your premium payments.

FAQ on LIC life insurance policy

What is LIC explain in detail?

LIC stands for Life Insurance Corporation of India. It started its operations as a corporate firm in September 1956 after the Life Insurance of India Act was passed by India’s Parliament in June 1956. It is one of the largest financial institutions in India.

How can I check my LIC policy without registration?

If not registered on LIC Portal: Visit the web portal of LIC, click on the tab “new User”, select your own user-id and password and provide all the necessary information. Now you are a registered Portal user.

Can I know my LIC policy details?

You can obtain all LIC policy details by sending an SMS to 56767877.
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