LIC or the Life Insurance Corporation of India is the biggest insurance company in India. LIC boasts of a huge customer base. For the year 2017-18, Life Insurance Corporation of India had a claim settlement ratio of 98.04%. The largest insurance company in India with an estimated asset value of Rs 1,88,3018.82 crore offers a varied range of insurance collections catering to diverse needs of its customers.
Life Insurance Corporation of India was established in the year 1956. The variety of insurance products offered by the company to its customers includes whole insurance plans, Unit Linked plans, pension plans, group schemes, special plans and online child insurance plans.
The Life Insurance Corporation of India (LIC) presently has a network of approximately 1,337,064 agents and 2,048 branches operating in various cities and towns across the country.
Now check out the different type life insurance plans on offer from the LIC of India:
LIC Endowment Plans
| Plan Type | Basic Sum Assured | Policy Term |
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| LIC Single Premium Endowment Plan |
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| LIC New Endowment Plan |
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| LIC’s New Jeevan Rakshak |
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| LIC’s Limited Premium Endowment Plan |
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| New Jeevan Anand |
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| LIC’s Jeevan Labh |
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| LIC’s Jeevan Pragati |
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| New Jeevan Lakshya |
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LIC’s New Jeevan Rakshak: The New Jeevan Rakshak plan from LIC is basically for people who wish to use an endowment non-linked non-participating plan. LIC’s New Jeevan Rakshak plan consists of a well shared mixture between protection and savings. You may find it useful to purchasing this policy. Apart from the maturity and death benefits, this life insurance plan from LIC India comes with loan facility against the policy.
New Jeevan Anand: The return you will receive from LIC’s New Jeevan Anand plan is either 125% of the Sum Assured or two times of all the paid premiums. Or else, the policy will pay a minimum death benefit to the nominees at 105% and nothing less than that. The maturity benefit of New Jeevan Anand from LIC can go up to the value of Rs. 2 lakhs.
LIC’s Jeevan Labh: The Jeevan Labh plan from Life Insurance Corporation of India is basically a participating endowment plan. This policy has been designed to allow participation in the profits of the company and therefore, at the time of maturity, the policy lets the policyholder to get pleasure from simple reversionary bonuses together with final additional bonuses. The death benefits of LIC’s Jeevan Labh also comprise of the above and nothing less than 105% of the Sum Assured.
LIC’s Jeevan Pragati: The Jeevan Pragati plan is basically a non-linked but profits plan from Life Insurance Corporation of India. This policy has been designed to provide automatic cover against risk in the course of 5 policy years. LIC’s Jeevan Pragati plan also comes with loans facility against this policy for liquidity needs.
In addition, this plan also has accident bonus together with the basic Sum Assured payout of 125% in the 6th and 10th policy years and 150% of basic Sum Assured in the 11th and 15th year of policy and from thereon, the payout becomes 200% of the basic Sum Assured.
LIC’s Jeevan Lakshya: The entry age for Jeevan Lakshya plan from LIC is 30 years. The policy term for this plan is only 25 years, considering the basic Sum Assured is Rs. 1 lakh and the annualized premiums are as low as Rs. 4366/-. LIC’s Jeevan Lakshya offers loan facility together with grand maturity benefits and non-linked participating endowment plans for people who want savings plus protection all together.
LIC Money Back Plans:
| Plan Type | Basic Sum Assured | Policy Term |
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| LIC New Money Back Plan - 20 Years |
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| LIC New Money Back Plan - 25 Years |
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| LIC New Bima Bachat Plan |
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| LIC’s Bima Diamond |
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| LIC’s Jeevan Tarun |
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| LIC New Children’s Money Back Plan |
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New Money Back Plan - 20 Years: This 20 year New Money Back Plan from LIC comes not only with death and maturity benefits like various other life insurance plans in India, but also comes with the major advantage of survival benefits along with optional benefits. LIC’s New Money Back Plan - 20 Years is also participating policy which allows you to enjoy simple reversionary bonuses from the company as a part of participating in the company’s profits.
New Money Back Plan - 25 Years: This plan has similarities to the New Money Back Plan except for the difference in policy tenure and the years, the benefits are paid out. New Money Back Plan - 25 Years also comes with a survival benefit together with the regular maturity and death benefit. This is basically a participating money back plan from the Life Insurance Corporation of India. It means that the policyholder can enjoy an amount from the company’s profit. And since LIC of India the largest insurance provider, the company does certainly make profits often.
New Bima Bachat Plan: The New Bima Bachat Plan from LIC comes with money back advantage for the policyholders in the most suitable terms of 9, 12 and 15 years. In these terms within the gap of 3 years, the policyholders can take pleasure in the money back advantage of 15% of the Sum Assured. In addition to that, LIC’s New Bima Bachat Plan requires only a large lump sum one-time premium, which is also an excellent one time-investment plan if you are on the lookout for a long-term investment.
LIC’s Jeevan Tarun: The Jeevan Tarun plan from Life Insurance Corporation of India is particularly designed to meet up with the educational and other requirements of growing children through yearly survival benefit payments from ages 20 to 24 years. The policy also offers Maturity Benefit at the age of 25 years.
LIC’s Jeevan Tarun is a flexible plan in which at proposal stage the proposer can decide the amount of Survival Benefits to be availed during the tenure of the policy. Keep in mind that LIC’s Jeevan Tarun plan can be purchased by a parent or grandparent for their children or grandchildren given that they are less than 12 years of age.
LIC’s Bima Diamond: The Bima Diamond plan is a new plan from LIC with money back pay outs for people opting for this plan. The basic Sum Assured will be paid out in certain specific time intervals as stated by the tenure selected by the policyholder, which ranges between 9 to 20 years. LIC’s Bima Diamond plan also comes with the advantage of optional and bonuses on the basis of the company’s policies.
New Children’s Money Back Plan: The New Children’s Money Back Plan is a specific policy that has been designed to serve the financial requirements of the growing child, whether the requirement is in the form of education or nurturing his/her skills at a sport. LIC’s New Children’s Money Back Plan aims to help children through adulthood with easiness. This insurance policy from LIC can be a great gift for your child since this plan is meant for children whose parents wish to plan in advance.
LIC Term Assurance Plans
| Plan Name | Basic Sum Assured | Policy Term |
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| LIC's Anmol Jeevan II | Rs. 24 lacs | 25 years |
| LIC's Amulya Jeevan II | Rs. 25 lacs | 35 years |
| LIC's e-Term: | Rs. 25 lacs (Rs. 50 lacs for non-smokers) | 35 years |
LIC's Anmol Jeevan II: Anmol Jeevan II from LIC is basically a revised protection plan. This plan has been specifically designed to offer financial protection to the family of the insured in the event of his/her ill-fated demise.
LIC's Amulya Jeevan II: Amulya Jeevan II from Life Insurance Corporation of India is a minimum and basic life insurance plan for long-term investment of your child. LIC's Amulya Jeevan II also has some regular benefits, which makes this a much needed product.
LIC's e-Term: The e-Term plan, also known as the online term plan from LIC lets people to buy and maintain their term life insurance plan online. LIC's e-Term is basically a regular non-participating online term assurance policy which has been designed to provide families with the financial protection they need after and in case of the policyholder’s unfortunate death.
LIC's NEW TERM ASSURANCE RIDER - (UIN: 512B210V01):
As the name suggests, this is a rider from Life Insurance Corporation of India. It provides with life cover to the family of the insured in the unforeseen event of his/her ill-timed death. LIC's New Term Assurance Rider can be integrated with a base life insurance policy to provide additional benefits at low-priced premiums.
LIC ULIP Plans
| Plan Name | Basic Sum Assured | Policy Term |
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| LIC's New Endowment Plus | 10 x Annualized Premium | N.A. |
LIC's New Endowment Plus: Despite the fact that LIC's New Endowment Plus is an endowment plan, it is a unit-linked policy as well. This unit-lined policy from LIC helps in terms of making more tax savings and ensuring the financial security of your family at one fell swoop. The Sum Assured of LIC's New Endowment Plus is variable i.e. the yearly premium is multiplied with 10 and whatsoever is the number, will be the Sum Assured. These are regular benefits of this plan; however, since it is a linked plan, it allows people the opportunity to invest through their insurance.
LIC Pension Plans
| Plan Name | Basic Sum Assured | Policy Term |
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| LIC's New Jeevan Nidhi | Rs. 1 lacs to 50 lacs | N.A. |
| Jeevan Akshay-VI | Rs. 1 lacs | N.A. |
Jeevan Akshay-VI: This is basically a pension plan from the Life Insurance Corporation of India. Jeevan Akshay-VI comes with more than a few benefits including total life cover. The policy also provides a steady source of income from investment from this plan. LIC’s Jeevan Akshay-VI is an annuity plan and necessitates the payment of a single premium. The policy also offers several modes of payment for the annuities.
LIC’s New Jeevan Nidhi: This plan from LIC has been designed to provide for vesting and immediate annuity simultaneously to help keep up stability. In addition, LIC’s New Jeevan Nidhi is a single premium pension plan except the payments are deffered. The policy pays out the death benefit in total along with other bonuses to the nominee in the form of a lump sum amount and annuities.
LIC Micro Insurance Plans
| Plan Type | Basic Sum Assured | Term |
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| LIC's New Jeevan Mangal Plan | Rs. 50,000/- |
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| LIC’s Bhagya Lakshmi | Rs. 50,000/- | 2 years + Premium Paying Term (PPT) |
LIC’s New Jeevan Mangal Plan: The New Jeevan Mangal Plan from LIC has been designed to make sure that, one can assure financial security for their loved ones, to a certain extent, in exchange of a little investment and for a little time. This micro-insurance product from the Life Insurance Corporation of India is very well known in terms of its usefulness since the New Jeevan Mangal Plan comes with accident cover, which adds as dual benefit to your insurance policy.
LIC’s Bhagya Lakshmi: The Bhagya Lakshmi plan from LIC is a micro-insurance plan. This plan has been designed for short spans of time with limited protection of payment. LIC’s Bhagya Lakshmi plan lets you to enjoy a cover of 110% of the Sum Assured at the end of the maturity term or as a death benefit.
LIC Group Plans
| Plan Name | Basic Sum Assured | Policy Term |
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| LIC's Group Credit Life Insurance |
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| LIC's New One Year Renewable Group Term Assurance Plan I |
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| LIC's New One Year Renewable Group Term Assurance Plan II |
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| LIC's New Group Superannuation Cash Accumulation Plan |
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| LIC's Single Premium Group Insurance |
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| LIC's New Group Gratuity Cash Accumulation Plan |
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| LIC's New Group Leave Encashment Plan |
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LIC's Group Credit Life Insurance: The Group Credit Life Insurance plan, as the name suggests, is basically group policy from Life Insurance Corporation of India. This policy has been specifically designed to for an organization with a size of at least 50 members. LIC's Group Credit Life Insurance is undoubtedly one of the most suitable and reasonable products in the series of group plans offered by the company. The minimum Sum Assured under this plan is Rs. 4 lacs and requires only single premium. The group under LIC's Group Credit Life Insurance plan can be insured for anywhere between 5 to 35 years.
LIC's New One Year Renewable Group Term Assurance Plan I: The New One Year Renewable Group Term Assurance Plan I is an assurance plan that comes with has several features and benefits from the Life Insurance Corporation of India.
However, it is important to note the fact that LIC's New One Year Renewable Group Term Assurance Plan I is one of the most sought after plan for small employer and employee groups which could be as small as a 25 member group, even though for non employer employee group there ought to be as minimum as 50 members.
LIC's New One Year Renewable Group Term Assurance Plan II: As the name suggests, LIC's New One Year Renewable Group Term Assurance Plan II is basically an assurance plan which is alike the one above and with the same name. New One Year Renewable Group Term Assurance Plan II is nearly the carbon copy of its preceding policy.
LIC's New Group Superannuation Cash Accumulation Plan: The New Group Superannuation Cash Accumulation Plan, as the name suggests is a group plan. This policy comes with contribution required. At the same time as some benefits of this plan are variable, there are others benefits which are assured under this product. LIC's New Group Superannuation Cash Accumulation Plan is a yearly renewable group insurance policy which is sure to help make your employees get relief when needed for their families, in their nonexistence.
LIC's Single Premium Group Insurance: The Single Premium Group Insurance policy should be your one and only choice if you are on the lookout for a high Sum Assured for a group of 50 members and over. This is a particular group life insurance policy from LIC of India that might be worth a look since it comes with minimum Sum Assured of Rs. 10 lacs. LIC's Single Premium Group Insurance plan is both a non-participating and non-linked term plan for groups.
LIC's New Group Gratuity Cash Accumulation Plan: The New Group Gratuity Cash Accumulation Plan from the Life Insurance Corporation of India should be your ideal match if you are looking to provide a simple way of giving your employees a convenient yet simple way of statutory Gratuity Benefit. In addition to that, this policy has no restrictions on the group size for existing schemes and the required minimum number of people to be in the group is only 10 for the new schemes.
LIC's New Group Leave Encashment Plan: The New Group Leave Encashment Plan, as you can derive from the name, has been designed to provide you with leave encashments benefits along with death benefits, besides the regular advantages of a group term plan.
LIC's New Group Leave Encashment Plan is but funds based variable policy. On the other hand, this policy is non-linked or non-participating by nature. The contributions under the New Group Leave Encashment Plan are made by the employed and not the employers and due to this reason; the policy requires contribution from the policyholders who are a member of the group.
LIC Social Security Schemes
| Plan Name | Basic Sum Assured | Policy Term |
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| Aam Aadmi Bima Yojana |
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Aam Aadmi Bima Yojana: This is a specific life insurance plan which is available under the Indian government’s initiative since 2013. Aam Aadmi Bima Yojana provides a cover of Rs. 30,000/- for each policyholder with a contribution of just Rs. 200/-. This subsidized product is has been particularly designed to aid rural people to get a basic insurance for initial support of their families in the policyholder’s absence. Aam Aadmi Bima Yojana is available with basic documentation and eligibilities.
List of Withdrawn Plans from Life Insurance Corporation of India (LIC)
- LIC New Jeevan Suraksha-I
- LIC Mortgage Redemption
- Jeevan Sugam
- Fortune Plus
- Two Year Temporary Assurance Policy
- Flexi Plus
- Child Fortune Plus
- Jeevan Varsha
- Jeevan Vriddhi
- CDA Endowment Vesting At 18
- CDA Endowment Vesting At 21
- Profit Plus
- The Whole Life Policy- Limited Payment
- Educational Annuity Plan
- Health Protection Plus
- Jeevan Arogya
- Jeevan Amrit
- Jeevan Surabhi-25 Years
- Wealth Plus
- Jeevan Kishore
- Marriage Endowment
- Jeevan Nischay
- Market Plus I
- Money Plus-I
- Jeevan Aastha
- The Money Back Policy-25 Years
- Jeevan Surabhi-20 Years
- Jeevan Saathi Plus
- Health Plus
- Bima Nivesh 2005
- Jeevan Chhaya
- Samridhi Plus
- Pension Plus
- Jeevan Nidhi
- New Jeevan Dhara-I
- Bima Account 1
- The Whole Life Policy
- The Endowment Assurance Policy - Limited Payment
- Bima Account 2
- Jeevan Mitra(Double Cover Endowment Plan)
- Jeevan Pramukh
- Bima Bachat
- Jeevan Surabhi-15 Years
- Jeevan Bharthi-I
- Child Future Plan
- Jeevan Chhaya
- The Whole Life Policy- Single Premium
- Anmol Jeevan-I
- New Jeevan Nidhi
- Komal Jeevan
- Child Career Plan
- Jeevan Anurag
- Amulya Jeevan-I
- Jeevan Tarang
- Jeevan Madhur
- Jeevan Mangal
- Superannuation Plus
- New Bima Gold
- Gratuity Plus
- VARISHTHA PENSION BIMA YOJANA
- Jeevan Saathi
- Jeevan Mitra (Triple Cover Endowment Plan)
- LIC's Jeevan Shagun
- Jeevan Saral
- Lic's Jeevan Shikhar
- Jeevan Deep
- Endowment Plus
- New Janaraksha Plan
- The Endowment Assurance Policy
- The Money Back Policy - 20 Years
- Jeevan Aadhar
- Jeevan Vishwas
- Jeevan Anand
- Jeevan Shree-I
- Jeevan Ankur
Why To Buy Life Insurance Plans from LIC?
With over 23 crore customers and counting, LIC is said to be the biggest life insurance company in the whole world. The Life Insurance Corporation of India (LIC) has some of the most reasonably priced premiums on offer. The company offers adequate coverage options; despite of which walk of life an individual may belong. The brand name is not the exclusive reason one should choose LIC in view of the fact that it is not ideal to put your faith in life insurance products from an individual brand.
Here are some of the reasons why you should go for LIC as a life insurance provider:
LIC Is Not Alone in the Game
The Life Insurance Corporation of India does not work alone. LIC is partnered with insurance and financial tycoons including NCDEX, LIC Mutual Fund, NSE, Insurance institute of India, Stock Holding Corporation of India and National insurance Academy among numerous alike organizations. For this reason, LIC is also working through various junctions as well.
Robust Performance in the Stock Market
As far as the stock market positioning is concerned, LIC stocks are one of the most stable stocks available in the Bombay Stock Exchange (BSE). Some of the most well-performing stocks lists of LIC roughly always feature the company particularly when the matter comes to insurance providers.
Superior Network in Terms of Technology
As an insurance provider, LIC has been the leader for its endeavors to stay in the lead of the game by being at par if not superior in terms of its network when it comes to providing well-organized and advanced services with over 156 satellite branches and 2000 branch offices. The Life Insurance Corporation of India (LIC) uses the latest and advanced technology like WAN, LAN, IVRS, IVRS and even EDMS that permit people to go paperless in terms of dealing with the insurance documentations.
Going International
Other than India, LIC has its completely functional offices in countries such as Sri Lanka, Bahrain, Nepal and Saudi Arabia. The Life Insurance Corporation of India (LIC) is also planning to open their offices in Canada, Australia and the USA.
Industrial Innovation
On every other quarter, the Life Insurance Corporation of India (LIC) introduces with new products. In addition, the company is very much likely to serve the society more than concerning them with making profits. Not to mention that economically, LIC has been doing considerably well as an insurance provider. LIC was the first to launch micro-insurance products in order that people living below the poverty line in India could pay for insurance for a definite discounted amount.
Varity of Products
By now, it should be clear to you from the above-mentioned list of products that the Life Insurance Corporation of India (LIC) boasts of one of the highest numbers of policy types obtainable in life insurance alone. To add to one of their greatest highlights, LIC also has the biggest portfolios when it comes to life insurance group schemes. LIC undoubtedly has a vast clientele of corporate for group insurance.
