Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC of India) is a leading life insurance company headquartered in Mumbai. LIC is the largest life insurance company in India with an asset value of over 2,529,390 crores. LIC of India was created on 1st September 1956 when the government of India passed the Life Insurance of India Act , nationalising the private insurance industry in India.

The company was established with the merger of over 245 insurance companies and provident societies. LIC offers an array of life insurance plans including a range of ULIPs, pension plans, child plans, term insurance and others. The company is well established in urban as well as rural areas of India and is well abiding by its motto- “Yogakshemam Vahamyaham”, which means “your welfare is our responsibility”. With the advent of technology, the LIC of India has established its brand’s presence online by selling an array of savings and investment products online.

As of today, LIC of India functions with a network of 1,537,064 Individual Agents, 342 Corporate Agents, 109 Referral Agents, 114 Brokers and 42 Banks. LIC has 2,048 fully computerized branch offices, 113 divisional offices, 1,381 satellite offices and over 8 zonal offices with the head office located in Mumbai. LIC was rated as the No. 6 Most Trusted Service Brand of India by the Economic Times Brand Equity Survey 2012. From the year 2006, LIC of India has been regularly winning the ‘Readers Digest Award’. Also, as per the Brand Trust Report, for 4 continuous years, LIC of India was reported to be India’s most trusted brand in the BFSI category.

The mission of the Life Insurance Corporation of India is to enhance the quality of living of the people by providing financial products and services that provide competitive returns.

LIC Of India - Objective of the Company

Being one of the oldest and largest government-owned life insurance companies, LIC of India continues to be the dominant life insurer even in the liberalized scenario of the Indian insurance sector. For over years now, the company is surpassing its own past records. Here are few objectives of the Life Insurance Corporation of India:

The primary objective of LIC of India is to spread the importance of life insurance widely in the rural areas and people belonging to socially and economically backward classes. The company functions with a view of providing such individuals with financial cover against death at a reasonable cost.
The company strives hard to meet various life insurance needs of the community depending on the changing social and economic environment.
The main focus of the Life Insurance Corporation of India is to safeguard the interests of the life insureds and act as a trustee in their individual and collective capacities.
Maximize the ability of savings by providing a diverse range of life insurance products to choose from.
LIC of India fully encourages the participation and involvement of its employees and LIC agents so they work towards attaining the objectives of the company.

LIC Online Services

Following are the online services provided by LIC of India-

Digitalization is no more a luxury, it has become a necessity. Having realized the wide potential of the digital platform to connect companies with their customers, a rapidly increasing number of businesses are integrating it into their processes. LIC too has digitalized its processes, creating an extensive online database for their customers. This has made LIC's products and services more accessible right at the fingertips of existing and prospective customers.

Online forms for the products and services from LIC of India
Registration for e-Services from LIC of India
Policy schedule
Status of policy
Status of claim
Status of loan
Status of accrued bonus
Revival quotation
Certificate of premium payment
Premium due calendar
Policy bond/Proposal form image
Claim history
Registration of grievances

Life Insurance Products offered by LIC of India

In India, LIC is synonymous with life insurance as the company is a pioneer in offering the best life insurance products that cater to every budget and preference. Regardless of which walk/stage of life an individual is in, LIC of India offers various life insurance plans at affordable premium rates. Being a government-owned Life Insurance Company, the plans offered by LIC are always in demand and cater to a versatile range of customers.

Here are various life insurance products offered by the Life Insurance Corporation.

Endowment Plans

LIC Jeevan Pragati

LIC of India’s Jeevan Pragati plan is a non-linked, with profits plan offering a combination of investment and savings. The plan automatically increases the life insured’s risk cover after every 5 years. LIC Jeevan Pragati is an ideal choice for individuals looking to build a healthy retirement corpus, while also enjoying the insurance cover against accident and death. In addition to this, a policyholder can also avail a loan against this plan.

Benefits of LIC Jeevan Pragati

Death benefit: In case of the death of the policyholder, the nominee is given the sum assured along with the bonuses, if any. The sum assured is either calculated to be 10 times of the annualised premium or is given as per the terms of the policy i.e. 100% of the Basic Sum Assured in the first 5 policy years, 125% of the Basic Sum Assured during 6th to 10th policy years, 150% of the Basic Sum Assured during 11th to 15th policy years and thereafter 200% of the Basic Sum Assured.

Maturity benefit: Sum assured along with bonuses, if any, is paid to the policyholder on survival till the end of the policy, provided all the premiums are paid.

Bonuses: Depending on the profits made by Life Insurance Corporation, the LIC Jeevan Pragati plan holder is entitled to receive Simple Reversionary bonuses that are declared on the basic sum assured.

Optional rider: LIC Jeevan Pragati plan can be enhanced by availing the LIC's Accidental Death and Disability Benefit Rider, the sum assured of which cannot exceed the basic sum assured.

Features of LIC Jeevan Pragati Plan:

The LIC of India’s LIC Jeevan Pragati plan is loaded with the below features:

Entry age: The policy can be availed by individuals aged 12 years-45 years.
Policy period: Term period of 12 years to 20 years is offered.
Maximum age at maturity: 65 years
Minimum and maximum sum assured: Rs. 1,50,000-no limit
Tax benefit: Premium paid is eligible for tax deduction under Section 80C and maturity amount received is exempted from taxes under Section 10(10D).
Free look period: 15 days

LIC Jeevan Labh:

LIC of India’s LIC Jeevan Labh is a non-linked, limited premium paying with-profits endowment plan that offers a mix of protection and savings. A lump sum amount is given to the policyholder on maturity or is given to the nominee in case of the death of the policyholder during the term of the policy. Loans can be availed against this type of plan.

Benefits of LIC Jeevan Labh

Death benefit: In case of death of the policyholder during the term of the policy, the nominee is paid the sum assured along with the simple revisionary and final bonuses, if any. Death benefit is paid only if the premiums are fully paid.

Maturity benefit: On survival till the end of the policy, maturity benefit i.e. the sum assured is given to the policyholder along with simple revisionary and final bonuses, if any.

Features of LIC Jeevan Labh:

Life Insurance Corporation of India’s LIC Jeevan Labh plan offers the below host of benefits:

Minimum and maximum entry age: 8 and 59 years
Premium paying term: is lesser compared to the policy term
Policy term: the plan has a policy term of 16/21/25 years.
Tax benefits: Tax benefits are provided under section 80C and 10(10D) of the Income Tax Act, 1961.
Mode of payment: Premium can be paid on a yearly, half-yearly and quarterly basis. A grace period of 30 days is provided for this mode of payment. The grace period of 15 days is provided in case of monthly paying term.
Minimum sum assured: Rs. 2,00,000
Maximum sum assured: No limit
Maturity age: 75 years
Riders: Policyholder can enhance the coverage of the LIC Jeevan Labh plan by adding riders such as Accidental Death and disability benefit rider or new term assurance rider.

LIC Single Premium Endowment Plan

LIC of India’s Single Premium Endowment Plan is a participating, non-linked endowment plan. This is a traditional endowment plan giving both death and maturity benefits along with bonuses.

Benefits of LIC single premium endowment plan

Maturity benefit: The policy terminates if the policyholder survives the term. Sum assured with simple revisionary and final additional bonus is given, if any.

Death benefit: If the life insured dies before the commencement of the risk, only the single premium is returned. After the commencement of the risk, sum assured along with the bonuses is paid, if any.

Surrender value: Policyholders receive 70% of the premium on surrendering the policy within the first year. 90% of the single premium is paid from the second year onwards.

Features of LIC single premium endowment plan

Minimum and maximum entry age: 90 days and 65 years
Maturity age: 18-75 years.
Premium paying mode: One-time
Sum assured: 50,000-no limit
Policy Term: 10-25 years
Tax benefits: Policyholder gets tax benefit under the section 80C and the maturity amount is tax-free under the section 10(10D).

LIC’s New Endowment Plan

LIC’s new endowment plan is a participating, non-linked endowment plan that offers a good mix of protection and savings. The plan pays a lump sum amount on the survival of the policy and provides financial protection to the family, in case of death of the policyholder before the completion of the term. In addition, loan can be taken against this plan.

Benefits of LIC New Endowment Plan

Maturity benefits: Basic sum assured is paid along with the bonuses, if any, on the survival of the term of the policy.

Death benefit: If the policyholder dies before the completion of the policy term, the sum assured is paid along with the bonuses, if any. Under this type of endowment plan, the death benefit is not less than Basic Sum Assured or 10 times of annualised premium or 105% of the total premium paid as on death.

Rider: Accidental death and disability rider can be availed with this type of plan. If the policyholder buys the rider along with the basic endowment plan, then an extra sum assured is given to the beneficiary, in case of death of the policyholder during its term.

Features of LIC New Endowment Plan

Minimum and maximum entry age: 8 and 55 years
Maturity age: 75 years
Policy term: 12- 35 years
Premium paying frequency: Annual, half-yearly, quarterly and monthly
Sum assured: 1,00,000-no limit
This plan is ideal for individuals who want to build healthy savings along with life coverage.

LIC’s New Jeevan Anand

LIC of India’s New Jeevan Anand is a combination of both savings and protection. The plan provides protection till the death of the insured, even after its maturity term. Therefore, this plan is ideal for investors looking for a savings tool as well as getting the required protection.

Benefits of LIC New Jeevan Anand Plan

Simple reversionary bonuses: The LIC New Jeevan Anand plan participates in the profits of the corporation, accumulating simple revisionary bonuses that is given to the policyholder at the end of the policy term. This bonus is given provided all the premiums are paid. The final additional bonus is given under the plan in the year when the policy results in death claim or on maturity of the policy.

Death benefit: If the policyholder dies during the term of the policy, the death benefit is given to the nominee in the form of sum assured on Death which is higher of 125% of Basic Sum Assured or 10 times of annualised premium along with bonuses, if any. On death of policyholder at any time after policy term Basic Sum Assured is paid.

Maturity benefit: If all due premiums have been paid, the policyholder is entitled to receive maturity benefits. Basic Sum assured along with Simple Reversionary Bonuses and Final Additional Bonus is also given if any.

Rider: By paying an additional premium, the policyholder can enhance the coverage of LIC Jeevan Anand. Riders such as Accidental Death and Disability Benefit Rider can be opted along with this policy.

Features of LIC New Jeevan Anand Plan

Entry age: 18-50 years
Tax: Premium paid is eligible for tax deduction under section 80C of the Income Tax Act, 1961. The maturity amount is exempted as per section 10(10D).
Premium paying frequency: Annual, half-yearly, quarterly and monthly
Policy term: 15-35 years

LIC’s Jeevan Rakshak

LIC of India’s Jeevan Rakshak is a participating endowment plan with death and maturity benefit, offering a right mix of protection and savings. The premium for this type of plan has to be paid till the end of the policy. On survival till the end of the term, the basic sum assured along with Loyalty Addition, if any is given to the policyholder.

Benefits of LIC Jeevan Rakshak

The policy participates in the profits of the life corporation, the Loyalty Addition which are given after completion of 5th policy year or death or at the end of the policy term.

Maturity benefit: The policy terminates on its maturity and the insured is given the sum assured and the Loyalty Addition, if any. Death benefit: If the policyholder dies after 5 years from the date of the policy, only then the death benefit in the form of sum assured and Loyalty Additions is given to the nominee.

Rider: Accident Benefit Rider can be opted for along with this type of life insurance plan offered by LIC of India.

Features of LIC Jeevan Rakshak

Minimum and maximum age: 8-55 years
Maturity age: 70 years
Policy term: 10-20 years
Minimum and maximum sum assured: Rs. 75,000-Rs. 2, 00,000
Premium paying frequency: Annually, half-yearly, quarterly and monthly

LIC's Limited Premium Endowment Plan

LIC of India’s Limited Premium Endowment Plan is a simple participating endowment plan offering death and maturity benefit along with the option to opt for riders. The premium for this type of plan has to be paid only for a limited number of years and the policy continues to be in force.

Benefits of LIC Limited Endowment Plan

Maturity benefit: On survival till the end of the policy, the basic sum assured and the accrued bonuses, if any are paid to the policyholder.

Death benefit: If the life assured dies during the policy term, 125% of the basic sum assured and the accrued bonuses, if any are paid to the nominee. The policy ends with the death of the policyholder.

Bonus: The policyholder participates in the profits of the corporation which is shared with the policyholder in the form or Simple Reversionary Bonuses and final addition bonus.

Features of LIC Limited Endowment Plan

Minimum and maximum entry age: 18 years-62 years
Maturity age: 75 years
Policy term: 12, 16 or 21 years
Premium payment term: 8 & 9 years
Minimum and maximum assured: Rs. 3, 00,000- no limit
Premium paying frequency: Annually, half-yearly, quarterly or monthly
Surrender value: Surrender value is given after completion of 2 years of the policy
Tax Benefit: Premium paid is eligible for tax benefits under Section 80Cand the maturity amount is exempted from tax under Section 10(10D).

LIC’s Jeevan Lakshya

LIC of India’s Jeevan Lakshya is a beneficial plan for minors, offering a lump-sum amount irrespective of the survival of the insured at the time of policy maturity.. The plan fulfils the requirement of the family, especially the children by providing an annual income benefit.

Benefits of LIC Jeevan Lakshya

Maturity benefit: Provided all the premiums have been paid, maturity benefit in the form of lump sum equal to the basic sum assured is given to the policyholder on the survival of the policy. Bonuses, if any are given too.

Death benefit: Provided the policy is in force and all the due premiums are paid, the death benefit is given as follows to the nominee.

Annual Income Benefit equal to 10% of the Basic Sum Assured, payable from the policy anniversary or the date of death of Life Assured, till date of maturity.

Assured Absolute Amount equal to 110% of Basic Sum Assured, shall be paid on maturity and accumulated bonuses, if any.

The policy continues to participate in profits up to the date of maturity and the entire bonus, including simple revisionary and final bonus, is paid to the nominee on the maturity of the policy.

Bonus: The policyholder is entitled to receive simple reversionary bonuses declared as per the experience and profits made by the life insurance corporation, provided the policy is in full force.

Features of LIC Jeevan Lakshya

Minimum and maximum entry age: 18-50 years
Maturity age: 65 years
Sum assured: Rs. 1, 00,000- no limit
Premium tenure: policy term less 3 years
Tax-free
Premium paid is eligible for tax benefits under Section 80Cand the maturity amount is exempted from tax under Section 10(10D).

LIC's Aadhaar Shila

Aadhar Shila plan offered by LIC of India provides a good combination of protection and savings. The plan is extensively curated for females having Aadhar Card issued by UIDAI (Unique Identification Authority of India). The plan offers financial security to the family, in case of the demise of the policyholder during the term of the policy. In addition to this, the plan offers an auto cover and loan facility. To avail this plan, the female does not have to go through any medical examination.

Benefits of LIC Aadhar Shila

Death benefit: In case of death of the policyholder during the first five years, sum assured on death is payable.

In case of death of the policyholder after five years or before the maturity term, sum assured on death, along with Loyalty Addition, if any is paid.

Maturity benefits: Sum assured on maturity and Loyalty Addition, if any is paid to the policyholder if he survives the term of the policy. The maturity benefit is provided if all the premiums are duly paid.

Loyalty addition: The plan is eligible for loyalty additions when the policy has completed 5 policy years which is payable on death and maturity if the policy was in force.

Features of LIC Aadhar Shila

Sum assured: Rs. 75,000- 3, 000,000
Policy term: 10-20 years
Minimum and maximum entry age: 8-55 years
Premium paying term: Same as Policy Term
Maturity age: 70 years
Premium paying frequency: Annual, half-yearly, quarterly and monthly

LIC’s Aadhar Stambh

LIC of India’s Aadhar Stambh plan provides a good mix of savings and protection. The plan is extensively designed for male lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). The plan provides protection to the family of the policyholder in the event of his unfortunate demise.

Benefits of LIC Aadhar Stambh

Death benefit: In case of death of the policyholder during the first five years, sum assured on death is payable.

In case of death of the policyholder after five years or before the maturity term, sum assured on death, along with Loyalty Addition, if any is paid.

Loyalty addition: The plan is eligible for loyalty additions when the policy has completed 5 policy years which is payable on death and maturity if the policy was in force

Features of LIC Aadhar Stambh

Sum assured: Rs. 75,000- 3, 000,000
Policy term: 10-20 years
Minimum and maximum entry age: 8-55 years
Premium paying term: Same as Policy Term
Maturity age: 70 years
Premium paying frequency: annually, half-yearly, quarterly and monthly

LIC Endowment Plans	Entry Age	Maximum Maturity Age	Minimum Sum Assured	9892
LIC's Jeevan Pragati	12-45 years	65 years	12 years -20 years	1.5 lakhs
LIC's Jeevan Labh	8-59/54/50 years	75 years	16 years, 21 years, 25 years	2 lakhs
LIC's Single Premium Endowment Plan	90 days – 65 years	75 years	10 - 25 years	Rs. 50,000
LIC's New Endowment Plan	8-55 years	75 years	12 years - 35 years	Rs. 1 lakh
LIC's New Jeevan Anand	18-50 years	75 years	15 years - 35 years	Rs. 1 lakh
LIC's Jeevan Raksha	8-55 years	70 years	10 years - 20 years	Rs. 75,000
LIC's Limited Premium Endowment Plan	18-50 years	69/74/75 years	12 years/16 years/21 years	Rs. 3 lakhs
LIC's Jeevan Lakshya	18-50 years	65 years	13 years - 25 years	Rs. 1 lakh
LIC's Aadhaar Shila	8-55 years	70 years	10 years - 20 years	Rs. 75,000
LIC's Aadhaar Stambh	8-55 years	70 years	10 years - 20 years	Rs. 75,000

Whole Life Insurance Plans

LIC Jeevan Umang:

LIC of India’s Jeevan Umang is a whole life assurance scheme that provides a good mix of savings and protection. At the end of the premium paying term until its maturity, annual benefits are given to the policyholder. A lump sum amount is given to the insured on death or at the time of maturity of the policy.

Benefits of LIC Jeevan Umang Plan

Death benefit: If the policyholder dies before the commencement of the risk, then this plan returns all the premiums paid (without interest) to the nominee of the insured. However, if death is caused after the commencement of the risk, then the sum assured along with vested Simple Reversionary bonuses, if any, is paid to the beneficiary.

Survival benefit: If the life insured survives until the end of premium paying term, a survival benefit equal to 8% of Basic Sum Assured is payable each year, provided all the premiums are paid. The survival benefit is paid each year until the life insured survives or till the date of maturity of the policy.

Maturity benefit: If the policyholder survives until the end of the policy term, the sum assured on maturity, along with Vested Simple Reversionary bonuses, if any is paid.

Participation in profits: Depending upon the Corporation’s experience with regards to policies issued under this plan, the policy shall participate in profits during the policy term.

Rider: LIC Jeevan Umang plan offers the below riders.

LIC’s Accidental Death and Disability Benefit Rider
LIC’s Accident Benefit Rider
LIC’s New Term Assurance Rider
LIC’s New Critical Illness Benefit Rider

The sum assured of the rider cannot exceed the sum assured of the basic life insurance policy.

Features of LIC Jeevan Umang Plan

Minimum and maximum sum assured: Rs. 2,00,000- no limit
Premium paying term: 15, 20, 25 and 30 years
Policy term: 100 years less age at entry
Minimum and maximum entry age: 90 days- 55 years
Minimum Age at the end of premium paying term: 30 years

Maximum Age at the end of premium paying term: 70 years
Maturity age: 100 years (nearest birthday)

LIC Whole Life Plan	Entry Age	Maximum Maturity Age	Policy Term	Minimum Sum Assured
LIC's Jeevan Umang	90 days - 55 years	100 years	100 - age at entry	Rs. 2 lakhs

Money Back Plans

LIC’s Bima Shree

LIC of India’s LIC Bima Shree is a non-linked, with profit, limited premium payment money back plan. The plan is specially curated for high-net-worth individuals, offering financial stability to the insured’s family, in case of his untimely demise. The plan makes period payments at specified durations and provides lump sum amount to the policyholder at the time of maturity. In addition to this, the plan also offers you with an option to avail a loan against the policy.

Benefits of LIC Bima Shree Life Insurance

Death benefit: If the policyholder dies during the first five years of the policy, the sum assured on death, along with accrued Guaranteed Addition are paid. If Death occurs after five years, the sum assured on death along with loyalty additions and accrued Guaranteed Addition is paid.

Survival benefit: Provided all the premiums have been paid, the survival benefit is paid in the following ways:

For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary.
For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary.
For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary.
For policy term of 20 years: 45% of Basic Sum Assured on each of 16th and 18th policy anniversary.

Maturity benefits: On survival till the end of the policy term, sum assured, along with bonuses, if any is payable to the policyholder.

Under this plan, the sum assured that is given as maturity benefit is

40% of Basic Sum Assured for policy term 14 years
30% of Basic Sum Assured for policy term 16 years
20% of Basic Sum assured for policy term 18 years
10% of Basic Sum assured for policy term 20 years

These additions are provided during the premium paying term at the end of each policy year. The rate of Guaranteed Additions shall be as follows:

Rs. 50 per thousand Basic Sum Assured for the first five years
Rs. 55 per thousand Basic Sum Assured from 6th policy year till the end of the premium paying term.

If the policy has completed 5 years and premiums are regularly paid, then depending on the Corporation’s experience, the policies under this plan are eligible for loyalty additions at the time of death or its maturity.

Riders: Various riders that can be opted with this plan are LIC’s Accidental Death and Disability Benefit Rider, LIC’s Premium Waiver Benefit Rider, LIC’s New Critical Illness Benefit Rider, LIC’s New Term Assurance Rider and LIC’s Accident Benefit Rider.

Eligibility criteria for LIC Bima Shree Life Insurance

Minimum and maximum sum assured: Rs. 10, 00,000-no limit
Policy term: 14, 16, 18 and 20 years
Minimum and maximum entry age: 8years
55 years (nearer birthday) for policy term 14 years
51 years (nearer birthday) for policy term 16 years
48 years (nearer birthday) for policy term 18 years
45 years (nearer birthday) for policy term 20 years
Maturity age: 69 years (nearer birthday) for policy term 14 years
67 years (nearer birthday) for policy term 16 years
66 years (nearer birthday) for policy term 18 years
65 years (nearer birthday) for policy term 20 years
Premium paying term: Policy term - 4 years

LIC’s Jeevan Shiromani

LIC of India’s LIC Jeevan Shiromani offers financial protection to the family of the policyholder, in case of his demise. Period payments are made to the policyholder during the term of the policy and sum assured along with accrued Guaranteed Addition and Loyalty Addition, if any are paid at the time of maturity of the policy. In addition to this, the plan also provides lump sum amount equal to 10% of the chosen Basic Sum Assured on the diagnosis of any of the specified Critical Illnesses.

Benefits of LIC Jeevan Shiromani

Death benefit: If the policyholder dies before the term of 5 years, the sum assured on death along with accrued guaranteed addition are paid to the nominee. However, if the death occurs after 5 years, the sum assured along with accrued guaranteed additions and loyalty additions, if any is paid to the policyholder.

Survival benefit: Fixed percentage of sum assured is paid in the following ways:

For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary.

For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary.

For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary.

For policy term 20 years: 45% of Basic Sum Assured on both 16th and 18th anniversary of the policy.

Maturity benefit: On survival of the policyholder till the end of the policy term, maturity benefit in the form of sum assured along with bonuses, if any. Sum assured in this policy is as under:

40% of Basic Sum Assured for policy term 14 years

30% of Basic Sum Assured for policy term 16 years

20% of Basic Sum assured for policy term 18 years

10% of Basic Sum assured for policy term 20 years

Inbuilt critical illness benefit:

On first diagnosis of any one of the 15 critical illnesses mentioned in the policy documents, the policyholder is given Critical Illness Benefit equal to 10% of Basic Sum Assured. The policyholder is also provided with the benefit to take a second medical opinion and also defer the payment of premium(s).

Features of LIC Jeevan Shiromani

Minimum and maximum sum assured: Rs. 100,00,000-no limit

Policy term: 14, 16, 18 and 20 years

Minimum and maximum entry age: 18 years (completed)

55 years (nearer birthday) for policy term 14 years

51 years (nearer birthday) for policy term 16 years

48 years (nearer birthday) for policy term 18 years

45 years (nearest birthday) for policy term 20 years

Maturity age:

69 years (nearer birthday) for policy term 14 years

67 years (nearer birthday) for policy term 16 years

66 years (nearer birthday) for policy term 18 years

65 years (nearer birthday) for policy term 20 years

LIC's New Money Back Plan- 20 years

LIC of India’s Money Back Plan-20 years is a money-back traditional, participating non-linked plan that makes out pay-outs at certain intervals. This plan is a simple money back plan that comes along with Simple Reversionary bonus. The plan stays in force for 20 years and makes pay-out at certain intervals.

Benefits of LIC New Money Back Plan-20 years

Bonus: The plan participates in the corporation’s profits and accordingly simple revisionary and final addition bonuses, if any is paid out.

Survival benefits: If the policyholder survives the policy term, then 20% of sum assured is paid on the 5th, 10th and 15th year respectively.

Maturity benefit: On survival till the end of the policy term, maturity benefit is paid in the form of 40% of the basic sum assured along with accrued bonuses. The policy terminates on maturity.

Death benefit: Irrespective of the amount paid to the policyholder, sum assured on death along with additional bonuses, if any is paid to the policyholder.

Rider benefit: The policyholder can enhance the coverage of this money back plan by LIC by opting for a rider such as LIC’s Accidental Death and Disability Benefit Rider.

Features of LIC New Money Back Plan- 20 years

Minimum and maximum entry age: 13-50 years
Maturity age: 70 years
Premium paying term: 15 years
Policy term: 20 years
Sum assured: Rs. 1,00,000-no limit
Premium payment frequency: Annual, half-yearly, quarterly and monthly

LIC’s New Money Back Plan-25 years

LIC of India’s New Money Back Plan- 25 years is a participating non-linked plan, offering the benefit of periodic payments as well as protection. This provides financial protection to the family of the policyholder and also offers money to the policyholder on regular intervals. This is a simple money back plan that comes along with bonuses and stays in force for 25 years.

Benefits of New Money Back Plan- 25 years

Bonus: Final addition bonus and a simple reversionary bonus is given to the policyholder by the company.

Survival benefit: On survival, 15% of the sum assured is paid to the policyholder as survival benefit. The sum assured is payable in the 5th, 10th, 15th and 20th year.

Maturity benefit: If the insured survives till the end of the term, then the remaining 40% along with bonuses, if any is paid to the policyholder.

Death benefit: In case of the unfortunate demise of the policyholder during the term of the policy, the sum assured on death along with accrued bonuses, if any is paid to the beneficiary, irrespective of the survival benefits paid earlier.

Features of New Money Back Plan- 25 years

Minimum and maximum entry age: 13-45 years
Maturity age: 70 years
Policy term: 25 years
Premium paying term: 20 years
Premium paying frequency: Annual, half-yearly, quarterly and monthly
Sum assured: 1, 00,000- no limit
Tax benefits: Tax benefits can be availed as per section 80C and 10(10D) of the Income Tax Act, 1961.

LIC New Bima Bachat

LIC of India’s Bima Bachat is a single premium saving cum protection plan that requires the policyholder to pay the premium in lump sum at the outset of policy. This is a money back plan offering financial protection against death caused during the term of the policy, while also giving the survival benefits. The plan can be purchased for a span of 9, 12 and 15 years.

Benefits of LIC New Bima Bachat

Loyalty addition: On completion of the 5-year tenure, LIC of India declares loyalty addition that is given to the policyholder at the end of the policy term.

Death benefit: Sum assured is given during the first five years of the policy. On completion of the five years of the policy, if the policyholder dies, then the nominee receives the sum assured along with loyalty addition, if any.

Survival benefit: During the policy term, the survival benefit is given as below:

For policy term of 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year

For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year

For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year

Maturity benefit: Single premium paid along with loyalty addition is paid to the policyholder on the survival of the term of the policy.

Features of LIC New Bima Bachat

Minimum entry age: 15 years

Maximum entry age:

66 years for 9 years policy term
63 years for 12 years policy term
60 years for 15 years policy term

Maturity age: 75 years

Policy term: 9, 12 and 15 years

Premium paying term: Single

Minimum Sum assured: Rs. 35,000 for policy term of 9 years

Rs. 50,000 for policy term of 12 years

Rs. 70,000 for policy term of 15 years

LIC’s Jeevan Tarun

LIC of India’s Jeevan Tarun plan offers an attractive combination of savings and protection for securing your child’s future. The plan is specifically designed to cater to the needs of the growing children and thus, provides annual Survival Benefit from the age 20 until 24 years and maturity benefit is given at the age of 25 years. It lets the policyholder decide the proportion of the survival benefits to be availed during the term of the policy.

Option 1 No survival benefit 100% of Sum Assured

Option 2 5% of Sum Assured every year for 5 years 75% of Sum Assured

Option 3 10% of Sum Assured every year for 5 years 50% of Sum Assured

Option 4 15% of Sum Assured every year for 5 years 25% of Sum Assured

Benefits of LIC Jeevan Tarun

Survival benefit: If the policyholder survives, a certain % of the sum assured is given to the policyholder every year or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries.

Death benefit: In case of demise of the policyholder during the term of the policy, the sum assured along with bonuses, if any is paid to the policyholder. The death benefit is irrespective of the survival benefit give in the past.

Maturity benefit: On surviving the tenure of the policy, the amount left over the basic sum assured along with acquired bonuses, if any is paid to the policyholder.

Rider: LIC’s premium waiver benefit rider can be availed with this type of plan.

Features of LIC Jeevan Tarun

Minimum and maximum entry age: 90 days-12 years
Maturity age: 25 years
Policy term: 25-age at entry of the child
Premium paying term: 20 years – age at entry
Premium paying frequency: Annual, half-yearly, quarterly and monthly
Sum assured: Rs. 75000-No limit

LIC of India's Money Back Plans	Entry Age	Maximum Maturity Age	Policy Term	Minimum Sum Assured
LIC's New Money Back Plan - 20 Years	13 - 50 years	70 years	20 years	Rs. 1 lakh
LIC's New Money Back Plan - 25 Years	13- 45 years	70 years	25 years	Rs. 1 lakh
LIC's New Bima Bachat	15 - 66/63/60 years	75 years	9 years, 12 years, 15 years	Rs. 35,000/Rs. 50,000 / Rs. 70,000
LIC's Jeevan Tarun	90 days - 12 years	25 years	25 years minus age at entry	Rs. 75,000
LIC's Jeevan Shiromani	18-55/51/48/45 years	69/67/66/65 years	14 years, 16 years, 18 years, 20 years	Rs. 1 Crore

Term Plans

LIC’s Anmol Jeevan II

This is a pure protection plan providing financial security to the family of the policyholder, in case of his demise.

Benefits of LIC Anmol Jeevan II

Death benefit: The sum assured is payable to the nominee on death of the policyholder during the term of the policy.

Maturity benefit: If the policyholder survives the term, nothing is payable.

Features of LIC Anmol Jeevan II

Minimum and maximum entry age: 18-55 years
Minimum policy term: 5-25 years
Premium paying term: Equals to the tenure of the policy
Premium paying frequency: Annual, half-yearly, quarterly and monthly
Sum assured: Rs. 6 lakhs to Rs. 24 lakhs
Tax benefits: There are tax benefits available under Sec 80C and under Sec 10(10D) for the premiums paid and for the death benefit paid out by the policy, respectively.

LIC’s Amulya Jeevan II

This plan makes a pay out of the sum assured in case of the demise of the policyholder during the term of the policy.

Benefits of LIC Amulya Jeevan II

Death benefit: If the policyholder dies during the tenure of the policy, death benefit is paid to the nominee.

Maturity benefit: Nothing is payable on survival till the end of the policy term.

Features of LIC Amulya Jeevan II

Minimum and maximum entry age: 18-60 years
Maturity age: 70 years
Policy term: 5-35 years
Premium paying term: same as the tenure of the policy
Sum assured: Rs. 25 lakhs-no limit
Tax benefits: The policyholder can claim tax deduction under Section 80C of the Income Tax Act, 1961 for the premiums paid, while the nominee can avail tax benefits on the death benefits received under Section 10(10D).

LIC’s e-term Plan

LIC of India’s e-term plan can be purchased online through their official website- www.licindia.in. The plan is a pure term plan wherein the death benefit is given to the nominee in case of death of the policyholder during the term of the policy. The plan offers preferential premium rates for non-smokers and female lives.

Benefits of LIC e-term plan

Death benefit: If the policyholder dies during the tenure of the policy, death benefit is paid to the nominee.

Maturity benefit: Nothing is payable on survival of the policy term.

Tax benefits can be availed as per section 80C and 10(10D) of the Income Tax Act, 1961.

Features of LIC e-term plan

Minimum and maximum entry age: 18 – 60 years
Maximum maturity age: 75 years
Policy term: 10- 35 years
Minimum and maximum sum assured: Rs. 25 lakhs-no limit (Rs. 25 Lakhs for aggregate and Rs. 50 Lakhs for non-smokers)
Premium paying term: equals to the tenure of the policy
Premium paying frequency: annual basis

LIC of India's Term Plans	Entry Age	Policy Term	Maturity Age	Minimum Sum
LIC’s Anmol Jeevan II	18 - 55 years	5 - 25 years	65 years	Rs. 6 lakhs
LIC’s Anmol Jeevan II	18 - 60 years	5 - 35 years	70 years	Rs. 25 lakhs
LIC’s e-Term Plan	18 - 60 years	5 - 35 years	75 years	Rs. 25/50 lakhs

Pension Plans

Pension plans are most suitable to secure an individual during the years of retirement. LIC of India offers the below-mentioned pension plans.

Pradhan Mantri Vaya Vandana Yojana:

This is a pension plan launched by the government of India for senior citizens who have attained the age of 60 years. The plan offers three benefits such as the maturity benefit, pension payment and death benefit. The plan can be purchased offline or online.

Benefits of Pradhan Mantri Vaya Vandana Yojana

Pension Payment: If the pensioner survives the policy term of 10 years, then the pension is paid regularly at the end of each period chosen.

Death Benefit: If the policyholder dies during the term of 10 years, then the price at which the plan was purchased is given to the policyholder.

Maturity Benefit: If the pensioner survives the term of the policy, then pension, as well as the purchase price, is payable.

Features of Pradhan Mantri Vaya Vandana Yojana

Minimum and maximum entry age: 60- no age limit

Policy term: 10 years

Minimum pension paid:

Rs. 1,000/- per month
Rs. 3,000/- per quarter
Rs.6,000/- per half-year
Rs.12,000/- per year

Maximum pension paid:

Rs. 10,000/-per month
Rs. 30,000/- per quarter
Rs. 60,000/- per half-year
Rs. 1,20,000/- per year

Mode of pension payment: Annual, half-yearly, quarterly and monthly

LIC New Jeevan Nidhi

LIC of India’s LIC New Jeevan Nidhi is a conventional pension plan offering a mix of savings and protection. The plan provides death cover during the period of deferment and provides annuity on survival to the date of investment.

Benefits of LIC New Jeevan Nidhi

Death benefit: If the policyholder dies during the first five years of the policy purchase, then the sum assured along with guaranteed additions, if any is paid in lump sum or given in the form of an annuity and partly lump sum is paid and balance in the form of an annuity to the nominee.

If the death of the policyholder occurs after five years of the policy purchase, then sum assured along with guaranteed additions and simple revisionary bonuses, if any is paid in lump sum or given in the form of an annuity and partly lump sum is paid and balance in the form of an annuity to the nominee.

Death benefit is only given if the policy is in force during the time of the death of the policyholder.

Benefits on vesting: At the time of vesting, sum assured along with guaranteed additions, vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be made available to the Life Assured.

The benefit paid on vesting can be utilized either for purchasing an immediate annuity or a new single premium deferred pension product from LIC of India.

Riders: The policy can be purchased along with riders such as LIC’s Accidental Death and Disability Benefit Rider.

Features of LIC New Jeevan Nidhi

Minimum and maximum entry age: 20 years-60 years
Vesting age: 55-65 years
Deferment period (Policy term): 5-35 years under Single Premium & 7 to 35 under Regular Premium
Premium paying frequency: Single pay or equal to policy term
Sum assured: For regular pay-1,00,000
For single pay-Rs. 1,50,000

LIC’s Jeevan Akshay - VI

LIC of India’s Jeevan Akshay is a single premium, non-linked, immediate annuity plan that can be purchased on paying a lump sum amount. The plan offers various annuity options and the pay-out is made immediately after the payment of the premium.

Benefits of LIC Jeevan Akshay

Death benefit: On the death of the policyholder, the death benefit is given to the policyholder depending on the annuity option chosen.

Maturity benefit: This plan does not offer any maturity benefits

Features of LIC Jeevan Akshay

Types of annuity options offered under this plan:

i) Annuity paid for life at a uniform rate.

ii) Annuity paid for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

iii) Annuity for life with return of purchase price on death of the annuitant.

iv) Annuity paid for life increasing at a simple rate of 3% p.a.

v) Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

vi) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor.
Minimum and maximum entry age: 30-85 years
Minimum and maximum purchase price of annuity: 1-1.5 lakhs-no limit

LIC's Pension Plans	Entry Age	Policy Term	Minimum Pension/Sum Assured
Pradhan Mantri Vaya Vandana Yojana	60 years - No Limit	10 years	Rs. 1,000/- per month Rs. 3,000/- per quarter Rs. 6,000/- per half-year Rs. 12,000/- per year
LIC New Jeevan Nidhi	20 - 60 years	5 - 35 years under Single Premium & 7 - 35 years under Regular Premium	For Regular Pay – Rs. 1,00,000 For Single Pay - Rs. 1,50,000
LIC New Jeevan Nidhi	30 – 100/85 years	-	Rs. 1 / 1.5 lakh - No Limit (purchase price of annuity)

How to file For a claim with LIC?

Death Claim

Certificate of Death
Proof of Age of the life assured
Deeds of assignment / reassignments (if needed)
Policy document
Any other document as per requirement of the insurer For early Death Claim, i.e. claim for death that has occurred within three years from the purchase of the policy, the required documents are:
Statement from the hospital in case the deceased policyholder had been admitted to a hospital
Certificate of medical attendant of the deceased giving details of his/her last illness
Certificate of cremation or burial is to be submitted by an individual who is known to the deceased and was present at the cremation of the body of the deceased

Maturity Claim

Duly filled maturity claim form
Original policy document from LIC of India or Indemnity Bond as a substitute of original policy document
KYC (In case of any change in address)
Cancelled cheque/copy of the Passbook of the bank where you prefer receiving the maturity claim.
In case the documents are submitted by an individual other than the policyholder, his/her Proof of Identity will have to be submitted along with authority letter.
If the policy was taken under Married Women Property Act, the form must be signed by the Appointed trustee. After the documents have been submitted, LIC of India will verify their authenticity and may request for further documents, if necessary. The pre-decided sum assured will be transferred to the preferred bank account to settle the claim.

Claim Settlement Ratio of LIC Life Insurance

As per 2017–18 IRDAI data, the claim settlement ratio of LIC Life Insurance is 98.04%.

Documents Required to Purchase a Policy from LIC of India

Following documents are required to purchase a policy from LIC of India-

Proof of Age: Aadhaar Card, PAN Card, Passport, Driving License, School Certificate, etc.
Proof of Residence: Passport, PAN Card, Aadhaar Card, Voter ID, Driving License, Electricity Bill, Water Bill, Telephone Bill, Credit Card Bill, bank Passbook, rent agreement, etc.)
Photo ID Proof: Documents with applicant’s photographs like Aadhaar Card, PAN Card, Passport, Driving License, Voter ID, Bank Passbook and Ration Card, etc.
Proof of Income (when total premium exceeds Rs. 1 lakh): Salary slip, Form 16, Income Tax Returns (ITR), Pension Passbook, etc.
Self-attested photograph

How to pay LIC Premium?

One can pay life insurance corporation (LIC) premium online or offline.

How to pay LIC of India Premium offline?

You can pay premium for LIC policy offline at the cash counter in the below ways:

Premium of your LIC policy can be paid offline at the cash counter at any LIC branch office.
Premium can be paid in cash, cheque or demand draft

How to pay LIC of India Premium Online?

LIC of India has now digitalized the whole set up. Being one of the most trusted and oldest insurance companies in India, millions of people have invested their money to purchase life plans form the Life Insurance Corporation. To provide top-notch services to its large customer base, LIC of India has now started LIC e-services. The e-service portal lets you pay LIC of India payment online and also avail other services.

A life insurance corporation policyholder can LIC premium through their official website- www.licindia.in/Home/Pay-Premium-Online.

The premium can be paid directly without logging in or can be paid through the LIC of India customer login i.e. e-services portal.

To pay directly without LIC of India login

Select renewal premium/revival
Click on proceed
Enter your policy number, date of birth, mobile number, premium amount and email ID.
The policyholder can then proceed with making the payment.
The payment can be made via net banking, Debit Card (VISA, Master and Rupay), Credit Card (VISA, Master and Amex), BHIM or UPI.
On making the payment, a receipt would be mailed to your e-mail ID.

To pay through customer portal of LIC of India

You will be directed to ebiz.licindia.in/D2CPM/#Login

Select role
Enter your LIC policy login i.e. valid user ID/ mobile or email ID
Password
And the date of birth
Proceed ahead to make the payment.

To make the payment through customer portal, you will have to create an LIC login by registering for the e-services.

LIC registration for e-services

Registration of e-services for registered LIC portal user

Click on e-services using your LIC of India login ID and password
Fill the form to register for the LIC e-services
Take a print out of the form, sign it and upload the scanned image of the form
Upload scanned copies of your PAN and Aadhar card. The size of the file should be not less than 100KB and should be in .bmp, .png, .jpg, .jpeg, .gif, .tiff format.
On verification of the form and documents submitted, an acknowledgement email and SMS are sent to the policyholder.

The above process can be followed by customers who are registered on the LIC portal.

LIC registration process for non-registered customers on the LIC portal.

To create LIC login and become a registered user, follow the below steps.

Visit www.licindia.in
Click on the ‘new tab user’
Select user-ID and password by providing all the required information.
Then follow the above process for registering your LIC login for the LIC e-services.

Few of the other online services that can be availed online through LIC of India portal are:

Policy schedule
Policy status
Bonus status
Loan status
Claims status
Revival Quotation
Premium due calendar
Premium paid certificate
Claim history
Policy Bond/Proposal form image
Grievance registration
Process of various services and online forms
Locators

How to know LIC of India policy status?

To know the LIC of India policy status, a customer has to go through the below registration procedure.

LIC registration process for knowing the LIC of India policy status

A policyholder can complete the LIC registration process by selecting username and password of their choice.

The username of the LIC login can be alpha, numeric, with characters dot and underscore.
The password must of 8 to 30 characters.
The information marked in (*) is mandatory field and cannot be left blank.
The pin-code cannot be more than 6-digits.
The e-mail id entered should be valid
The user-id chosen should be unique.
The password should be unique and be kept confidential.

An email would be sent to the policyholder conforming successful registration.

Enrolment of LIC of India policy

On completing the LIC registration process, you will be asked the question, "Do you have any LIC policies?". On clicking yes, you will be presented with an enrolment form in which you will be required to enter your policy number, premium and name of Life Assured.

Take a print out of the form, sign and submit it to the nearest LIC branch.
You can also take a print out later by again logging into your LIC account online.
Based on your user-ID you will receive an acknowledgement.
On verification, your enrolment request would be approved. Enrolment for the LIC of India policy is necessary to avail all the e-services provided by the life insurer.
You may enrol for the LIC policy for which you are the life assured or proposer.
Add your LIC of India Policy
Only on successful registration, the policy can be successfully added online.

On registration, the policyholder can provide the policy number and the premium amount. An email would be then sent to the policyholder. On discovery of any errors, a reminder mail would be sent to the policyholder. If the policy information provided by the policyholder is error-free then the LIC policy status will be displayed online. If the policy number is not corrected within five days then the policy number would be deleted and a reminder mail sent to them. Ideally, the LIC of India policy number should be between 6-9 numbers only.

LIC of India policy status

On successful registration, the customer can access LIC of India status and start using other services.

This process can be completed by doing the following:

Visit LIC of India website

To check LIC of India policy status without registration, you can simply send an SMS to 56767877

Type of Enquiry SMS code
For instalment premium: ASKLIC PREMIUM
For revival amount: ASKLIC REVIVAL
To know bonus additions: ASKLIC BONUS
To know the amount of loan available: ASKLIC LOAN
For nomination details: ASKLIC NOM

Procedure to check LIC of India Policy Status by Calling Customer Care

LIC of India provides 24*7 customer care service that enables you to obtain your LIC policy status

Know More About LIC of India

LIC Bhagya Lakshmi Term Plan

LIC Premium Calculator

LIC Registration

FAQs

What are the work timings of LIC of India office?

LIC of India office is open for customers on the below days and timings: Monday to Friday: 10.30 a.m. to 05.30 p.m. Saturday: 10.30 a.m. to 01.00 p.m.

How to login to LIC of India agent portal?

You can log in to LIC of India agent portal through Life Insurance Corporation’s official website- www.licindia.in

How can I become a life insurance Corporation’s agent?

To become LIC of India’s agent, you can fill the agent form at the nearest LIC office along with all the required documents.

Can I buy LIC of India policy online?

Yes, you can buy LIC of India policy online through their official website- www.licindia.in.

Can I download Life Insurance Corporation’s claim forms online?

Yes, you can download LIC of India’s claim forms online here. www.licindia.in/Bottom-Links/Download-Forms

Does the LIC of India have an app?

Yes, LIC of India does have an app-My LIC, available for Android and iOS users.

Can NRI buy LIC of India policy?

Yes, NRIs and persons of Indian origin who are residents abroad can buy life insurance plan by LIC.

What is LIC login process in case of forgotten password?

To retrieve your LIC login password, do the following:

Visit www.licindia.in
Click on customer portal
You will be directed to www.licindia.in/Home-(1)/LICOnlineServicePortal
Click on the registered user
You will be directed to ebiz.licindia.in/D2CPM/#Login
Below the ‘sign in’ tab you will see the forget password option
Click on forgot password
You will then have to enter your user ID
Date of birth and the captcha
On doing this, you can successfully able to set a new password.

What is LIC login process in case of forgotten user ID?

To retrieve your LIC user ID, follow the below steps:

Visit www.licindia.in
Click on customer portal
You will be directed to www.licindia.in/Home-(1)/LICOnlineServicePortal
Click on registered user
You will be directed to ebiz.licindia.in/D2CPM/#Login
Below the ‘sign in’ tab you will see the forget password option
Click on forgot user ID
You will then have to enter your policy number, instalment premium, date of birth and captcha
On doing this, you can successfully able to retrieve your forgotten LIC user ID.

What is life insurance corporation’s renewal process?

You can renew your LIC of India policy online or offline by opting for the below process.

Online process to renew your LIC policy

Visit the website www.licindia.in
Click on customer portal
Register for LIC e-services, if you haven’t
If you have registered for LIC e-services, click on registered user
Login to your LIC online account
Choose the policy you want to renew
Pay the premium
Take a print out of the premium deposit

Offline process to renew your LIC of India policy

You can visit your nearest Life Insurance Corporation branch and pay via cash/cheque.

Can I visit the branch personally to know my LIC policy status?

Yes, you can visit the branch personally to know the status of your LIC policy.

What is sum assured in LIC?

Sum assured in LIC is defined as the guaranteed amount payable to the nominee or the policyholder who will receive it as death or maturity benefit. Usually, sum assured is the highest of the basic sum assured or 10 times of the annualised premium or 105% of the total premiums paid till date.

What is the age limit for LIC policy?

The age limit for life insurance plan by LIC varies depending on the different life plans offered by the company.

Is LIC maturity amount taxable for NRI?

No, the LIC maturity amount may not be taxable for an NRI. However, you can confirm the same as per the terms and conditions of the plan opted and the same has to be consulted with your tax advisor.

Is LIC premium taxable?

No, the LIC of India premium paid for your life insurance policy is not taxable as per section 80C of the Income Tax Act, 1961.

Is LIC bonus tax-free?

Yes, LIC bonus is exempted under section 10(10D) of the Income Tax Act, 1961.

Can we pay LIC premium before the due date?

Yes, you can pay the premium for your LIC of India policy before the due date. However, only premium due in the same financial year can be paid in advance and 3 months advance payment can be made for premium falling in the next financial year.

What is the grace period for LIC premium payment?

The grace period of Life Insurance Corporation premium payment is different depending on the premium paying mode. A grace period of 30 days is given for payment made on a quarterly, half-yearly or yearly basis. For payment made on a monthly basis, a grace period of 15 days is given.

How can I check my LIC policy premium?

You can check LIC of India policy premium online through LIC e-services portal or can simply send an SMS to 56767877. Just type ASKLICPremium and send to 56767877 in the SMS and you will get an instant information about it.

Can LIC loan EMI be paid online?

Yes, you can pay the EMI of your loan taken from LIC of India online through their e-services portal.

How much loan can I get from Life Insurance Corporation of India?

You can avail loan from LIC only till a maximum of 80% to 90% of the surrender value depending upon the plan chosen. Surrender value is achieved only after full payment of premium is made for 2 to 3 years

What is the interest rate in LIC policy loan?

The interest rate for LIC of India’s policy loan is around 9.5% - 10% per annum.

How can I close my LIC policy?

You can cancel i.e. surrender your LIC of India policy only after paying the premium for a minimum of 2 - 3 years.

What are the riders that I can buy with my LIC of India policy?

The riders that you can buy with your Life Insurance Corporation policy are:

LIC’s linked accidental death benefit rider
LIC’s accidental death and disability benefit rider
LIC’s accident benefit rider
LIC’s new critical illness benefit rider
LIC’s new term assurance rider

What is the cancellation process for a policy from LIC of India?

A policy from LIC of India can be cancelled during the Free look Period of 15 days from the day of purchase of the policy. In case a policyholder returns the policy during the Free look Period, LIC of India will return the premium amount paid till date, after the deduction of applicable charges towards life cover and taxes.

Policies from LIC of India cannot be cancelled after the lapse of the Free look period.

How can I check LIC of India policy status?

You can follow these simple steps to check your LIC OF India policy status:

For LIC of India policyholders who are yet to register their policy, they can fill up the online Registration Form and then select a User ID and Password as per your preference.
Login to the LIC of India official website using the registered User ID and Password.
Click on the ‘Customer Services’ option on the Home Page of LIC of India, and click on the ‘Policy Status’ option from the dropdown list.
You will be redirected to another page where you will be able to view information regarding your policy status.