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- Key Highlights
- Facts About LIC
- Why Should You Buy LIC Plans?
- LIC Of India- Plan List
- Life Insurance Corporation of India Riders
- Why Buy LIC from Policybazaar?
- Do’s & Don’ts of Buying a LIC Policy
- Choose the LIC Policy
- LIC E-Services
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LIC of India - Life Insurance Corporation of India
The Life Insurance Corporation of India (LIC) is India's most trusted life insurance company established in 1956. For the last six decades, LIC has provided insurance coverage nationwide to millions of individuals and families. LIC is a state-owned organization offering a comprehensive range of life insurance products and services, making it a trusted name in the Indian insurance industry.Read more
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Written By: Sameep Singh
Sameep SinghBusiness Unit Head - Domestic Savings
Mr. Sameep Singh is a Business Unit Head for the domestic Investment Business at policybazaar.com, holding a master's from Symbiosis School of Banking & Finance. He has played a pivotal role in crafting investment and term business strategies during his tenure at Policybazaar. His exceptional leadership has been instrumental in driving both product and business growth throughout his impressive career.
Reviewed By: Vivek Jain
Vivek JainHead of Savings business
Mr. Vivek Jain is the Business Unit Head for Investment Business at Policybazaar.com. A graduate of the prestigious IIM Calcutta he brings over a decade of invaluable experience to his current role. In his capacity as Business Unit Head, he has been a driving force behind the success of Policybazaar's Investment business. Mr. Jain is recognized for his instrumental role in product innovation within the Savings/Investment domain. His leadership and expertise have been pivotal in scaling up the Investment business, underscoring his significant contributions to Policybazaar.com's growth and success.
| Date of Establishment | 1st September 1956 |
| Claim Settlement Ratio (CSR) FY 2022-23 | 93.48% |
| Market Share | 69.91% |
| No. of Policies Issued | 2.04 Cr |
| No. of Claims Settled | 2.21 Cr |
- Established in 1956: LIC was founded on 1 September 1956, following India's nationalization of the life insurance industry.
- Largest Insurer in India: LIC is India's largest life insurance company, with a vast network of branches and millions of policyholders.
- Government Ownership: LIC is fully owned by the Government of India and, through its investments, plays a major role in the country's economy.
- IPO in 2022: LIC India went public with its Initial Public Offering (IPO) in May 2022, marking one of the largest IPOs in Indian history.
- Global Presence: LIC has an extensive global presence with branches, subsidiaries, and offices across Fiji, Mauritius, the United Kingdom, Singapore, Bahrain, Bangladesh, Sri Lanka, Nepal, and key Gulf regions like Abu Dhabi, Dubai, Kuwait, Oman, and Qatar.
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Life Insurance Corporation of India (LIC) is one of the leading life insurers in India and among the top global insurers, trusted by over 25 crore customers for its affordable and customer-friendly insurance solutions. Below are the reasons why LIC policies are the right choice for securing your future:
- 68+ Years of Trust and Reliability: After over six decades of excellence, LIC remains India's most trusted life insurer. According to the IRDAI Annual Report 2022-23, LIC settled 2.21 Crore claims, paying a total amount of ₹2,30,272 Crore—proof of its reliability and customer-centric approach.
- Strong Global Presence: Brand Finance ranked LIC first among the Strongest Insurance Brands in 2024, reflecting its unparalleled trust and global presence in countries such as Bahrain, Kuwait, UAE, Sri Lanka, Nepal, Singapore, Oman, Fiji, Mauritius, and the United Kingdom.
- Government-Backed Security: LIC policies are guaranteed by the Central Government under Section 37 of the LIC Act, 1956. This unique backing ensures your investments are safe and secure, giving you peace of mind.
- Tax Benefits on LIC Policies: LIC policies provide significant tax-saving benefits under the Income Tax Act, including:
- Section 80C: Deduction for premium payments
- Section 80CCC: Pension plan benefits
- Section 80D: Health insurance deductions
- Section 80DD: Benefits for disabled dependents
- Section 10(10D): Tax-free maturity proceeds
- Extensive Network Across India: LIC has a robust PAN-India presence with:
- 1,381 satellite offices
- 2,048 computerized branch offices
- 113 divisional offices
- 8 zonal offices
- Simple Policy Purchase Process: LIC of India makes buying insurance easy, whether you choose online or offline. Online policy purchases offer additional benefits like special discounts and faster processing.
- Innovative Insurance Solutions: Life Insurance Corporation of India continuously introduces innovative products tailored for the community's needs. It pioneered micro-insurance plans in India, offering affordable insurance options for individuals below the poverty line.
- Advanced Technology for Convenience: LIC leverages cutting-edge technology like LAN, WAN, IVRS, and EDMS for paperless and seamless processes, ensuring an easy and hassle-free customer experience.
- Wide Range of Insurance Products: Life Insurance Corporation of India offers a comprehensive portfolio of life insurance plans to meet diverse needs:
- Term Insurance Plans
- Savings and Endowment Plans
- ULIPs (Unit-Linked Insurance Plans)
- Pension and Retirement Plans
- 24/7 Customer Support: LIC of India provides round-the-clock customer support to assist with queries, claims, or policy-related concerns, ensuring an exceptional customer experience.
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Buy LIC Plans
LIC Unit-Linked Plans
Pension Plans
Endowment Plans
Whole Life Plans
Term Assurance Plans
LIC New Launched Plan
LIC Unit-Linked Plans 
Redirecton
LIC India ULIP Plans offer the dual benefits of insurance and investment. These plans provide life cover throughout the policy term while allowing policyholders to grow their money to help them achieve their financial goals.
Unit-linked insurance plans (ULIP) offered by the company are –
| LIC Unit-Linked Plans | Plan’s USP | Entry Age | Minimum Premium (in Rs.) | Maturity Age | |
| LIC Index Plus (873) | 1. Guaranteed Additions 2. Choice of 4 fund options for investment 3. Partial withdrawals after 5 years |
90 days- 60 years | 7 times of Annualized Premium | 85 years | |
| Nivesh Plus (749) | 1. Single premium ULIP plan 2. Life cover with investment growth 3. Partial Withdrawals after 5 years |
90 days- 70 years | Rs.1 Lakh | 85 years |
LIC Pension Plans Redirecton
The Life Insurance Corporation of India offers several pension plans to guarantee financial stability in old age. These plans are designed to ensure your post-retirement life and independence.
Below-mentioned are the pension plans offered by the company:
| LIC Pension Plan Name | Plan’s USP | Entry Age | Vesting Age | Minimum Purchase Price | |
| New Pension Plus (867) | 1. Unit-linked pension plan for retirement 2. Choice of 4 fund options 3. Loyalty additions for higher returns |
25 years -75 years | For Regular Premium Payment: Rs. 3,000 monthly For Single Premium Payment: Rs. 1,00,000 |
85 years | |
| New Jeevan Shanti (758) | 1. Single premium deferred annuity plan 2. Joint or single-life annuity options 3. Guaranteed lifetime income post deferment |
30 years -79 years | 80 years | Rs 1.5 Lakhs | |
| Jeevan Akshay –VII (857) | 1. Immediate annuity plan with 10 options 2. Guaranteed lifetime pension 3. Flexible premium payment options |
25 Years -85 years | - | Rs 1 Lakhs |
LIC Endowment PlansRedirecton
The LIC of India’s endowment plans promise life coverage for the insured and increased savings opportunities. These plans offer a guaranteed maturity benefit upon surviving the whole policy term and, therefore, can be used to save for the future.
Below-mentioned are the endowment plans offered by the Life Insurance Corporation of India are:
| LIC Endowment Plan Name | Plan’s USP | Entry Age | Minimum Sum Assured (in Rs.) | Maturity Age | |
| Bima Jyoti (860) | 1. Guaranteed additions of ₹50 per ₹1,000 sum assured annually 2. Limited premium payment, with life cover 3. Lump-sum maturity benefit |
90 days-60 years | Rs. 1 Lakh | 70 years | |
| New Endowment Plan (714) | 1. Savings with life cover 2. Guaranteed and bonus payouts 3. Flexible premium and policy terms |
8 Years -55 years | Rs. 1 Lakh | 75 years | |
| Single Premium Endowment Plan (717) | 1. One-time premium payment 2. Life cover with maturity benefit 3. Bonus additions for enhanced returns |
90 days -65 years | Rs. 50,000 | 75 years | |
| New Jeevan Anand (715) | 1. Combines lifelong protection with savings 2. Flexible premium payment options and protection period 3. High-sum assured rebates for attractive premiums |
18 Years -50 years | Rs. 1 Lakh | 75 years | |
| Jeevan Labh (736) | 1. Rider Benefit for enhanced protection 2. Option to customize a plan |
8 Years -59 years | Rs. 2 Lakh | 75 years | |
| Jeevan Lakshya (733) | 1. Limited Premium Payment 2. Option to receive the death benefit in instalments 3. Loan Facility |
18 Years -50 years | Rs. 1 Lakh | 65 years | |
| LIC Amritbaal (774) | 1. Guaranteed maturity benefits with bonuses 2. Child-focused plan for future goals 3. Savings with insurance protection |
0 years-13 years | Rs. 2 Lakhs | 25 years | |
| LIC Jeevan Tarun (734) | 1. Child-specific plan with flexible payouts 2. Guaranteed survival benefits during term 3. Savings for education and other needs |
90 days -12 years | Rs. 75000 | 25 years |
LIC Whole Life Plans Redirecton
Life Insurance Corporation of India also offers a whole life plan with insurance coverage throughout the insured's lifetime. These plans are designed to provide the dual benefits of life protection and savings till 100 years of age.
Below-mentioned are the whole-life plans offered by the company:
| LIC Whole Life Insurance Plans | Plan’s USP | Entry Age | Minimum Sum Assured (in Rs.) | Maturity Age | |
| Jeevan Umang (745) | 1. Whole life plan with limited premiums 2. Guaranteed annual payouts after the premium term 3. 8% annual survival benefit |
90 days-55 years | Rs.2 Lakhs | 100 years | |
| Jeevan Utsav (771) | 1. Whole life plan with limited premiums 2. Choice of Regular or Flexi Income 3. Guaranteed Additions during the premium term |
90 days-65 years | Rs.5 Lakhs | NA |
LIC Term Insurance Plans Redirecton
Term insurance plans protect the insured's family against his/her death at affordable costs. These insurance plans assure the nominee of financial support for the policyholder's death during the policy term. The LIC of India usually only pays maturity value under term plans if the individual survives at the end of the policy tenure.
The term plans offered by the Life Insurance Corporation of India are as under:
| LIC term Plans | Plan’s USP | Entry Age | Maturity Age | Policy Term | |
| New Tech Term (954) | 1. Online pure term plan 2. High coverage at affordable premiums 3. Flexible payout options |
18 Years -65 years | 80 years | 10 to 40 years | |
| New Jeevan Amar (955) | 1. Offline term plan with flexibility 2. Option for regular or limited premiums 3. Life cover up to 80 years |
18 Years -65 years | 80 years | 10 to 40 years | |
| LIC Yuva Term (875) | 1. Term plan for young policyholders 2. Affordable premiums with high coverage 3. Opt for payment of benefit in instalments |
18 Years -45 years | 75 years | 15 to 40 years | |
| LIC Digi Term (876) | 1. Digital term insurance plan 2. Easy online application process 3. Flexible premium and payout options |
18 Years -45 years | 75 years | 15 to 40 years | |
| LIC Yuva Credit Life (877) | 1. Group term plan for young borrowers 2. Affordable premiums are linked to the loan term 3. Life cover for outstanding loan protection |
18 Years -45 years | 75 years | 5 to 30 years | |
| LIC Digi Credit Life (878) | 1. Digital group credit life plan 2. Coverage for borrowers against loan liability 3. Hassle-free, fully online process |
18 Years -45 years | 75 years | 5 to 30 years |
LIC Newly Launched Plan Redirecton
The Bima Sakhi Yojana is a government-backed scheme designed to empower women by appointing them as volunteer insurance agents (Bima Sakhis). It targets women aged 18 years to 70 years.
Riders or add-on benefits are optional, or sometimes, you can attach in-built protections to your best LIC policy 2024 to enhance its coverage. You can opt for these additional add-on benefits by paying an additional premium.
Here is the list of riders that the Life Insurance Corporation of India offers with its insurance policies:
Why Buy LIC from Policybazaar?
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Convenience to Make Monthly Premiums
With Policybazaar, managing your LIC policy is easier than ever. You can make a monthly premium payment for your LIC policies, eliminating the stress of saving up for a hefty lump sum.
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Comprehensive Claim Assistance
In times of need, our dedicated team is always ready to guide you through the claim process. No matter the complexity, we ensure you receive the support and assistance required to make your claim hassle-free.
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24/7 Customer Service
Our customer care team is always available to resolve any of your queries and concerns. Whether 12 AM or 12 PM, our team is ready to help you and ensure you never feel alone in your insurance journey.
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Reliable and Secure
Purchasing a LIC policy from Policybazaar secures your financial future and offers peace of mind. Policybazaar ensures your insurance experience is smooth and worry-free and prioritises your security and satisfaction.
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Easy and User-Friendly Process
Our platform is designed to be user-friendly, making the entire process effortless—from selecting a policy to managing your premiums. With Policybazaar, you can easily buy your LIC policy, pay your premiums, and renew your policy in a few minutes.
Do’s & Don’ts of Buying a LIC Policy
| Do's of Buying an LIC Policy | Don'ts of Buying an LIC Policy |
| Assess your financial goals: Understand your current and future financial needs to decide the appropriate coverage amount and policy type. | Provide false information: Do not give false information. Always provide accurate and truthful information about your application to avoid complications during claims processing. |
| Pay premiums on time: Timely premium payment ensures your policy remains active and provides continuous coverage. | Make hasty decisions: Buying a policy without understanding its terms, benefits, and implications can cause dissatisfaction later. |
| Choose the right type of policy: Select a policy that aligns with your financial goals, whether it's term insurance for pure protection, endowment for savings with insurance, or another type based on your needs. | Focus solely on tax benefit: While tax benefits are attractive, ensure that your chosen plan provides adequate coverage and has policy features that meet your protection needs. |
| Be honest about your health and habits: Disclose your medical history, lifestyle habits, and pre-existing conditions. This will ensure that your policy remains valid and claims are processed smoothly. | Cancel the policy without considering implications: Before making a decision, understand the surrender value, penalties, and impact of cancelling your policy prematurely. |
To purchase the Best LIC policy 2024, you need to keep the following factors in mind:
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Assess Your Needs & Coverage Amount
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Pick the Right Type of Insurance Policy
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Compare Plans & Their Features
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Calculate the Premium & Maturity Amount Online
Read More
You can now conveniently buy LIC plans for yourself and your family online via Policybazaar or the LIC’s official website.
From Policybazaar:
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Step 1: Visit the Policybazaar homepage
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Step 2: Select LIC Plans
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Step 3: Fill in the form with your name and contact number, and click on View Plans
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Step 4: After this, on the next page, fill in your age, current city and annual income
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Step 5: Once done, you can check the plans available and customize the amount and policy tenure for your investments
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Step 6: Choose the plan, and pay your premiums online.
From LIC’s Official Website:
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Step 1: Visit the Official website of LIC of India
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Step 2: Click on the “Buy Online” option on the plan you want to purchase
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Step 3: Fill in your details such as Name, DOB, Contact number
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Step 4: Customize the plan by choosing the sum assured, policy term, and premium frequency per your requirements. You can also add any rider for enhanced protection.
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Step 5: Once you've done this, pay the premiums online. Once the payment is confirmed, your policy details and premium receipt will be sent to your personal email address.
Note: Policybazaar also provides door-to-door advisors to resolve your queries.
LIC e-services enable users to carry out insurance-related activities from the comfort of their homes through its official website or mobile application. Everything can be done in a few clicks, from policy registration to checking claim status.
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Compare plans
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Premium calculator and Benefit Illustration
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Online premium payment
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Review policy status
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Loan application
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Check claim status
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Check policy revival price
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Access to forms for various services
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Grievance registration
Here is the range of services that customers and policyholders can access on LIC’s online platform.
LIC’s e-Services- Registration Guide
Customers must register on LIC’s online customer platform to use the services mentioned above. Here are the steps to do so.
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Visit the Customer Portal on LIC's website and click on New User.
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Choose User ID and password. Click on Submit.
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Login to your account and choose Basic Services to add your policy.
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To access LIC’s premier online services, fill up the Registration form and print it.
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Sign this form; then scan it along with the PAN card or passport.
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Upload the scanned images and click on Submit Request.
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Once a Customer Zone Official verifies the details, you will receive an acknowledgement by email or SMS.
What Are the LIC of India Mobile Apps?
LIC of India has several mobile applications to make insurance purchases convenient and less time-consuming. Find below the list of LIC applications that offer access to all its products, features, and services.
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My LIC - This is the LIC app store that provides links to its other applications. Users can download whichever app they need through My LIC.
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LIC Customer - This app offers detailed information about LIC's products and services. It includes everything from online premium payments to checking policy statuses to benefit illustrations and plan brochures.
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LIC PayDirect - This application allows policyholders to repay loan amounts and pay renewal premiums and interest. You can use this app to make payments without registering for LIC’s online portal.
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LIC Quick Quotes - This LIC app allows users to calculate premiums before actually purchasing a plan. This helps them understand how affordable a plan is. They can also see the death and maturity amount applicable under a plan. This information can be used for better financial planning.
How to Buy LIC Policy Online?
Here is a step-by-step guide on how to purchase a LIC policy through its online portals.
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Visit the website of LIC of India.
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Under Buy Online Policies, go to the Click Here option.
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Choose the policy you want from the list.
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Go to Click to Buy Online.
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You will be asked to provide COVID-19-related information.
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Click on Proceed to fill in your Contact Details
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You will be offered an Access ID. Insert the OTP that you will receive on your phone.
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Fill in policy-related details such as policy term, sum assured premium payment criteria, etc.
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Click on Calculate Premium.
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If everything is in order, proceed to the premium payment.
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You will receive a confirmation in your mail or SMS once the transaction is successful.
How to Find The LIC Policy Number?
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To find the LIC policy number, visit the LIC customer portal on the LIC website.
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Click on the ‘Registered User’ option.
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Login to your account using the user ID and password you set when registering for its services.
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This will display the policy numbers of all the active LIC policies that you enrolled in on the portal.
How to Check LIC Policy Status Online?
You can check the LIC policy status online through its website or mobile application.
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If you are a new user, you will have to register for its e-services.
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You can then proceed to add your policies to your account.
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Once the registration is successful, you can log in to view your LIC policy status.
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If you are an already registered user, simply log in to your account for the same.
How to Check LIC Policy Status Without Registration?
You can use LIC’s SMS service to check LIC policy status without registration. All you have to do is -
SMS ASKLIC<policy number>STAT to 56767877 from your registered phone number. Other types of queries for which you can use the SMS service are:
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Revival Sum - ASKLIC(Policy Number)REVIVAL
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Bonus Additions - ASKLIC(Policy Number)BONUS
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Installment premium - ASKLIC(Policy Number)PREMIUM
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Status of Added Nominations - ASKLIC(Policy Number)NOM
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Loan Sum Available - ASKLIC(Policy Number)LOAN
Another option is contacting LIC through its integrated voice response system (IVRS) at 022 6827 6827. Policyholders can also request that this information be faxed to them should they need it.
How to Make LIC Premium Payment Online?
LIC premium payment online can be done through the mobile app LIC PayDirect or its official website. The mobile application allows you to pay premiums by registering to its e-services portal.
Here are step-by-step guides on how to pay LIC premiums online through both mediums.
Through LIC Website
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Register to LIC’s customer portal and enroll in your policies.
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Login to your account using the user ID and password.
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Click on Pay Premium Online.
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You will see the list of policies for which premiums are due. Proceed to select one.
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You will see different payment options, such as net banking, UPI, debit, and credit cards. Choose the one that is suitable for you.
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You will be directed to the payment gateway for the option chosen.
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Following a successful transaction, you will receive confirmation through an e-receipt.
Through LIC PayDirect
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Install the application on your phone.
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Click on Proceed.
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Under the Pay Direct option, select Advance Premium Payment.
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Click on Done.
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Fill out the form with information on the policy number, installment premium amount without tax, your DOB, and contact details.
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Click on Submit.
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Enter the premium particulars in the next step.
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Proceed to make the payment using a suitable gateway from the options presented.
Through Policybazaar
Premium Payment of LIC Policy from Desktop
Step 1: Go to the Policybazaar LIC online payment page
Step 2: Fill in your Policy Details and DOB in the renewal form.
Step 3: Once done, you can scan the QR Code and be directed to the in-app Policy premium payment page or enter your mobile number to receive the payment link via text message or WhatsApp. The scanner will redirect to the LIC Policy premium payment details page on the Policybazaar app.
Step 4: Review the premium payment information, choose your preferred payment mode to pay the dues, and complete the process.
Step 5: Once you make the payment, you will receive the premium payment receipt at your registered email address.
Alternatively, you can use your mobile phone to pay premiums for your LIC Policy using Policybazaar application .
Step 1: Fill in the form with your policy number and DOB.
Step 2: Next, click continue, and you will be redirected to the Policybazaar’s in-app Policy premium payment page.
Step 3: Review the policy’s renewal information, choose the preferred payment mode, and pay your premium.
Points to Note While Making LIC Premium Payment Online
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To use the net banking facility, you need to have a registered bank account with LIC’s listed bank affiliations.
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Provide the correct details and valid contact number along with your email address.
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The payment receipt will always be mailed to the email address provided.
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It should be done by the policyholder only and should not involve a third party.
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If the amount has been debited from your account but the screen displays an error, do not attempt to make a payment again. You should receive a confirmation receipt in your mail within 3 working days. You can also report such an incident to bo_eps1@licindia[dot]com.
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The online portal accepts only domestic bank-issued cards. Any international cards will not be accepted.
You can also make LIC premium payments offline at the cash counter of the nearest LIC branch.
How to Check the LIC Policy Status?
To check the LIC policy status online, follow the below steps:
Step 1: Visit the official LIC Website
Step 2: Click on the “Login to Customer Portal” option.
Step 3: If you are a new user, Click "New user" or "Sign Up."
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Provide required details such as your policy number, instalment premium, date of birth, mobile number, and email ID.
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Verify your mobile number and email as per the instructions.
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Create a password following the password guidelines.
Step 4: After registration, log in using your credentials.
Step 5: Once logged in, navigate to the section for policy-related information to view your policy status and other details like premium payment, loan requests, and more.
How to Check LIC Maturity Amount?
If you want to keep a check on the LIC maturity amount after purchase, you need to create an account on the LIC customer portal. This will give you access to all its online services.
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Once registered, log in to your account using the newly created User ID and password.
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Go to Policy Status. This will display all the policies enrolled in your account.
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Click on the policy for which you want to check the LIC maturity amount.
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This will display all the information related to the policy including the maturity amount.
If you haven’t bought an insurance policy yet, checking the maturity amount can help you plan your finances better. You can do this using the LIC maturity calculator, which offers a detailed illustration of the benefits to which you will be entitled. Here is a guide on how to do so.
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Visit the LIC website or its application LIC Quick Quotes.
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Scroll down to the LIC Premium Calculator tab.
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This will take you to an external page for LIC e-services.
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Enter your age, gender, DOB, and contact details.
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Click on Next.
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You can choose Quick Quotes or Compare Quotes.
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Select the policy for which you want to calculate the maturity benefit amount.
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Fill the form with desired policy-related details such as the sum you want to assure, the policy term, premium payment term, and premium paying frequency.
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The next page will offer you premium quotes.
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You will also see the option for benefit illustration.
A key advantage of the LIC maturity calculator is that it considers each user's unique needs. This helps customers make the right insurance decisions for themselves.
LIC Customer Service
LIC customer care service includes a range of networks (both online and offline) to facilitate a wider reach. You can contact the Life Insurance Corporation call center to use its customer services for information on the following:
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Claim settlement
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Updating contact details
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Unclaimed amounts of policyholders
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Policy guidelines and benefits
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Policy purchase and premiums
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Tax benefit
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Bonus information
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NRI Insurance
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Change of address
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Life certificate for pension policies
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Application forms
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Registration to LIC Customer Portal
LIC Claim Settlement Process
The settlement of claims is one of the most important aspects of policyholder services. Therefore, the LIC of India has greatly emphasized the settlement of both maturity and death claims.
Let us understand the procedure for settling the LIC maturity and death claims listed below:
Maturity Claims Death Claims
Procedure for settling the LIC Maturity Claims
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The branch office that serves the policy will send a letter that will inform the date on which the policy money is payable to the policyholder two months before the payment due date.
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The policyholder is then requested to return a discharge form that is duly completed with the policy document.
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After receiving the two documents, a post-dated cheque is sent by post in the policyholder's name before the due date.
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With plans like a money-back plan, LIC will provide periodical payments to the policyholders only if the due premium within the policy is paid up to the due anniversary for the survival benefit.
In such cases, wherein the sum payable is less than Rs. 2,00,000, cheques are most likely released without calling for a policy document in the discharge receipt. If the amount is high, these two requirements will be insisted upon.
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How to do LIC Login?
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How to do LIC Online Payment?
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How to check LIC Policy Status?
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How to login on LIC Customer Portal?
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How to complete LIC Premium Payment?
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How to check LIC Policy Details?
FAQs About LIC
What is LIC used for?
Ans: LIC, or Life Insurance Corporation of India, provides life insurance coverage to individuals. It offers a range of insurance products and services to financially protect policyholders and their families in unfortunate events like death, disability, or critical illness.
How can I buy LIC of India plans?
Ans. You can easily buy and compare LIC plans from Policybazaar at affordable premium rates. To buy LIC from Policybazaar, you can follow the below-mentioned steps:
- Step 1: Visit LIC of India, and fill the form by putting your details such as your name and contact number
- Step 2: Click on the “View Plans”
- Step 3: Then, enter your age and your residential city.
- Step 4: Once done, the page will show the available plans.
- Step 5: You can customize the investment amount or the tenure as per your convenience
- Step 6: Buy the plan and pay the premium online.
How to change the address in LIC policy?
Ans. The policyholder can either visit the nearest office or submit a request for an address change in writing or change the policy address online by logging in to their account.
How can I avail loan against LIC policy?
Ans. To avail loan against the LIC policy, you need toe/she will need to:
- Go to the nearest branch office of your bank.
- Fill out the loan application form and submit it to the lender's representatives with the required documents.
- After submission, the lender will verify the documents and approve the application.
- Once approved, the loan amount will be credited to the savings bank account.
How can I become an agent at LIC?
Ans. Follow the below-mentioned steps to become a LIC agent:
- Visit the nearby LIC India branch office and meet a development officer.
- Then, after the branch manager's interview, the individual will be sent to training at any divisional/ agency training centre.
- The training will last about 25 hours and cover all aspects of the LIC of India insurance business.
- Once the training is completed, the individual must appear for the pre-recruitment examination conducted by the IRDAI.
- When the examination has been completed, a letter of appointment and the insurance agent's identity card will be given.
- The person will become an insurance agent and join the team under the development officer.
- The development officer will then impart the field training and other inputs that would help in the marketplace.
Note: The person needs to be 18 and 10th pass.
What is the process to check the LIC policy details online?
- Visit the official website of LIC India.
- Register for LIC’s e-services if you have not done so already.
- Log in with your username and password.
- Go to 'View Enrolled Policies.
- Choose the policy for which you want to check the details.
How can I decide which LIC policy is suitable for me at present?
Every individual’s insurance needs are different from one another. This means what might suit you, may not be suitable for others. Thus, when choosing the LIC policy, consider your financial goals, risk tolerance, and coverage needs. Look for schemes that offer guaranteed additions of the assured death and maturity benefits. LIC offers a variety of plans including term insurance, endowment policies, and investment-linked options. Therefore, before you decide to buy an LIC policy, assess your requirements, consider policy features, and then choose.
Does the premium paid against LIC Polices is eligible for tax benefits?
Ans. You can avail of tax benefits on the premiums paid under section 80C of the Income Tax Act of India, 1969.
Do I have to pay any charges to avail of e-Services provided by the company?
Ans. The company does not impose any charges for availing of its e-Services; they are provided free of cost.
Can I change the frequency of my LIC premium payment?
Ans. Yes, you can change your LIC premium payment frequency based on the terms and conditions of your policy. Contact your nearest LIC branch or customer service for assistance with changing your premium payment frequency.
What happens if I miss the due date for my LIC premium payment?
Ans. If you miss the due date for your LIC premium payment, a grace period is provided depending on your policy terms. You can still pay without penalty during this grace period, and your policy remains active. However, if you fail to pay the premium within the grace period, your LIC policy may lapse, and the insurance coverage will cease.
Is renewing my LIC policy from Policybazaar safe?
Ans. Yes, renewing your LIC policy through PolicyBazaar is entirely safe. PolicyBazaar provides a seamless and user-friendly experience, making it convenient for policyholders to renew their policies from the comfort of their homes.
Can I pay LIC premiums online for family members' policies?
Ans. You can pay online premiums for your family members' policies, provided you have the policy number and other necessary details.
How can I check the LIC Bonus Rate 2023-24 for my policy?
Ans. You can check the LIC Bonus Rate 2023-24 for your LIC policy by:
- Visiting LIC's official website.
- Contact your LIC agent or the nearest LIC branch.
- Referring to the annual bonus rate announcements published by LIC.
Will the LIC Bonus Rate 2023-24 affect my policy maturity amount?
Ans. Yes, the bonus rates directly impact the maturity amount of participating policies. The higher the declared bonus, the greater the additional returns you will receive alongside the sum assured at policy maturity or upon claim settlement.
Are LIC shares available for public purchase?
Ans. Yes, LIC (Life Insurance Corporation of India) shares are available for purchase. LIC is a government-owned insurance and investment company in India. It operates as a public sector undertaking (PSU) and is one of the largest insurance companies in the world.
What information LIC customer service provides about LIC plans?
Ans.
- Claim settlement needs
- Fradulent calls
- Offline/Online updation of contact details
- Unclaimed number of Policyholders
- Information about Bonus
- Policy Status
- NRI centres
- Toll-free help line
- Policy guidelines
- Tax benefits
How can I dowload the LIC app?
Ans. The LIC digital app can be easily downloaded from the Google Play Store. This app is specifically designed for LIC's esteemed customers and provides all the information about LIC products and portal service in a few minutes.
What is the market cap of Life Insurance Corporation of India Ltd.?
Ans. Market cap is called market capitalization. It is the market value of public traded company’s outstanding shares. The LIC’s market cap is Rs. 6,32,721 Crores as of 19th Sep 2024.
What is the 52-week low and high of LIC share?
Ans. As of September 23, 2024, LIC's share price's 52-week low and high are Rs 1,222 and Rs 597, respectively.
How to buy LIC shares?
Ans. You can buy easily LIC shares by creating a Demat account and getting your KYC documents verified online.
How can I apply for an LIC policy loan?
Ans. To apply for a LIC policy loan, log in to the LIC customer portal to view eligible policies and submit a loan application. Alternatively, visit your nearest LIC branch with your policy details and identification to complete the application.
What is the LIC 10,000 per year plan?
Ans: The LIC 10,000 per year plan is an insurance plan with a premium of Rs. 10,000 annually. Such plans fit your budget and provide the desired coverage. The exact policy and benefits depend on the chosen plan and its features.
How to log in to the LIC portal?
Ans: To log in to the LIC portal, follow these steps:
- Visit the official LIC website www.licindia.in.
- Click on the “Customer Portal” option.
- Enter your User ID and Password.
- Complete the CAPTCHA verification and click on "Login."
You can access all policy details and services after logging in successfully.
What is Rs. 5000 per month in LIC policy?
Ans: Paying Rs. 5000 per month in LIC could be part of various policies depending on your financial goals. This amount may help build a solid corpus for long-term financial needs, including life cover, savings, or investment returns.
How to check LIC policy status via SMS?
Ans: To check your LIC policy status via SMS, follow these steps:
- Send an SMS in the format: “ASKLIC
” to 9222492224. - You will receive an SMS with the policy status and other relevant details.
Make sure to have your policy number ready when sending the message.
LIC News
LIC Increases Stake in LTIMindtree to Over 7%
25 November 2024
The Life Insurance Corporation of India (LIC) has raised its stake in IT giant LTIMindtree, increasing its shareholding from 5.033% to 7.034%. This was achieved through open market purchases of 59,27,344 shares at an average price of ₹4,950.81 between March 20 and November 19, 2024.
Following this announcement, LTIMindtree's stock rose nearly 1%, closing at ₹5,954.45 on November 22. The company recently reported a 7.7% year-on-year increase in net profit for Q2 FY25, reaching ₹1,251 crore. LTIMindtree has shown steady performance, with revenue rising 6% YoY to ₹9,432.9 crore.
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Disclaimer+
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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