LIC Of India Overview

LIC was incorporated in 1956 in India, and it has now completed sixty-two years, and today it stands proudly of the fact that it has been able to attain and become what was envisioned way back at the time of its inception.

When this is said, it does not mean its achievements in terms of premium collection and growth but its steadfastness on the motto from The Geeta “YogakshemamVahamyaham”. The company derives fulfillment from the fact that it has been able to secure the lives of the many crores of Indians till now in its journey.

LIC of India had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter.

What is Life Insurance?

The need for insuring life starts with life itself and slowly gets expressed as we progress along the journey of life. In life, we meet so many risks that we are left wondering what would happen if certain events were to impair our life as well as the lives of our family members?

Modern age man insures his/her life by paying nominal periodic amounts called premiums. Should any incident that has been covered by the policy occur during the policy term, then the policyholder or beneficiaries are entitled to claim the applicable benefits.

The most basic type of life insurance product is sole life cover. Under this policyholder can insure his life against death for the benefit of his/her survivors. In the event of the demise of policyholder within the policy, term beneficiaries can claim the sum assured and other benefits if applicable.

Other insurance based products can be health based insurance, units based insurance. Insurance products can have several riders and optional features.

Life insurance products are generally for the long term and can be renewed.

Who can avail Life Insurance Policies?>

All Indian, as well as non-resident Indians, can avail life insurance plans. Certain plans can be only be availed upon attaining the age of maturity whereas certain other plans like child plans and endowment plans can be availed for minors under the guardianship of an adult who is generally a parent or relative.

In order to avail life insurance policy one needs to submit along with the form, certificate of age, identity and income as well as address proof. Documents in support of the same can be Adhaar Card, Pan Card, Ration Card, Matriculation Certificate, Income Statement, Passport, Electricity or Gas bill.

LIC India Mission and Objectives

LIC Of India was formed as an outcome of a national movement to safeguard the well-being of the citizens of our country, to equip its vast and diverse nation with at least basic life cover so as to enable its citizens to attain financial security for themselves as well as their family members in the face of crisis.

Just by paying a nominal monthly premium, citizens have been able to avail life cover so that in the event of their demise their dependents continue to be adequately provided for.

It has been LIC’s objective to ensure that:

-> Life insurance products are made widely available all over India, especially in the rural and backward regions and for the socially and economically deprived segment.
-> It offers basic as well as enhanced and optional life cover options to suit the differential requirements of the vast and diverse nation and maximize the mobility of policy holder’s savings.
-> It places utmost importance on safeguarding the interests of our policyholders.
-> Invest in a manner that safeguards the interests of the nation, society, and community and maximize returns.
-> While investing policyholders money, LIC keeps in mind that the money belongs to our policyholders and we are the trustees of the same and invest in the best possible way.
-> Participation and involvement of our employees and agents so that they provide best services to the people of the nation.

LIC India Product & Services

LIC has a whole gamut of insurance-based savings products that cater to the needs of every type of insurance seeker including the micro insured. It has several plans under insurance category and health plans. It also has plans for the common man, special plans, unit plans, pension plans and micro insurance plans.

LIC has a broad and deep product spectrum so as to address the needs of the different people. The products have differential features so as to suit the various requirements and priorities.

At present, its popular life insurance products include Anmol Jeevan II and AmulyaJeevan II as well as its E-term plan. The company keeps its insurance products in tune with the need of time and keeps phasing out or withdrawing older product versions and introducing newer ones.

It offers individual as well as group insurance products. The group insurance products benefit a group of people which can be a company, society or association. The employer or head of the group can avail group insurance for its members whereby members can avail cover options at reduced costs.

LIC Of India Latest Plans

Aam Aadmi Bima Yojna

The premium to be charged initially under the scheme will be Rs.200/- per annum per member for a cover of Rs.30,000/-, out of which 50% will be subsidized by the Social Security Fund . In case of Rural Landless Household (RLH) remaining 50 % premium shall be borne by the State Government/ Union Territory and in case of another occupational group the remaining 50% premium shall be borne by the Nodal Agency and/or Member and/or State Government/ Union Territory.

Endowment plans

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.

LIC’s Jeevan Utkarsh

LIC’s Jeevan Utkarsh offers a combination of protection and savings wherein the risk cover is ten times of Tabular Single premium. The proposer will have an option to choose the Basic Sum Assured. The single premium payable shall depend on the chosen Basic Sum Assured and age at entry of the life assured.

LIC's Jeevan Pragati Plan

LIC Jeevan Pragati Plan is a non-linked, with - profits plan which offers 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. In addition, this plan also takes care of liquidity needs through loan facility.

LIC Jeevan Labh

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

LIC Single Premium Endowment Plan

LIC Single Premium Endowment Plan is a participating non-linked saving cum protection plan, where the premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

LIC’s New Endowment Plan

LIC New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

LIC New Jeevan Anand Plan

It is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

LIC Jeevan Rakshak Plan

It is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

LIC Limited Premium Endowment Plan

It is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

LIC Jeevan Lakshya

It is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.

LIC’s Aadhaar Shila Plan

It offers a combination of protection and savings. This plan is exclusively designed for female lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.

LIC’s Aadhaar Stambh Plan

It offers a combination of protection and savings. This plan is exclusively designed for male lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.

Whole Life Plans

Whole life insurance or the whole of life assurance sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.

LIC’s Jeevan Umang plan

It offers a combination of income and protection to your family. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on the death of the policyholder during the policy term.

Money Back Plans

A money back policy is a more complex life insurance policy than a term plan or a standard life insurance cover that pays the sum assured to the insured party on maturity. It provides certain amounts called survival benefits in addition to the sum assured and a bonus from the insurance company based on its performance.

LIC’s Jeevan Shiromani plan

It offers a combination of protection and savings. This plan is specially designed for High Net-worth Individuals. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term.

LIC New Money Back Plan-20 years

LIC New Money Back Plan-20 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term.

LIC New Money Back Plan-25 years

LIC New Money Back Plan-25 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders.

LIC New Bima Bachat

LIC New Bima Bachat is a participating non-linked saving cum protection plan, where the premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term.

LIC New Children’s Money Back Plan

LIC New Children’s Money Back Plan is a participating non-linked money back plan. This plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits.

LIC Jeevan Tarun

LIC JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years.

Term Assurance Plans

Term Insurance is a life insurance plan that provides financial coverage to the beneficiary of the insured person for a defined period of time. In the event of the death of term insurance policyholder during the policy term, the beneficiary can claim death benefits from the insurance company.

LIC’s Anmol Jeevan - II

It is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise.

LIC Amulya Jeevan– II

It is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.

LIC e-Term

The Plan provides an immediate pension for senior citizens 60 years and above.It can be purchased by paying a lump sum amount. The plan provides for pension payments of the stated amount for the policy term of 10 years, with the return of purchase price at the end of 10 years.

Pension Plans

A pension is a fund into which a sum of money is added during an employee's employment years, and from which payments are drawn to support the person's retirement from work in the form of periodic payments

Pradhan Mantri Vaya Vandana Yojana

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.

LIC’s New Jeevan Nidhi

LIC’s New Jeevan Nidhi Plan is conventional with profits pension plan with a combination of protection and saving features. This plan provides for death cover during the deferment period and offers annuity on survival to the date of vesting.

LIC’s Jeevan Akshay- VI

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the lifetime of the annuitant. Various options are available for the type and mode of payment of annuities.

Unit Plans

Unit plans are investment plans for those who realize the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have a consistent income.

LIC New Endowment Plus

LIC New Endowment Plus is a unit linked non-participating endowment assurance plan which offers investment cum insurance cover during the term of the policy. This plan is specially designed for you to provide a very good combination of protection and long-term savings and also provides you greater flexibility to build a better life and realize your dreams.

Health Plans

Health insurance plans & online mediclaim policies offer financial security against increasing medical care costs to best meet health issues.

LIC Jeevan Arogya

It is a unique non-participating non-linked plan which provides health insurance cover against certain specified health risks and provides you with timely support in case of medical emergencies and helps you and your family remain financially independent in difficult times.

LIC’s Cancer Cover

It is a regular premium payment health insurance plan which provides financial protection in case the Life Assured is diagnosed with any of the specified Early and/or Major Stage Cancer during the policy term.