Life Insurance Corporation Policy: A Comprehensive Guide to Types and Options

The Life Insurance Corporation (LIC) offers a wide range of policies to cater to different needs and preferences. The most common types of LIC policies are Term Insurance, Whole Life Insurance, and Endowment Insurance.

Term Insurance provides coverage for a specified period, usually 10 to 30 years, and pays out a sum assured to the beneficiary if the policyholder dies during this period. It's a cost-effective option for those who want to cover their mortgage or other financial obligations.

Whole Life Insurance, on the other hand, provides lifelong coverage and a guaranteed cash value that grows over time. This policy is ideal for those who want to ensure their financial security for their entire life.

Endowment Insurance combines life insurance with a savings component, paying out a sum assured to the beneficiary upon maturity or death, whichever comes first.

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Life insurance corporation policy offers a variety of plans to cater to different needs and goals. The LIC plans are segmented into five categories: Endowment Plans, LIC Unit Linked Plans, Pension Plans, Money Back Plans, and Whole Life Insurance Plans.

You can choose a plan based on your future goals, such as searching for LIC pension schemes for senior citizens if you're looking for a retirement plan. The LIC plans are designed to provide financial security and protection to individuals and their families.

Here are the main types of LIC life insurance plans:

There are numerous types of life insurance policies offered by LIC of India.

LIC provides life insurance plans in different categories to fulfill the financial expectations of individuals. These categories include Endowment Plans, LIC Unit Linked Plans, Pension Plans, Money Back Plans, Whole Life Insurance Plans, and Term Insurance Plans.

Some of the popular LIC policies include Jeevan Pragati, Jeevan Labh, Single Premium Endowment Plan, Jeevan Lakshya, and Jeevan Tarun.

The basic policies in LIC are term insurance, cash value insurance, straight life insurance, and limited payment life insurance.

LIC offers various types of term assurance plans, including LIC's Digi Term, LIC's Digi Credit Life, LIC's Yuva Credit Life, LIC's Yuva Term, LIC's New Tech-Term, LIC's New Jeevan Amar, and LIC's Saral Jeevan Bima.

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Here's a list of some of the LIC's whole life plans:

LIC also offers various pension plans, including LIC Pension Plan, which provides a guaranteed income to the policyholder after retirement.

LIC's cost-effective plans make them suitable for individuals with diverse financial needs, providing assured life coverage at a low cost.

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Life insurance policies can be categorized into several types, each with its own unique characteristics and benefits.

Term life insurance is a type of policy that provides coverage for a specific period of time, typically 10 to 30 years.

Whole life insurance, on the other hand, offers lifelong coverage as long as premiums are paid.

Universal life insurance combines a death benefit with a savings component, allowing policyholders to accumulate cash value over time.

Variable life insurance allows policyholders to invest their cash value in various investment options, such as stocks or mutual funds.

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LIC policies come with a range of features and benefits that cater to different needs and preferences. You can choose from various plan types, including term insurance, cash value insurance, and limited payment life insurance.

LIC's basic policies include term insurance, cash value insurance, straight life insurance, and limited payment life insurance. These policies offer different levels of coverage and savings options.

Here are some key features and benefits of LIC policies:

With LIC policies, you can enjoy a sense of security and peace of mind, knowing that your family will be protected in case of your untimely death.

Dhan Vriddhi is a single premium life insurance plan that offers the dual benefit of protection and savings. It provides guaranteed returns and life coverage, giving you a secure financial future.

This plan is a one-time payment, making it a simple and effective way to build wealth while ensuring protection for your loved ones. You can choose a policy term and death coverage that suits your needs.

Here are some key highlights of the LIC Dhan Vriddhi Plan:

With Dhan Vriddhi, you can ensure a sense of security for your family in your absence, knowing that they will receive a guaranteed income stream after maturity.

Buying a life insurance policy can be a lifesaver for your loved ones in case of your untimely demise. With LIC offering some of the most affordable and comprehensive plans, you can rest assured that your family will be taken care of.

One of the key benefits of buying a LIC life insurance policy is that it provides financial security to your family. As mentioned in the LIC Aadhaar Shila Plan, it offers a lump sum on maturity and financial protection, ensuring that your family's needs are met even after you're gone.

LIC has a wide range of plans to choose from, catering to different needs and goals. For instance, the LIC New Money Back Plan - 20 Years offers survival benefits, death benefits, and maturity benefits, making it an attractive option for those looking for a comprehensive plan.

Another benefit of buying a LIC policy is the flexibility it offers. The LIC New Children's Money Back Plan allows you to receive death benefits in instalments, making it easier to manage your finances during a difficult time.

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LIC's network of branches and agents is vast, with over 2,048 branches and 1,337,064 agents operating across the country. This ensures that you can easily find a LIC office near you and get assistance whenever you need it.

Here are some of the key benefits of buying a LIC life insurance policy:

By buying a LIC life insurance policy, you can ensure that your loved ones are taken care of, even if you're not around to provide for them. It's a thoughtful investment in their future, and one that can bring you peace of mind knowing that they'll be secure.

The LIC Cancer Cover Plan is a specialized insurance policy that provides financial protection against high cancer treatment costs. It offers comprehensive coverage for specified early or major cancer stages diagnosed.

This plan is designed to ease the financial burden, allowing policyholders to focus on recovery without worrying about medical expenses. It's a relief to know that you have a safety net in place to cover unexpected medical costs.

The plan offers a level and increasing sum insured, which means that the coverage amount can increase over time. This is a great feature to have, especially if you're diagnosed with a cancer that requires ongoing treatment.

One of the key benefits of the LIC Cancer Cover Plan is the premium waiver benefit. This means that if you're diagnosed with a critical illness, including cancer, your premium payments will be waived. This can be a huge financial relief during a difficult time.

Tax benefits are also available with the LIC Cancer Cover Plan. This can help reduce your taxable income, which can be a significant advantage.

Here are the key highlights of the LIC Cancer Cover Plan:

Life Insurance Corporation of India (LIC) offers a wide range of life insurance policies to cater to various needs and goals. You can choose from different types of plans, including Endowment Plans, LIC Unit Linked Plans, Pension Plans, Money Back Plans, Whole Life Insurance Plans, and Term Insurance Plans.

LIC's policies are categorized into five main types: Endowment, Unit Linked, Pension, Money Back, and Whole Life Insurance Plans. These categories help you narrow down your options and choose a plan that suits your financial goals.

Here are some of the basic policies offered by LIC: Term insurance, Cash value insurance, Straight life insurance, and Limited payment life insurance. Term insurance provides maximum coverage for the premium spent, while Cash value insurance combines insurance and savings elements.

LIC also offers specialized plans like LIC New Jeevan Amar, which provides comprehensive protection with flexible options, and LIC Bima Shree Plan, which offers financial protection, guaranteed survival benefits, and loyalty additions.

LIC's Jeevan Pragati, Jeevan Labh, Single Premium Endowment Plan, Jeevan Lakshya, and Jeevan Tarun are some of the specific policies offered by the company. These plans cater to different segments of the Indian economy and provide various benefits to policyholders.

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LIC offers a variety of policy types and options to suit different needs and preferences.

Single premium payment is an option available under the LIC Single Premium Endowment Plan, which allows for a one-time premium payment.

The LIC Single Premium Endowment Plan combines life cover with savings, providing a guaranteed maturity benefit with additions.

You can enhance the base policy coverage with riders under this plan.

LIC also offers a pure risk premium life insurance plan called the LIC New Jeevan Amar Plan, which provides comprehensive protection with flexible options.

This plan ensures financial security for the insured's family by providing a lump sum in case of the policyholder's unfortunate demise.

If you're looking for a plan that offers financial protection, guaranteed survival benefits, and loyalty additions, the LIC Bima Shree Plan might be a good option.

It's beneficial for individuals with high net worth to gain protection and savings benefits.

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LIC Jeevan Azad is a limited premium-paying endowment plan that provides great financial support to the family in case of death of the life assured.

The plan is available for online and offline purchases.

You can opt to receive the maturity benefit in instalments under the LIC Jeevan Azad Plan.

Policy revival within 5 consecutive years is also an option under this plan.

LIC Bhagya Lakshmi Plan is a non-linked, limited premium paying, with-profit, savings-cum-insurance plan specially tailored for women.

It provides financial security and guaranteed benefits to meet long-term financial objectives, ensuring a prosperous future.

The minimum instalment for this plan is Rs. 500, and there is a flexible premium payment option available.

LIC aims to spread awareness about the importance of life insurance among people living in rural areas and people who are a part of socially and economically backward classes.

Here's a summary of the policy types and options available:

LIC offers a wide range of life insurance plans to cater to different financial needs and goals. You can choose from various types of policies, including Endowment Plans, LIC Unit Linked Plans, Pension Plans, Money Back Plans, Whole Life Insurance Plans, and Term Insurance Plans.

LIC's Endowment Plans provide a lump sum payment at maturity, while Unit Linked Plans offer a combination of insurance and investment. Pension Plans are designed for retirement, providing a regular income stream. Money Back Plans offer a partial payment of the sum assured during the policy term, along with a lump sum at maturity. Whole Life Insurance Plans provide coverage for the entire lifetime of the policyholder, while Term Insurance Plans offer a death benefit to the nominee.

LIC also offers specialized plans like the Jeevan Lakshya Plan, which provides annual income benefits, and the Jeevan Tarun Plan, designed for children to offer life cover and savings benefits.

Here are some of the key features of LIC's policy types:

LIC offers a variety of plans to suit different needs and goals. You can choose from five categories of plans: Endowment Plans, LIC Unit Linked Plans, Pension Plans, Money Back Plans, and Whole Life Insurance Plans.

To choose a suitable plan, consider your future goals and what you need coverage for. For instance, if you're looking for a retirement plan, you can search for LIC pension schemes for senior citizens.

You can also consider the sum assured amount by thinking about your savings, present income, future goals, and the number of dependents. This will help you determine how much coverage you need.

Here's a breakdown of the five categories of plans:

By considering your needs and goals, you can choose a plan that suits you best.

The LIC New Children's Money Back Plan is a great option for parents who want to secure their child's future. This plan offers a death benefit, survival benefits, and maturity benefits.

The plan is available to children between 0 and 12 years old, with a minimum sum assured of Rs. 1 Lakh and no upper limit. This means you can customize the plan to fit your family's needs.

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You can choose from two plans: the LIC New Children's Money Back Plan (Plan No. 939) and the LIC Jeevan Tarun Plan (Plan No. 940). The key highlights of the LIC New Children's Money Back Plan include participation in profits, survival benefit, and flexible premium payment.

Here are some key features of the LIC New Children's Money Back Plan:

The LIC Jeevan Tarun Plan is another option for parents who want to secure their child's future. This plan offers a non-linked, participating, with-profit life insurance plan designed for children. With survival benefits and lump-sum payouts at crucial stages, the plan secures a prosperous future for the child.

The key highlights of the LIC Jeevan Tarun Plan include loan facility, participation in profits, and receive death benefits in instalments. This plan is available to children between 90 days and 12 years old, with a minimum sum assured of Rs. 50,000 and a maximum sum assured of Rs. 2 Lakhs.

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The LIC Jeevan Shiromani Plan is a unique policy designed for high net worth individuals. It provides life cover to help the family in case of an uncertain demise of the life assured and offers survival benefits at a specified period of time.

One of the standout features of this plan is the guaranteed additions it provides. This means that the policyholder can expect a certain amount of growth in their investment over time.

The plan also offers participation in profits, which can be a significant advantage for policyholders who want to benefit from the company's success.

The inbuilt critical illness benefit is another valuable feature of the LIC Jeevan Shiromani Plan. This benefit can provide financial support to policyholders in the event of a serious illness.

Here are some of the key highlights of the LIC Jeevan Shiromani Plan:

Akshay VII is a single premium paying annuity plan. It's designed to secure your post-retirement years with a pre-determined pension throughout your lifetime.

The plan offers multiple modes of annuity payment, giving you flexibility in how you receive your pension. This can be a big plus, especially if you're not sure what your future needs will be.

One thing to keep in mind is that the plan has fixed annuity rates, which means you'll know exactly how much you'll be getting each month. This can provide a sense of security and stability in your retirement.

Incentives are also available with this plan, although the article doesn't go into detail about what those are. It's worth exploring further if you're considering Akshay VII for your retirement needs.

Corporate-owned life insurance can be a valuable benefit for businesses, producing definite advantages from a financial, tax, and legal perspective. These advantages include the ability to utilize the capital dividend account (CDA) and protection for the policy against creditors.

Streamlining policy management is another benefit of corporate-owned life insurance, making it easier to handle and maintain. This can be a significant advantage for businesses with multiple policies or complex insurance needs.

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A more equitable sharing of premium payments is also possible with corporate-owned life insurance, which can help reduce the financial burden on individual employees or owners. This can be particularly beneficial for small businesses or startups with limited resources.

Reducing the tax cost of premiums is another advantage of corporate-owned life insurance, which can help businesses save money and allocate resources more effectively.

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Streamlining policy management is a significant advantage of corporate ownership, requiring only four life insurance policies for four shareholders, compared to 12 individual contracts in a personal ownership scenario.

Policy fees are also lower with corporate ownership, and a better premium rate might be available due to the higher face amount of each individual policy.

The LIC e-services portal offers a range of services, including comparing insurance plans, making online premium payments, and checking policy status.

You can access these services from the comfort of your home by visiting the LIC website or using the mobile app. The portal also allows you to track claim status, review policy status, and access forms for various services.

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Here are some of the key services available on the LIC e-services portal:

LIC of India has updated its traditional processes to go digitally enabled, enhancing the customer experience and simplifying LIC policy management.

LIC Bima Ratna is an exclusive plan by the Life Insurance Corporation of India that offers a unique blend of protection and savings. It provides comprehensive life coverage along with loyalty additions, ensuring financial stability.

The plan caters to diverse financial goals, making it an ideal choice for individuals. With flexible premium payment options, you can choose a payment schedule that suits your needs.

Key highlights of the LIC Bima Ratna Plan include survival benefits after definite years, which can be a huge relief in case of emergencies. The plan also offers a maturity benefit of equal to 50% of the Basic Sum Assured.

Here are the guaranteed additions you can expect from the plan:

LIC has updated its traditional processes to become digitally enabled, enhancing the customer experience and simplifying policy management.

You can now access various services online, including policy registration, tracking claim status, and premium payment, all from the comfort of your home.

To access these services, you'll need to register on the LIC e-services portal, which is a straightforward process that can be completed in a few simple steps.

The LIC e-services portal offers a range of services, including comparing insurance plans, online premium payment, and reviewing policy status.

Here are some of the services you can access on the portal:

After registering on the portal, you'll be able to access these services and more, making it easier to manage your policy and get the support you need.

LIC of India has a remarkable track record of settling claims efficiently. They have achieved a staggering 98.60% of death claims and 92.60% of maturity claims settled in the LIC annual report 2022-23.

This is a testament to their commitment to hassle-free claim settlement. You can rest assured that your claim will be processed quickly and without any hassle.

LIC's updated processes have also made it easier for customers to manage their policies. They have launched a LIC e-services portal where you can track your policy, pay premiums, and calculate premium payments online.

This digital enablement has significantly simplified policy management, making it easier for customers to stay on top of their policies.

Endowment removal can be a complex process, but it's essential to understand the different plans and their corresponding UIN numbers.

LIC's Single Premium Endowment Plan has a plan number of 717 and a UIN number of 512N283V03.

To remove an endowment plan, you'll need to submit a request to the LIC office. You can find the contact information for your local LIC office by visiting their website or calling their customer service number.

The LIC's New Endowment Plan has a plan number of 714 and a UIN number of 512N277V03.

The endowment removal process typically involves providing proof of identity and the policy documents. You may also need to pay any outstanding premiums or fees.

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LIC's New Jeevan Anand has a plan number of 715 and a UIN number of 512N279V03.

Here are some key points to consider when removing an endowment plan:

LIC's Jeevan Lakshya has a plan number of 733 and a UIN number of 512N297V03.

The LIC's Jeevan Labh Plan has a plan number of 736 and a UIN number of 512N304V03.

LIC's Amritbaal has a plan number of 774 and a UIN number of 512N365V02.

The LIC New Jeevan Mangal Plan is designed for affordability, making it accessible to rural to urban policyholders and their families.

It's a non-linked, micro-insurance term plan that provides essential life cover, ensuring financial protection for those who need it most.

One of the key benefits of this plan is that it offers tax benefits, which can help reduce the financial burden on policyholders.

The plan also provides a single premium payment option, allowing policyholders to make a one-time payment for the entire term.

Accidental death benefit is another advantage of the LIC New Jeevan Mangal Plan, providing an added layer of protection for policyholders and their families.

Here are the key highlights of the plan:

Streamlined management can make a huge difference in the efficiency of your life insurance policies. In a corporate ownership scenario, you'll only need four life insurance policies, one for each shareholder, compared to 12 individual contracts in a personal ownership scenario.

This reduction in policies can lead to lower policy fees and potentially better premium rates. With corporate ownership, the face amount of each individual policy is higher, which can result in a more favorable premium rate.

Having fewer policies to manage can save you time and reduce administrative costs.

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LIC of India has recorded 98.60% of death claims and 92.60% of maturity claims settled in the LIC annual report 2022-23. This shows that LIC focuses on settling claims on time without any hassle.

To manage life insurance policies, it's essential to document ownership clearly. This can be done by recording a resolution in the corporation's minute books, stating the business reasons for the chosen ownership structure.

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Corporate ownership of life insurance policies eliminates concerns about determining who is paying the premium. This is especially important when a corporation has a large number of shareholders.

LIC e-services provide users with a range of online activities, including policy registration, tracking claim status, and premium payment. You can access these services through the LIC website or mobile app.

In a corporate setting, owning life insurance policies personally can lead to difficulties in determining who is paying the premium. This can become a serious issue when a shareholder dies.

A more equitable distribution of premium payments can be achieved through corporate ownership. This allows shareholders to share the premium payment in proportion to their interest in the company.

Here are some benefits of using LIC e-services:

As part of effective policy management and administration, it's essential to understand the functions of a company. A company's main goal is to provide value to its customers and stakeholders, and this is achieved through various functions.

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One of the primary functions of a company is to collect people's savings in exchange for an insurance policy and promote savings in the country.

This is done by offering insurance policies at affordable rates, making it possible for people to save and secure their future.

A company can also protect the capital of the people by investing funds into government securities.

This helps to ensure that the funds are safe and secure, providing a sense of stability and trust among customers.

Here are some of the key functions of a company:

To purchase an LIC policy online, you'll want to follow these simple steps. Visit the official website of LIC and click on 'Click Here' under 'Buy Online Policies'.

To begin the process, select the policy that suits your needs. You'll then be asked to submit COVID 19 based details, followed by your contact information.

You'll receive an Access ID and an OTP, which you'll need to enter to proceed. Once you've entered your policy related details, including sum assured, premium payment criteria, and policy term, click on 'Calculate Premium' to determine the cost.

To complete the purchase, make the payment online. That's it! You'll have successfully purchased an LIC policy online.

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To buy an LIC policy online, you need to visit the official website of LIC and click on the 'Buy Online Policies' option. This will lead you to a page where you can select the policy as per your choice. Once you click on the 'Buy Online' button, you will be asked to submit COVID-19-based details.

To purchase a policy online, you will need to provide your contact details and enter an Access ID. You will also receive an OTP on your phone, which you need to enter to proceed. After entering your policy-related details, you can calculate the premium and make the payment to purchase the policy.

You can also use the LIC e-services to perform insurance-based activities at home. This includes services such as comparing insurance plans, online premium payment, and reviewing policy status.

Here are the steps to purchase LIC policy online:

Remember to carefully review the policy terms and benefits before making a purchase, and don't make hasty decisions without understanding the implications of the policy.

The LIC Micro Bachat Plan is a non-linked, participating micro-insurance scheme that offers affordable premium options. It ensures financial security, making life insurance accessible.

This plan provides essential financial security for policyholders and their families in times of urgent need. It's a great option for those who want to ensure their loved ones are taken care of.

One of the key benefits of the LIC Micro Bachat Plan is its affordability. The plan offers financial security without breaking the bank.

Here are some key features of the LIC Micro Bachat Plan:

The LIC New Money Back Plan - 25 Years is a great option for those looking for a long-term investment. It's a non-linked participating, individual, life assurance plan that provides a dual benefit of life cover and survival benefit.

This plan helps you meet your liquidity needs through its loan facility. It's a great way to have some extra cash when you need it.

The plan is designed to be flexible and can be customized to suit your needs. It's a great option for those who want a plan that can adapt to their changing circumstances.

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India Corporation, also known as LIC of India, is a trusted partner for life insurance protection.

Established in 1956, LIC of India is the largest insurance provider in the country.

The company has expanded its network to 2048 computerized branch offices and 1572 satellite offices.

These offices are equipped with well-qualified human resources to assist customers.

This extensive network ensures that customers can easily access LIC of India's insurance products and services.

The company's diverse range of insurance products is tailored to meet the needs of individuals.

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The LIC New Tech Term Plan is a pure risk premium plan that provides financial security to your family in case of any eventuality with life assured. You can choose from two benefit options: level sum assured and increasing sum assured.

The LIC New Tech Term Plan offers flexible premium payment, which means you can pay your premiums in a way that suits your needs. This can be a big advantage if you're on a tight budget or have irregular income.

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If you're a smoker, you'll pay higher premium rates compared to non-smokers. This is a standard practice in the insurance industry, and it's worth considering if you're a smoker.

The LIC New Tech Term Plan also offers high-sum assured rebates, which can help reduce your premiums if you opt for a higher sum assured. This can be a good option if you want to ensure that your family is well taken care of in case of your passing.

Here are the key highlights of the LIC New Tech Term Plan:

Life insurance corporation policy options are numerous and varied, and it can be overwhelming to choose the right one. The LIC offers a range of plans to suit individual needs.

The LIC Endowment Plan, for instance, provides a guaranteed sum assured to the beneficiary in case of the policyholder's demise. This plan is available in various forms, including the LIC Bima Jyoti, which has a plan code of 860 and is suitable for individuals between 90 days and 60 years of age.

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The LIC Bima Ratna, on the other hand, offers a higher sum assured with a plan code of 864 and is available for individuals between 90 days and 65 years of age. This plan is ideal for those who want to provide a larger sum to their beneficiaries.

Individuals can choose from a range of LIC plans, each with its unique features and benefits. The LIC Dhan Sanchay, for example, is a plan with a plan code of 865 and is suitable for individuals between 3 years and 65 years of age.

Here is a list of some of the LIC plans available: