Services Details

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Types of Plans Available From LIC:

LIC Endowment Plans:

Plan Type Basic Sum Assured Term
LIC Single Premium Endowment Plan Rs. 50,000 25 years
LIC New Endowment Plan Rs. 1 lakh 35 years
LIC’s New Jeevan Rakshak Rs.75,000 (per life) 20 years
LIC’s Limited Premium Endowment Plan Rs. 3 lakh 12 16, and 21 years
New Jeevan Anand Rs. 1 lakh 35 years
LIC’s Jeevan Labh Rs.2 lakh 16, 21, and 25 years
LIC’s Jeevan Pragati Rs.1.50 lakh 12 to 20 years
New Jeevan Lakshya Rs. 1 lakh 25 years

LIC’s New Jeevan Rakshak: For people who wish to use an endowment non-participating non-linked plan which consists a well shared combination between savings and protection, might find this policy useful. This plan besides the death and maturity benefits, comes with loan facility against the policy.

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New Jeevan Anand: The return from this policy is either 125% of the sum assured or two times of all the premiums. Otherwise, there is the advantage of the minimum death benefit to be paid to the nominated at 105% and nothing less than that. The maturity benefit can go up to denominations of Rs. 2 lakhs.

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LIC’s Jeevan Labh: This is a participating endowment plan. The policy allows participation in the profits of the company and hence allows the policyholder to enjoy simple reversionary bonuses along with final additional bonuses at the time of maturity. The death benefit also includes the above and nothing less than 105% of the sum assured.

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LIC’s Jeevan Pragati: This plan is a non-linked but profits plan providing cover automatically for risk in the course of 5 policy years. Loans are available for liquidity needs against this policy. It also has accident bonus along with the basic sum assured payout of 125% in the 6th and 10th policy years and 150% of basic sum assured in the 11th and 15th year of policy and from thereon it becomes 200% of the basic sum assured.

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LIC’s Jeevan Lakshya: The age of entry for this plan is 30 years, but the policy Term is only 25 years, considering the basic sum assured is Rs. 1 lakh and the annualised premiums are as low as Rs. 4366. This plan offers loan facility along with great maturity benefits and is non-linked participating endowment plans for people who want protection and savings at the same time.

Amar Jeevan Insurance Policy Plan: Amar Jeevan policy plan is an exclusive pure protection policy plan with Regular, Limited Payment & Single payment options for Insurance. Best Life Insurance policy plan with lowest premium.

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LIC Money Back Plans:

Plan Type Basic Sum Assured Term
LIC New Money Back Plan - 20 Years Rs. 1 lakh 20 years
LIC New Money Back Plan - 25 Years Rs. 1 lakh 25 years
LIC New Bima Bachat Plan Rs. 1 lakh
  • For 9-year policy term: Rs.35,000
  • For 12-year policy term: Rs.50,000
  • For 15-year policy term: Rs.70,000
LIC’s Bima Diamond 10 x annualized premium 12, 16 or 20 years
LIC’s Jeevan Tarun Rs.75,000 25 – (minus) Entry age of the policyholder
LIC New Children’s Money Back Plan Rs. 1 lakh 25 – (minus) Entry age of the policyholder

New Money Back Plan - 20 Years: The 20 year new money back plan comes with not only death benefits and maturity benefits, similar to other life insurance plans but it also has the major advantage of survival benefits as well as optional benefits. This money back plan also is a participating policy which allows the policyholder to enjoy simple reversionary bonuses from LIC as a part of participating in the company’s profits.

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New Money Back Plan - 25 Years: This plan is very similar to New money Back Plan except the difference in Term and the years, the benefits are paid out. This plan also has a survival benefit along with the regular death and maturity benefit. It is a participating money back plan which means that the policyholder also enjoys an amount from the company’s profit. The fact remains that LIC is one of the leading insurance providers in India which means the company does make profits often.

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New Bima Bachat Plan: This plan has a money back advantage for it’s users in the most convenient terms of 9 , 12 and 15 years. In these terms within the interval of 3 years, people can enjoy the money back advantage of 15% of the sum assured. Also, this product requires only a large lump sum one-time premium, which is also a good one time-investment plan if you are looking for a long-term investment.

LIC’s Jeevan Tarun: This plan is specially designed to meet the educational and other needs of growing children through annual survival benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy. Note that this policy can be bought by a grandparent or parent for their grandchildren or children as long as they are less than 12 years of age.

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LIC’s Bima Diamond: This is a new plan with money back pay outs for people who opt for this plan. The basic sum assured will be paid out in certain specified time intervals as per the term chosen by the policyholder, which ranges between 9 to 20 years. There is also the advantage of optional and bonuses based on the company’s policies.

New Children’s Money Back Plan: This particular plan is made to serve the needs of the a growing child, whether it is in the form of education or nurture his skills at a sport. This plan intends to help children through adulthood with ease. This insurance policy that can be a great gift for your child is meant for children whose parents like to plan ahead.

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LIC Term Assurance Plans:

Plan Type Basic Sum Assured Term
LIC's Anmol Jeevan II Rs. 24 lakhs 25 years
LIC's Amulya Jeevan II Rs. 25 lakhs 35 years
LIC's e-Term: Rs. 25 lakhs (Rs. 50 lakhs for non-smokers) 35 years

LIC's Anmol Jeevan II: This is a revised protection plan that offers fiscal protection to the family of the insured in case of his/ her unfortunate demise and is made suitable the dependents at home.

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LIC's Amulya Jeevan II: This is a minimal and basic plan for long-term investment of your child. There also some regular benefits of the product, which is much needed, is a product such as this.

LIC's e-Term: The LIC e-Term (Online term plan) allows people to apply and maintain their term life insurance plan online. This is a regular non-participating online term assurance plan which provides families with the financial security they require after and if the policyholder is no more.

LIC's NEW TERM ASSURANCE RIDER - (UIN: 512B210V01):

This is a rider that provides life cover to the family of the insured in case of his/her untimely death. The rider can be integrated with a base policy to provide additional benefits at low cost premiums.

LIC ULIP Plans:
Plan Type Basic Sum Assured Term
LIC's New Endowment Plus 10 x Annualized Premium N.A.

LIC's New Endowment Plus: Though this is an endowment plan, but it is a linked product as well. This policy also helps make more tax savings and ensure the financial security of your family at the same time. The sum assured is variable i.e. the yearly premium is multiplied with 10 and whatever is the number, will be the sum assured. There are the regular benefits with this product but it also is a linked plan, allowing people the chance to invest through their insurance.

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Limited Payment Endowment Insurance Policy Plan: A limited premium paying conventional with Profits Endowmenet Assurancer Insurance policy plan. Maturity benefits have Basic Sum Assured + vested Bonus + Final Additional Bonus.

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LIC Pension Plans:

Plan Type Basic Sum Assured Term
LIC's New Jeevan Nidhi Rs. 1 lakh to 50 lakhs N.A.
Jeevan Akshay-VI Rs. 1 lakh N.A.

Jeevan Akshay-VI: This pension plan, under LIC has several benefits including the complete life cover, but also provide a stable source of income from investment from this plan. It is a annuity plan and requires the payment of a single premium. There are multiple modes of payment available for the annuities.

LIC’s New Jeevan Nidhi: This plan provides for vesting and immediate annuity at the same time to help maintain stability. Also it is a single premium pension plan but the payments are deffered. The death benefit in total including other bonuses are given to the nominated in the form of a lump sum amount and annuities.

LIC’s Jeevan Umang: This is the ideal plan for savings & Retirement Planning. It provides the guaranteed tax-free Income of 8% of Sum Assured for life time. It offers the life cover for life time. The customer gets the tax-free maturity under this plan which includes the bonus also along with Sum Assured This plan has an option of choosing the Accidental Life cover, Disability Benefit & Critical illness cover. In case of a minor, this plan also has the premium waiver benefit in case of death of the parent. The policyholder also has the option of choosing the death benefit in installments LIC also offer the discount in the premium in case the mode of payment is Yearly. The loan is also available to the policyholder after the completion of 1 year of the policy.

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LIC Micro Insurance Plans:
Plan Type Basic Sum Assured Term
LIC's New Jeevan Mangal Plan Rs.50,000
  • For regular premiums: 10 years to 15 years.
  • For single premiums: 5 years to 10 years
LIC’s Bhagya Lakshmi Rs.50,000 2 years + premium paying term (PPT)

LIC’s New Jeevan Mangal Plan: This plan is made to ensure that, with a little investment and for a little time, one can assure financial security for their loved ones, to a certain extent. This micro-insurance product is known to be very useful as a life insurance with accident cover, which adds as double benefit to your insurance policy.

LIC’s Bhagya Lakshmi: This is a micro-insurance plan which means that it is a plan for short spans of time with limited protection of payment. It allows you to enjoy a cover of 110% of the sum assured at the end of the maturity term or as death cover.

LIC Group Plans:

Plan Type Basic Sum Assured Term
LIC's Group Credit Life Insurance Rs.4 lakhs 5 to 35 years
LIC's SINGLE PREMIUM GROUP INSURANCE Rs.10 lakhs 2 years to 7 years
LIC's New Group Leave Encashment Plan Rs. 1000 (minimum) Yearly renewable
LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I Rs. 1000 (minimum) Yearly renewable
LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II Rs. 1000 (minimum) Yearly renewable
LIC's New Group Gratuity Cash Accumulation Plan Rs. 1000 (minimum) Yearly renewable
LIC's New Group Superannuation Cash Accumulation Plan N.A Yearly renewable

LIC's New Group Superannuation Cash Accumulation Plan: This is a group plan with contribution required. While some benefits are variable, there are others which are assured in this product. This annually renewable group insurance policy is sure to help make your employees get relief when needed for their families, in their absence.

LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I: This assurance plan has several beneficial features, but the most important to note is the fact that it is one of the most sought out plan for small employer and employee groups which could be as small as a 25 member group, although for non employer employee group there should be at least 50 members.

LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II: This assurance plan is similar to the one above and with the same name. It is almost the carbon copy of the its preceding policy.

LIC's New Group Gratuity Cash Accumulation Plan: If you are looking to provide a simple way of giving your employees a simple and convenient way of statutory Gratuity Benefit then this policy from LIC should not be ignored. Also, there are no restrictions on the group size for existing schemes and only 10 for new schemes.

LIC's New Group Leave Encashment Plan: Besides the regular advantages of a group term plan, as the name suggests, it comes with leave encashments benefits along with death benefits. This is but a funds based variable policy but is non-linked or non participating by nature. The contributions are made by the employed and not the employers and hence requires contribution from the policyholders who are a member of the group.

LIC's Group Credit Life Insurance: This is group policy is made for an organization with a size of at least 50 members and is one of the most convenient and reasonable products in the series. The minimum sum assured is Rs. 4 lakhs and requires only single premium. The group can be insured for anywhere between 5 to 35 years.

LIC's SINGLE PREMIUM GROUP INSURANCE: If you are looking for a high sum assured for a group of 50 members and over, this particular plan might be worth a look since it comes with a minimum sum assured of Rs.10 lakhs. This particular policy is both a non-linked and non-participating term plan for groups.

LIC Social Security Schemes:

Plan Type Basic Sum Assured Term
Aam Aadmi Bima Yojana Rs. 30,000 N.A.

Aam Aadmi Bima Yojana: This particular plan is available under the Indian government’s initiative since 2013. It provides a cover of Rs. 30,000 for each policyholder with a contribution of Rs. 200. This subsidized product is mainly to aid rural people to get a basic insurance for initial support of their families in the policy holders absence. This product is available with basic eligibilities and documentation.