LIC Life Insurance Plans

Life Insurance Corporation of India (LIC) is the biggest insurance company in India and one of the country's most important institutional investors. It began on September 1, 1956, when the Life Insurance of India Act was passed by the Parliament of India. This took over India's insurance business and made it a Government agency. The corporation is owned by the Indian Government, and its main office is in Mumbai.

With 8 zonal offices in Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal, and Patna, LIC has a large network all over India. It has a strong presence in many cities throughout the country. As of 2023, LIC had about 95,700 dedicated employees.

LIC offers a range of life insurance plans for people at different stages of their lives and with different amounts of money to invest. It provides wellness insurance, health insurance, endowment policies, money-back policies, whole life insurance, retirement plans, and unit-linked insurance plans (ULIPs). These plans give customers choices about policy terms and premiums to find a life insurance policy that fits their needs.

Key Highlights

The insurer's most important features are shown below:

No. of Products and Riders

Claim Settlement Ratio (CSR)

Solvency Ratio

Sum Assured in Force

Rs. 1,14,07,421.49 Crores

Asset Under Management (AUM)

Rs. 4043655.51 Crores

Amount Settled

Rs. 18397.77 Crores

Source: The data was taken from IRDAI’s official website.

Types of LIC Life Insurance Plans

These LIC plans are made to fit the policyholder's unique needs and goals. It is important to pick a plan that fits your financial goals and level of comfort with risk. Here's some information about each one:

• Term Plan: This is the most basic kind of life insurance. It covers you for a certain amount of time. If the policyholder dies during the policy's term, the beneficiaries receive the death benefit.
• Endowment Plans: These are savings-oriented life insurance plans that pay out a lump sum either when the policyholder dies or when the policy matures. LIC has several endowment plans, such as Bima Jyoti, Bima Ratna, Dhan Sanchay, Jeevan Azad, and others.
• Whole life insurance: As the name suggests, this policy covers the insured person for their whole life. If the insured person dies, the policy will pay out a death benefit plus any bonuses that have been earned.
• Money-Back Plans: These plans pay out regular amounts as survival benefits for as long as the policy is in effect. The remaining sum assured will be paid to the policyholder if they live through the term. If the policyholder dies during the policy term, the full sum assured is paid out, even if survival benefits have already been paid.
• Pension Plans: These are retirement plans that are meant to help you make sure you will have enough money after you retire. Under these plans, you can get a regular pension as an annuity.
• Unit Linked Insurance Plans (ULIPs): These plans offer both insurance and investments. Some of the premium is used to pay for life insurance, and the rest is put into different equity and debt schemes. Also, note that there is a market risk with the investment part.
• Microinsurance Plans: The goal of microinsurance plans is to provide insurance coverage to people who are struggling financially.

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LIC Life Insurance Plan List

List of LIC Life Insurance Plans

A few of the top LIC Life insurance plans are added in the table below, along with their respective plan type, entry age, and sum assured:

Plan Name

Plan Type

Minimum Entry Age

Maximum Entry Age

Sum Assured

LIC SIIP

7X or 10X of annualised Premiums

LIC Index plus

7X or 10X of annualised Premiums

LIC New Pension Plus

LIC New Jeevan Amar

Minimum Rs. 25 lakhs

LIC New Jeevan Anand

Minimum Rs. lakhs
Maximum- No limit

LIC Jeevan Labh

Minimum Rs. 2 lakhs
Maximum- No limit

LIC Jeevan Umang

Whole life plan

Minimum Rs. 2 lakhs
Maximum- No limit

LIC Jeevan Utsav

Whole life plan

Minimum Rs. 5 lakhs

LIC New Jeevan Shanti

Details of Each Plan

The following are the specifics of every plan that was added to the above table:

1. LIC SIIP

Systematic Investment Insurance Plan (LIC SIIP) is a unit-linked, non-participating, regular premium individual life insurance plan that covers both investments and insurance during the policy term. The plan allows you to save monthly, quarterly, semi-annually, or annually. It also offers 7X insurance coverage for people over 55 years and 10X coverage for people under 55 years.

For investors, there are four fund choices: bond, secured, balanced, and growth . Anytime the insured person dies, the nominee will get a death benefit equal to the value of the unit fund. Furthermore, the plan provides a maturity benefit and a refund of mortality charges. There are guaranteed additions, partial withdrawals, switching, settlement options, surrender benefits, revival, and a "free-look" period with this policy. The policyholder can also have LIC's Linked Accidental Death Benefit Rider.

2. LIC Index Plus

With LIC's Index Plus Plan, investors can place their money into a life insurance policy. It is a unit-linked, non-participating, individual life insurance plan. It provides regular premiums and offers four types of funds, as well as payouts for unfortunate events. It also proposes guaranteed additions at various stages of the cycle and the option to withdraw money after 5 years . The policy stays active even if premiums are not paid, and cancellations can be made within 15-30 days . An accidental death benefit is also available with this plan.

3. LIC New pension Plus

The New Pension Plus Plan from LIC is an insurance plan that helps people save money for retirement in a systematic manner. It is an individual, unit-linked, non-participating scheme. It provides regular or lump-sum premium payments, guaranteed payouts for unfortunate events, and additional funds known as "Guaranteed Additions". The plan allows for withdrawals and switching between funds over a period of 5 years . If premiums are not paid, the policy will remain active. Cancellation is allowed within 15 to 30 days . Some features of this plan are Flexible Premium payments, multiple fund options, market-linked payments, partial withdrawals, etc. the maximum payment of premium is also not limited in this scheme.

4. LIC New Jeevan Amar

The LIC's New Jeevan Amar Plan is a life insurance policy that provides financial security to families in the event of an unfortunate incident. It is a non-linked, non-participating, non-profit, offline pure protection term insurance plan. It charges regular premiums and pays out at the end of the policy term. The plan provides two payout options: a fixed amount (Level Sum Assured) and an increasing sum over time . Women are eligible for special rates, and smokers may be required to pay an additional premium as there is a risk. The plan can be customised to include an accidental death benefit according to needs and goals. Overall it protects family members at an affordable cost and provides financial assistance as well.

5. LIC New Jeevan Anand

The New Jeevan Anand Plan from LIC protects families financially in case something bad happens. It is a long-term plan that requires investment for 15 to 35 years . It offers regular premiums and a payout if the policy term ends, with a minimum of 1 lakh sum assured and no maximum limit set The payouts can be fixed or increased over time. Girls and women can get lower rates, and people who smoke might have to pay more. An accidental death benefit can be added to the plan. If the policyholder dies, the 125% death benefit is given under this policy.

6. LIC Jeevan Labh

LIC's Jeevan Labh Plan offers both protection and savings benefits. It is an endowment plan and requires regular premiums for a specific period, with a payout for unfortunate events. If the policy term ends, the family receives a lump sum amount along with a bonus. The plan also provides benefits like maturity benefit, death benefit, and participation in LIC's profits. An accidental death benefit can be added.
In addition, if the policyholder dies during the policy term, his nominees receive ten times the annual premium paid. The death benefit will never be less than 105% of the premiums paid. However, for this, the policy premium must be paid on time.

7. LIC Jeevan Umang

LIC's Jeevan Umang Plan is a non-linked, whole-life insurance plan that offers protection and regular payouts. It requires regular premiums for a specific period and provides both protection and benefits to policyholder. If the insured survives the policy term, they receive regular payouts every year. The plan also provides a lump sum as a maturity benefit at the end of the term. An accidental death benefit can be added to the plan. One standout feature of this plan is, it allows customers to avail loan facilities as a large sum is insured under this scheme.

8. LIC Jeevan Utsav

LIC's Jeevan Utsav Plan is a life insurance plan that offers financial support to the family if the death of a policyholder occurs. It is an individual, non-linked, non-participating, savings, whole life insurance plan. It requires regular premiums for a specific period, and if the insured survives the policy term, they receive a payout. The plan also provides a lump sum as a maturity benefit at the end of the policy term. Additionally, the surviving policyholder receives survival benefits in the form of regular income every year or flexible income, depending upon the option chosen at the time of buying the policy. An accidental death benefit can be added to the plan. The main objective of this plan is to protect policyholders from any uncertainties in life.

9. LIC New Jeevan Shanti

LIC's New Jeevan Shanti Plan is an insurance plan that provides a regular income for life, also known as an annuity. It is a pension scheme and allows a lump sum payment and a fixed amount for the rest of the life. It is also a completely non-linked and non-participating scheme. This plan is ideal for those seeking a steady income after retirement and provides a payout for the family in case of an unfortunate event.

This scheme can be bought with a one-time investment of Rs. 1,50,000 and there is no maximum age limit for this plan. This plan can be purchased for spouses, grandparents, grandchildren, parents and children. The policyholder can also surrender the plan anytime after 3 months of policy completion.

Riders Available with LIC Life Insurance Plan

It has different rider options that can be added to the life insurance policy of your choice to make it more comprehensive. Here are some of the rider options available:

1. Linked Accidental Death Benefit Rider: This rider gives the policyholder an extra sum assured in case they die in an accident. This is extra protection that you can get by paying an extra premium. When you add this rider benefit to your basic LIC policy, your family gets an extra sum assured if you die in an accident.
2. Accidental Death & Disability Benefit Rider: This extension gives the policyholder a lump sum if they die or become disabled in an accident. The benefit from this rider is only given if someone dies in an accident. When someone dies naturally, only the base plan's promised death benefit will be paid out.
3. Rider for Premium Waiver: If the policyholder dies or becomes disabled, this rider will not charge them any more premiums. Although the premiums have been waived, the benefits of the policy have not changed. It is an extra benefit that you can add to your basic life insurance policy for an extra fee.
4. New Critical Illness Benefit Rider: This rider gives you a lump sum if you are diagnosed with certain critical illnesses. It is an add-on that is not linked to the base policy. If the beneficiary gets a critical illness that is listed in the base policy, it pays out the sum assured.
5. New term Assurance Rider: This add-on gives you an extra death benefit on top of the base policy sum assured. It is a pure-term rider that only pays out in case of death. This can only be chosen with a plan; it can not be chosen by itself.
6. Premium Waiver Benefit Rider (with Auto Cover): Suppose the policyholder can not pay the premiums for a certain amount of time because of certain circumstances. In that case, this rider waives the future premiums and keeps the policy in effect for a certain amount of time. The policyholder does not have to pay any more premiums for the base policy if they die or become totally and permanently disabled.

How to Buy an LIC Life Insurance Plan?

Online life insurance plans from LIC can be bought on either InsuranceDekho or the company's own website. For both, here are the exact steps:

Buying LIC Life Insurance Plan Via InsuranceDekho

To buy a LIC life insurance policy from the InsuranceDekho website, follow these steps:

Step 1: Open your web browser and navigate to the official InsuranceDekho website.

Step 2: In the top menu, choose "Insurance". From the drop-down option, choose "Life Insurance."

Step 3: Fill out your personal information, then click "View Plans for Free."

Step 4: Use filters to select the best LIC Life Insurance plan based on your needs. If necessary, add riders to the plan to monitor any changes in premium levels.

Step 5: On the following screen, provide further information and click "Next Step."

Step 6: Check the LIC life insurance plan you selected and pay for it.

Step 7: After you have paid, provide the request for approval form together with specific necessary papers, such as proof of identification and proof of income, that are necessary for KYC.

Step 8: You may be required to take a medical test for LIC Insurance Plans. The underwriting professionals will determine if you may get the coverage.

Step 9: If your insurance is accepted, you will get your LIC Life Insurance policy along with a confirmation call and email.

Buy LIC Life Insurance Plan Via Insurer Website

You may also purchase a LIC life insurance policy on the company's website:

Step 1: Go to the LIC Life Insurance website to begin.

Step 2: To proceed, follow the steps mentioned above (from step 2). Your insurance will be sent to you without any issues.

Documents Required

To obtain an LIC life insurance policy, you must provide the insurer with the necessary paperwork:

• Identity proof might include a driver's licence, voter ID, or Aadhaar card.
• Address verification using Aadhaar cards, passports, voter IDs, and other documents.
• Proof of income might include pay stubs or wage slips, bank statements, and so on.
• Passport-sized photos
• Health and Medical Report
• Information about current, ongoing, and past insurance policies
• Information on Previous Medical Records

How to Upgrade your LIC Life Insurance Plan?

With InsuranceDekho, you can easily renew or update your LIC Life Insurance policy. Here are some details available for it:

• Renewal time: Increasing your policy coverage is an excellent way to benefit from the renewal of your life insurance policy. With InsuranceDekho, you can customise your LIC life insurance plan in a variety of ways, such as by adding more riders or upgrading the coverage amount. As a result, when your policy is up for renewal, it is best to assess your current protection and discuss upgrades that better meet your needs.
• Between Renewals: You can modify your LIC life insurance policy at your convenience. You do not have to wait until your policy is renewed. You can contact InsuranceDekho's customer service team at 7551196989 . If you find that your current coverage is insufficient or your needs have changed, you can discuss your options for an upgrade.
• Benefits of Portability: If you are considering switching from another insurance provider to an LIC Life Insurance Policy, you can use InsuranceDekho's portability feature to switch your current coverage to a new LIC plan while retaining certain benefits. This may be an easy way to increase your coverage.

Frequently Asked Questions (FAQs)

Ques.1 How much is the LIC Life Insurance grace period?

Ans. The grace period for LIC Life Insurance premium payment typically extends for 15 days from the due date for monthly premium payment mode and 30 days for other modes such as quarterly, half-yearly, or annual payments.

Ques. 2. What is the process for verifying the status of my LIC Life insurance policy?

Ans. To check the status of your LIC Life Insurance Policy, go to the LIC official website or InsuranceDekho and create an account. After logging in, the dashboard will show you the status of your policy.

Ques.3 What tax advantages do LIC Life insurance policies offer?

Ans. LIC Life Insurance policies provide tax advantages under the Income Tax Act of 1961. Premiums for LIC policies are eligible for tax benefits under Section 80C. Furthermore, these policies' maturity or death benefits are tax-exempt under Section 10 (10D).

Ques. 4. What kinds of insurance plans does LIC Life Insurance provide?

Ans. Following are the key insurance plans offered by LIC Life Insurance:

• Term Insurance Plans
• Endowment Plans
• Unit Linked Insurance Plans (ULIPs)
• Pension Plans
• Money Back Plans
• Whole Life Plans and more

Ques. 5. Do LIC life insurance policies need medical tests?

Ans. Yes, medical checks are often necessary for LIC Life Insurance coverage. However, the need for medical testing might vary on various circumstances, including the type of policy you buy, your age, the sum assured picked, and if you have any history of medical disorders.