Life Insurance Corporation of India (LIC) – History, Quotes, Claim Process, Buy and Renew Policy, Claim Process, Plans, Term Insurance Plans, Pension Plans, Whole Life Plans, Money Back Plans, ULIPs, Quotes

About Life Insurance Company Limited

Life Insurance Corporation of India or LIC is India’s largest public sector Life Insurance Company. LIC was established on 1st September 1956 through the nationalization of 245 insurance companies and is headquartered in Mumbai.

LIC offers a wide range of insurance products including Term Insurance , Pension Plans, Unit-Linked Insurance Plans (ULIPs), Endowment Plans etc. The Company reported a Premium Income of Rs4,75,070 Crores in FY24, a growth of 0.22% on a Y-o-Y basis and a Profit After Tax of Rs40,676 Crores in FY24 as compared to a PAT of Rs36,39 Crores in FY23.

The Company held a Market Share of 58.87% by First Year Premium Income and 69.91% by number of Policies Issued as of FY24. The Company has an employee strength of 98,661 employees as of FY24 as compared to 98,463 employees as of FY23 and a total agent strength of 14,14,743 agents as of FY24 as compared to 13,47,325 agents as of FY23. In 2022, LIC came out with its initial public offering (IPO), marking one of India’s largest-ever public listings. The government sold a 3.5% stake while retaining majority ownership.

History Of Life Insurance Company Limited

The Life Insurance Corporation’s history is deeply intertwined with India’s post-independence economic development. Prior to 1956, Insurance was primarily handled by private companies, with the first Indian insurance company, Oriental Life Insurance Company, established in Calcutta in 1818.

In the early 1950s, the Indian insurance industry faced significant challenges including fraudulent practices and mismanagement of policyholder funds. This prompted the government, under Prime Minister Jawaharlal Nehru, to nationalize the Insurance sector. On September 1, 1956, Life Insurance Corporation of India (LIC) was formed through the Life Insurance Corporation Act, consolidating 245 insurance companies, including 75 provident societies. The newly formed LIC inherited 5.7 million Life Insurance Policies and total life fund of Rs349 crores.

Through the 1960s and 1970s, LIC expanded its reach across India, establishing branches and training a vast network of agents. The corporation introduced innovative products and maintained its monopoly until 2000, when the insurance sector was opened to private players. The 21st century brought significant changes, including digitalization of operations and the landmark IPO in 2022. Despite increased competition, LIC remains India’s largest insurer, with assets exceeding Rs31 trillion and a market share above 60%.

Life Insurance Company Ltd: An Overview

What is the Claim Settlement Ratio of LIC?

The Life Insurance Corporation of India Life Insurance claim settlement ratio for Individual Death Claims, as of March 2024, is at 98.15% as per the IRDAI Handbook of Insurance Statistics-2024.

How to Purchase a LIC Policy?

There are two main ways policyholders can purchase a LIC Policy - the online process and the offline process.

Purchase LIC Policy From LIC Website

1. Go to LIC website https://licindia.in/buy-online
2. Choose the type of policy you want to purchase – Term Plans, Endowment Plans, Retirement and Pension Plans, Child Plans etc. Select the appropriate Plans and Click on the ‘Know More’ button.
3. Keep the requisite Documents Ready such as Income/Investment Proof, Cancelled Cheque, Address Proof, Photograph ready and Click on ‘Proceed’
4. Provide the requisite details in the online proposal form, such as Name, Date of Birth, Gender City of Residence, Mobile Number, Email ID, Annual Income and Click on ‘Proceed’
5. Choose Appropriate Sum Assured, Premium Type, Policy Term, Premium Paying Term, Premium Payment Mode, Smoker Status and Date of Policy Commencement and Click on ‘Proceed’. For plans with high sum assured, LIC may require a medical test.
6. The Premium will be displayed and you can proceed by uploading necessary documents such as ID proof, Address Proof etc.
7. Pay the premium using net banking, UPI, credit/debit card or wallet. The policy will be emailed to your registered email ID.

Purchase LIC Policy with Qian Insurance Broking

1. Consult an Insurance Broker: You can contact Qian Insurance Broking to purchase an LIC Policy. Qian will provide you with various plan options and the Premium Amount.
2. Fill the Proposal Form: Fill out the physical proposal form provided by the Broker. Provide necessary details such as Personal Information, Sum Assured, Premium Type, Policy Term, Premium Paying Term, Premium Payment Mode, Smoker Status and Date of Policy Commencement and nominee details. Provide requisite Documents such as Income/Investment Proof, Cancelled Cheque, Address Proof and Photograph. Pay the premium via cash, cheque, or demand draft (DD) at the branch office.
3. Receive Insurance Policy: Pay the premium via cash, cheque or demand draft and the Policy will be mailed to your address within 2 days.

⁠ Purchase LIC Policy

What are the documents required to purchase an LIC Policy?

Following documents are required to purchase LIC Policy:

1. Income/Investment Proof like Salary Slips, ITRs, Bank Statements, Form 16s etc.
2. Cancelled Cheque
3. Address Proof like Aadhaar Card, Passport Copy, Driving License Utility Bills etc.
4. Photograph
5. Birth Certificate (for Minors)

How to Renew LIC Policy?

LIC Policies can be renewed both online and offline.

Online Process to Renew LIC Policy

1. Go to LIC website, and Click on the ‘Pay Premium’ button, Click on ‘Renewal Premium/Revival’
2. Enter Policy Number, Date of Birth, Mobile Number and Email ID. The Website will display the Renewal Premium
3. Pay the premium using net banking, UPI, credit/debit card or wallet.
4. The renewed Insurance Policy will be emailed to your registered email ID.

Offline Process to Renew LIC Policy

1. Contact Qian Insurance Broking to renew your LIC Policy.
2. Provide Policy Number and other relevant details
3. The Qian Insurance Team will assist you with renewal quotes and to submit relevant documents.
4. Pay the premium via NEFT/RTGS, Cheque or UPI.
5. The Policy will be mailed to your address within 2 days.

What is the Claim settlement process of Life Insurance Corporation of India (LIC)?

The Claim Settlement process of LIC is listed below:

Maturity Claims Settlement Process

Maturity claims are processed when the policy term ends, and the insured person is alive. The LIC Policy pays out a maturity value to the Policyholder. The Claim Settlement process for Maturity is as follows:

LIC will send an intimation letter with discharge form (Form No. 3825) before the policy matures. The Intimation Letter will mention the Maturity Date of the Policy on which the Maturity Value will be payable to the Policyholder. The policyholder must submit the following documents to LIC to receive the Policy Maturity Value:

1. Discharge form
2. Original policy bond
3. Identity proof
4. Bank details (cancelled cheque/passbook copy)
5. PAN card On receipt of the above documents, LIC processes and directly credits the maturity amount to the bank account.

Death Claims Settlement Process

Death claims are made when the Policyholder passes away during the Policy Term. The nominee must inform LIC about the policyholder’s death. The Policyholder must submit the following documents to LIC to receive the Death Benefit

1. Claim form (Form No. 3783 for early death or Form No. 3784 for non-early death)
2. Original policy Copy
3. Death certificate (issued by local authority)
4. Medical reports, if applicable
5. Identity & address proof of the nominee
6. Bank details of nominee
7. Copy of FIR and Post Mortem Report in case of an Accidental Death LIC may conduct an investigation if the claim arises within 3 years of policy issuance (early claim). Upon verification, the death benefit is transferred to the nominee’s bank account. LIC typically settles most claims within 30 days, provided all documents are in order. For early claims or suspicious cases, time may vary based on investigation.

How to Change Nominee Online in a LIC Policy?

You can change the nominee in an LIC Policy with the following steps:

1. Submit a Nominee Change Request to LIC with Form 3750.
2. Submit necessary documents to change nominee such as Policy Copy and Relationship Proof of the Policy with the Nominee along with the Form 3750. The Nominee change will reflect in 7 days

What are the Types of Life Insurance Plans Offered by LIC?

The Types of Life Insurance Plans Offered by LIC are as follows:

LICs Term Life Insurance Plans

LIC Term Insurance Plans are pure protection plans that offer high Life Insurance Cover at affordable premiums as they don’t offer savings or investment benefits. LIC Term Plans are primarily suitable for primary breadwinners looking to secure their family’s future or individuals with large financial responsibilities like loans. LIC offers 7 Term Insurance Plans to cater to different protection needs:

1. LIC’s Digi Term and LIC’s Yuva Term: Digital-first Term Insurance Plans that can be purchased online, offering comprehensive protection with simplified processes.
2. LIC’s Digi Credit Life and LIC’s Yuva Credit Life: Specialized plans designed to protect loan repayment obligations, ensuring your family isn’t burdened with loan liabilities.
3. LIC’s New Tech-Term and LIC’s New Jeevan Amar: Traditional term plans offering flexible coverage options with various Premium Payment Terms.
4. LIC’s Saral Jeevan Bima: A standardized Term Insurance Plan as per IRDAI guidelines, making it easier to understand and compare with other Life Insurance Company’s offerings.

The features of LIC Term Insurance Plans are as follows:

LICs Digi Term Plan

LIC Digi Term Plan (UIN: 512N356V02) provides financial protection to the Insured’s family in case of his death during the Policy Term as reasonable premiums. LIC’s Digi Term is a Pure Protection Plan available exclusively through LIC’s website. LIC Digi Term Plan offers 2 options for receiving Death Benefits: Level Sum Assured where the Sum Assured remains constant throughout the Policy Period and Increasing Sum Assured Option where the Policy Sum Assured grows over time which takes care of inflation. The Plan offers coverage upto 75 years with a maximum Sum Assured of Rs5 Crores

LIC’s Digi Credit Life Term Insurance Plan

LIC’s Digi Credit Life (UIN: 512N358V01) is a Non-Participating, Non-Linked, Decreasing Term Insurance Plan where the Death Benefit reduces over time. The Plan has a minimum Entry Age of 18 years and a maximum Entry Age of 45 Years. Additionally, the minimum Sum Assured of the Plan is Rs50 lakhs while the maximum Sum Assured is Rs5 Crores. The minimum Policy Term for LIC Digi Credit Life Plan is 5 years and the maximum Policy Term is 30 years subject to maximum maturity age for the plan being 75 years. The minimum maturity age for the Plan is 23 years and the maximum maturity age is 75 years. The Policy offers flexible options for Premium Payment: Limited Premium Payment of 5 years, 10 years and 15 years and Single Premium Payment Option as well depending on the Policy Term. LIC Digi Credit Life Plan is specifically designed to protect loan repayments where the death benefit decreases over time to match typical loan repayment patterns. The Plan can be purchased only on LIC’s website.

LICs Yuva Credit Life Term Plan

LIC’s Yuva Credit Life (UIN: 512N357V01) is a Non-Participating, Non-Linked, Decreasing Term Insurance Plan where the Death Benefit reduces over time. The Plan has a minimum Sum Assured of Rs50 lakhs and a maximum Sum Assured of Rs5 Crores. The Plan has a minimum Entry Age of 18 years and a maximum Entry Age of 45 Years. The minimum Policy Term for LIC Yuva Credit Life Plan is 5 years and the maximum Policy Term is 30 years subject to maximum maturity age for the plan being 75 years. The minimum maturity age for the Plan is 23 years and the maximum maturity age is 75 years. The Policy offers flexible options for Premium Payment: Limited Premium Payment of 5 years, 10 years and 15 years and Single Premium Payment Option as well depending on the Policy Term. LICs Yuva Credit Life Term Plan is specifically designed to protect loan repayments where the Death Benefit reduces over time to match typical loan repayment patterns. The plan ensures your family isn’t burdened with loan liabilities in case of your unfortunate death during the policy term.

LICs Yuva Term Plan

LIC’s Yuva Term (UIN: 512N355V02) is a Non-Participating, Non-Linked, Pure Risk Term Insurance Plan designed specifically for young individuals. The Plan provides a Death Benefit to the Insured’s family in case of the death of the Life Assured during the Policy Term. LIC Yuva Term Plan offers 2 options for receiving Death Benefits:

• Level Sum Assured where the Sum Assured remains constant throughout the Policy Period
• Increasing Sum Assured Option where the Policy Sum Assured grows over time which takes care of inflation. The Plan offers coverage upto 75 years with a maximum Sum Assured of Rs5 Crores

LICs New Tech Term Plan

LIC’s New Tech Term (UIN: 512N351V02) is a Non-Participating, Non-Linked, Pure Risk Insurance Plan which can be purchased by anyone between the age of 18 Years and 65 Years can purchase the Policy. This plan offers 2 death benefit options:

• Level Sum Assured option: Under the Level Sum Assured Option, Policy Sum Assured remains constant throughout the policy term
• Increasing Sum Assured option: Under the Level Sum Assured Option, the Policy provides protection that grows over time - it stays level for the first 5 years, then increases by 10% each year until it doubles by the 15th year, helping counter the effects of inflation. The Minimum Sum Assured under the LIC New Tech-Term Plan is Rs50 lakhs while there is no limit on maximum Sum Assured. The maximum Sum Assured depends on the Underwriter’s decision

LICs New Jeevan Amar Plan

LIC’s New Jeevan Amar (UIN: 512N350V02) is a Non-Participating, Non-Linked, Pure Risk Life Insurance Plan which provides substantial life coverage at affordable premiums. Anyone between the age of 18 Years and 65 Years can purchase the plan. This plan offers 2 death benefit options:

• Level Sum Assured option: Under the Level Sum Assured Option, Policy Sum Assured remains constant throughout the policy term
• Increasing Sum Assured option: Under the Level Sum Assured Option, the Policy provides protection that grows over time - it stays level for the first 5 years, then increases by 10% each year until it doubles by the 15th year, helping counter the effects of inflation. The Minimum Sum Assured under the LIC New Jeevan Amar Plan is Rs25 lakhs while there is no limit on maximum Sum Assured. The maximum Sum Assured depends on the Underwriter’s decision

LICs Saral Jeevan Bima

LIC’s Saral Jeevan Bima (UIN:512N341V01) is a Non-Participating, Non-Linked, Pure Risk Term Insurance Policy which provides a Death Benefit to the Insured’s family in case of his death during the Policy Term. Anyone between the age of 18 years and 65 years can purchase the Plan. The Minimum Sum Assured under the LIC New Jeevan Amar Plan is Rs5 lakhs while the maximum Sum Assured is Rs25 Lakhs. The Plan offers Single Premium Payment, Limited Premium Payment and Regular Premium Payment options.

LIC Pension Plans

LIC Pension Plans provide regular income to Policyholders during their retirement years. These Plans are particularly suitable for senior citizens and individuals planning for a secure future, ensuring they can maintain their lifestyle without compromising on life’s essentials.

LIC currently offers five distinct pension plans:

1. LIC’s New Pension Plus (Plan No 867, UIN: 512L347V01): LIC’s New Pension Plus Plan is the latest addition to LIC’s pension portfolio, offering contemporary retirement planning features.
2. LIC’s Jeevan Akshay-VII (Plan No 857, UIN: 512N337V06): This is the seventh version of LIC’s popular immediate annuity plan, providing regular pension payments right after purchase.
3. LIC’s New Jeevan Shanti (Plan No 758, UIN: 512N338V07): A comprehensive pension plan that offers both deferred and immediate annuity options.
4. LIC’s Saral Pension (Plan No 862, UIN: 512N342V05): A standardized pension plan designed to make retirement planning simple and accessible.
5. LIC’s Smart Pension (Plan No 879, UIN: 512N386V01): A modern pension solution incorporating smart features for contemporary retirement needs.

The features of LIC Pension Plans are as follows:

LICs New Pension Plus Plan

LIC’s New Pension Plus Plan (UIN: 512L347V01) is a Unit-Linked, Non-Participating, Individual Pension Plan designed to help individuals build a retirement corpus which can be converted to a regular income. LIC Pension Plus Plan allows policyholders to accumulate their savings during the Policy Term and then utilize the maturity amount to purchase an Annuity that ensures a steady income during retirement. The Policyholder has to choose the amount of Premium Payable, Policy Term subject to minimum and maximum limits of Premium, Policy Term and Vesting Age. The Policyholder has a choice to invest premiums in one of the four types of investment funds available. Each Premium paid, after deduction of Premium Allocation Charge, is utilized to purchase units of the chosen Fund. The plan is market-linked, which means the returns depend on the performance of the chosen investment fund.

LICs Jeevan Akshay VII

LIC Jeevan Akshay VII (UIN: 512N337V06) is a Single-Premium, Non-Participating, Non-Linked, Individual, Savings, Immediate Annuity Plan launched on 25 August 2022. Under this plan, the Policyholder has to pay a lumpsum amount once and start receiving a guaranteed lifetime income immediately. The annuity rates are guaranteed at the inception of the Policy and annuities are payable throughout the lifetime of Annuitant. The Policyholder can choose the type of annuity amongst 10 different options in exchange for a lumpsum payment under the LIC Jeevan Akshay Plan VII. The Minimum Entry Age and the Maximum Entry Age for LIC Jeevan Akshay Plan VII is 35 years and 62 years respectively. LIC Jeevan Akshay Plan VII pays Annuity Income throughout the lifetime of Annuitant.

LICs New Jeevan Shanti

LIC’s New Jeevan Shanti Plan (UIN: 512N338V07) is a Single Premium, Non-Participating, Non-Linked, Individual, Savings, Deferred Annuity Plan where the Policyholder has an option to choose between Single life and Joint life Deferred annuity. The Plan has a Deferment Period of 1 to 5 years after which Annuity payments begin. The Annuity Rates are guaranteed at Policy Inception and annuities are payable post deferment period throughout the lifetime of Annuitant. The minimum entry age for the LIC New Jeevan Shanti Plan is 30 years and maximum entry age is 79 years. The minimum Vesting Age is 31 Years and maximum Vesting Age is 80 Years.

LICs Saral Pension Plan

LIC’s Saral Pension Plan (UIN: 512N342V05) is a Non-Participating, Non-Linked, Single Premium, Individual, Immediate Annuity Plan where the Policyholder has an option to choose between Single Life and Joint Life Immediate annuity. The Plan is designed as per the as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI), which offers same terms and conditions across all the Life Insurers. The Policyholder has to make one Lumpsum Payment (called the Purchase Price) for which he receives a guaranteed lifelong pension almost immediately. The Plan offers 2 Annuity Options as follows:

• Option I: Life Annuity with Return of 100% of Purchase Price. The Annuitant receives pension for life. Upon death, 100% of the purchase price is returned to the nominee.
• Option II: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor. Pension is paid throughout the life of the primary annuitant. After their death, the spouse continues to receive the same pension for life. Once both pass away, 100% of the purchase price is returned to the nominee. Annuity option once chosen cannot be altered.

LICs Smart Pension Plan

LIC’s Smart Pension Plan (UIN:512N386V01) is a Non-Participating, Non-Linked, Immediate Annuity Plan designed for both individuals and groups. The Plan offers multiple Immediate Lifetime Pension Options with annuity rates that are guaranteed at the inception of the Policy. The minimum entry age for the LIC Smart Pension Plan is 18 years and maximum entry age ranges from is 65 years to 100 Years depending on the annuity option chosen. The Minimum Purchase Price for a LIC Smart Pension Plan is Rs1 Lakh and there is no limit on the maximum Purchase Price.

LIC Endowment Plans

The LIC Endowment Plans offer a Life cover as well as a Maturity Benefit. These plans provide financial security to the policyholder’s family in case of unfortunate events and also ensure a lump sum amount on maturity if the policyholder survives the policy term.

The different Endowment Plans offered by LIC are listed below:

1. LIC’s Single Premium Endowment Plan (Plan No 717, UIN: 512N283V03)
2. LIC New Endowment Plan (Plan No 714, UIN: 512N277V03)
3. LIC’s New Jeevan Anand (Plan No 715, UIN: 512N279V03)
4. LIC’s Jeevan Lakshya (Plan No 733, UIN: 512N297V03)
5. LIC’s Jeevan Labh Plan (Plan No 736, UIN: 512N304V03)
6. LIC’s Amritbaal (Plan No 774, UIN: 512N365V02)
7. LIC’s Bima Jyoti (Plan No 879, UIN: 512N339V03)
8. LIC’s Jeevan Azad (Plan No 879, UIN: 512N348V02)

All these plans provide financial security to the policyholder’s family in case of the Policyholder’s Death. The Plans also provide a Lumpsum Payment on if the Policyholder survives till the end of the Policy Term (Maturity Benefit).

LICs Single Premium Endowment Plan

LIC’s Single Premium Endowment Plan (UIN: 512N283V03) is a Participating, Non-Linked Life, Individual Savings Plan that combines the benefit of Protection and Savings. This plan ensures financial security for the Policyholder’s family while building a corpus for future needs.

Key Features of LIC Single Premium Endowment Plan

1. Eligibility: Any policyholder between the age of 30 days to 65 years can apply for this Policy. The minimum sum assured is Rs1 Lakh under this Policy.
2. Policy Term: The Plan has a minimum Policy Term of 10 years and maximum Policy Term of 25 years.
3. One Time Premium Payment: The plan requires a Single Premium Payment, eliminating the need for regular premiums.
4. Sum Assured: The Policy has a minimum Sum Assured of Rs1 lakh and there is no Maximum Limit on Sum Assured
5. Maturity Age: The minimum age of the Policyholder on maturity should be 18 years maximum age of the Policyholder on maturity should be 75 years
6. Maturity Benefit: If the Policyholder survives till the end of the policy term, he receives the Sum Assured on Maturity along with Simple Reversionary Bonus and Final Additional Bonus if any.
7. Death Benefit: If the Policyholder dies during the policy term, he receives the Sum Assured on Death along with Simple Reversionary Bonus and Final Additional Bonus if any. For Policyholders below 50 years at the time of entry, the Sum Assured on Death is the higher of Basic Sum Assured or 1.25 times the Single Premium, while for policyholders 50 years and above at the time of entry, the Sum Assured on Death is higher of Basic Sum Assured or 1.10 times the single premium.
8. Participation in Profits: The Policy is entitled to participate in the Profits of the Corporation and receive Simple Reversionary Bonus (declared annually) and a Final Additional Bonus at Maturity or Death.
9. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
10. Loan Facility: Loan available after 3 months from policy issuance, ranging from 50% to 80% of the surrender value, depending on the policy year. Individuals looking for a one-time investment that combines life coverage and savings can invest in this Policy. This is also a good option for people who prefer the convenience of single premium payment while ensuring long-term financial security for their families.

LICs New Endowment Plan

LIC’s New Endowment Plan (UIN:512N277V03) is a Participating, Non-Linked, Life, Individual, Savings Plan that combines the benefits of Savings and Protection Plans. The Plan offers comprehensive Death Benefits, with “Sum Assured on Death” being the higher of Basic Sum Assured or 7 times the annualized premium, along with vested bonuses. For maturity benefit, the plan provides Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, upon survival till the end of the policy term.

Key Features of LIC New Endowment Plan

1. Eligibility: Any policyholder between the age of 8 Years to 50 years can apply for this Policy. The minimum sum assured is Rs2 Lakh under this Policy.
2. Policy Term: The Plan has a minimum Policy Term of 12 years and maximum Policy Term of 35 years.
3. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakhs and there is no Maximum Limit on Sum Assured
4. Maturity Age: The minimum age of the Policyholder on maturity should be 20 years maximum age of the Policyholder on maturity should be 75 years
5. Maturity Benefit: If the Policyholder survives till the end of the policy term, he receives the Sum Assured on Maturity along with Simple Reversionary Bonus and Final Additional Bonus if any.
6. Death Benefit: If the Policyholder dies during the Policy Term, he receives the Sum Assured on Death along with Simple Reversionary Bonus and Final Additional Bonus if any. The Sum Assured on Death is the higher of Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
7. Participation in Profits: The Policy is entitled to participate in the Profits of the Corporation and receive Simple Reversionary Bonus (declared annually) and a Final Additional Bonus at Maturity or Death.
8. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
9. Riders: The Policy offers various riders such as Accidental Death and Disability Benefit Rider, Accident Benefit Rider, Term Assurance Rider and Premium Waiver Benefit Rider.
10. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 75% of the surrender value, depending on the policy year.

LICs New Jeevan Anand

LIC’s New Jeevan Anand Plan (UIN: 512N279V03) is a Participating, Non-Linked, Life, Individual, Savings Plan that combines the benefits of Savings and Protection Plans. The unique aspect of this plan is that it provides life insurance coverage throughout the policyholder’s lifetime, even after the Policy Term ends. The Policy provides a Death Benefit if the Policyholder dies during the policy term and a lumpsum payment if the Policyholder survives till the end of the Policy Term.

Key Features of LIC New Jeevan Anand Plan

1. Eligibility: Any policyholder between the age of 18 Years to 50 years can apply for this Policy.
2. Policy Term: The Plan has a minimum Policy Term of 15 years and maximum Policy Term of 35 years.
3. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakh and there is no Maximum Limit on Sum Assured
4. Maturity Age: The maximum age of the Policyholder at maturity should be 75 years
5. Maturity Benefit: If the Policyholder survives till the end of the policy term, he receives the Sum Assured on Maturity along with Simple Reversionary Bonus and Final Additional Bonus if any.
6. Death Benefit: The plan provides Death Benefit in two phases - During and After the policy term. If the Policyholder dies during the Policy Term, he receives the Sum Assured on Death along with Simple Reversionary Bonus and Final Additional Bonus if any. The Sum Assured on Death is the higher of 125% of Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death. If the Policyholder dies after the expiry of the Policy Term, he receives the Basic Sum Assured.
7. Participation in Profits: The Policy is entitled to participate in the Profits of the Corporation and receive Simple Reversionary Bonus (declared annually) and a Final Additional Bonus at Maturity or Death.
8. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
9. Riders: The Policy offers 3 riders such as Accidental Death and Disability Benefit Rider, Accident Benefit Rider and Term Assurance Rider.
10. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 75% of the surrender value, depending on the policy year.

LICs Jeevan Lakshya

LIC’s Jeevan Lakshya (UIN: 512N297V03) is a Participating, Non-Linked, Life, Individual, Savings Plan that combines the benefits of Savings and Protection Plans. LIC Jeevan Lakshya offers Annual Income Benefits in case of the Policyholder’s untimely death before Policy Maturity and guarantees a Lumpsum payment at maturity, regardless of the Policyholder’s survival.

Key Features of LICs Jeevan Lakshya Policy

1. Eligibility: Any policyholder between the age of 18 Years to 50 years can apply for this Policy. The minimum sum assured is Rs2 Lakh under this Policy.
2. Policy Term: The Plan has a minimum Policy Term of 13 years and maximum Policy Term of 25 years.
3. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakhs and there is no Maximum Limit on Sum Assured
4. Maturity Age: The minimum age of the Policyholder on maturity should be 31 years maximum age of the Policyholder on maturity should be 65 years
5. Maturity Benefit: If the Policyholder survives till the end of the policy term, he receives the Sum Assured on Maturity along with Simple Reversionary Bonus and Final Additional Bonus if any. Sum Assured on Maturity is equal to the Basic Sum Assured.
6. Death Benefit: The plan provides comprehensive Death Benefit in two components - an Annual Income Benefit and a Lumpsum Payment. If the Policyholder dies during the Policy Term, he receives the Sum Assured on Death along with Simple Reversionary Bonus and Final Additional Bonus if any. The Sum Assured on Death is the higher of 7 times of Annualised Premium or 110% of Basic Sum Assured which is payable on Maturity plus an Annual Income Benefit equal to 10% of the Basic Sum Assured from the Policy Anniversary following the death until Policy Maturity. The Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
7. Participation in Profits: The Policy is entitled to participate in the Profits of the Corporation and receive Simple Reversionary Bonus (declared annually) and a Final Additional Bonus at Maturity or Death.
8. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
9. Riders: The Policy offers 3 riders namely Accidental Death and Disability Benefit Rider, Accident Benefit Rider, Term Assurance Rider and Premium Waiver Benefit Rider.
10. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 75% of the surrender value, depending on the policy year.

LIC’s Jeevan Labh Policy

LIC’s Jeevan Labh (UIN: 512N304V03) is a Participating, Non-Linked, Life, Individual, Savings Plan that combines the benefits of Savings and Protection Plans. The plan provides financial support for families in case of the Policyholder’s death before maturity and offers a lump sum amount at maturity for surviving policyholders. The Plan is uniquely designed with limited premium payment terms, making it easier for Policyholders to complete their Premium Payment obligations before the Policy Term ends.

Key Features of LICs Jeevan Labh

1. Policy Term and Premium Payment Term: The Plan offers 3 variations of Policy Term/Premium Payment Term, ie 16/10 years, 21/15 years and 25/16 years.
2. Eligibility: Policyholder’s minimum age at Entry should be 8 years and maximum age at Entry can be 59/54/50 years for Policy Term 16/21/25 years respectively
3. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakhs and there is no Maximum Limit on Sum Assured
4. Maturity Age: The maximum age of the Policyholder on maturity should be 75 years
5. Death Benefit: If the Policyholder dies during the Policy Term, he receives the Sum Assured on Death along with Simple Reversionary Bonus and Final Additional Bonus if any. The Sum Assured on Death is the higher of Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
6. Maturity Benefit: If the Policyholder survives till the end of the policy term, he receives the Sum Assured on Maturity along with Simple Reversionary Bonus and Final Additional Bonus if any.
7. Participation in Profits: The Policy is entitled to participate in the Profits of the Corporation and receive Simple Reversionary Bonus (declared annually) and a Final Additional Bonus at Maturity or Death.
8. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
9. Riders: The Policy offers 4 riders such as Accidental Death and Disability Benefit Rider, Accident Benefit Rider, Term Assurance Rider and Premium Waiver Benefit Rider.
10. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 80% of the surrender value, depending on the policy year. This plan is particularly suitable for individuals looking for Limited Premium Payment Commitment and combination of savings and protection.

LIC’s Amritbaal Policy

LIC’s Amritbaal (UIN: 512N365V02) is a Non-Participating, Non-Linked, Life, Individual, Savings Plan that is specifically designed to help parents accumulate a corpus for their child’s higher education and other needs through Guaranteed Additions. The Plan provides financial security by ensuring that the planned corpus is available even if something happens to the parent during the Policy Term. LIC Amritbaal Plan is a non-participating product under which benefits payable on Death or Survival are guaranteed and fixed irrespective of actual experience. Thus, the Policy is not entitled to any discretionary benefits like Bonus etc. or share in Surplus

Key Features of LIC’s Amritbaal

1. Guaranteed Addition: The Plan provides a Guaranteed addition of Rs80 per year for every Rs1000 of Basic Sum Assured. Eg. Example: If Sum Assured is Rs5,00,000, Annual Guaranteed Addition = (5,00,000 ÷ 1,000) × Rs. 80 = Rs40,000
2. Eligibility: Any policyholder between the age of 0 Years to 13 years can apply for this Policy.
3. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakhs and there is no Maximum Limit on Sum Assured
4. Maturity Age: The minimum age of the Policyholder at maturity should be 18 years while the maximum age of the Policyholder at maturity should be 25 years
5. Policy Term: The Plan has a minimum Policy Term of 5 years and a maximum Policy Term of 25 years for Single Premium Payment Option and a minimum Policy Term of 10 years and a maximum Policy Term of 25 years for Limited Premium Payment Option.
6. Premium Payment Term: The Policy has 2 Premium Payment Terms: a Single Premium Payment Term and a Limited Premium Payment Term of 5, 6 and 7 years
7. Death Benefit: The Proposer has an option to choose “Sum Assured on Death” as per the two options available under each of Single Premium and Limited Premium payment In case of Limited Premium Payment (5-7 years), death benefit will be

• Option 1: Higher of 7 times annual premium or Basic Sum Assured
• Option 2: Higher of 10 times annual premium or Basic Sum Assured In case of Single Premium Payment (one-time), Death Benefit will be
• Option 3: Higher of 1.25 times Single Premium or Basic Sum Assured
• Option 4: Death Benefit is equal to 10 times of Single Premium

8. Maturity Benefit: If the Policyholder survives till the end of the Policy Term, he receives the Sum Assured on Maturity along with accrued Guaranteed Additions for In-Force Policy. Sum Assured on Maturity is equal to the Basic Sum Assured.
9. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
10. Loan Facility: Loan facility is available after 1 year for Limited Premium Policies for upto 80% to 90% of the Surrender Value and 3 months for Single Premium Policies for upto 75% of the Surrender Value.
11. Riders: The Policy offers a Premium Waiver Benefit Rider which waives off all Premiums on the Base Policy due after the death of the Proposer This plan is ideal for parents who want to create a guaranteed education fund for their child and ensure the child’s future is secure even in their absence.

LICs Bima Jyoti Policy

LIC’s Bima Jyoti Plan (UIN: 512N339V03) is a Non-Participating, Non-Linked, Life, Individual, Savings Plan that combines that combines the benefits of Savings and Protection Plans. The Plan provides financial security to families through guaranteed benefits, making it easier for people to understand exactly what benefit they will receive. The Plan offers Guaranteed Additions of Rs50 per thousand of Basic Sum Assured that is added to the Policy every year, helping you to grow your money steadily. The Benefits payable under this Policy on Death or Survival (Maturity) are guaranteed and fixed irrespective of actual experience. Thus, the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus

Key Features of LICs Bima Jyoti Policy

1. Eligibility: Any policyholder between the age of 30 Days to 60 years can apply for this Policy.
2. Sum Assured: The Policy has a minimum Sum Assured of Rs1.25 lakhs and there is no Maximum Limit on Sum Assured
3. Maturity Age: The minimum age of the Policyholder at maturity should be 18 years while the maximum age of the Policyholder at maturity should be 75 years
4. Policy Term: The Plan has a minimum Policy Term of 15 years and a maximum Policy Term of 20 years.
5. Premium Payment Term: The Policy has Premium Payment Terms pf Policy Term minus 5 Years
6. Guaranteed Addition: The Plan provides a Guaranteed addition of Rs50 per year for every Rs1000 of Basic Sum Assured. Eg. Example: If Sum Assured is Rs5,00,000, Annual Guaranteed Addition = (5,00,000 ÷ 1,000) × Rs50 = Rs25,000
7. Death Benefit: If the Policyholder dies during the Policy Term but before the Maturity Date, he receives the Sum Assured on Death along with accrued Guaranteed Additions. The Sum Assured on Death is the higher of 125% of Basic Sum Assured or 7 times of Annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death. In case of Minor Life Assured whose age at entry is below 8 years, on Death before the Commencement of Risk, the Death Benefit payable is return of Total Premiums paid (excluding taxes, extra premium and rider premiums if any), without interest.
8. Maturity Benefit: If the Life Assured survives till the end of the Policy Term, he receives the Sum Assured on Maturity along with accrued Guaranteed Additions for In-Force Policy. Sum Assured on Maturity is equal to the Basic Sum Assured.
9. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
10. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 80% of the surrender value, depending on the policy year.
11. Riders: The Policy offers 4 riders such as Accidental Death and Disability Benefit Rider, Accident Benefit Rider, Term Assurance Rider and Premium Waiver Benefit Rider. This plan is particularly suitable for people who want guaranteed returns with life coverage and prefer limited premium payment terms with flexibility in premium payments.

LICs Jeevan Azad

LIC’s Jeevan Azad (UIN: 512N348V02) is a Non-Participating, Non-Linked, Life, Individual, Savings Plan designed for people looking for a simple and affordable way to save while protecting their family. The plan offers a Limited Premium Payment feature where you need to pay Premiums for Policy Term minus 8 years, while the coverage continues for the full Policy Term. The Plan has a cap on the maximum sum assured of Rs5 lakhs per person across all versions which makes it particularly suitable for people looking for moderate coverage with affordable premiums. The Plan provides financial support to the family members in case of death of the life assured during the Policy Term. LIC Jeevan Azad Plan is a non-participating product under which benefits payable on Death or Survival are guaranteed and fixed irrespective of actual experience. Thus, the Policy is not entitled to any discretionary benefits like Bonus etc. or share in Surplus

Key Features of LICs Jeevan Azad Policy

1. Eligibility: Any policyholder between the age of 30 Days to 50 years can apply for this Policy.
2. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakhs and a Maximum Sum Assured of Rs5 Lakhs
3. Maturity Age: The minimum age of the Policyholder at maturity should be 18 years while the maximum age of the Policyholder at maturity should be 70 years
4. Policy Term: The Plan has a minimum Policy Term of 15 years and a maximum Policy Term of 20 years.
5. Premium Payment Term: The Policy has Premium Payment Terms pf Policy Term minus 8 Years
6. Death Benefit: If the Life Assured dies during the Policy Term but before the Maturity Date, he receives the Sum Assured on Death. The Sum Assured on Death is the higher of Basic Sum Assured or 7 times of Annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death. In case of Minor Life Assured whose age at entry is below 8 years, on Death before the Commencement of Risk, the Death Benefit payable is return of Total Premiums paid (excluding taxes, extra premium and rider premiums if any), without interest.
7. Maturity Benefit: If the Life Assured survives till the end of the Policy Term, he receives the Sum Assured on Maturity along with accrued Guaranteed Additions for In-Force Policy. Sum Assured on Maturity is equal to the Basic Sum Assured.
8. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
9. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 80% of the surrender value, depending on the policy year.
10. Riders: The Policy offers 3 riders namely Accidental Death and Disability Benefit Rider, Accident Benefit Rider and Premium Waiver Benefit Rider.

LICs Whole Life Insurance Plans

LICs Whole Life Insurance plans are comprehensive life insurance policies that combine the features of both Term Insurance and Savings Plans, providing protection that lasts a lifetime while also building a financial corpus through bonuses and survival benefits.

Currently, LIC offers two whole life plans:

1. LIC’s Jeevan Umang (Plan No 745, UIN: 512N312V03)
2. LIC’s Jeevan Utsav (Plan No 715, UIN: 512N363V02)

Whole Life Insurance Plans offer the following benefits:

1. Coverage extending throughout the Policyholder’s lifetime
2. Regular Survival Benefits after the Premium Payment Term ends
3. Maturity Benefits that provide financial security in later years
4. Death benefits that protect the family even after age 100 Whole Life insurance plans are suitable for people who want lifelong insurance protection coupled with guaranteed regular income in later years, thus suitable for people seeking retirement.

LICs Jeevan Umang Policy

LIC’s Jeevan Umang (UIN: 512N312V03) is a Participating, Non-Linked Individual, Savings Whole Life Insurance Plan that combines lifelong protection along with regular income benefits. The Plan provide Annual Survival Benefits from the end of the Premium Payment Term till Policy Maturity and a lumpsum payment on Policy Maturity or a Death Benefit on the death of the Policyholder during the Policy Term.

Key Features of LIC Jeevan Umang Policy

1. Policy Term and Premium Payment Term: The Policy Term will be 100 minus Age at Entry while Premium Payment Term can be 15 years, 20 years, 25 years or 30 years.
2. Eligibility: Policyholder’s minimum age at Entry should be 30 days and maximum age at Entry can be 55/50/45/40 years for Premium Payment Term of 15/20/25/30 years respectively.
3. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakhs and there is no Maximum Limit on Sum Assured
4. Maturity Age: The minimum age of the Policyholder at end of Premium Payment Term should be 18 years while the maximum age of the Policyholder at end of Premium Payment Term should be 70 years
5. Commencement of Risk: If the Entry Age of the Life Assured is less than 8 years, the risk will commence either one day before the completion of 2 years from the date of commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. If the Entry age is more than 8 years, risk commences immediately from the date of Policy issuance.
6. Death Benefit: If the Policyholder dies during the Policy Term but before the Commencement of the Risk, he receives Return of premium/s paid without interest excluding taxes, extra premium and Rider Premium. If the Policyholder dies during the Policy Term but after the Commencement of the Risk, he receives the Sum Assured on Death along with Simple Reversionary Bonus and Final Additional Bonus if any. The Sum Assured on Death is the higher of Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
7. Survival Benefit: If the life assured survives to the end of the Premium Paying Term, a Survival Benefit equal to 8% of Basic Sum Assured is payable each year. The first Survival Benefit payment is payable at the end of Premium Paying Term and thereafter on completion of each subsequent year till the Life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.
8. Maturity Benefit: If the Policyholder survives till the end of the Policy Term, he receives the Sum Assured on Maturity along with Simple Reversionary Bonus and Final Additional Bonus if any.
9. Participation in Profits: The Policy is entitled to participate in the Profits of the Corporation and receive Simple Reversionary Bonus (declared annually) and a Final Additional Bonus at Maturity or Death.
10. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
11. Riders: The Policy offers various riders such as Accidental Death and Disability Benefit Rider, Accident Benefit Rider, Term Assurance Rider and Premium Waiver Benefit Rider
12. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 75% of the surrender value, depending on the policy year.
13. Tax Benefits: Premium payments are eligible for tax deduction under Section 80C, and death benefits are tax-free under Section 10(10D). However, survival benefits are taxable as income. The combination of features makes LIC Jeevan Umang an ideal choice for those looking for lifelong protection with guaranteed regular income. The Plan is suitable for individuals who want to ensure financial security for their family while building a retirement corpus through bonuses and survival benefits. The policy serves different needs at different stages of life - protection during earning years, regular income during retirement, and legacy creation for the family

LICs Jeevan Utsav Policy

LIC’s Jeevan Utsav (UIN: 512N363V02) is a Non-Participating, Non-Linked, Individual, Savings, Whole Life Insurance Plan with Limited Premium Payment Term that combines Lifetime Protection along with flexible income benefits. The Plan provides Survival Benefits in the form of Regular Income Benefit or Flexi Income Benefit as per the option chosen for surviving policyholder as well as a Death Benefit on the death of the Life Assured during the Policy Term. LIC Jeevan Utsav Plan is a non-participating product under which benefits payable on Death or Survival are guaranteed and fixed irrespective of actual experience. Thus, the Policy is not entitled to any discretionary benefits like Bonus etc. or share in Surplus

Key Features of LIC Jeevan Utsav Policy

1. Premium Payment Term: The Premium Payment Term can be between 5 years to 16 years.
2. Eligibility: Policyholder’s minimum age at Entry can be 30 days and maximum age at Entry can be 59 years for Premium Payment Term of 16 years.
3. Sum Assured: The Policy has a minimum Sum Assured of Rs5 lakhs and there is no Maximum Limit on Sum Assured
4. Commencement of Risk: If the Entry Age of the Life Assured is less than 8 years, the risk will commence either 2 years from the date Policy Commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. If the Entry age is more than 8 years, risk commences immediately from the date of Policy Issuance.
5. Death Benefit: In case of Minor Life Assured whose age at entry is below 8 Years, on Death before the Commencement of the Risk, he receives Return of premium/s paid without interest excluding taxes, extra premium and Rider Premium. If the Life Assured dies after the date of Commencement of the Risk, he receives the Sum Assured on Death along with accrued Guaranteed Additions. The Sum Assured on Death is the higher of Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
6. Survival Benefit: The Plan offers two options to receive income benefits - Regular Income Benefit: Under the Regular Income Benefit option, the Policyholder receives 10% of the Policy Basic Sum Assured at the end of each Policy Year as Regular Income starting from the year as specified in the Policy Schedule - Flexi Income Option: This Flexi Income Option gives the Policyholder more control over his money. The Policyholder still 10% of Policy Basic Sum Assured annually, but he can choose to let it accumulate with interest at 5.5% per year. The Policyholder can withdraw up to 75% of the accumulated amount once every year, giving him the flexibility to withdraw larger sums when required. There is an option to receive Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
7. Guaranteed Additions: The Plan provides a Guaranteed addition of Rs40 per year for every Rs1000 of Basic Sum Assured at the end of each policy year during the Premium Paying Term. Eg. Example: If Sum Assured is Rs5,00,000, Annual Guaranteed Addition = (5,00,000 ÷ 1,000) × Rs40 = Rs20,000
8. Riders: The Policy offers various riders such as Accidental Death and Disability Benefit Rider, Accident Benefit Rider, Term Assurance Rider and Premium Waiver Benefit Rider
9. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year. LIC Jeevan Utsav Plan is suitable for people looking for lifelong protection for their family and those looking for guaranteed regular income. Jeevan Utsav Plan adapts to different needs of the Policyholder, whether he requires a regular fixed income or the flexibility to accumulate and withdraw as and when required.

LIC Money-Back Plans

LIC Money Back Plans are a type of Investment Plans that combine the benefits of Insurance and Investment. The Plans also provide Life Insurance Coverage throughout the Policy Period and Maturity Benefits at the end of the Policy Term. The Plans provide Periodic Payments in addition to a Lumpsum Payment at the end of the Policy Period.

LIC offers 6 comprehensive Money-Back Insurance Plans designed to provide periodic returns along with life insurance coverage:

1. LIC’s Bima Shree (Plan No. 748, UIN: 512N316V03)
2. LIC’s New Money Back Plan- 20 Years (Plan No. 720, UIN: 512N280V03)
3. LIC’s New Money Back Plan-25 years (Plan No. 721, UIN: 512N278V03)
4. LIC’s New Children’s Money Back Plan (Plan No. 732, UIN: 512N296V03)
5. LIC’s Jeevan Tarun (Plan No. 734, UIN: 512N299V03)
6. LIC’s Bima Ratna (Plan No. 764, UIN: 512N345V02) The key benefit of Money Back Plans is that they provide liquidity through periodic payments while keeping the life insurance coverage intact until maturity. This makes them ideal for meeting planned financial needs at different stages of life while ensuring family security.

LIC Bima Shree Plan

LIC’s Bima Shree (UIN: 512N316V03) is a Participating, Non-Linked, Life, Individual, Savings Plan designed for high-net-worth individuals. The plan combines the Benefits of a protection and savings features while providing periodic survival benefits and a maturity benefit.The Plan provides a Death Benefit on the death of the Life Assured. Additionally, Periodic Payments are made on the survival of the Policyholder at specified durations and a lump sum payment is made to the surviving Policyholder at the time of Maturity.

Key Features of LICs Bima Shree Plan

1. Policy Term and Premium Payment Term: The Plan has various Policy Term Options of 14, 16, 18, 20, 24 and 28 years. The Premium Payment Term is Policy Term minus 4 Years.
2. Entry Age: The Policy has a minimum Entry Age of 8 Years.
3. Sum Assured: The Policy has a minimum Sum Assured of Rs10 lakhs and there is no Maximum Limit on Sum Assured
4. Maturity Age: The maximum age of the Policyholder on maturity should be 69 years
5. Survival Benefit: The Policyholder receives Periodic Payments based on his Policy Term. For instance, in a 14-year Policy, the Policyholder receives 30% of Basic Sum Assured at on each of the 10th and 12th Policy Anniversary. These percentages increase with longer terms, going up to 45% for longer-term policies.
6. Maturity Benefit: If the Policyholder survives till the end of the Policy Term, he receives the Sum Assured on Maturity along with accrued Guaranteed Additions and Loyalty Addition, if any. The Sum Assured on Maturity varies from 40% Basic Sum Assured for policy for a 14-year Policy Term to 10% of Basic Sum Assured for Policy Term of 28 Years.
7. Death Benefit: If the Policyholder dies during the first 5 years, he receives the Sum Assured on Death along with accrued Guaranteed Additions. If the Policyholder dies after the first 5 years but before the date of maturity, he receives the Sum Assured on Death and accrued Guaranteed Additions and Loyalty Addition as well. The Sum Assured on Death is the higher of 125% of Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
8. Guaranteed Additions: The policy adds Rs50 per thousand Basic Sum Assured as Guaranteed Addition at the end of each Policy Year during the Premium Paying Term and this increases to Rs.55 per thousand from the 6th Policy Year till the end of Premium Paying Term.
9. Participation in Profits: The Policy is eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity provided that the Policy has completed 5 years and atleast 5 full years’ premium has been paid.
10. Riders: The Policy offers various riders such as Accidental Death and Disability Benefit Rider, Accident Benefit Rider, Term Assurance Rider and Premium Waiver Benefit Rider.
11. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 75% of the surrender value, depending on the policy year.
12. Special Features: The Policyholder has an option to defer the Survival Benefit and earn interest on the same and choose to withdraw the Benefit when needed. The Policyholder can opt to receive benefits in installments over 5, 10, or 15 years at maturity, helping in better financial planning. Even death benefits can be taken in installments, providing systematic income to the family. LIC Bima Shree Plan is suitable for High-Net-Worth Individuals looking for high-value insurance life protection and guaranteed periodic returns.

LICs New Money Back Plan - 20 years

LIC’s New Money Back Plan - 20 Years (UIN: 512N280V03) is a Participating, Non-Linked, Life Individual Savings Plan that combines the benefits of Protection Plans and provides Periodic Returns. The Plan offers a Death Benefit on the death of the Life Assured during the Policy Term or Periodic Payments on his survival during the Policy Term. LIC’s New Money Back Plan - 20 Years Plan provides Insurance Protection and regular returns over a 20-year period. The Policyholder has to pay premiums for 15 years and receives protection over the full Policy Term of 20 years along with periodic money-back benefits

Key Features of LICs New Money Back Plan - 20 Years

1. Policy Term and Premium Payment Term: The Plan has a Policy Term of 20 years and a Premium Payment Term of 15 Years.
2. Entry Age: The Policy has a minimum Entry Age of 13 Years and a maximum Entry Age of 50 Years
3. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakhs and there is no Maximum Limit on Sum Assured
4. Maturity Age: The maximum age of the Policyholder on maturity should be 70 years
5. Death Benefit: If the Policyholder dies during the Policy Term, he receives the Sum Assured on Death along with Simple Reversionary Bonus and Final Additional Bonus if any. The Sum Assured on Death is the higher of 125% of the Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
6. Survival Benefit: If the Policyholder survives to the end of the specified duration, he receives a Periodic Payment equivalent to 20% of Basic Sum Assured at the end of the 5th, 10th and 15th Policy Year.
7. Maturity Benefit: If the Policyholder survives till the end of the Policy Term, he receives the Sum Assured on Maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The Sum Assured on Maturity is equal to 40% of Basic Sum Assured.
8. Participation in Profits: The Policy is entitled to participate in the Profits of the Corporation and receive Simple Reversionary Bonus (declared annually) and a Final Additional Bonus at Maturity or Death.
9. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
10. Riders: The Policy offers 3 riders namely, Accidental Death and Disability Benefit Rider, Accident Benefit Rider and the Term Assurance Rider.
11. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 75% of the surrender value, depending on the policy year. This plan is particularly suitable for people wanting systematic savings with life protection and for people who need regular returns during the Policy Term.

LICs New Money Back Plan - 25 years

LIC’s New Money Back Plan-25 Years (UIN: 512N278V03) is a Participating, Non-Linked, Life Individual Savings Plan that combines the benefits of Protection Plans and provides Periodic Returns. The Plan offers a Death Benefit on the death of the Life Assured during the Policy Term or Periodic Payments on his survival during the Policy Term. LIC’s New Money Back Plan - 25 Years Plan provides Insurance Protection and regular returns over a 25-year period. The Policyholder must pay premiums for 20 years and receives protection over the full Policy Term of 25 years along with periodic money-back benefits

Key Features of LICs New Money Back Plan - 25 Years

1. Policy Term and Premium Payment Term: The Plan has a Policy Term of 25 years and a Premium Payment Term of 20 Years.
2. Entry Age: The Policy has a minimum Entry Age of 13 Years and a maximum Entry Age of 45 Years.
3. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakhs and there is no Maximum Limit on Sum Assured
4. Maturity Age: The maximum age of the Policyholder on maturity should be 70 years
5. Death Benefit: If the Policyholder dies during the Policy Term, he receives the Sum Assured on Death along with Simple Reversionary Bonus and Final Additional Bonus if any. The Sum Assured on Death is the higher of 125% of the Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
6. Survival Benefit: If the Policyholder survives to the end of the specified duration, he receives a Periodic Payment equivalent to 15% of Basic Sum Assured at the end of the 5th, 10th, 15th and 20th Policy Year.
7. Maturity Benefit: If the Policyholder survives till the end of the Policy Term, he receives the Sum Assured on Maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The Sum Assured on Maturity is equal to 40% of Basic Sum Assured.
8. Participation in Profits: The Policy is entitled to participate in the Profits of the Corporation and receive Simple Reversionary Bonus (declared annually) and a Final Additional Bonus at Maturity or Death.
9. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
10. Riders: The Policy offers 3 riders namely, Accidental Death and Disability Benefit Rider, Accident Benefit Rider and the Term Assurance Rider.
11. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 75% of the surrender value, depending on the policy year.

LIC’s New Children Money Back Plan

LIC’s New Children’s Money Back Plan (UIN: 512N296V03) is a Participating, Non-Linked, Life Individual Savings Plan designed to meet the educational, marriage, and other needs of growing children. The Plan provides a Risk Cover on the life of the child during the Policy Term and provides Periodic Payments if the child survives till the end of Specified Duration. Parents or grandparents can purchase this Plan for children aged between 0 to 12 years, with the Policy Term automatically set to ensure maturity when the child turns 25.

Key Features of LICs New Children Money Back Plan

1. Policy Term and Premium Payment Term: You can start this Plan for any child aged between 0 to 12 years and the Plan matures when the child reaches 25 years of age. The Premium Payment Term will be the same as the Policy Term.
2. Entry Age: The Policy has a minimum Entry Age of 0 Years and a maximum Entry Age of 12 Years.
3. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakhs and there is no Maximum Limit on Sum Assured
4. Maturity Age: The maximum age of the Child on maturity should be 25 years
5. Commencement of Risk: If the Entry Age of Life Assured is less than 8 years, the risk will commence 2 years from the date commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. If the Entry age is more than 8 years, risk commences immediately from the date of Policy issuance.
6. Death Benefit: If the Policyholder dies during the Policy Term, he receives the Sum Assured on Death along with vested Simple Reversionary Bonus and Final Additional Bonus if any. The Sum Assured on Death is the higher of Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
7. Survival Benefit: If the Policyholder survives each of the respective policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years, he receives an amount equivalent to 20% of Basic Sum Assured on each occasion.
8. Maturity Benefit: If the Policyholder survives till the end of the Policy Term, he receives the Sum Assured on Maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The Sum Assured on Maturity is equal to 40% of Basic Sum Assured.
9. Participation in Profits: The Policy is entitled to participate in the Profits of the Corporation and receive Simple Reversionary Bonus (declared annually) and a Final Additional Bonus at Maturity or Death.
10. Riders: The Policy offers a Premium Waiver Benefit Rider
11. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 75% of the surrender value, depending on the policy year. LIC New Children Money Back Plan is suitable for parents wanting to save for their child’s future and those looking for guaranteed education funding. The plan is structured such that the Survival Benefits coincide with typical higher education needs, while the maturity benefit at age 25 can help with marriage expenses or career establishment. The Premium Waiver Benefit Rider ensures the child’s future remains protected even if something happens to the parent.

LICs Jeevan Tarun Plan

LIC’s Jeevan Tarun (UIN: 512N299V03) is a Participating, Non-Linked, Life, Individual Savings Plan for Children offering a combination of protection and savings features. The Plan is designed to meet the educational and other needs of growing children through Annual Survival Benefit payments from ages 20 to 24 years and a Maturity Benefit at 25 Years. Parents or grandparents can purchase this Plan for children aged between 0 years to 12 years, with the policy term automatically set to ensure maturity when the child turns 25.

Key Features of LICs Jeevan Tarun Plan

1. Policy Term: You can start this Plan for any child aged between 30 days to 12 years and the Plan matures when the child reaches 25 years of age.
2. Premium Payment Term: The Premium Payment Term will be the [20 minus Entry Age] years
3. Entry Age: The Policy has a minimum Entry Age of 0 Years and a maximum Entry Age of 12 Years.
4. Sum Assured: The Policy has a minimum Sum Assured of Rs2 lakhs and there is no Maximum Limit on Sum Assured
5. Maturity Age: The Policy matures when the Child turns 25 years of age.
6. Commencement of Risk: If the Entry Age of Life Assured is less than 8 years, the risk will commence either 2 years from the date commencement of Policy or from the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. If the Entry age is more than 8 years, risk commences immediately from the date of Policy issuance.
7. Death Benefit: If the Policyholder dies during the Policy Term, he receives the Sum Assured on Death along with vested Simple Reversionary Bonus and Final Additional Bonus if any. The Sum Assured on Death is the higher of 125% of Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
8. Survival Benefit: If the Life Assured survives each of the respective policy anniversaries, a fixed percentage of Basic Sum Assured is payable on each Policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. The Policyholder has 4 options to choose the Percentage of Basic Sum Assured (0%, 5%, 10% and 15%) that he receives as Survival Benefit from the age of 20 to 24 Years.
9. Maturity Benefit: If the Policyholder survives till the end of the Policy Term, he receives the Sum Assured on Maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The Policy matures with a payment that varies based on the chosen option - from 100% of Basic Sum Assured (Option 1) down to 25% (Option 4), plus all accumulated bonuses.
10. Participation in Profits: The Policy is entitled to participate in the Profits of the Corporation and receive Simple Reversionary Bonus (declared annually) and a Final Additional Bonus at Maturity or Death.
11. Riders: The Policy offers a Premium Waiver Benefit Rider where all Premiums due on the Base Policy after the date of death of the Policyholder till the expiry of the Premium Waiver Benefit Rider are waived off
12. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year ranging from 40% to 75% of the surrender value, depending on the policy year. LIC Jeevan Tarun Plan is suitable for parents who wish to systematically save for their child’s higher education and those looking for guaranteed educational funding. The survival benefits in this plan align perfectly with typical higher education expenses between ages 20-24, while the maturity benefit at age 25 can help with post-graduation expenses or career establishment.

LICs Bima Ratna Plan

LIC’s Bima Ratna (UIN: 512N345V02) is a Non-Participating, Non-Linked, Life Individual Savings Plan that combines the benefits of protection plans and savings plans. This plan provides a death benefit in case of the death of the Policyholder and also provides Periodic Payments on survival of the Policyholder at specified durations to help meet various financial needs. LIC Bima Ratna Plan is a non-participating product under which benefits payable on Death or Survival are guaranteed and fixed irrespective of actual experience. Thus, the Policy is not entitled to any discretionary benefits like Bonus etc. or share in Surplus

Key Features of LICs Bima Ratna Plan

1. Policy Term and Premium Payment Term: Policy Term Options of 15/20/25 years for Premium Payment Term can be 11/16/21 years.
2. Entry Age: The Policy has a minimum Entry Age of 5 Years for Policy Term of 15 Years and 30 days for Policy Term of 20 Years and 25 Years while the maximum Entry Age is 55 Years for Policy Term of 15 Years, 50 Years for Policy Term of 20 Years and 45 Uears for Policy Term of 25 Years.
3. Sum Assured: The Policy has a minimum Sum Assured of Rs5 lakhs and there is no Maximum Limit on Sum Assured
4. Maturity Age: The Policy has a minimum Maturity Age of 20 Years for Policy Term of 15 Years and 20 Years and 25 Years for Policy Term of 25 Years while the maximum Age at Maturity is 70 Years for all Policy Terms.
5. Commencement of Risk: If the Entry Age of Life Assured is less than 8 years, the risk will commence either 2 years from the date Policy Commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. If the Entry age is more than 8 years, risk commences immediately from the date of Policy issuance.
6. Death Benefit: If the Policyholder dies during the Policy Term, he receives the Sum Assured on Death along with Accrued Guaranteed Additions. The Sum Assured on Death is the higher of 125% of Basic Sum Assured or 7 times of annualised Premium. This Death Benefit cannot be less than 105% of total premiums paid upto the date of death.
7. Survival Benefit: If the Life Assured survives to the end of the specified durations, he receives a fixed Percentage of Basic Sum Assured as follows:
   • 25% of the Basic Sum Assured at the end of each of 13th and 14th policy year for Policy Term of 15 Years
   • 25% of the Basic Sum Assured at the end of each of 18th and 19th policy year for Policy Term of 20 Years
   • 25% of the Basic Sum Assured at the end of each of 23rd and 24th policy year for Policy Term of 25 Years
8. Maturity Benefit: If the Policyholder survives till the end of the Policy Term, he receives the Sum Assured on Maturity along with accrued Guaranteed Additions. Sum Assured on Maturity is equal to 50% of Basic Sum Assured.
9. Guaranteed Additions: The Plan provides a Guaranteed Addition of Rs50 per year for every Rs1000 of Basic Sum Assured from the 1st to 5th Year of Policy and Rs55 per year for every Rs1000 of Basic Sum Assured from the 6th to 10th Year of Policy and Rs60 per year for every Rs1000 of Basic Sum Assured from the 11th to 15th Year of Policy.
10. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over 5, 10, or 15 years, ensuring regular income instead of a lump sum.
11. Riders: The Policy offers 4 riders namely Accidental Death and Disability Benefit Rider, Accident Benefit Rider, Term Assurance Rider and Premium Waiver Benefit Rider
12. Loan Facility: The Policyholder can avail a loan against the Policy after completion of the first Policy Year. LIC Bima Ratna Plan is suitable for people who want guaranteed returns through its combination of Survival Benefits, Guaranteed Additions and Maturity Benefits.

LICs ULIP Plans

LIC offers four distinct ULIP (Unit-Linked Insurance Plan) options, combining Life Insurance Coverage with market-linked investment growth. A part of the Policy Premium goes towards risk cover, and the remainder is invested in your chosen funds. These plans include:

1. LIC’s Index Plus (Plan No. 873, UIN: 512L354V01)
2. LIC’s Nivesh Plus (Plan No. 749, UIN: 512L317V02)
3. LIC’s SIIP (Systematic Investment Insurance Plan, Plan No. 752, UIN: 512L334V02)
4. LIC’s New Endowment Plus (Plan No. 735, UIN: 512L301V03) All these ULIP plans provide a Death Benefit which is the higher of the sum assured or fund value. A mandatory 5-year lock-in applies with multiple investment funds provided to suit different risk appetites. Single Premium Plans (Index Plus, Nivesh Plus,) suit those with a lumpsum amount to invest, while Regular Premium Plan (SIIP) is ideal for those preferring systematic investing. Those seeking market index exposure should explore Index Plus, while Nivesh Plus and Endowment Plus offer more traditional ULIP flexibility.

LIC Index Plus ULIP Fund

LIC Index Plus (UIN: 512L354V01) is a Unit-Linked, Non-Participating, Individual Life Insurance Plan that combines Life Insurance Coverage with market-linked investment growth. LIC Index Plus ULIP Plan is a non-participating product and hence, the Policy is not entitled to any share in Surplus

Key Features of LIC Index Plus ULIP Plan

1. Eligibility: Any policyholder between the age of 90 Days to 60 years can apply for this Policy.
2. Sum Assured: The Policy has a minimum Sum Assured of Rs1.25 lakhs and there is no Maximum Limit on Sum Assured. The basic Sum Assured is linked to Policyholder’s Entry Age: for entry up to age 50, the Basic Sum Assured is 7 times or 10 times the annualized premium and for ages 51–60, the Basic Sum Assured is 7 times the annualized premium. The maximum maturity age is 85 years where the Basic Sum Assured is 7 times the annualized premium and 75 years for the Plan where the Basic Sum Assured is 10 times the annualized premium
3. Minimum and Maximum Premium: The Minimum Premium is Rs30,000 per annum and there is no limit on the Maximum Premium. The Maximum Premium allowed for each individual is subject to underwriting decision.
4. Policy Term: The Plan has a minimum Policy Term of 10 years and a maximum Policy Term of 25 years.
5. Premium Payment Term: The Premium Payment Terms is the same as the Policy Term.
6. Commencement of Risk: If the Entry Age of the Life Assured is less than 8 years, the risk will commence either on the completion of 2 years from the date of commencement of the Policy or on Policy Anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. If the Entry age is more than 8 years, risk commences immediately from the date of Policy Commencement.
7. Death Benefit: If the Policyholder dies during the Policy Term but before the Maturity Date, the nominee receives a Death Benefit equal to the Unit Fund Value as on date of intimation of Death, if the death happens before the commencement of the risk. If the death happens after the Commencement of the Risk, the nominee receives a Death Benefit equal to the higher of Unit Fund Value as on date of Death Intimation or 105% of the Total Premiums received upto the Date of Death reduced by Partial Withdrawals, if any, made during the 2 years period immediately preceding the date of death.
8. Maturity Benefit: If Life Assured survives till the date of Maturity, an amount equal to Unit Fund Value as on date of maturity is payable.
9. Guaranteed Addition: The Plan provides a Guaranteed Addition as a percentage of one Annualized Premium on completion of specific duration of policy years. The allocated Guaranteed Additions are converted to number of units and credited to the opted fund type on the due date of payment of Guaranteed Additions. Any Guaranteed Additions added subsequent to the date of death shall be recovered from the Unit Fund.
10. Investment Funds: Funds are invested in two indexed, high-growth ULIP options: a. Flexi Growth Fund: invests 40–100% in equities and primarily in stocks which are a part of NSE NIFTY100 Index. b. Flexi Smart Growth Fund – invests 40-100% in equities and primarily in stocks which are a part of NSE NIFTY50 Index. These are indexed to reflect broad market movement and offer the option of switching between them. Four free switches are permitted each policy year; further switches cost ₹100 each.
11. Switching: The Policyholder has an option to switch between the two fund types during the policy term. On switching, the entire Fund Value will be switched to the new Fund opted for. 4 switches will be allowed free of charge during a policy year.
12. Lock-in and Withdrawals: LIC Index Plus Plan has a 5-year lock-in, after which partial withdrawals are allowed—up to 20% of the fund value can be withdrawn in Policy Years 6–10, 25% in years 11–15, 30% in years 16–20 and 35% in years 21–25.
13. Settlement Option: Policyholders can choose to receive Death Benefit in installments over 5 years, ensuring regular income instead of a lump sum.
14. Policy Charges: The Policy incurs a number of charges including Premium Allocation Charges, Fund Management Charges (around 1.35% per annum), Mortality Charges, Policy Administration Charges, Switching Charges etc. Index Plus is designed for those seeking market-index-linked growth while maintaining regular premium payments. It offers life cover, flexible fund allocation, partial liquidity post–lock-in, and a robust death benefit, all structured within a transparent ULIP format.

LIC Nivesh Plus plan

LIC’s Nivesh Plus Plan (UIN: 512L317V02) is a Linked, Non-Participating, Single Premium Life, Individual Savings Plan that combines Life Insurance Coverage with market-linked investment growth. The Plan is a Single Premium Plan which offers Insurance Coverage and savings throughout the Policy Term. The Plan is offered under 2 Options:

• Option 1: Under Option 1, the minimum Basic Sum Assured is 1.25 times the Single Premium
• Option 2: Under Option 2, the minimum Basic Sum Assured is 10 times the Single Premium

Key Features of LIC Nivesh Plus ULIP Plan

1. Entry Age: The Plan has a minimum entry age of 90 Days (for Both Options). The maximum entry age for Option 1 is 70 years and for Option 2 is 35 Years.
2. Sum Assured: The Policy has a minimum/maximum Basic Sum Assured of 1.25 times the Single Premium for Option 1 and 10 times the Single Premium for Option 2. The option once selected cannot be altered
3. Minimum and Maximum Premium: The Minimum Premium is Rs1,25,000 per annum and there is no limit on the Maximum Premium.
4. Policy Term: The Plan has a Policy Term as follows:
   • Option 1 (Sum Assured of 1.25 times the Single Premium): 10 years to 25 Years where Entry Age is upto 25 years
   • Option 2 (Sum Assured of 10 times the Single Premium): 10 years to 20 Years where Entry Age is between 26 to 30 years
   • Option 2 (Sum Assured of 10 times the Single Premium): 10 years where Entry Age is between 31 to 35 years
5. Maturity Age: The minimum maturity age is 18 years while the maximum maturity age is 85 years for Option 1 and 50 Years for Option 2.
6. Premium Payment Term: LIC Nivesh Plus Plan is a single Premium Plan
7. Commencement of Risk: If the Entry Age of the Life Assured is less than 8 years, the risk will commence either on the completion of 2 years from the date of commencement of the Policy or on Policy Anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. If the Entry age is more than 8 years, risk commences immediately from the date of Policy Commencement.
8. Death Benefit: If the Policyholder dies during the Policy Term but before the Date of Commencement of Risk, the nominee receives a Death Benefit equal to the Unit Fund Value as on date of intimation of Death. If the death happens after the Commencement of the Risk, the nominee receives a Death Benefit equal to the higher of Unit Fund Value as on date of Death Intimation or Basic Sum Assured reduced by Partial Withdrawals, if any, made during the 2 years period immediately preceding the Date of Death.
9. Maturity Benefit: If Life Assured survives till the date of Maturity, an amount equal to Unit Fund Value as on date of maturity is payable.
10. Guaranteed Addition: The Plan provides a Guaranteed Addition as a percentage of one Single Premium on completion of specific duration of policy years ranging from 3% of Single Premium at the end of the 6th Policy Year to 7% at the end of the 25th Policy Year. The allocated Guaranteed Additions are converted to number of units based on the NAV of the underlying fund type on the date of addition and credited to the Unit Fund of the opted fund type on the due date of payment of Guaranteed Additions. Any Guaranteed Additions added subsequent to the date of death are recovered from the Unit Fund.
11. Investment Funds: The Policyholder has an option to invest funds in 4 fund options:
    • Bond Fund: The Bond Fund invests a minimum of 60% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments.
    • Secured Fund: The Secured Fund invests a minimum of 45% and not more than 85% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The fund also invests not less than 15% and not more than 55% in listed Equity Shares. The objective is to provide steady income through investment in both, equities and fixed income securities.
    • Balanced Fund: The Balanced Fund invests a minimum of 30% and not more than 70% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The fund also invests not less than 30% and not more than 70% in listed Equity Shares. The objective is to provide balanced income and growth through almost equal investment in both, equities and fixed income securities
    • Growth Fund: The Growth Fund invests a minimum of 20% and not more than 60% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The fund also invests not less than 40% and not more than 80% in listed Equity Shares. The objective is to provide capital growth through investment primarily in listed equities.
12. Switching: The Policyholder has an option to switch between the two fund types during the policy term. On switching, the entire Fund Value will be switched to the new Fund opted for.
13. Lock-in and Withdrawals: LIC Nivesh Plus Plan has a 5-year lock-in, after which partial withdrawals are allowed—up to 15% of the fund value can be withdrawn in Policy Years 6–10, 20% in years 11–15, 25% in years 16–20 and 30% in years 21–25.
14. Policy Charges: The Policy incurs a number of charges including Premium Allocation Charges, Fund Management Charges (around 1.35% per annum), Mortality Charges, Policy Administration Charges, Switching Charges etc.

LICs SIIP Plan

LIC’s SIIP Plan (UIN: 512L334V02) is a Linked, Non-Participating, Life, Individual Savings Plan that offers Insurance Coverage and savings throughout the Policy Term. LIC SIIP Plan is a non-participating product and hence, the Policy is not entitled to any share in Surplus during the Policy Term. The Plan offers a choice to invest funds in one of the four types of investment funds available. Each premium paid, after deduction of Premium Allocation Charge, will purchase units of the Fund type chosen.

Key Features of LIC SIIP Plan

1. Entry Age and Sum Assured: The Plan has an entry age of 30 Days to 54 Years for Basic Sum Assured of 10 times the Annualised Premium and entry age of 55 Years to 65 Years for Basic Sum Assured of 7 times the Annualised Premium.
2. Minimum and Maximum Premium: The Minimum Premium is Rs42,000 per annum and there is no limit on the Maximum Premium.
3. Policy Term: The Plan has a minimum Policy Term of 10 Years and a maximum Policy Term of 25 Years.
4. Maturity Age: The minimum maturity age is 18 years while the maximum maturity age is 85 years.
5. Premium Payment Term: The Premium Payment Term is same as Policy Term
6. Commencement of Risk: If the Entry Age of the Life Assured is less than 8 years, the risk will commence either on the completion of 2 years from the date of commencement of the Policy or on Policy Anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. If the Entry age is more than 8 years, risk commences immediately from the date of Policy Commencement.
7. Death Benefit: If the Policyholder dies during the Policy Term but before the Date of Commencement of Risk, the nominee receives a Death Benefit equal to the Unit Fund Value as on date of intimation of Death. If the death happens after the Commencement of the Risk, the nominee receives a Death Benefit equal to the higher of Unit Fund Value as on date of Death Intimation or Basic Sum Assured reduced by Partial Withdrawals, if any, made during the 2 years period immediately preceding the Date of Death or 105% of the Total Premiums received upto the Date of Death reduced by Partial Withdrawals, if any, made during the two years period immediately preceding the date of death.
8. Maturity Benefit: If Life Assured survives till the date of Maturity, an amount equal to Unit Fund Value as on date of maturity is payable.
9. Guaranteed Addition: The Plan provides a Guaranteed Addition as a percentage of one Annualised Premium on completion of specific duration of policy years ranging from 5% of Annualised Premium at the end of the 6th Policy Year to 25% at the end of the 25th Policy Year. The allocated Guaranteed Additions are converted to number of units based on the NAV of the underlying fund type on the date of addition and credited to the Unit Fund of the opted fund type on the due date of payment of Guaranteed Additions. Any Guaranteed Additions added subsequent to the Date of Death are recovered from the Unit Fund.
10. Investment Funds: The Policyholder has an option to invest funds in 4 fund options:
    • Bond Fund: The Bond Fund invests a minimum of 60% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The objective is to ensure safety of capital and provide income through investment in fixed income securities.
    • Secured Fund: The Secured Fund invests a minimum of 45% and not more than 85% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The fund also invests not less than 15% and not more than 55% in listed Equity Shares. The objective is to provide steady income through investment in both, equities and fixed income securities.
    • Balanced Fund: The Balanced Fund invests a minimum of 30% and not more than 70% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The fund also invests not less than 30% and not more than 70% in listed Equity Shares. The objective is to provide balanced income and growth through almost equal investment in both, equities and fixed income securities.
    • Growth Fund: The Growth Fund invests a minimum of 20% and not more than 60% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The fund also invests not less than 40% and not more than 80% in listed Equity Shares. The objective is to provide capital growth through investment primarily in listed equities.
11. Switching: The Policyholder has an option to switch between the four fund types during the Policy Term. On switching, the entire Fund Value will be switched to the new Fund opted for. 4 Switches are allowed during the Policy Year free of Charge, post which the Switches are chargeable.
12. Lock-in and Withdrawals: The Policyholder may partially withdraw the funds from the LIC SIIP Plus Plan, after the fifth policy anniversary — up to 20% of the fund value can be withdrawn in Policy Years 6–10, 25% in years 11–15, 30% in years 16–20 and 35% in years 21–25.
13. Settlement Option: Policyholders can choose to receive Maturity or Death Benefits in installments over a period of 5 years from the date of intimation of death of Life Assured, in writing, along with the death certificate. This ensures regular income instead of a lump sum.
14. Policy Charges: The Policy incurs a number of charges including Premium Allocation Charges, Fund Management Charges (around 1.35% per annum), Mortality Charges, Policy Administration Charges, Switching Charges etc.

LIC New Endowment Plus Plan

LIC’s New Endowment Plus Plan (UIN: 512L301V03) is a Linked, Non-Participating, Life, Individual Savings Plan that offers Insurance Coverage and savings throughout the Policy Term. LIC New Endowment Plus Plan is a non-participating product and hence, the Policy is not entitled to any share in Surplus during the Policy Term. The Plan offers a choice to invest funds in one of the four types of investment funds available. Each premium paid, after deduction of Premium Allocation Charge, will purchase units of the Fund type chosen. The Plan has no Guaranteed Additions unlike other ULIP Plans.

Key Features of LIC New Endowment Plus Plan

1. Entry Age and Sum Assured: The Plan has a Minimum entry age of 30 Days and a Maximum Entry Age of 50 Years.
2. Minimum and Maximum Premium: The Minimum Premium is Rs42,000 per annum and there is no limit on the Maximum Premium.
3. Policy Term: The Plan has a minimum Policy Term of 10 Years and a maximum Policy Term of 20 Years.
4. Maturity Age: The minimum maturity age is 18 years while the maximum maturity age is 60 years.
5. Sum Assured: LIC New Endowment Plus Plan has a Basic Sum Assured of 10 times of Annualised Premium.
6. Premium Payment Term: The Premium Payment Term is the same as Policy Term.
7. Commencement of Risk: If the Entry Age of the Life Assured is less than 8 years, the risk will commence either on the completion of 2 years from the date of commencement of the Policy or on Policy Anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. If the Entry age is more than 8 years, risk commences immediately from the date of Policy Commencement.
8. Death Benefit: If the Policyholder dies during the Policy Term but before the Date of Commencement of Risk, the nominee receives a Death Benefit equal to the Unit Fund Value as on date of intimation of Death. If the death happens after the Commencement of the Risk, the nominee receives a Death Benefit equal to the higher of Unit Fund Value as on date of Death Intimation or Basic Sum Assured reduced by Partial Withdrawals, if any, made during the 2 years period immediately preceding the Date of Death or 105% of the Total Premiums received upto the Date of Death reduced by Partial Withdrawals, if any, made during the two years period immediately preceding the date of death.
9. Maturity Benefit: If Life Assured survives till the date of Maturity, an amount equal to Unit Fund Value as on date of maturity is payable.
10. Investment Funds: The Policyholder has an option to invest funds in 4 fund options:
    • Bond Fund: The Bond Fund invests a minimum of 60% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The objective is to ensure safety of capital and provide income through investment in fixed income securities.
    • Secured Fund: The Secured Fund invests a minimum of 45% and not more than 85% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The fund also invests not less than 15% and not more than 55% in listed Equity Shares. The objective is to provide steady income through investment in both equities and fixed income securities.
    • Balanced Fund: The Balanced Fund invests a minimum of 30% and not more than 70% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The fund also invests not less than 30% and not more than 70% in listed Equity Shares. The objective is to provide balanced income and growth through almost equal investment in both, equities and fixed income securities
    • Growth Fund: The Growth Fund invests a minimum of 20% and not more than 60% in risk-free Government Guaranteed Securities and not more than 40% in short-term investments such as money market instruments. The fund also invests not less than 40% and not more than 80% in listed Equity Shares. The objective is to provide capital growth through investment primarily in listed equities.
11. Switching: The Policyholder has an option to switch between the four fund types during the Policy Term. On switching, the entire Fund Value will be switched to the new Fund opted for. 4 Switches are allowed during the Policy Year free of Charge, post which the Switches are chargeable.
12. Partial Withdrawals: The Policyholder may partially withdraw the funds from the LIC New Endowment Plus Plan, after the fifth policy anniversary:
    • 3 Annualised Premiums or up to 50% of the fund value, whichever is higher can be withdrawn in Policy Years 6–10
    • 3 Annualised Premiums or up to 25% of the fund value, whichever is higher can be withdrawn in Policy Years 11–20
13. Settlement Option: Policyholders can choose to receive Death Benefits in installments over a period of 5 years from the date of intimation of death of Life Assured, in writing, along with the death certificate. This ensures regular income instead of a lump sum.
14. Policy Charges: The Policy incurs a number of charges including Premium Allocation Charges, Fund Management Charges (around 1.35% per annum), Mortality Charges, Policy Administration Charges, Switching Charges etc.

How to check LIC policy status online?

To check the LIC policy status online, follow the steps listed below:

1. Visit the official LIC Website, Login to Customer Portal and Click on ‘Sign Up’ if you are a New User
2. Provide necessary details such as Policy number, Instalment Premium without Tax, Date of Birth, Mobile Number and Email ID.
3. Create a User ID and Password for your account
4. After Registration, login to the Customer Portal using your credentials where you can view your Policy Status

How to Find LIC Policy Number?

To Find the LIC Policy Number, follow the steps below:

1. Visit the official LIC Website, Login to Customer Portal using your User ID and Password. If you are a new user, Click on ‘Sign Up’ and register your account.
2. After logging into the customer Portal, you can view all your Active LIC Policy numbers

How to Revive a Lapsed LIC Policy online?

The Policyholder should follow the below-mentioned steps to revive the Lapsed LIC Policy online:

1. Pay Outstanding Premiums: Pay all the outstanding Premiums alongwith Interest including the Overdue Premiums for the Lapsed Period. The Interest Rate payable on the outstanding Premiums is decided by Life Insurance Corporation of India. The Premium can be paid on the LIC Website: Go to ‘Pay Premium’ > ‘Renewal Premium/Revival’ and follow the instructions.
2. Submit Revival Application: Once all the outstanding Premiums have been paid, the Policyholder must submit a Policy Revival application along with a Health Declaration. The revival application includes details like Policy Number, Reason for Policy Lapse, etc.
3. Approval for Policy Revival: After reviewing the Policy revival application, LIC approves the Policy Revival provided that all requirements are met. The Policyholder receives a revived document confirming the Policy Revival.

How to take a Loan against a LIC Policy?

The Policyholder can avail a loan against his LIC Policy after the Policy has acquired a surrender value, typically after 3 years of Premium Payment. The Loan amount can be used to meet liquidity requirements. The process to avail a loan against LIC Policy is listed below

Online Process to avail Loan against LIC Policy

1. Register/Login to the LIC customer portal.
2. Go to ‘Service Requests’ and click on ‘Loans’.
3. Select the Policy you want to pledge for the loan and enter details like Loan Amount, repayment options, and tenure.
4. Upload required documents (ID proof, Policy Bond, Cancelled Cheque). For first loan, original Policy Bond is required to be submitted.
5. Loan application is required to be submitted at LIC Branch Office, duly signed and assigned in favour of LIC.
6. Submit the request. After approval and Assignment of the Policy to LIC, the loan is disbursed—often within 24–48 hours.

Offline Process to avail Loan against LIC Policy

1. Visit your nearest LIC branch or authorized bank with the Original policy document, KYC documents (ID/address proof) and Cancelled cheque
2. Fill and submit the loan application form.
3. Assign the policy to the lender by signing the required forms.
4. Once processed, funds are credited to your bank account.

Loan Amount and Interest Rate

1. Loan Amount: The Loan amount depends on the type of the Policy being Pledged. Loan Amount ranges upto 90% of the Surrender Value for in-force policies and upto 80% for paid-up policies.
2. Interest Rate: LIC charges 9 to 10% p.a. Banks usually charge a bit higher upto 10–15% p.a.

Repayment Options

There are the following repayment options for Loan Repayment against LIC Policies

1. Pay interest and principal as EMIs.
2. Pay only interest regularly; principal is repaid later or adjusted from maturity/surrender proceeds.
3. If the loan and interest are not repaid, the outstanding amount is deducted from the policy’s maturity or death benefit.

Important Points to remember when availing a Loan against LIC Policy

1. The policy is assigned to LIC/lender until the loan is repaid in full.
2. If you default, the lender can recover dues from the policy proceeds.

What are the various riders in an LIC Policy?

You can enhance your LIC Policy Coverage by opting for various riders by paying additional Premium. LIC Policy offers the following riders:

Accidental Death & Disability Benefit Rider

LIC’s Accidental Death & Disability Benefit Rider (UIN: 512B209V02) provides a lumpsum payment (equal to the Rider Sum Assured), in case of an unfortunate accident leading to either permanent and total disability or death of the insured within 180 days from the date of accident. Additionally, future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured under the base Policy, which is equal to Accident Benefit Sum Assured, are waived off in case of an Accidental Death or Disability to the Insured. The Rider can be opted for at any time under an in-force policy within the Policy Term of the Base plan provided the Outstanding Premium Paying Term of the Base Plan as well as rider is atleast 5 years, but before the Policy Anniversary on which the age nearer birthday of the life assured is 65 years. The Minimum Entry age for the Accidental Death & Disability Benefit Rider is 18 years and the maximum entry age is 65 years. The maximum rider cover ceasing age is 70 years.

Accident Benefit Rider

LIC’s Accident Benefit Rider (UIN: 512B203V03) pays the Accident Benefit Sum Assured in Lumpsum in case of accidental death of the Insured. The Rider can be opted for at any time under an in-force policy within the Policy Term of the Base plan provided the Outstanding Premium Paying Term of the Base Plan as well as rider is atleast 5 years, but before the Policy Anniversary on which the age nearer birthday of the life assured is 65 years. The Minimum Entry age for the Accident Benefit Rider is 18 years and the maximum entry age is 65 years. The maximum rider cover ceasing age is 70 years. Under the policy on the life of Minors, this rider is available from the policy anniversary following completion of age 18 years on receipt of specific request.

Term Assurance Rider

LIC’s Term Assurance Rider (UIN: 512B210V02) pays a lumpsum amount equal to ‘Term Rider Sum Assured on Death’ on death of the Life Assured during the Policy Term. This rider can be opted for at Policy Inception Only. The Minimum Entry age for the Term Assurance Rider is 18 years and the maximum entry age is 60 years. The maximum rider cover ceasing age is 75 years. The Minimum Rider Term is 5 Years for Single and Regular Premium Policies and 10 Years for Limited Term Policies. The Maximum rider term is 35 years. The Minimum Term Assurance Rider Sum Assured is Rs1 lakh and Maximum Term Assurance Rider Sum Assured is Rs25 lakhs.

Premium Waiver Benefit Rider

LIC’s Premium Waiver Benefit Rider (UIN512B204V04) waives off all the Premiums of the Base Policy falling due on and after the date of death till the expiry of rider term on the death of the Proposer during the Policy Term. If the Premium Payment Term of the Base Policy exceeds the rider term, all the further premiums due under the base policy from the date of expiry of the Premium Waiver Benefit Rider term are payable by Life Assured. The Rider can be opted for at any time under an in-force policy on the life of Proposer of the policy coinciding with the policy anniversary but within the premium paying term of the Base Policy provided the outstanding premium paying term of the Base Policy and the rider is at least 5 years. The Minimum Entry age for the Premium Waiver Benefit Rider is 18 years and the maximum entry age is 55 years. The maximum rider cover ceasing age is 70 years.

How to surrender LIC Policy?

LIC Policies can be surrendered completion of first policy year provided one full year’s premium(s) has been paid. On Policy surrender, the Policyholder receives the Surrender Value which is equal to higher of Guaranteed Surrender Value and Special Surrender Value. An LIC policy acquires Guaranteed Surrender Value on payment of at least 2 full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium have been paid. Upon payment of Surrender Value, the Policy terminates, the Coverage ceases and no further benefits are payable under the Policy.

What is the Process to surrender LIC Policy??

1. Visit the Home Branch and submit Surrender Form: Go to the LIC branch where you originally purchased the policy. You need to submit the completed Surrender Discharge Voucher Form to the branch or download it from the LIC website.
2. Submit Required Documents: Submit the following documents along with the Surrender form to surrender your LIC Policy:

• Original policy bond/document
• Self-attested copy of ID proof (e.g., Aadhaar, PAN)
• Cancelled cheque
• Any other documents as specified by LIC or the branch

3. Document Verification: The LIC branch will verify your documents and process your request. Processing and Payout: After verification, LIC calculates your Surrender Value. The surrender value is usually credited to your registered bank account within 7–10 working days after approval.

How to Make LIC Premium Payment Online?

LIC Premium Payment can be done online through the LIC Digital Mobile App or through LIC website. The mobile application allows you to pay premiums by registering to its e-services portal.

LIC Policy Premium Payment through LIC Website

1. Go to LIC website, and Click on the ‘Pay Premium’ button, Click on ‘Renewal Premium/Revival’
2. Enter Policy Number, Date of Birth, Mobile Number and Email ID. The Website will display the Policy Premium
3. Pay the premium using net banking, UPI, credit/debit card or wallet.
4. The renewed Insurance Policy will be emailed to your registered email ID.

Through LIC Digital Mobile App

1. Install the LIC Digital Application on your phone and login ysing your registered Mobile Number
2. Click on ‘Renewal Premium/Revival’
3. Enter Policy Number, Date of Birth, Mobile Number and Email ID. The Website will display the Policy Premium
4. Pay the premium using net banking, UPI, credit/debit card or wallet.
5. The renewed Insurance Policy will be emailed to your registered email ID.

LIC Policy Premium Payment through Qian Insurance Broking

1. Contact Qian Insurance Broking at insurance@qian.co.in or 022-35134695
2. The LIC Team at Qian will send you a payment link for paying the Premium for your LIC Policy
3. Review the Premium Amount and Pay the premium using net banking, UPI, credit/debit card or wallet.
4. Once you make the payment, you will receive the premium payment receipt at your registered email address. You can also make LIC premium payments offline at the cash counter of the nearest LIC branch.

Purchase LIC Policies Though Qian Insurance

When you purchase your LIC policy through Qian, you get more than just insurance — you get expert support every step of the way. Our IRDAI-licensed advisors guide you in choosing the right plan based on your goals and budget, ensuring you make an informed decision. Qian is a licensed Insurance Broker with LIC. We can assist you with all Insurance Policies as well as Claim Settlement Process with Life Insurance Corporation. Get a Quote for LIC Policies with Qian at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you