Introduction to LIC Life Insurance
Discover the world of life insurance with the Life Insurance Corporation of India (LIC), a trusted name for financial security.
What is Life Insurance?
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefit") upon the death of an insured person. The policyholder typically pays a premium, either regularly or as one lump sum. It's a fundamental tool for protecting your loved ones from financial hardship in your absence.
Why Choose LIC?
- Government-Owned: As a public sector undertaking, LIC offers a high level of trust and security.
- Extensive Network: With a vast network of branches and agents, LIC provides easy accessibility.
- High Claim Settlement Ratio: LIC is known for its high and consistent claim settlement ratio, giving you peace of mind.
- Diverse Product Portfolio: A wide range of plans to suit different needs, from protection and savings to pensions.
- Guaranteed Bonuses: Many plans come with guaranteed bonuses, enhancing the maturity value.
Types of LIC Policies
- Term Insurance: Pure protection plans that offer a high sum assured for a low premium.
- Endowment Plans: A combination of savings and protection, providing a lump sum on maturity or death.
- Whole Life Plans: Provide coverage for the entire lifetime of the insured, with a payout to beneficiaries.
- Money Back Plans: Offer periodic payouts during the policy term and a lump sum at maturity.
- Pension Plans: Designed to provide a regular income after retirement.
- ULIPs: A mix of insurance and investment, with returns linked to the market.
Major LIC Plans are
LIC Bima Jyoti
LIC Bima Jyoti-860 is an endowment plan that offers dual protection of savings and protection. The plan provides financial security to policyholders’ loved ones in case of his/her unfortunate demise during the policy tenure. A guaranteed payment is also made to the policyholder at maturity if he/she survives it.
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LIC Jeevan Amar
The LIC Jeevan Amar Term Assurance Plan provides essential financial protection to your loved ones in case of your unfortunate death during the policy term. The plan allows the policyholder to choose from Level Sum Assured or Increasing Sum Assured and provides flexibility to choose Single, Regular, or Limited Premium Payments
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LIC Jeevan Umang Plan
LIC Jeevan Umang Plan is a whole-life assurance plan, designed to offer a dual benefit of income and protection to your family in your absence. This plan provides yearly survival benefits from the end of the premium-paying period until maturity. It also offers a lump sum payout at maturity or in the event of the policyholder's death during the policy term
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LIC New Jeevan Shanti
LIC New Jeevan Shanti 858 is a single premium deferred annuity pension plan designed to protect the policyholder's post-retirement life. The plan offers guaranteed returns and comes with 2 annuity options. It is available both online and offline, giving policyholders the flexibility to buy it at their convenience
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LIC SIIP Plan
LIC SIIP is a unit-linked insurance plan that combines insurance protection and investment opportunities. It comes with a mix of equity and debt fund options that policyholders can choose as per their risk profile to generate higher returns. Over the years, the hard-earned savings of investors grow into a sizeable corpus that they can use to finance important life events.
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LIC New Pension Plus 867
LIC New Pension Plus 867 is the third ULIP scheme launched by LIC Of India in between year 2020 to 2022. LIC has launched this plan from 5th September, 2022. LIC’s New Pension Plus 867 is a Single Premium and regular premium, Non-Participating, Unit Linked, Individual Life Insurance plan which offers insurance cum investment during the term of the policy.
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LIC Index Plus Plan 873
LIC of India launched a new ULIP Plan name is LIC’s Index Plus Plan 873 with effect from 6th February 2024. 'LIC’s Index Plus 873' is a Unit Linked, Regular Premium, Individual Life Insurance Plan which offers life insurance cover cum savings throughout the term of the policy.
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LIC Single Premium Endowment 717
LIC of India new plan launched on 1st. October 2024 which name LIC Single Premium Endowment Plan (Table No 717) is an endowment insurance policy with savings where the single premium paid once at the start of the policy.
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LIC New Endowment 714
LIC of India launched a new plan on 1st. October 2024, which name is LIC New Endowment Plan 714 (LIC Table No 714) is offers Guaranteed Returns with Protections because it is a traditional life insurance plan. Any person can buy LIC New Endowment Plan for Minimum 12 yrs and Maximum 35 Yrs. Minimum Age will be 8 yrs. and Maximum Age will be 55 Yrs. and can be continued till 75 years of age.
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LIC Jeevan Lakshya 733
LIC of India new plan launched on 1st. October 2024 which name is LIC Jeevan Lakshya Plan 733 (LIC Table no. 733) is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial problems of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity.
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LIC Micro Bachat Plan 751
IC’s Micro Bachat Plan (751) LIC’s Micro Bachat Plan 751 is basically a regular premium, non linked, participating micro insurance plan which offers 2 benefits of protection and savings in one single policy. This policy also offers loan facility provided the premium of 3 years have been paid.
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LIC Jeevan Utsav Plan 771
LIC Jeevan Utsav Plan 771 is a 10% guaranteed pension plan for life time.
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LIC Amritbaal Plan
LIC of India new children plan going to launch on 1st. October 2024 which name is LIC Amritbaal Plan 774 (Table no 774) is a Gauranteed Additions plan. LIC Amritbaal Plan 774 is a limited premium and single premium payment policy, So that you can choose the option of LIC premium payment as per your wish.
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LIC Yuva Term Plan 875
LIC Yuva Term Plan 875 - Life Insurance Corporation of India (LIC) has launched a new term plan named LIC Yuva Term Policy Table Number- 875. This is a term insurance plan best suited for working individuals who have dependent children and parents. This plan provides family protection against death due to uncertainties of the policy holder at a very low premium.
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LIC Yuva Credit Life Plan 877
LIC Yuva Credit Life Plan 877 - Life Insurance Corporation of India (LIC) has launched a new term plan named LIC Yuva Credit Life Plan Table Number- 877. This is a term insurance plan best suited for working individuals who have dependent children and parents. This plan provides family protection against death due to uncertainties of the policy holder at a very low premium.
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