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A Brief Introduction to LIC and its Insurance Policies

Life Insurance Corporation (LIC) of India is a public sector insurance company, headquartered in Mumbai, the commercial capital of India. It is the largest insurance company in India with an estimated asset value of Rs 1,560,482 crore.

Life Insurance Corporation (LIC) was established in 1956 along with more than 245 insurance companies and provident societies. Currently it is operating with 8 zonal offices and 113 divisional offices. Also it has a wide network of 2000 branches and 14 lakh agents across the nation. The motto of the company is “Yogakshemam Vahamyaham” which means i.e. – your welfare is our responsibility.

LIC has a variety of insurance products to its customers such as insurance plans, pension plans, Unit Linked plans, special plans and group schemes as well as online child insurance plans.

Types of policies LIC Offers

1. LIC Term Plans

LIC term plans are the most affordable plans for an insured future. Those who are looking for a quicker and tech savvy approach can go for LIC Term Plans as they can be easily availed through minimal or no paperwork.

(a) Anmol Jeevan II – Anmol Jeevan II comes with death benefit. Under this plan, financial security will be provided to the family of the policy holder in case of unfortunate death of the insured.

(b) Amulya Jeevan II – LIC Amulya Jeevan II is a traditional term plan which comes with death benefit. This plan caters to the needs and requirements of the family of the policy holder when he / she is not around.

(c) E – Term – e – term is LIC’s only online plan can be easily availed through minimal or no paperwork.

LIC term plans Entry Age Maximum Maturity Age Policy term Minimum Sum Assured
Jeevan Akshay VI 18 – 55 years 65 years 5 – 25 years Rs. 6 lakhs
New Jeevan Nidhi 18 – 60 years 70 years 5 – 35 years Rs. 25 lakhs
PMVVY 18 – 60 years 75 years 10 – 35 years Rs. 25 lakhs

2. LIC Pension Plans

One should save enough for a dignified retired life. LIC offers many such pension plans which guarantee financial stability in old age.

(a) Jeevan Akshay – VI – Jeevan Akshay VI is an instant “Annuity Plan” of LIC. In this plan, one can pay a lump sum and purchase this plan and get annuity payout throughout the lifetime.

(b) New Jeevan Nidhi – New Jeevan Nidhi is a traditional with profits – pension plan that offers protection and encourage saving. This plan offers death cover throughout the deferment period and provides annuity on survival to the date of investment.

(c) Pradhan Mantri Vaya Vandhan Yojana – This is the newest pension scheme launched by the LIC for the senior citizens of the country who have attained the age of 60 years and above. It provides a trio benefit namely Pension Payment, Death Benefit and Maturity Benefit. This plan is available both online and offline.

3. LIC Child Plan

LIC offers many child insurance plans which helps securing a child’s future.

(a) New Children’s Money Bank Plan – This scheme helps in financially securing a child’s future and also it provides financial back up for the major life events in a child’s life.

4. LIC Endowment Plans

LIC endowment plan is a life insurance plan along with savings. It provides death and maturity benefits.

(a) Jeevan Pragati – LIC Jeevan Pragati is a protection – cum savings plan. Under this scheme, the amount assured on the demise multiplies in five five.

(b) Jeevan Labh – LIC Jeevan Labh is a non – linked, limited premium paying life insurance plan which offers both protection and savings to the policy holder.

(c) Single Premium Endowment Plan – LIC Single Premium Endowment Plan is a combination scheme which provides Protection – cum savings where one can pay a premium in a lump sum at the onset of the plan. This policy can be used to secure a loan.

(d) New Endowment Plan – LIC New Endowment Plan is also a combo plan which has savings and protection features. The premium in this plan can be paid every month, quarter, 6 months or every year.

(e) New Jeevan Anand – LIC New Jeevan Anand offers an attractive combo of savings and protection. This insurance plan can be enhanced using the Accidental Death and Disability rider.

(f) Jeevan Rakshak – LIC Jeevan Rakshak provides both savings and protection. In case of the sudden demise of the insured any time before the policy matures, the scheme will provide financial back up to the insured’s family.

(g) Limited Premium Endowed Plan – LIC Limited Premium Endowed Plan is a combination of savings and protection plan. This scheme offers a fiscal security in case of any unforeseen demise of the insured any time before the policy gets matured.

(h) Jeevan Lakshay – LIC Jeevan Lakshay provides Annual Income Benefit, which can fulfil the requirements of the insured’s family, certainly for the children’s benefits, in case of any unforeseen demise of the insured any time before the policy gets insured and a lump sum at the time of policy’s maturity heedless of the policy holder’s survival.

(i) Aadhaar Shila – LIC Aadhaar Shila policy is a combo of savings and protection. This scheme has been planned keeping the female policy holders in mind, who have Aadhaar cards issued by Unique Identification Authority of India (UIDAI). This policy provides fiscal security for the insured’s family in the case of unforeseen demise of the insured any time before the policy gets matured and a lump sum at the maturity of the policy for the surviving insured.

(j)  Aadhaar Stambh – LIC Aadhaar Stambh plan is a combo plan of savings and protection. This scheme has been planned keeping the male policy holders in mind, who have Aadhaar cards issued by Unique Identification Authority of India (UIDAI). This policy provides fiscal security for the insured’s family in the case of unforeseen demise of the insured any time before the policy gets matured and a lump sum at the maturity of the policy for the surviving insured.

5. LIC Whole Life Plan

This plan is known as Whole Life Plan as it remains throughout the insured whole lifetime provided the premiums are paid. In this scheme a certain aforementioned amount will be paid to the nominee if the insured dies. A death benefit under this plan is tax free.

(a) Jeevan Umang – LIC Jeevan Umang is a whole life insured assurance scheme. This plan caters a combo of protection and income to the family of the insured.

6. Money Back Plans

(a) Bima Diamond – LIC Bima Diamond is a premium payment money back plan. This plan offers a combination of savings and protection plan. Under this plan, if the insured meets unforeseen demise, this scheme will provide financial security of the family of the insured not only during the term of the policy but also ahead of the policy term all through the extended cover period.

(b) New Money Back Plan 20 years – New money back Plan 20 years is a combo of protection against the demise of the policy holder with the periodic payments on the survival of the insured at particular throughout the term. This scheme also provides financial security to the insured’s family.

(c) New Money Bank Plan 25 Years – New Money Back Plan 25 Years is a combo of protection against the demise of the policy holder with the cyclic payments on the survival of the insured at particular throughout the term. This scheme also provides financial security to the insured’s family.

(d) New Bima Bachat – LIC New Bima Bachat is a combo of protection – cum – savings plan. This is a money – back scheme offering financial security against the demise throughout the term of the plan.

(e) Jeevan Tarun – LIC Jeevan Tarun Plan is a limited premium payment scheme that provides an attractive combo of protection – cum – savings plan, especially designed for the requirements of the kids such as education, marriage etc.

Modes of Payment under LIC

• Cash / Cheque / DD at the nearest branch

• Payment at the axis bank

• Payment at the corporation bank(want to know Corporation Bank’s IFSC Code)

• NEFT

• ECS

• AP Online

• MP Online

• Suvidha Info serve

• Easy bill pay

• Premium point by empowered agents

• Life plus SBA

• Retired LIC Employee Collection

• Phone banking

• Authorized Service Provider

For Online Payment Mode

• Credit Card

• Debit Card

• Net Banking


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