About Life Insurance Corporation (LIC) of India
LIC of India is the most trusted and oldest name in the Indian life insurance industry since it was the first public sector (PSU) insurance company in India. LIC entered the Indian Life Insurance industry around five decades back. However, owing to the ever changing demand of the Indian consumers, they are still in the process of improvising their products and services and catering to the diverse personal financial goals of millions of customers. LIC has a well defined set of objectives and the prime most being the realization of the fact that the premium money completely belongs to the policyholder and so, he needs to be provided excellent service and most importantly a surety that his money is in safe hands.
The insurance products portfolio of the company is diverse and have been designed after intensive research and keeping in mind the diversified group of individuals in the country, thereby, increasing the insurance penetration in India.
LIC Insurance Products Portfolio
The list below gives an insight on various insurance plans offered by LIC of India to a varied group of consumers across different age bands
- Retirement Plan/Pension Plan: Today, there are several types of retirement and pension plans available in the market suiting the needs and requirements of diverse consumer groups. But the basic idea behind all these plans remain the same i.e. a fixed amount is regularly invested in a particular scheme which (a) provides an insurance cover (b) most importantly, aims to provide a steady income during the retirement age to meet the basic needs and make the policyholder financially independent even after the retirement. Retirement/Pension plans are quite beneficial for today’s financially independent mind driven people. The pension plans offered by LIC of India are Pension Plus, Jeevan Akshay- VI, Jeevan Nidhi, New Jeevan Dhara- I and New Jeevan Suraksha- I.
- Child Plan: Parenthood means fulfilling the basic needs of your child to shape their present and secure a better future for them. Investing a small amount in a child plan today can actually help you take care of your child’s future education needs, marriage expenses, etc. The child plans offered by LIC are Jeevan Anurag, Jeevan Kishore, CDA Endowment Vesting at 21, CDA Endowment Vesting at 18, Jeevan Chaya, Child Career Plan, Child Fortune Plus, Komal Jeevan, Child Future Plan and Marriage Endowment Or Educational Annuity Plan.
LIC Jeevan Ankur plan is a new child plan launched by LIC, which is a child benefit Endowment Plan where the lives of the parents are insured and the child is appointed as the nominee. This plan has been specially designed to secure the child’s future even in the absence of the parents till the end of the policy tenure. The maturity benefit in LIC Jeevan Ankur Plan is that at end of the policy tenure, the maturity benefit is paid irrespective of the survival of the life insured.
- Term Plans: Life is most unpredictable element and so is the death. The demise of a loved one cannot be compensated by money but can help to secure the future of the family. Term plans are designed for providing financial support to the family after the sudden demise of the life assured. The term plans offered by LIC are Amulya Jeevan- I, Two Year Temporary Assurance Plan, Anmol Jeeval- I, The Convertible Term Assurance Plan and LIC Mortgage Redemption cover.
LIC term plans are designed keeping in mind the different needs of different customers. For instance, The Two Year Temporary Assurance Plan is specially designed for people who need term insurance cover for a limited period of time i.e. for 2 years.
- Investment Plan/ULIP: This plan invests part of your premium in equity or debt market as per your preference. The objective of investment plan is to give returns which are better than the typical savings options – Recurring deposit account, fixed deposit account, savings bank account, etc. ULIPs offered by LIC can be categorised under the following sub categories:
Endowment Assurance Plans: The Endowment Assurance Policy, The Endowment Assurance Policy-Limited Payment, Jeevan Mitra (Triple Cover Endowment Plan), Jeevan Mitra (Double Cover Endowment Plan), New Janarakha Plan, Jeevan Mitra (Double Cover Endowment Plan), Jeevan Anand, Jeevan Amrit and LIC Jeevan Vriddhi.
The Whole Life plans: LIC Whole Life Policy, The Whole Life Policy-Limited Payment, The Whole Life Policy-Single Premium, Jeevan Anand and Jeevan Tarang
- Health Plan: In today’s time of ever escalating medical bills, any illness or disease can act as a dampener for your plans for your family and yourselves. Health insurance plans help to cover medical treatment expenses ensuring that your budgeted expenses stay the same. The health plans offered by LIC are Jeevan Aarogya and Health Protection Plus.
Jeevan Arogya health plan is a unique non-linked health insurance plan which provides the health insurance cover against a certain number of specified health risks and renders you with the timely support in case of any medical emergency. It provides a lump sum benefit irrespective of the actual medical costs.
- Money Back Plan for Women: LIC Jeevan Bharati-I is a money back insurance plan designed especially for WOMEN and aims to secure the financial freedom of woman life assured. Under this plan, the proceeds available at the time of maturity can be utilised by the policyholder to purchase an Annuity. The premium is to be paid for the entire term of the policy of 15 or 20 years, however Survival Benefits @ 20% of the Sum Assured (SA) are paid every 5 policy years till the maturity of the policy or death of the policyholder. The remaining part of the Sum Assured (SA) and the accrued Reversionary Bonus plus Final Addition Bonus is payable as a Maturity Benefit. However, the policyholder has a choice of withdrawing the Survival Benefit at a later date than its due date and she would also get an interest for that period as well. Also, the maturity benefit can be used to purchase annuity instead of withdrawing the lump sum amount. Therefore, this plan gives an option of customising the plan according to the need of the policyholder.
LIC Jeevan Bharati-I plan includes 3 additional riders that can be opted for where most female concerns are taken care of including common female diseases, childbirth complications, etc. This plan is a single plan with varied options catering to diverse group of women and addressing their needs.
- Plans for Handicapped Dependents: This plan caters to the person who has a handicapped dependent as specified under section 80DDA of Income Tax, 1961. They provide life insurance cover throughout the lifetime of the purchaser. The benefits are available to the handicapped partly in lump sum and partly in the form of an annuity. The plans for handicapped dependents by LIC are Jeevan Aadhar and Jeevan Vishwas.
LIC Insurance Management Team
LIC is rising on the success ladder under the guidance of:
DK Mehrotra: MD of LIC
Thomas Mathew: MD of LIC
AK Das Gupta: MD of LIC
T Bhargava: Appointed Actuary of LIC
Quick List of LIC Insurance plans
|Term Assurance Plans
||Whole Life Plans
|Endowment Assurance Plans||Child Plans
|Money Back Plan
||Bima Account Plans
|Plan for High Worth Individuals
||Plans for Handicapped Dependents
|Micro Insurance Plans
|Special Money Back Plan for WOMEN
|| Joint Life Plan
LIC of India Contact Information
|Corporate OfficeLife Insurance Corporation of India,
Yogakshema, East Wing,
Jeevan Bima Marg,
|LIC Customer Care – Click here to know the LIC customer care no.