A to Z about Life Insurance Corporation Of India (LIC) | Check Once

Life Insurance Corporation of India(LIC) is the biggest insurance company in India is in ownership under the Ministry of Finance, GOI with a Claim Settlement Ratio of 98.62% for the year 2020-2021. LIC has the largest customer base in India and also provide their services in countries like Srilanka, Bhutan, Nepal, and more. It has a network of 2000+ branches spreading across the country. 

Features of LIC

  • You have the option to choose a plan according to your requirements among the many plans present.
  • LIC team will contact you and provide a plan according to your requirements.
  • LIC offers its facility not only in India but also outside India and has a plan to spread more across the world.
  • LIC has partnered with many big financial institutions and companies. 
  • It has more than 150 satellite branches and the latest technologies.
  • It has more than 25 crores customer.
  • They have a variety of plans for everyone’s needs and to safeguard your interests. 

Types of Plans LIC provides

LIC provides a variety of plans for every section of society and to fulfill the requirements of all. Some of them are mentioned below.

1] Endowment Plan

Endowments life insurance plans are plans with the protection of your life as well as a way to save money. You get both the benefits in this plan that is maturity benefit and death benefit. This consist following types of plans:

SL.NoProduct availableEntry AgeMinimum sum insuredMaximum Sum InsuredPolicy TermAge at Maturity
1LIC’s Bima Jyoti90days-60years1,00,000No limit15-20 years18-75 years
2LIC’s Bachat Plus90days-65years 1,00,000 No limit 10-25 years 18-80 years
3LIC’s New Endowment Plan8years-55years 1,00,000 No limit 12-35
8-55 years
4LIC’s New Jeevan Anand18years-50years1,00,000 No limit 15-35 years up to 75 years
5LIC’s Single Premium Endowment90days-65years 50,000 No limit 20 years up to 75 years
6LIC’s Jeevan lakshya18years-50years 1,00,000 No limit 13-25 years up to 65 years
7LIC’s Jeevan Labh8years-59years2,00,000 No limit 10-25 years up to 75 years
8LIC’s Aadhaar Stambh8years-55years 75,000 per life 3,00,000 per life 10-20 years up to 70 years
9LIC’s Aadhaar Shila8years-55years 75,000 per life 3,00,000 per life 10-20 years up to 70 years

No limit is subject to LIC policy terms. Different options are available for paying premiums. You can pay a premium annually, monthly, quarterly, half-yearly, or in a lump sum.

2] Whole Life Plans

It is a mixture of protection for your family and income. This provides survival benefits including death and maturity benefit.

Survival Benefit means if you survive to the end of the policy term and you have paid all your premiums you will get 8% of the amount insured every year.

This plan includes LIC’s Jeevan Umang Plan

SL.NORequirementsTime Period
1 Entry Age 90 days – 55 years
2 Minimum sum insured Rs. 2,00,000
3 Maximum Sum Insured No limit
4 Policy Term 100 minus age at entry
5 Age at Maturity up to 100 years
6Premium Paying Term15, 20, 25, 30 years

3] Term Assurance Plans

Term insurance plans are unlike other plans. These plans only offer Death Benefits and insured money will be given to the nominee of the policy on the death of the policyholder. Types of Term assurance plans are mentioned below:

Minimum sum insured Maximum Sum Insured Policy Term Age at Maturity
1LIC’s TECH Term18-65 years50,00,000No Limit 10-40 yearsup to 80 years
2LIC’s Jeevan Amar18-65 years 25,00,000 No Limit 10-40 years up to 80 years
3LIC’s Saral Jeevan Bima18-65 years 5,00,000 25,00,000 per life 5-40 years up to 70 years

How to check the status of your Life Insurance policy?

  1. Go to the LIC website.
  2. Login with your registration details.
  3. If not registered, register yourself first.
  4. Fill in your policy information.
  5. Your policy status and all information regarding the same will appear on the screen.
  6. You can also visit your nearest branch, in case you don’t have an internet facility.

Contact Details

Call –  +91 22 6827 6827 (24×7 service available)

Official website – LIC 


1] What are the minimum and maximum policy terms given under term insurance plans?

Minimum 5 years, Maximum 40 years, depends on entry age and maturity age of the policyholder. 

2] Will my policy lapse if I miss my premium payment date?

Bank gives 30 days grace period to pay your premium if you miss your premium date. But, If you do not pay in this period your policy will lapse. 

3] Is Maturity Benefit available?

Yes, it depends on the plan you choose if your plan covers maturity you will be eligible for the same. 

4] How can I pay my premiums?

You can pay your premiums through a net-banking process or other online payments facility available or also you can pay offline by visiting your nearest branch. 

5] If I cancel my policy will I get a refund of my premium amount?

Yes, If you are under the free look-back period means the period in which you can cancel your policy you will be refunded. 

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