LIC ULIP Plans

The Life Insurance Corporation of India is the oldest life insurance player in India that is catering to diverse insurance and investment needs of people. When it comes to wealth building insurance products, LIC has various types of ULIP plans to offer to suit varying investment requirements. ULIPs are the hybrid plans that combine the benefit of insurance and investment to provide life protection and wealth optimisation at the same time. This market-linked and tax efficient ULIP plans offered by LIC can help in retirement planning, child education or in achieving any long-term financial goal.

Types of LIC ULIP Plans

Here are various ULIP plans offered by LIC.

New Endowment Plus

Benefits and features

Partial withdrawal is available after lock-in period.
Optional rider available- accidental death benefit
Four investment fund choices Bond Fund, Secured Fund, Balanced Fund, Growth Fund
Death benefit equal to policyholder’s fund value is paid on demise of policyholder
Maturity benefit equal to policy fund value is paid
Settlement option (for 5 years) on maturity is available.

A	Minimum Age Entry	- 90 days (Completed)
B	Maximum Age Entry	- 50 Years (Nearest Birthday)
C	Minimum Maturity Age	- 18 Years Completed
D	Maximum Maturity Age	- 60 Years (Nearest Birthday)
E	Policy Term	- 10 to 20 Years
F	Premium Paying Term	- same as policy term
G	Premium Amount

Why Choose LIC Insurance Plans?

Here are few simple reasons to choose LIC insurance plans

LIC being the oldest and a government owned insurance player, has the highest market share.
LIC has a good brand equity and highest claim settlement ratio
LIC offers innovative and vast range of features

Documents required

Here are the list of documents required

Age proof (any one of these-birth certificate, driving license, voter ID, passport, 10th or 12th marks sheets etc )
Identity proof (Aadhaar card/Voter ID/PAN Card/Passport/Driving license)
Income proof
Address proof (Utility bills/Passport/Driving license/Voter ID/Ration card)
Passport size photographs

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FAQs on LIC ULIP Plans

How to pay premiums? What are the modes of premium payment available?

Premiums can be paid by digital payment/NEFT/cheque/ECS/DD/Cash/credit card/debit card/easy bill pay/suvidha infoserve. However, the mode of payment may vary from plan to plan. Most of the plans offer yearly, half yearly, monthly and quarterly payment of premium.

How can I check policy status for LIC ULIP Plans?

It’s quite easy to check the policy status. If you have an online access, you just need to log on to LIC’s website with your user details. The policy status will be displayed online. However, you can always visit LIC branches or call them on their customer care number to know the status of your policy. Ensure to give them all the required details for initial verification and confirmation.

What is the policy renewal process for LIC ULIP Plans?

For online registered users, below steps are to be followed

Log on to e-portal with your user details
Choose the policy and click on payment option
Once the payment is successful, print the premium deposit receipt However, if you are not registered online, you can visit the nearest LIC branch for payment.

What is the company’s process to settle claims for LIC ULIP Plans?

For the settlement of claims in case of demise of policyholder, the nominee can visit the nearest branch with original policy certificate and the death certificate of the policyholder. Branch officials will then guide them through claim settlement process. All you need ensure is to collect the document checklist, so that they can place the claim properly without leaving any chance for rejection on minor documentation mistakes.

What is the policy cancellation process for LIC ULIP Plans?

Cancellation is nothing but surrendering the policy before its term. Each policy or plan may have different terms and conditions for cancellation. Hence, it’s important to consider the lock-in period, current market value, charges involved for cancellation and other terms and conditions applicable.

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