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Life Insurance

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Explore LIC Plans

Child Protection Plan

Children Plans from L.I.C. provide safeguard and planned savings for the future of your children with respect to funding their upbringing, education, career, marriage, etc. Numbers of options are available to satisfy and match your goals for your children.

Retirement Plans

Plan now for a great and independent retired life. Choose from Immediate and deferred annuity plans to suit your retirement needs.

Endowment plan

Endowment plan is term insurance policy with maturity benefits. In case of demise of policyholder, the Sum Assured along with accrued bonuses (if any) is paid to the beneficiary. On survival of policyholder, the same is paid on the maturity date.

Money black Plan

A bunch of perfect plans offered by LIC to meet the insurance needs and the period financial needs of an Individual. The plans provide cash inflow at a predefined intervals.

Pure Protection Plan

Pure Protection Plans are specially designed to offer only Life Cover at a very low premium. There are short term plans, long term plans and convertible plans in this category.

Special Plans

A collection of non-conventional plans designed for catering to special needs of the individuals.

Health Insurance plan

Health plans from LIC give you the financial security to meet health related contingencies.

ULIP Plan

Ulip plans are investment plans for those who realise the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have consistent income.

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LIC ENDOWMENT PLANS

LIC MONEY BACK PLANS

LIC WHOLE LIFE PLANS

LIC PENSION PLANS

LIC SINGLE PREMIUM PLANS

Single Premium Endowment

LIC TERM PLANS

Before Buying Life Insurance from Other Private companies in India Please read the following:

Positions:

Largest insurance Company in the world in Customer Base (25 Cr customers) & 30 Cr Policies
No.1 insurance company in the world in terms of agency (about 1.2 Million agents)
LIC is No.1 insurer in the world in Volume & Sold around 3.57 Cr.Policies in 2011-2012.
2nd Biggest Real Estate Owner next to Indian Railways.
LIC is one of the Highest income tax playing Organization. For Financial Year 2012-13, LIC has paid advance Tax Rs.2627. 14 Cr. & Service Tax Rs.1297. 15 Cr.
Has Highest insurance Professionals ( Club Member agents )
Only 4 countries in the world have more population that LIC`s policy holders.

Award - Recognition

Adjudged "The most trusted service Brand" in India, by "Economic Times and AC NEILSEN ORG MARG" for the year 2007 for the 5th consecutive year.
"Golden Peacock" award for Excellence in "corporate Governance"
LIC adjudged as "Best life insurance Company of the year" at the "2nd"NDTV Profit Business Leadership Awards-2007.
LIC adjudged the "Most Preferred Life insurance Company of the year" at the "CNBC AWAAZ" consumer award 2007 for 3rd time in succession.
Awarded Reader Digest's "Trusted Brand"2006,2007&2008 (Voted by Consumers)
"Outlook Money NDTV Profit Award 2007"
"Web 18-Genius of the web Award" Conferred for the best website in insurance Category
"SKOCH Challengers Award 2008" for "Jeevan Madhur".
"Loyalty Awards 2008"- insurance Sector.
Double crown for LIC in corporate Olympics 2008, Most Sporting Corporate 2) Corporate Championship Award Winner-2008

Honouring of the Commitment - Settlement of Claims

No.1 insurance Company in the world in terms of claims paid.
LIC Settles 2.64 claims per second, LIC settled 183.63 lakhs claims during the year 2012-2013.
Prompt settlement of claims (97% maturity claim settled on or before due date)
One of the Lowest outstanding Claim Ratio in the world ( Maturity+S B Claim-0.50%)

People's Money for People's Welfare

LIC invested a total of Rs 8,19,835 Cr & in infrastructure sector is Rs. 41,067 Cr in financial yr 2011-12
In socially oriented sector like water, drainage & housing etc, LIC has invested Rs.5,635 crores during 2011-12 & total investment in this sector is Rs. 1,64,162 Cr.
Total investment in Social Sector Rs.89,000 Cr.
Different incentive schemes for villages, Schools and Banks under Bima Gram, Bima School and Bima Banks.
Total investment in Nation Building Activities is Rs 6,55,673 Cr in financial yr 2011-12

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