LIC Policy: Best LIC Policies In India For 2023
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Life Corporation of India or LIC is known as one of the largest providers of insurance and other related insurance products and policies in India. LIC has a huge range of policies in its kitty, be it term plans, endowment plans, plans for senior citizens or children, LIC has insurance policies for everyone. The LIC policies are further divided into the following five categories, such as:
- 1.Insurance (endowment, money back and term plans).
- 2.Pension plans.
- 3.Unit-linked plans.
- 4.Micro insurance plans.
- 5.Health plans.
Here’s a detailed article which talks about each and every policy of LIC and their key features.
Types of LIC Policies
LIC Endowment Plans
The LIC has a huge range of endowment plans to offer. Most of its endowment plans are designed to participate in the company’s profits and others deal in wealth creation through investment in equity markets. LIC endowment plans help the policyholder to get the dual advantage of life insurance along with long-term savings. Apart from just death benefits, these policies also offer maturity benefits along with surrender benefits as well.
Below mentioned is a list of all the endowment plans offered by the LIC:
- LIC Dhan Vridhi
- LIC Bima Jyoti
- LIC Bima Ratna
- LIC Dhan Sanchay
- LIC Dhan Varsha
- LIC Jeevan Azad
- LIC New Endowment Plan
- LIC New Jeevan Azad
- LIC Single Premium Endowment Plan
- LIC Jeevan Lakshya
- LIC Jeevan Labh
- LIC Aadhaar Stambh
- LIC Aadhaar Shila
Features of Top Endowment Plans
LIC Dhan Vridhi
Key features:
- Provides the dual combination of savings and financial protection.
- Offers financial help to the family incase of unfortunate demise of the life assured.
- Offers a guaranteed lump sum amount upon the maturity of the policy.
- Single premium plan with a minimum sum assured of INR 1.25 lakh.
LIC New Endowment Plan
Key features:
- Entry age: Eight years to 55 years.
- No limit on maximum sum assured.
- Minimum sum assured in INR 1 lakh.
- Policy tenure is 12 years to 35 years.
- Flexibility to pay premiums in monthly, quarterly, half-yearly or in annual installments.
LIC Single Premium Endowment Plan
Key Features:
- No limit on maximum sum assured.
- Minimum sum assured in INR 50,000.
- Plan offers maturity benefits and surrender value.
- Policy tenure is 10 years to 25 years.
- Option to avail loan against the policy.
- Flexibility to pay premiums in monthly, quarterly, half-yearly or in annual installments.
LIC New Jeevan Anand
Key Features:
- No limit on maximum sum assured.
- Entry age: 18 years to 50 years.
- Policy tenure is 15 years to 35 years.
- Cover can be extended up to 75 years.
- Option to enhance the coverage by using accidental death and disability riders.
LIC Jeevan Lakshya
Key Features:
- No limit on maximum sum assured.
- Minimum sum assured in INR 1 lakh.
- Policy tenure is 13 years to 25 years.
- Flexibility to pay premiums in monthly, quarterly, half-yearly or in annual installments.
LIC Whole-Life Plans
LIC Jeevan Umang is the only whole-life plan which LIC is offering at present. This is a 100-year plan which provides guaranteed survival benefits and thus offers a combination of income as well as protection to you and your family.
Key Features
- Entry age: 90 days to 55 years.
- Age at maturity: 100 years.
- Offers death and maturity benefits.
- No limit on maximum sum assured.
- Minimum sum assured in INR 2 lakh.
- Riders can be opted for such as accidental death and disability rider, accident benefit rider and premium waiver rider.
LIC Money Back Plans
The LIC is one of the biggest insurance providers of money back insurance policies in India. LIC money back policies offer life cover along with maturity and survival benefits. There are several money back plans which come along with rider benefits. Here is list of all the money back plans offered by LIC:
- LIC Dhan Rekha
- LIC New Bima Bachat
- LIC New Money Back Plan
- LIC Jeevan Umang
- LIC Jeevan Tarun
- LIC New Children’s Money Back Plan
- LIC Jeevan Shiromani
- LIC Bima Shree
Features of Top Money Back Plans
LIC New Money Back Plan
Key Features:
- Provides life coverage against death.
- Offers periodic payment on survival at specified durations during the term.
- Option to avail loan against this policy.
- Policy comes for 20 years.
- Provides simple reversionary bonuses.
LIC New Bima Bachat
Key Features:
- Offers financial protection with other wide range of benefits.
- Death benefit is paid as sum assured on death, simple reversionary bonuses and final bonus, if any.
- Policy also offers bonuses by participating in profits.
- Loyalty addition payable after five years on policy on death and survival.
LIC New Children Money Back Plan
Key Features:
- Offer financial protection along with financial benefits to your children.
- Provides survival, death and maturity benefits.
- Option to defer survival benefit rider and opt for premium waiver benefit.
LIC Jeevan Tarun
Key Features:
- Offers financial protection along with a savings plan for the children.
- Designed to meet the educational needs and other financial needs of children.
- Provides survival benefits online.
- Four different options offered by the plan with the option to select riders.
LIC Term Insurance Plans
The LIC offers a total of three kinds of term insurance plans which aims to provide financial protection to your family in case of your unfortunate demise. LIC term plans are quite flexible in nature which offers quite a comprehensive coverage at an affordable cost. These term plans can be bought by intermediaries and via online channels also.
LIC Tech Term
Key features:
- Entry age is 18 years to 65 years.
- Policy term is 10 years to 40 years.
- Offers level and increasing sum assured options.
- Premium payment can be done at one go or in installments.
- Lower premium rates for women policyholders.
- Minimum sum assured is INR 50 lakh.
LIC New Jeevan Amar
Key features:
- Entry age is 18 years to 65 years.
- Minimum sum assured in INR 25 lakh.
- Offers level and increasing sum assured options.
- Premium payment can be done at one go or in installments.
- Benefit of high sum assured rebate.
- Option to enhance coverage by opting for accident benefit riders.
LIC Saral Jeevan Bima
Key features:
- Entry age is 18 years to 65 years.
- Policy term is five years to 40 years.
- Minimum sum assured is INR 5 lakh up to the maximum of INR 25 lakh.
- Premium can be paid yearly, half-yearly or monthly.
LIC Optional Riders
- Accidental Death Benefit Rider: Offers financial protection to the family of the insured, in case of the death of the insured due to sudden and unforeseen accident. The minimum coverage is INR 1 lakh. This rider can be purchased along with the LIC policies to enhance the present coverage of a particular policy.
- Accidental Death and Disability Benefit Rider: This rider provides financial help to your family in case of any unfortunate event of an accident that leads to any kind of permanent or temporary disability or death of the insured.
- Premium Waiver Benefit Rider: This rider is only applicable to the base plan where it tends to provide the waiver of future premiums in case of an unfortunate death of the insured within the rider policy term. If the premium payment term of the base policy is more than the rider term, then the insured or policyholder is liable to pay the difference.
- Critical Illness Benefit Rider: It aims to reduce the financial burden of the policyholder, if they have been diagnosed with any of the listed 15 critical diseases such as kidney failure, heart attack, blindness, etc. The rider lapses if once the critical illness sum assured becomes payable.
- New Term Assurance Rider: Provides the extra life coverage in case of an unfortunate death of the insured during the policy cover period. This rider can be purchased along with any base policy at a nominal cost.
LIC Pension Plans
The LIC pension plans are designed for elderly age especially when one attains retirement. These policies are made to suit the financial needs of senior citizens so that they do not give up on the best things in their life as the steady flow of income continues to come. LIC offers four kinds of pension plans, listed below:
LIC Jeevan Akshay
Key features:
- Option to choose from 10 different annuity options.
- Entry age is 30 years to 100 years.
- Option to receive annuity on monthly, quarterly, half-yearly or in annual installments.
- Minimum purchase price is INR 1 lakh.
LIC New Jeevan Shanti
Key features:
- Annuity payment can be received after the deferment period.
- Option to avail joint life annuity for dependents.
- The accrued amount is payable with death benefit.
- Option to avail loan against the policy.
- Minimum purchase price is INR 1,50,000.
- Entry age is 30 years to 80 years.
LIC Saral Pension
Key features:
- This plan can be purchased with a single premium.
- Annuity rates are fixed and guaranteed.
- Minimum annuity is INR 12,000.
- No upper limit on the purchase price.
- Entry age is 40 years to 80 years.
Pradhan Mantri Vaya Vandana Yojana
Key Features:
- Scheme promoted by the Government of India via LIC.
- Current interest rate is 7.40% per annum.
- Loan facility is available after three years of policy.
- Allows pre-withdrawal during the policy tenure.
- Offers death benefit along with survival benefit.
- Maximum pension of INR 1,11,000 can be availed.
LIC Unit-linked Plans
The LIC offers four different kinds of ULIP plans which are designed to provide the dual benefit of investment and insurance benefits under one single plan. Below mentioned are the key ULIP plans by LIC:
LIC Nivesh Plus
Key features
- Entry age is 90 days to 70 years.
- Policy term is 10 years to 25 years.
- Minimum sum assured is:
1. Option 1: 1.25 times of Single Premium.
2. Option 2: 10 times of Single Premium. - Provides death benefit along with maturity and other additions.
- Allows switching between four different types of funds.
LIC SIIP
Key features:
- Entry age is 90 days to 65 years.
- Sum assured is:
1. Below 55 years of age: 10 times annualized premium
2. 55 years and above: Seven times the annualized premium - Provides death benefit along with maturity and other additions.
- Offers free switching between four fund options.
LIC New Pension Plus
Key features:
- Entry age is 25 years to 70 years.
- Policy term is 10 years to 42 years.
- Minimum monthly premium is INR 3,000.
- Offers a choice of four investment fund options.
- Adds a guaranteed fixed amount at the end of the certain fixed years till the date of maturity.
- Up to a maximum of 25% of the fund value can be withdrawn.
LIC New Endowment Plus
Key features:
- Entry age is 90 days to 50 years.
- Minimum sum assured is 10 times of annualized premium.
- Policy term is 10 years to 25 years.
- Offers a choice of four investment fund options.
- Offers accidental death benefit riders.
- Offers death and maturity benefits.
- Partial withdrawals can be made once the policy completes five years.
LIC Micro Insurance Plans
These plans are a perfect blend of insurance and investment. LIC offers three kinds of micro insurance affordable plans which offer coverage to low-income individuals.
LIC Bhagya Lakshmi
Key features
- Entry age is eight years to 55 years.
- Minimum premium payment term is five years.
- Minimum sum assured is INR 50,000 and maximum is INR 2 lakh
- Provides death benefit along with maturity benefit.
- No loan facility will be available under this plan.
LIC New Jeevan Mangal
Key features:
- Entry age is 18 years to 55 years.
- In-built accident benefit rider.
- Provides death benefit along with maturity benefit.
- Minimum sum assured is INR 50,000 and maximum is INR 2 lakh.
LIC Micro Bachat Plan
Key features:
- Offers death and maturity benefits along with loyalty additions.
- Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly.
- Rebate on high sum assured.
- Policy can be surrendered any time provided premiums have been paid fully for at least one year.
LIC Health Plans
LIC Cancer Cover
Key features:
- Regular premium payment health insurance plan.
- Provides financial protection in case the life assured is diagnosed with any stage of cancer.
- Option of level sum insured and increasing sum insured.
- Option to receive lump sum benefit and premium waiver benefit.
LIC’s Arogya Rakshak
Key features:
- Entry age is 18 years and 65 years.
- Sum assured ranges from INR 2.5 lakh to INR 10 lakh.
- Provides health insurance cover against certain specified health risks.
- Coverage for hospitalization and surgery costs.
- Option to increase health cover via auto step up benefit.
- Flexible premium payment options.
- Lump sum benefit irrespective of actual medical bills.
What Are The Benefits of Buying LIC policies?
- Provides life protection cover throughout the entire policy tenure at an affordable premium cost.
- All the policies of LIC can be bought easily via agents or online with minimal documents.
- Generally, all the policies of LIC have long tenures.
- The premiums paid for LIC insurance plans are eligible for tax benefit under the Income Tax act. The policyholder can make a claim of up to INR 1.5 lakh every year under Section 80C of the Income Tax Act.
- Option to avail loan against most of the policies.
- Option to include riders in the basic policy to enhance the coverage.
How To Buy LIC Policies Online?
Step 1: Log on to the official website of LIC and click on “buy policies”.
Step 2: You can see the available policies such as term plans, endowment or money back policies.
Step 3: Select the plan, then fill in the important details such as sum assured amount, premium paying option, plan type, policy term, date of birth, smoking details and gender.
Step 4: After filling the required details, the online premium calculator will help you and give the premium quote based on the information filled.
Step 5: If you are fine with the premium amount, you can simply go ahead with the purchase of the policy by filling the policy form.
Step 6: You might be required to submit certain documents such as ID proof, age proof or income proof along with the proposal form.
Step 7: You can easily pay the premium online through various payment methods. After payment, the insurance company will send the policy to you the policy document on your registered e-mail id.
Claim Settlement Process of LIC Policies
LIC is one of the most trusted insurance providers which ensures to pay your claims on time in a most fair manner. A claim has to be made immediately in case of the unfortunate death of the insured. Let’s have a look at the claim settlement process of LIC policies:
- Notify the insurance company and get in touch with their customer care department. Or, you can also visit the official website of LIC and initiate the claim process.
- Once you have informed LIC, then you have to register the claim online by logging your LIC account on the customer portal.
- You have to fill up the claim form and attach the required documents which can be also submitted online or at any LIC branch or zonal office.
- On the approval of all the documents, LIC will initiate the claim settlement process and will issue an acknowledgement slip for the same.
- You can check the claim status by visiting the official website of the company.
LIC Customer Care Details
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