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LIC Life Insurance Company India

Life Insurance Corporation of India is the largest government-owned life insurance and Investment Corporation for individual insurance needs and it is introduced on Sep 1st, 1956. LIC's main role is to invest in global financial markets and different government certainties after gathering funds from people through life insurance policies. The importance of LIC Life insurance is to provide individuals with financial cover against demise at affordable costs to rural areas and people exist with poverty and less fortunate people.

Life insurance is a contract between the insurance company and insured person (customer) for payment gateways of periodic intervals, date of maturity, or, the unfortunate death of the person. The LIC life insurance plans provide you the benefits of protection and savings, combined with financial support lifelong.

What are the Types of LIC Life Insurance Plans?

1) Term Insurance Plans

i. LIC’s TECH TERM

This plan is a non-linked insurance policy that provides financial protection to the family in case of the policyholder’s death.

Key Features:

  • Entry age: 18 years
  • Maturity Age: 80 years
  • Sum Assured: Rs. 50 lakhs
  • Policy Term: 10 to 40 years
  • Premium Payment Term: 5/10/15/40 years based on single, regular, and limited premium.

ii. LIC’s Jeevan Amar

This plan is a non-linked insurance policy that provides financial protection to the family in case of policyholder’s death due to smoking and drinking habits there is flexibility to choose the level sum assured and increasing sum assured.

Key Features:

  • Entry age: 18 years
  • Maturity Age: 80 years
  • Sum Assured: Rs. 25 lakhs
  • Policy Term: 10 to 40 years
  • Premium Payment Term: 5/10/15/40 years based on regular and limited premium.

iii. LIC’s Saral Jeevan Bima

This plan is a non-linked insurance policy that provides financial protection to the family in case of the policyholder’s death during the policy term.

Key Features:

  • Entry age: 18 years
  • Maturity Age: 70 years
  • Sum Assured: Rs. 5 to 25 lakhs
  • Policy Term: 5 to 40 years
  • Premium Payment Term: 5 and 10 years based on single, regular, and limited premium.

2) Whole Life Plans

i. LIC’s Jeevan Umang

This plan is a combination of income and protection for your family. This plan provides for annual survival benefits and lumps sum payment at the time of death of the customer during the policy period.

Key Features:

  • Entry age: 90 days
  • Maturity Age: 100 years
  • Sum Assured: Rs. 2 lakhs
  • Policy Term: No limit
  • Premium Payment Term: 15, 20, 25, and 30 years.

3) Pension Plans

i. Pradhan Mantri Vaya Vandana Yojana

This plan is initiated by the government of India provides pension under this plan with assured benefits of monthly payments.

Key Features:

  • Entry age:  60 years
  • Maturity Age: no limit
  • Sum Assured: Rs. 1000 per month
  • Policy Term: 10 years
  • Premium Payment Term: Based on yearly, half-yearly, quarterly, monthly.

ii. LIC’s Jeevan Akshay - VII

This plan is an immediate annuity plan where there are 10 available options on payment of a lump sum amount. The annuity rates are guaranteed at the policy and annuities are payable through the lifetime.

Key Features:

  • Entry age: 30 years
  • Maturity Age: 85 years
  • Sum Assured: Rs. 1000 per month
  • Policy Term: 10 to 40 years
  • Premium Payment Term: Based on yearly, half-yearly, quarterly, monthly.

iii. LIC’s New Jeevan Shanti

This plan has the dual benefit of single-life and joint-life annuity plans. The annuity premium rates are payable through postponement to lifetime.

Key Features:

  • Entry age: 79 years
  • Maturity Age: 80 years
  • Sum Assured: Rs. 1000 per month
  • Policy Term: 12 years
  • Premium Payment Term: Based on monthly, quarter, half-yearly, annually.

iv. LIC’s Saral Pension

This plan has the dual benefit of single life and joint-life annuity plans. The annuity premium rates are payable through postponement to lifetime.

Key Features:

  • Entry age: 40 years
  • Maturity Age: 80 years
  • Sum Assured: Rs. 1000 per month
  • Premium Payment Term: Based on yearly, half-yearly, quarterly, and monthly.

4) Unit Linked Insurance Plans

i. LIC’s NIVESH PLUS

This plan is a unit-linked, non-participating, single premium individual insurance plan investment cover through the term policy.

Key Features:

  • Entry age: 90 days
  • Maturity Age: 70 years
  • Sum Assured: Rs. 1 lakh
  • Policy Term: 10 to 25 years
  • Premium Payment Term: Based on single premium mode.

ii. LIC’s SIIP

This plan is an investment risk that covers premium throughout the policy as four fund types as each premium paid, after deduction of premium allocation charges, increase and decrease of values depend on Net Asset Value.

Key Features:

  • Entry age: 90 days
  • Maturity Age: 65 years
  • Sum Assured: Rs. 4000 per month
  • Policy Term: 10 to 25 years
  • Premium Payment Term: 10 to 25 years based on yearly, monthly, quarterly, half-yearly.

iii. LIC’s NEW ENDOWMENT PLUS

This plan is a unit-linked non-participating assurance plan which offers investment insurance cover for long term savings and flexibility to build a better life dream.

Key Features:

  • Entry age: 90 days
  • Maturity Age: 60 years
  • Sum Assured: Rs. 3000 per month
  • Policy Term: 10 to 20 years
  • Premium Payment Term: Based on monthly, quarter, half-yearly, annually.

5) Health Plans

i. LIC’s Cancer Cover

This plan is to cover a regular premium payment health insurance plan which provides financial protection in case the life assured is diagnosed with any of the specific early/advanced cancer stages during the policy term.

Key Features:

  • Entry age: 20 years
  • Maturity Age: 65 years
  • Sum Assured: Rs. 2400 per month
  • Policy Term: 10 to 30 years
  • Premium Payment Term: Based on half-yearly, annually.

ii. LIC’s Arogya Rakshak:

This plan is a non-linked, non-participating, regular premium, an individual plan which provides fixed benefit health insurance cover against families' financial difficulties.

Key Features:

  • Entry age: 18 years
  • Maturity Age: 65 years
  • Sum Assured: Rs. 2500 per month
  • Policy Term: 10 to 20 years

6) Money Back Plans

Plans What is it? Age of Entry Maturity age Annual Premium Policy Term & Payment premium term
LIC’s New Bima Bachat This plan is a participating non-linked savings policy that provides financial protection against death during the policy term. 15 years 65 years Rs. 5000 p.m. 9, 12, and 15 years
LIC’s New Money Back Plan – (20 to 25 years) This plan offers combinations of protection against death throughout the term of the plan with the periodic payment on survival benefits during the term. 13 to 50 years 70 years Rs 5000 p.m. 20 years and 15 years
LIC’s Jeevan Umang This plan offers a combination of income and protection to your family provides for annual survival benefits from the end of the premium paying term till maturity at the time of demise. 90 days 100 years Rs. 2 lakhs p. a No limit
LIC’s New Children’s plan This plan provides financial support to your children to meet educational, marriage, and risks covered in the life of the child during the policy term. 0 to 12 years 12 years Rs. 1 lakh p.a 25 years
LIC’s Jeevan Tarun This plan is to meet the educational financial needs of growing children. 90 days 12 years Rs. 5000 p. m 25 years
LIC’s Jeevan shiromani This plan offers financial support for the family in case of the unfortunate death of the policyholder. 18 years 55 years Rs. 1,00,000 4 years
LIC’s Bima Shree This plan is designed for financial support for the family in case of the death of policyholders during the policy term. 8 years 55 years Rs. 10 lakhs 14, 16, 18, and 20 years.

FAQ's of LIC Life Insurance

Is Investment in LIC Life Insurance Worth?

  • Safe Protection: The life insurance policy protects against risk benefits due to death or accident. And the sudden demise of the policyholder the insurer pays the entire amount of sum assured to the nominee itself.
  • Allowance: It allows long-term savings effortlessly with premium payments of monthly, quarterly, half-yearly, or yearly.
  • Contract of Insurance: At the time of taking a policy every person ensures that all the questions of the proposal form. Any distortion or fraud acceptance leads to insurance contracts being nonexistent.
  • Tax Benefit: As per the income tax act get tax benefits under section 80c the amount of premium paid is low.
  • Affordable: An affordable and suitable insurance plan works effectively to meet the needs of common people like child’s education, retirement pension facilities, and households in long run at low premiums.
  • Exchange: It is affordable and easy to secure loans on the sole security of life insurance policy as security to commercial loans also.

How Can I Check LIC Life Insurance Policy Details With Policy Number

You can check LIC Life Insurance policy details with policy number easily in simple steps

  • Step1: Visit the official website of LIC Life Insurance
  • Step2: Click on the Login portal and then enter the details such as register email id, mobile number, user id, etc.
  • Step3: OTP will receive the registered mobile number
  • Step4: After successful login, enter the policy number. You can check the policy details displayed on the screen.

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