Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC of India) is the largest insurance company in India with an association of over 245 insurance companies and provident societies. It was incorporated in 1956 and has its headquarter in Mumbai, India. The company has now completed 63 years and today, it stands proudly of the fact that it has been able to attain and become what was envisioned way back at the time of its establishment. LIC of India carries 8 zonal offices, 113 divisional offices, over 2000 branches, 1,537,064 individual agents, 342 corporate agents, 109 referral agents, 114 brokers, and 42 banks.

LIC: Types of Plans

LIC has a broad and deep product spectrum to address the needs of different people. The products have differential features to suit the various requirements and priorities. Let's discuss such plans in detail-

1. LIC Endowment Plans

An endowment policy is a life insurance agreement under which the insured gets a lump sum after a specific tenure that can be maturity or on death. Maturities years are ten, fifteen or twenty years up to a certain age limit. Some policies also payout in the case of critical illness.

1. LIC New Jeevan Anand Plan (Plan No: 915, UIN: 512N279V02)

LIC New Jeevan Anand Plan is a participating non-linked plan that serves an attractive mixture of protection and savings. This plan provides financial assistance to the family in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid. This plan provides loan facility to support during emergencies.

Entry Age18 years
Maximum maturity age75 years
Policy term15-35 years
Minimum sum assuredRs. 1,00,000

**Last Updated on 08-09-2020

2. LIC Jeevan Labh (Plan No: 936, UIN: 512N304V02)

LIC Jeevan Labh is a premium paying, non-linked and with-profits endowment plan that provides a combination of protection and savings. This plan provides financial assistance to the family in case of unfortunate death of the insured and in case of maturity, a lump sum amount is payable.

Entry Age8 years
Maximum maturity age75 years
Policy term16 years, 21 years, 25 years
Minimum sum assuredRs. 2,00,000

**Last Updated on 08-09-2020

3. LIC New Endowment Plan (Plan No: 914, UIN: 512N277V02)

LIC New Endowment Plan is a participating non-linked plan which provides an exclusive combination of protection and saving features. This plan offers financial support to your family, so they can live a stable life in case of your death. At the time of maturity, the insured is liable to receive a lump sum amount.

Entry Age8 years
Maximum maturity age75 years
Policy term12-35 years
Minimum sum assuredRs. 1,00,000

**Last Updated on 08-09-2020

4. LIC Single Premium Endowment Plan (Plan No: 917, UIN: 512N283V02)

LIC Single Premium Endowment Plan is a participating, non-linked savings + protection plan in which the premium is paid in a lump sum at the beginning of the policy. This combination provides financial assistance towards death during the policy tenure by paying a lump sum at the end of the chosen policy term in the event of his/her survival.

Entry Age90 days
Maximum maturity age75 years
Policy term26-25 years
Minimum sum assuredRs. 50,000

**Last Updated on 08-09-2020

5. LIC New Bima Bachat Plan (Plan No: 916, UIN: 512N284V02)

LIC New Bima Bachat Plan is a participating non-linked savings cum protection plan under which the premium is paid in a lump sum at the outset of the plan. The plan offers financial protection in case of death during the policy tenure along with the provision of survival benefits. The plan also takes care of the liquidity needs of customers through its loan facility.

Entry Age15-66 years
Minimum sum assuredRs. 35,000
Premium payment modeSingle premium only
Policy term9, 12 or 15 years

**Last Updated on 08-09-2020

6. LIC Jeevan Lakshya (Plan No: 933, UIN: 512N297V02)

LIC Jeevan Lakshya is a participating non-linked plan that provides a combination of savings and protection. This plan provides for Annual Income benefit that will help to fulfil the family requirements, primarily for the benefit of children, in case of miserable death of the life insured any time before maturity and if the person survived the maturity period, a lump sum amount is paid. This plan provides loan facility to support during emergencies.

Entry Age18 years
Maximum maturity age65 years
Policy term13-25 years
Minimum sum assuredRs. 1,00,000

**Last Updated on 08-09-2020

7. LIC's Aadhaar Shila Plan (Plan No: 944, UIN: 512N309V02)

LIC's Aadhaar Shila Plan offers a combination of protection and savings. This plan is exclusively designed for females having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). Under the same, your family will receive death benefits to deal with all requirements and liabilities in case of your demise.

Entry Age8 years
Maximum maturity age55 years
Policy term26-20 years
Minimum sum assuredRs. 75,000

**Last Updated on 08-09-2020

8. LIC Aadhaar Stambh Plan (Plan No: 943, UIN: 512N310V02)

LIC Aadhaar Stambh Plan is a mixture of protection and savings. It is exclusively designed for males having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). It comes out with the required financial assistance to your family in case of an unfortunate death of the insured. It allows your family to live indpendently even after your demise.

Entry Age8 years
Maximum maturity age55 years
Policy term26-20 years
Minimum sum assuredRs. 75,000

**Last Updated on 08-09-2020

2. LIC Whole Life Plans

Whole life insurance or assurance is a life insurance plan that guarantees to be in force for the entire life of the policyholder, only if all the premiums are paid until the maturity date.

1. LIC Jeevan Umang Plan (Plan No: 945, UIN: 512N312V02)

LIC Jeevan Umang Plan is a non linked, with-profit and whole life assurance plan. It provides a combination of income and protection to the policyholder and his/her family. This plan provides annual survival benefits from the end of the premium paying term till maturity financial assistance to the family in case of miserable death of the life insured at the time of policy tenure.

Entry Age90 days-55 years
Maximum maturity age100 years
Policy term100-age at entry
Minimum sum assuredRs. 2,00,000

**Last Updated on 08-09-2020

3. LIC Money Back Plans

A money back policy is a standard life insurance cover that benefits policyholders with the sum assured on maturity. The insurance company comes out with survival benefits along with the sum assured and a bonus from on the basis of its performance.

1. LIC Bima Shree Plan (Plan No: 948, UIN: 512N316V02)

LIC Bima Shree is a money back insurance policy that comes out with guaranteed and loyalty additions. LIC Bima Shree Plan is a traditional life insurance plan which is designed for individuals having a high net worth.

Entry Age8-55 years
Maturity age69 years
Policy tenure14,16,18 & 20 years
Minimum sum assuredRs. 10,00,000

**Last Updated on 08-09-2020

2. LIC Jeevan Shiromani Plan (Plan No: 947, UIN: 512N315V02)

LIC Jeevan Shiromani Plan is a combination of protection as well as savings. It is especially designed for individuals with high net-worth. The plan provides the required financial assistance to your family in case of your unfortunate demise during the policy tenure.

Entry Age18 years
Maximum maturity age65 years
Policy term14 years, 16 years, 18 years, 20 years
Minimum sum assuredRs. 1,00,000

**Last Updated on 08-09-2020

3. LIC New Money Back Plan-20 Years (Plan No: 920, UIN: 512N280V02)

LIC New Money Back Plan-20 Years is a participating non-linked plan that provides a financial cover against death during the whole policy tenure and offers benefits by paying survival benefits in defined intervals.

Entry Age13-50 years
Maximum maturity age70 years
Policy term20 years
Minimum sum assuredRs. 1,00,000

**Last Updated on 08-09-2020

4. LIC New Money Back Plan-25 Years (Plan No: 921, UIN: 512N278V02)

LIC New Money Back Plan-25 Years is a participating non-linked plan that offers financial support against death of the insured for the entire policy tenure. Under the same, the insured will receive survival benefits in defined intervals. This special combination offers financial assistance to the family of the policyholder in case of unfortunate death of the insured.

Entry Age13-45 years
Maximum maturity age70 years
Policy term25 years
Minimum sum assuredRs. 1,00,000

**Last Updated on 08-09-2020

5. LIC New Children's Money Back Plan (Plan No: 932, UIN: 512N296V02)

LIC New Children's Money Back Plan is a participating non-linked money back plan. This plan is developed to cater to education, marriage and other needs of growing children with the provision of survival benefits.

Entry Age0 years (at birth)
Maximum maturity age25 years
Policy term25 years minus age at entry
Minimum sum assuredRs. 1 lakh

**Last Updated on 08-09-2020

6. LIC Jeevan Tarun (Plan No: 934, UIN: 512N299V02)

LIC Jeevan Tarun is a participating non-linked plan having low premium that provides an exclusive combination of protection and saving features, especially for children. This plan is designed to cater to the educational and associated needs of your growing child. It offers survival and maturity benefits.

Entry Age90 days-12 years
Maximum maturity age25 years
Policy term25 years minus age at entry
Minimum sum assuredRs. 75,000

**Last Updated on 08-09-2020

4. LIC Term Insurance Plans

Term Insurance is a life insurance plan that provides financial coverage to the beneficiary of the insured person for a defined period of time. In the event of the death of term insurance policyholder during the policy term, the beneficiary can claim death benefits.

1. LIC Tech Term (Plan No: 854, UIN: 512N333V01)

LIC Tech Term is a non-linked, without profit and pure protection "Online Term Assurance Policy" that offers the required financial protection to your family in case of your unfortunate demise. You can invest in this plan through the online application process only.

Entry Age18-65 years
Maximum maturity age80 years
Policy term26-40 years
Minimum sum assuredRs.50 lakhs

**Last Updated on 08-09-2020

2. LIC's Jeevan Amar plan (Plan No: 855, UIN: 512N332V01)

LIC's Jeevan Amar plan is a non-linked pure protection plan. The plan is there to assist your family with the needful financial assistance in case of your demise. The plan provides the flexibility to select from two death benefit options including level sum assured and increasing sum assured.

Entry age18-65 years
Maturity age80 years
Minimum sum assured25,00,000
Policy term26-40 years

**Last Updated on 08-09-2020

5. LIC Pension Plans

Pension plan is designed to secure your post retirement days with regular benefits and income as well. It allows you to avail regular income or lump sum amount to deal with the post retirement needs and fulfill dreams.

1. Pradhan Mantri Vaya Vandana Yojana (UIN:512G311V02)

Pradhan Mantri Vaya Vandana Yojana is a pension plan which can be bought by paying a lump sum amount. The policyholder or the person who will be receiving the pension has an option to select either the amount of pension or the purchase price.

Entry Age60 years to no limit
Policy tenure10 years
Minimum pension1,000/- per month
Mode of pensionYearly, half-yearly, quarterly and monthly

**Last Updated on 08-09-2020

2. LIC Jeevan Shanti (Plan No: 850, UIN: 512N328V02)

is a single premium plan under which the insured has the option to select an immediate or deferred annuity. The plan comes out with 9 different annuity options to choose from that can go well with your needs.

For Deferred Annuity Option

MinimumMaximum
Purchase priceRs. 1,50,000No Limit
Entry age (completed age)30 years79 years
Deferment period1 year20 years Subject to max vesting age
Vesting age (completed age)31 years80 years

**Last Updated on 08-09-2020

6. LIC ULIP Plan

Ulip plan are investment plans to save for the future needs of an individual. These plans help you see your savings yield rich benefits and help you save tax even if you don't have a consistent income.

1. LIC New Endowment Plus (Plan No: 935, UIN: 512N301V02)

LIC New Endowment Plus is a unit-linked non-participating endowment assurance plan which offers investment cum insurance cover during the term of the policy. This plan is developed to provide a perfect combination of protection, long-term savings and offer greater flexibility for a healthy and independent life.

Entry Age90 days - 50 years
Maturity age60 years
Policy term26-20 years
Premium paying termSame as the policy term

**Last Updated on 08-09-2020

7. LIC Health Plans

Health insurance plans and online mediclaim policies provide financial support during health emergencies to bear medical care costs.

1. LIC Jeevan Arogya (UIN: 512N266V02)

LIC Jeevan Arogya is a non-participating and non-linked plan that offers health cover against certain mentioned health problems and provides you with financial support during medical emergencies.

Entry Age18-65 years
Payment of premiumRegularly, yearly or half-yearly
Mode rebateYearly mode: 2% of tabular premium
Half-yearly mode: 1% of the tabular premium
Quick cash facilityavailable

**Last Updated on 08-09-2020

2. LIC Cancer Cover (UIN: 512N314V01)

LIC Cancer Cover is a traditional premium payment health insurance plan that offers financial assistance if the policyholder is diagnosed with any of the mentioned early or major stage cancer during the policy term.

Entry Age20 years - 65 years
Policy term10 - 30 years
Maturity age75 years
Minimum basic sum assuredRs.10,00,000

**Last Updated on 08-09-2020

8. Withdrawn Plans (Recent)

1. LIC Jeevan Pragati

is a non-linked profit plan which offers a combination of savings and protection. This plan provides for an automatic increase in risk cover every five years during the term of the policy. This plan provides loan facility to support during emergencies.

Entry Age12 years
Maximum maturity age65 years
Policy term12-20 years
Minimum sum assuredRs. 1.5 lakhs

**Last Updated on 08-09-2020

2. LIC Jeevan Rakshak Plan

LIC Jeevan Rakshak Plan is a participating non-linked plan that provides a combination of protection and savings. This plan provides financial cover in case of the insured's death before maturity. This plan provides loan facility to support during emergencies.

Entry Age8 years
Maximum maturity age70 years
Policy term26-20 years
Minimum sum assuredRs. 75,000

**Last Updated on 08-09-2020

3. LIC Limited Premium Endowment Plan

LIC Limited Premium Endowment Plan is a participating non-linked plan that serves an attractive mixture of protection and savings. It provides the needful support to your family to deal with an emergency.

Entry Age18 years
Maximum maturity age69 years
Policy term12-21 years
Minimum sum assuredRs. 3,00,000

**Last Updated on 08-09-2020

4. LIC Jeevan Utkarsh

LIC's Jeevan Utkarsh offers protection and savings in which the risk cover is 10 times of the single premium. The policyholder can select the basic sum assured. The single premium paid is based on selected basic sum assured and age at entry of the policyholder.

Entry Age6 years
Maximum maturity age47 years
Policy term12 years
Minimum sum assuredRs. 75,000

**Last Updated on 08-09-2020

5. LIC Bima Diamond Plan

Bima Diamond Life Insurance Plan is a non-linked plan that provides the benefit of savings and protection and financial assistance to the insured family.

Entry Age14 years
Maximum sum assured66 years for a 16-year policy term, 65 years for 20 and 24-year policy terms
Policy term16 years, 20 years, 24 years
Minimum sum assuredRs. 1 lakh

**Last Updated on 08-09-2020

6. LIC New Bima Bachat

LIC New Bima Bachat is a participating, non-linked savings and protection plan in which the premium is paid in a lump sum at the beginning of the policy. It is a money back plan that offers financial support against death along with survival benefits at defined intervals at the time the policy tenure.

Entry Age15-65 years
Maximum maturity age75 years
Policy term9 years, 12 years, 15 years
Minimum sum assuredRs. 20,000

**Last Updated on 08-09-2020

7. LIC Anmol Jeevan-II

LIC Anmol Jeevan-II is a protection plan that offers financial protection to the family of the policyholder in the event of his/her miserable death.

Entry Age18-55 years
Maximum maturity age65 years
Policy term5-25 years
Minimum sum assuredRs. 6 lakhs

**Last Updated on 08-09-2020

8. LIC Amulya Jeevan-II

LIC Amulya Jeevan-II is a pure protection plan which is designed to protect your family in case of your demise.

Entry Age18-60 years
Maximum maturity age70 years
Policy term5-35 years
Minimum sum assuredRs. 25,00,000

**Last Updated on 08-09-2020

9. LIC New Jeevan Nidhi

LIC New Jeevan Nidhi is a traditional with-profits pension plan along with an aggregation of protection and saving features. This plan offers death cover during the grace period and offers annuity (fixed sum paid every year) on surviving from the date of initiation.

Entry Age20 years - 60 years
Policy term5-35 years
Minimum basic sum assuredRs.1,00,000
Maximum basic sum assuredNo Limit

**Last Updated on 08-09-2020

10. LIC Jeevan Akshay-VI

LIC Jeevan Akshay-VI is an instant annuity plan that can be bought with a payment of a lump sum amount. The plan offers for annuity payments of a specified amount every year to the retired employee. Different options are there to choose the type and mode of payment.

Entry age30-65 years
Policy tenure5 - 35 years
The purchase cost of the annuityRs. 1 lakh - no limit
Payment ModesMonthly, quarterly, half-yearly, yearly

**Last Updated on 08-09-2020

Why Opt LIC For Your Life Insurance Purchase?

LIC of India was formed as an outcome of a national movement to safeguard the well-being of the citizens of our country and to equip its diverse nation with at least basic life cover to enable its citizens to attain financial security for themselves as well as their family members in the case of crisis.

Just by paying a nominal monthly premium, citizens have been able to avail life cover so that in the event of their demise, their dependents continue to be adequately provided for.

LIC ensure that

  • Life insurance products are made widely available all over India, especially in the rural and backward regions and for the socially and economically deprived segment.
  • It offers basic, enhanced and free life cover options to suit the differential requirements of the diverse nation and maximize the mobility of the policyholder's savings.
  • It places the utmost importance on safeguarding the interests of policyholders.
  • While investing policyholders' money, LIC keeps in mind that the money belongs to policyholders and invests in the best possible way.
  • Participation and involvement of employees and agents so that they provide the best services to the people of the nation.

LIC Claim Settlement

In the event of any crisis, LIC provides full support to its policyholders or their beneficiaries. It has a well-defined claim settlement process whereby claims can be raised and settled without any hassles.

It tries to settle maximum claims within the stipulated time frame and its claim settlement ratio for the year 2018-19 was 97.79% as per data of IRDA annual report, which was the highest in the insurance sector. In the past, LIC's claim settlement ratio has been similar, and it has been continuously assessed as being the top insurance company by financial experts.

The company generally settles almost all legitimate claims except those that fall under our exclusions list, and these include suicide by policyholder within one year of availing policy and situations including acts of self-injury, criminal and unlawful acts, undertaking abnormal risks and other such unusual activities.

LIC Login Process

LIC's website offers services whenever required with a single click. With the online services available, one doesn't have to visit the branch office. You will be free of long queues to get your work done.

Apart from basic services, LIC offers additional benefits and discounts. But to avail such discounts and online services, you have to register yourself under LIC's online portal. The registration process is the easiest way to access online services.

Additionally, you will be provided with several additional benefits and updates about the company and policies. Online registration is vital to avail required service from the comfort of your home.

Know More About LIC Login Process.

New User LIC Login Registration

The step-by-step process to login and register as a fresh user to check the policy status online are as follows:

  • Login to the LIC official website (www.licindia.in) and select the 'Customer Portal' tab under 'Online Services'.
  • On the official page of LIC 'e-services' page, click on the 'New User' button.
  • Submit your policy details that include policy number, premium amount, date of birth, etc. for the successful completion of the registration process. After this, click on the 'Proceed' button.
  • Create a 'Username' and 'Password' for completion of LIC online registration process.
  • Now, you can log in with the new username and password. Click on the 'Submit' button.
  • Register your policy and get the required details from the tab 'Enroll Policies' that is available on the left-hand side of the screen.
  • Select the 'View Enrolled Policies' option. Verify the 'Captcha' to check the status of registered policies.

How To Pay LIC Policy Premium?

Payment of Life Insurance Corporation (LIC) premium online or offline is easy.

Offline Payment LIC of India Premium

Following are the ways by which you can pay the premium for LIC policy offline at the cash counter:

  • The premium of LIC policy can be paid offline at the cash counter at any nearest LIC branch office.
  • The premium can also be paid in cash, cheque, or demand draft.

Online Payment LIC of India Premium

To provide top-notch services to its large customer base, LIC of India has now started LIC 'e-services'. The e-service portal lets your online payment of LIC premiums and also avail other services.

Go to the official website: www.licindia.in/Home/Pay-Premium-Online.

The premium can be paid directly without logging in or can be paid through the LIC of India customer login, i.e. 'e-services' portal.

To Pay Directly Without Login in LIC of India

  • Select renewal premium/revival
  • Click on proceed
  • Enter your policy number, date of birth, mobile number, premium amount, and email ID.
  • The policyholder can then proceed with making the payment.
  • The payment can be made via net banking, Debit Card (VISA, Master, and Rupay), Credit Card (VISA, Master and Amex), BHIM or UPI.
  • On making the payment, a receipt would be mailed to your email ID.

To Pay Through Customer Portal of LIC of India

You will be directed to ebiz.licindia.in/D2CPM/#Login

  • Select role
  • Enter your LIC policy login i.e., valid user ID/mobile, or email ID
  • Password
  • And the date of birth
  • Proceed ahead to make the payment.

To make the payment through the customer portal, you will have to create a LIC login by registering for the e-services.

How To Register For LIC E-Services?

Online registration for 'e-services' is a simple process. Those who are the first time users might find it difficult but with the following steps, it would become easier for you:

  • Go to the authorized website of Life Insurance Corporation of India i.e. www.licindia.in.
  • Look for the LIC e-services option and press the button.
  • This will direct you to a new page displaying two options to choose: 1) 'Registered User' and 2) 'New User'.
  • For registration, you have to select the second option. Select the 'New User' tab.
  • It will take you to another page that would ask for your personal details. You can find entry fields on this page. Here you have to submit the policy number, premium instalments, birth date details and the e-mail if you want to register here. After filling in the details, click on the 'Proceed' button to continue.
  • The second page will allow you to create your own 'Username' and 'Password' for the LIC website. Your registration concludes here once you log in with your username and password on the website.
  • On the first page of the website, you will get all the necessary options related to your account. You can proceed further after registering each of your policies and investments made with LIC. Don't forget that with the same, you can easily see the status of your policies and can make payments accordingly.
  • After registering all details related to policies, you can make premium payment online. If your policies are not enrolled at the website, you have to pay premiums as a non-registered user.

How To Revive Lapsed Insurance Policy

1. Ordinary Revival: The policyholder can revive his/her lapsed coverage without any problem. All he/she needs to do is pay all the unpaid premium with interest. Furthermore, be geared up in a case, where the coverage enterprise requested for documents together with a few medical checkups.

2. Special Revival: Under the revival feature, policy issuance date of the insured individual may be shifted and he/she will be able to pay a single premium as in step with the age at revival time. A person can take advantage of the unique revival scheme while he/she isn't able to pay the premium in a lump sum. Under the same, the insurance corporation can ask for a health report. If someone wants to revive his/her coverage beneath the unique revival scheme, then there are few situations such as

  • You ought to use a unique revival scheme for the complete tenure of the policy.
  • The policyholder can also move for special revival in the preliminary 3 years before the coverage lapse.

3. Instalment Revival: There are numerous plans for the ease of patron and instalment revival is one of them. In case the policyholder is not able to pay the due premium in a lump-sum, then beneath the revival plan, he can use the instalment choice. If you are going for instalment option, then there are few ways by which you may preserve. In case of yearly premium, a policyholder needs to pay 1/2 of the every year charge. In the half of-yearly method, the policyholder must pay one half of the every year premium.

4. Survival Benefits Cum-Revival Scheme: A policyholder can effortlessly use this scheme to restore the money back policy. If this advantage due date comes previous than the inline for renewal date, then the policyholder can pay without difficulty availing the survival benefit. A person has to pay the more amount in case the amount for revival is extra than the survival advantage and vice-versa.

5. Loan Cum Revival Scheme: A policyholder can also pass for mortgage cum revival scheme. Under the same, the policyholder can utilize this as an advantage by taking the coverage loan at the date of revival of the coverage that acquires a surrender value. The policyholder may require to pay an additional amount in case there may be any scarcity inside the revival amount. If the mortgage amount is more than the revival quantity, the more amount might be paid to the policyholder.

How To Check The Policy Status of LIC?

On successful registration, the customer can access the LIC of India status and start using other services.

This process can be completed by doing the following:

Visit the LIC of India website

To check LIC of India policy status without registration, you can simply send an SMS to '56767877'.

Types of Enquiry SMS code:

  • For instalment premium: ASK LIC PREMIUM
  • For revival amount: ASK LIC REVIVAL
  • To know bonus additions: ASK LIC BONUS
  • To know the amount of loan available: ASKLIC LOAN
  • For nomination details: ASKLIC NOM

Procedure to check LIC of India Policy Status by Calling Customer Care.

LIC of India provides 24*7 customer care service that enables you to obtain your LIC policy status by just making a quick call.

Helpline number for MTNL and BSNL users 12151.

For calls from all other landline and mobile numbers; DIAL city code followed by 12151.

LIC News

LIC's new annuity plan (Jeevan Akshay VII) is in the market

August 26, 2020

Life Insurance Corporation of India has announced the launch of its new Jeevan Akshay- VII annuity plan. The plan comes out with a few enhancements and changes. It is a single premium annuity plan, which is non-participating and non-linked in nature. As it is an immediate annuity plan, it will start paying annuity or pension to the insured on annuity age.

Under the same, the insured will get to select a type of annuity from 10 listed options (on payment of a lump sum amount).

The options that a policyholder can consider are immediate annuity for life, immediate annuity for life with return of purchase price, an immediate annuity with a guaranteed period, and life, among others. The minimum purchase price under the new Jeevan Akshay VII is Rs. 1 lakh.

LIC confirms that a loan facility will be available after three months from the issuance date or once the free-look period expires, whichever is late.

A person can buy this plan through online and offline modes. The different modes of annuity payments are yearly, half-yearly, quarterly, and monthly. LIC has not yet declared the rate of interest payable on the plan.

LIC's Campaign To Jumpstart Lapsed Policies

August 17, 2020

LIC has launched a new campaign, where policyholders can restart their lapsed policies. This will be active from 10th August to 9th October 2020. There are two things about this campaign that policyholders should keep in mind.

Firstly, the company will offer discounts on late fees to the policyholders, whose policies have lapsed due to non-avoidable circumstances. Some special schemes (plans) can also be resumed only on one condition- the time frame of the lapsed policy should not exceed five years.

Secondly, high-risk plans such as health insurance, term insurance, etc. are not exempted from late fees. Such policies (lapsed in the premium paying term and whose policy term is not complete till the revival date) can be revived under this campaign.

25% Jump In LIC's New Business Premiums in FY20

August 07, 2020

Life Insurance Corporation Of India, India's largest life insurer, has reported a growth of 25% (Rs.1,77,977.07 crore) in its first year of premium for the year 2019-20. Its group superannuation and pension business have collected Rs.1,26,696.21 crore (income of new business premium) as compared to Rs.90848.86 crore in the previous year, showing significant growth of 39.46%.

As of March-end 2020, LIC's collection of the total premium income stands at Rs.3,79,062.56 crore as compared to the collection of Rs.3,37,185.40 crore in the previous year, showing a growth of 12.42%. As far as the total policy payouts are concerned, the amount stands to Rs.2,54,222.27 crore (for March-end 2020) in comparison to Rs.2,50,936.23 crore in the previous year, displaying a growth of 1.31%.

LIC's gross total income also showed a growth of over 9.83%, as its collection grew from Rs.5,60,784.39 crore (in the previous year) to Rs.6,15,882.94 crore for March-end 2020. LIC's total assets increased from Rs.31,11,847.28 crore (in the previous year) to Rs.31,96,214,81 crore for March-end 2020, with a growth of over 2.71%.

On December 2019, LIC waived off convenience fee on all digital transactions (policy-related) paid by credit cards. This is applicable till 30th November 2020. Thanks to this facility, LIC recorded a growth of 36% on digital transactions for policies for the year 2019-20.

LIC Launches Modified PMVVY Pension Plan

June 03, 2020

Life Insurance Corporation of India has announced the launch of the modified Pradhan Mantri Vaya Vandana Yojana (PMVVY) for senior citizens. LIC has the sole privilege to operate this scheme. It has come out with the details of the Pradhan Mantri Vaya Vandana Yojana (Modified 2020). Earlier, the government of India closed the sales of PMVVY in March 2020 and now they have decided to restart the sale of the same for another three financial years.

The customer can directly invest in PMVVY through the official website of the LIC. The extension has provided a big relief to senior citizens of the country as the interest rate on bank fixed deposits is falling rapidly.

PMVVY– New Rules

The biggest change in the new avatar of PMVVY is the reduced pension rate. It will carry a lesser interest rate as compared to before. Unlike the older version of PMVVY, the interest rate of the modified PMVVY will keep varying, which depends on the chosen financial year.

The government has announced the revised interest rate of 7.4% payable monthly i.e. 7.66% per annum for the entire 10 years of the plan. The government will keep on sharing the revised interest rate at the start of each financial year. For the Modified >PMVVY, the maximum rate of interest is capped at 7.75% at any point.

COVID-19: LIC Extends Grace Period For Premium Payment Without Any Penalties

April 20, 2020

LIC- India's largest life insurance company of India has decided to extend the grace period for premium payment of all its existing policies by one month. All the LIC policyholders whose premium is due for the month of March and April will get a grace period of 1 month to make the premium payment without any penalties. Moreover, the company has also stated that the revival of the existing policies can be done online without any proof of good health. Policyholders are free to make premium payments using LIC's digital payment options without any charges.

As per the recent statement by LIC officials, it is not important for customers to register on LIC's official website as they can make the payment directly by giving basic information. There are multiple methods that can be used to make online payment such as net banking, UPI, debit/credit card and many other payment apps.

The insured can also use the mobile app 'LIC Pay Direct'. The company has assured that all COVID-19 related claims are getting settled on a priority basis without any delay.

Naval Goel (CEO & Founder of PolicyX.com) said,"It is a much-required move during this extended lockdown tenure. People don't want to pay heavy penalties and were looking for a way to deal with the same. This move has provided relief to all existing policyholders who want to keep their policy active and revive the lapsed one as well. It is really an appreciable move by the LIC."

Currently, the company is running operations with skeletal staff within the limits set by the local authorities. In case of any inquiries or for availing online services, the customer can directly visit the official website of the company.