LIC Policy
LIC or Life Insurance Corporation is India’s largest insurance provider. And in recent decades, it has become an industry giant by issuing millions of policies over the years. Life Insurance Corporation Policies are one of the most reliable policies in India. With a claim settlement ratio of 98.04% for the year 2017-18. It offers a diverse range of insurance portfolios catering to various needs of its customers.
Why should one opt for Life Insurance Corporation Policy?
- Technological superior Network:- LIC has become the leader as an insurance provider by staying ahead in the game. It has been achieved by being at par in terms of network and by providing advanced and efficient services.
- Not alone in the game:- This company does not work alone it partners with other financial and insurance tycoons such as NSE, LIC Mutual Fund, NCDEX, Stock Holding Corporation of India and many other similar organisations
- Going International:- Not only in India but it has fully functional offices in Sri Lanka, Saudi Arabia, and Bahrain. It also has ambitious plans to expand its business in Australia, Canada, and the USA.
- Product Variety:- It provides a huge variety of products which enables its policyholders and those who are willing to invest in their policies.
- Performance in the stock market:- When it comes to the stock market, LIC stocks are one of the most stable stocks in the BSE.
Types of plans available in LIC Policy
LIC Endowment Plans
| Plan type | Basic Sum Assured | Term |
| LIC Single Premium Endowment plan | Rupees 50000 | 25 years |
| LIC New endowment plan | Rs 1 lakh | 35 years |
| LIC New Jeevan Rakshak | Rs 75000 per life | 20 years |
| LIC Limited premium endowment plan | Rs. 3 lakh | 12,16 and 20 years |
| New Jeevan Anand | Rs. 1 lakh | 35 years |
| LIC Jeevan Labh | Rs. 2 lakh | 16,21,25 years |
| LIC Jeevan Pragati | Rs. 1.5 lakh | 12 to 20 years |
| LIC Jeevan Lakshya | Rs. 1 lakh | 25 years |
LIC Money Back Plans
| Plan type | Basic sum assured | Term |
| LIC New Money back plan 20 years | Rs 1 lakh | 20 years |
| LIC New money back plan 25 years | Rs 1 lakh | 25 years |
| LIC new bima bachat plan | Rs 1 lakh |
|
| LIC bima diamond | 10 X Annualized premium | 12,16, or 20 years |
| LIC Jeevan Tarun | Rs 75000 | 25 minus(-) entry age of the policyholder |
| LIC new children money back plan | Rs 1 lakh | 25 minus entry Age of policyholder |
LIC Term Assurance Plans
| Plan type | Basic sum assured | Term |
| LIC’s Anmol Jeevan II | RS.24 Lakhs | 25 years |
| LIC’s Amulya Jeevan II | RS.25 Lakhs | 35 years |
| LIC’s e-term: | RS.25 Lakhs (Rs.50 Lakhs for non-smokers) | 35 years |
LIC Pension Plans
| Plan type | Basic sum assured | Term |
| LIC’s New Jeevan Nidhi | Rs.1 Lakh to 50 lakh | N.A. |
| Jeevan Akshay-VI | Rs 1 lakh | N.A. |
LIC Group Plans
| Plan type | Basic sum assured | Term |
| LIC’s Group Credit Life Insurance | Rs 4 lakh | 5 to 35 years |
| LIC’s SINGLE PREMIUM GROUP INSURANCE | Rs 10 lakhs | 2 years to 7 years |
| LIC’s NEW GROUP LEAVE ENCASHMENT INSURANCE | Rs1000 ( minimum) | Yearly renewable |
| LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN | Rs1000 ( minimum) | Yearly renewable |
| LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II | Rs1000 ( minimum) | Yearly renewable |
| LIC’s New group gratuity cash accumulation plan | Rs1000 ( minimum) | Yearly renewable |
| LIC’s New group superannuation cash accumulation plan | N.A. | Yearly renewable |
Best LIC Policy policies for Investment
When it comes to purchasing a life insurance plan, LIC policies are the most popular choice for customers. As it offers an extensive range of insurance products which caters to various requirements of insurance buyers.
Here is the list of the best policies offered by LIC
| LIC Policies | Plan Type | Entry Age | Maximum Maturity Age | Policy Term | Sum Assured | Status |
| LIC Tech Term Plan | Term Assurance Plan | 18-65 years | 80 years | 10-40 years | Min Rs 50,00,000 Max- no upper limit | Active |
| LIC Jeevan Umang | Whole Life Insurance | 90 day( completed ) – 55 years | 100 years | 100 years minus(-) the age at entry | Min Rs 200000 Max no upper limit | Active |
| LIC Jeevan Amar | Term Assurance Plan | 18-65 years | 80 years | 10-40 years | Min 2500000 Max no upper limit | Active |
| LIC Money back 25 years | Money-Back Plan | 13-45 years | 70 years | 25 years | min 100000 max no upper limit | Active |
| LIC New Jeevan Anand | Endorsement Plan | 18-50 years | 75 years | 15-35 years | min 100000 max no upper limit | Active |
How to check the status of LIC policy
The status of your LIC plan can be checked online. To do so follow some simple steps such as:-
- Go to the online portal of LIC.
- Log in with your credentials.
- Now you can check your policy status and make your premium payments.
FAQ on LIC life insurance policy
✅ What is LIC explain in detail?
LIC stands for Life Insurance Corporation of India. It started its operations as a corporate firm in September 1956 after the Life Insurance of India Act was passed by India’s Parliament in June 1956. It is one of the largest financial institutions in India.
✅ How can I check my LIC policy without registration?
If not registered on LIC Portal: Visit the web portal of LIC, click on the tab “new User”, select your own user-id and password and provide all the necessary information. Now you are a registered Portal user.
✅ Can I know my LIC policy details?
You can obtain all LIC policy details by sending an SMS to 56767877.