Life Insurance Corporation of India (LIC of India) - LIC Policies, Plans and Benefits Explained

Types of Life Insurance Plans Offered by LIC:

LIC Endowment Plans:

LIC Money Back Plans:

LIC Term Assurance Plan 

LIC Whole Life Plan 

LIC ULIP Plans:

LIC Pension Plans 

LIC Micro Insurance Plan 

LIC Rider Plans 

Reasons to Choose LIC Life Insurance Plans

The LIC of India currently has a network of close to 2,048 branches and 1,337,064 agents operating in different cities and towns all over the country.

With 23 crore clients and counting, LIC is considered to be the world's largest life insurance company. It has some of the most affordable premiums and excellent coverage alternatives, regardless of one's profession. Because it is not optimal to rely on life insurance products from a single company, the brand name is not the only reason to choose LIC. Here is why one should opt for LIC as a life insurance provider:

1. Technologically superior Network: With over 2000 branch offices and 156 satellite branches, LIC has been a leader as an insurance provider for its attempts to stay ahead of the game by being on par, if not better, in terms of network when it comes to offering innovative and efficient services. When dealing with insurance documentation, the organisation uses technology such as WAN, IVRS, LAN, IVRS, and even EDMS, which allows customers to go paperless.
2. Not Alone in the Game: The corporation does not work alone; it collaborates with insurance and financial titans such as the National Stock Exchange of India, LIC Mutual Fund, NCDEX, Stock Holding Corporation of India, Insurance Institute of India, and National Insurance Academy, among others. As a result, it is also operating through convergence.

1. Going International: It has fully operational offices in Nepal, Sri Lanka, and other nations. Saudi Arabia and Bahrain are two countries in the Middle East. LIC is also planning to open offices in Australia, Canada, and the United States.
2. Product Variety: You'll see from the list below that this company offers one of the most diverse ranges of policy types in the life insurance industry. One of their highlights is that it has one of the largest portfolios of life insurance group schemes. They have a large corporate clientele for group insurance.
3. Innovation in the Industry: Every other quarter, the company introduces new products, which are primarily designed to benefit society rather than earn a profit, despite the fact that they are financially successful as an insurance company. They were the first to introduce micro-insurance products in India, allowing those living below the poverty line to obtain insurance at a reduced cost.
4. Performance in The Stock Market: LIC stocks are one of the most steady stocks on the BSE when it comes to stock market positioning. This company is almost often included in the best-performing stock lists, especially when it comes to insurance companies.

Points to remember when buying an LIC Policy 

The below listed are some of the points to consider when buying an LIC policy: 

1. Assess your financial goals: Understand your current and future financial needs to select the right coverage amount and policy type. 

1. Pay premiums on time: Ensure timely payments to keep your policy active and maintain continuous coverage. 

1. Choose the right type of policy: Always pick a policy that aligns with your financial objectives, such as term insurance for protection or endowment plans for savings and insurance. 

1. Be honest about your health and habits: It is important to disclose medical history, lifestyle habits, and pre-existing conditions for a valid policy and smooth claim process. 

1. Do not provide false information: Always share accurate and truthful details to avoid issues during claims processing. 

1. Do not make hasty decisions: Avoid buying a policy without fully understanding its terms, benefits, and implications. 

1. Do not focus solely on tax benefits: Ensure the chosen plan offers adequate coverage and meets your protection needs beyond just tax savings. 

1. Do not cancel the policy without considering implications: Before cancellation, understand the surrender value, penalties, and long-term impact. 

LIC Customer Care - Contact & Support Information:

The contact details of LIC customer care service are mentioned below: 

1. Address of LIC Central Office: 

Life Insurance Corporation Of India Central Office 'Yogakshema' Jeevan Bima Marg Nariman Point Mumbai 400021 

1. Phone Help Line 

Call center number is +91-022 6827 6827 

Which is available 24x7. 

You can contact the specific customer zones from 8 a.m. to 8 p.m. between Monday to Firday. 

To get the contact details of specific zones, visit the ‘Contact Us’ page on the official website and scroll down to find your preferred location. Click on the location to obtain the contact information. 

1. Grievance Redressal: 

Click on the ‘Grievances’ tab on homepage for any policy related grievances to contact Grievance Redressal Officers at Branch / Division / Zonal / Corporate Level. 

1. SMS service: 

To get details via SMS, send an SMS from your registered mobile number to 9222492224 in the format: LICHELP (policy number). 

How to Choose a Suitable LIC Policy?

In order to purchase a suitable LIC policy, you need to consider the following factors in mind:

Understand Your Insurance Needs and Choose the Right LIC Plan

Firstly, you need to consider the sum assured amount by considering your savings, present income, future goals, and the number of dependents. Apart from this, you also need to consider the needs of your family, your earnings, and expenditure.

Choose the Right Type of LIC Insurance Policy

On the basis of your future goals, you need to choose a type of plan which can cover all your needs. For instance, if you are looking for retirement plan, you can search for LIC pension schemes for senior citizens. We have segmented LIC plans into the following five categories:

1. Endowment Plans 
2. LIC Unit Linked Plans

1. Pension Plans 
2. Money Back Plans 
3. Whole Life Insurance Plans 
4. Term Insurance Plans

Compare LIC Plans Based on Features and Benefits

Once you have chosen your plan type, you need to shortlist plans present in that segment as per your budget. You can also search for extra features which can increase your savings such as profit participation, guaranteed additions, loyalty additions, loan benefits, and premium waiver.

Calculate the Premium and Maturity Amount Online

You will be able to see LIC maturity and premium calculators on the official website. By using this tool, you will get to know the premium amount that you need to pay along with the maturity amount that you are going to get. With the help of this tool, you can decide which plan you should go for.

What is the LIC Premium Calculator? 

The LIC Premium & Maturity Calculator, offered by the Life Insurance Corporation of India, is an online tool designed to assist individuals in selecting the most suitable LIC policy. It provides insights into how various factors influence premiums and payouts, helping users make informed decisions. 

Benefits of the LIC Premium Calculator: 

The below listed are some of the benefits of LIC Premium Calculator 

1. Premium Estimation: Calculates premiums for the selected policy based on factors like sum assured, age, and tenure. 

1. Flexible Payment Options: Offers estimates for monthly, quarterly, half-yearly, and yearly premium payments. 

1. Separate GST Display: Shows GST charges separately for transparency. 

1. Customized Plan Selection: Helps users choose a policy aligned with their budget and insurance needs. 
2. Ensures 100% accuracy while calculating premiums and gives quick results by saving time. 

This tool simplifies policy planning by giving users a clear understanding of the costs and benefits associated with different LIC plans. 

LIC e-Services: Online Policy Services for Customers

LIC e-services help users to perform insurance based activities at home by visiting at its official website or by using the mobile app. From policy registration to tracking claim status, you can do everything at the comfort of your homes. Given below are the list of services which policyholders can access on the portal:

1. Policy status 

1. Bonus status 

1. Loan status 

1. Claims status 

1. Registration for e-Services 

1. Online payment facilities 

1. Premium due calendar 

1. Premium paid certificate 

1. Claim history 

1. Policy schedule 

1. Revival Quotation 

1. Policy Bond/Proposal form image 

1. Grievance registration 

1. Process of various services and online forms 

1. IPO related queries 

1. Locators 

How to Register for LIC’s e-Services?

Customers need to register on the online portal of LIC to use the services which we have mentioned above. Here’s the step by step process:

LIC E-Services Registration for New Users 

1. Visit the official LIC website. 

1. Click on the ‘Login’ button. 

1. From the dropdown, choose ‘Customer Portal’. 

1. Select ‘Don’t have an Account? Sign Up’, on the e-Services page. 

1. Enter the necessary personal and policy details. 

1. Click on ‘Proceed’. 

1. To complete the registration, set up a User ID and Password. 

1. Once registered, you can manage policies, pay premiums, and use other digital services easily. 

LIC E-Services Registration for Existing Users 

1. Existing customers can register only for their own policy and joint or spouse registration is not allowed. 

1. Until the child becomes an adult, the minor policies must be managed by their parents. 

1. Visit the LIC website and click on ‘Login’. 

1. From the dropdown menu, choose ‘Customer Portal’. 

1. Log in either using your User ID or by receiving an OTP on your registered mobile number. 

1. Fill in the required details and click ‘Login’ to access your account. 

LIC E-Services Registration for Agents 

1. To become a LIC agent, clear the LIC agent examination conducted by IRDA (Insurance Regulatory and Development Authority) to obtain the agent code. 

1. Fill out the agent registration form online after clearing the exam. 

1. Provide basic personal and educational details as part of the registration process. 

How to Purchase LIC Policy Online?

Following are the steps to purchase LIC policy online: 

1. Visit the official LIC of India website. 

1. Select the plan you wish to purchase. 

1. Click on the “Buy Online” option. 

1. Enter your basic information, including your name, date of birth, and contact number. 

1. Customize your policy by selecting the sum assured, policy term, and premium payment frequency.  

1. Choose to add riders for extra coverage but it may increase your premium amount.