LIC Premium Calculator – Calculate Maturity Amount, Policy Plans, Status

Life Insurance Corporation of India is known by almost everyone by it’s abbreviated form called as LIC. It is a government related life insurance company.

About 240 plus insurance companies got merged together to form Life Insurance Corporation of India in 1956.

lic-life-insurance
LIC Life Insurance

What is LIC Life Insurance?

LIC is headed towards promoting life insurance among rural as well as urban areas. LIC Life Insurance ensures savings, protection and easy conduct of business with an adequate amount of money with reliable loan facilities.

Headquarter of LIC Life Insurance Corporation of India is located in Mumbai, a city of Maharashtra, India.

LIC involves people of great capability. Enthusiastic officers, employees and agents work with their best capability to promote financial security and protection among people.

Also Read: What is ULIP? Is ULIP a good investment tool?

LIC Life Insurance Slogan

The slogan of LIC Life Insurance Corporation clearly defines the main aim of this corporation. The english translation of their slogan is “Your Welfare is our Responsibility” and LIC’s plans and work revolve around achieving it.

Why To Choose LIC?

  1. High Trust Factor
    LIC is one of the most authentic financial institutions across India which upholds the trust of more than 190 million people and assures their satisfaction on investment.
  1. Perfect Handing Over of Claims
    LIC Life Insurance comes amongst those few institutions where policyholders are offered their claims on an immediate basis.
  1. Additional Interest
    Taking credit of the delay, LIC Life Insurance pays off ex-gratia interest in a circumstance of a pending maturity claim.
  1. Trustworthy Process
    LIC is among the most pious institutions whose main objective is to meet the community’s life insurance need which would be beneficial for socio-economic conditions. People can conduct the business with appropriate money needed by them and that too without fears of getting cheated.
  1. New Plans
    As per the requirements and comfort of their customers, LIC Life Insurance validates a regular amendment in the existing plans and constantly work on creating new Life Insurance plans to deliver maximum efficiency in their services.
  1. For All Members of a Family
    LIC Life Insurance policies are beneficial for each and every age group of a family member and provides umbrella coverage to your family. It includes child plans, health plans, money back plans, investment plans and pension plans.
Also Read: Know about different types of Life Insurance Plans

Additional Perks Of Buying LIC Life Insurance

  1. Trouble Free Assimilation Of Policy Details
    Efficient online customer care services are provided by LIC Life Insurance to its customers to ensure maximum satisfaction amongst its policyholders. Complete details related to an LIC Policy can be acquired by the means of making an SMS or call.
  1. Peaceful Claiming
    LIC Life Insurance provides an easy and uncomplicated process of making claims to its policyholders. LIC has been the holder of having the highest percentage of claim settlement ratio in the past few years.
  1. Maturity Benefits
    The benefits of maturity on LIC Life Insurance can be calculated as Sum assured + simple reversionary bonuses + additional bonuses ( if any) are payable.
  1. Death Benefits
    1. In duration of the policy period ( before the date of commencement of risk) :
      Return of single premium without interest and service tax and extra premium ( if any ).
    2. In duration of the policy period ( after the date of commencement of risk )
      Sum assured +simple reversionary bonuses + final additional bonuses ( if any )
      .
Also Read: How much money can you make through latest HDFC RD?

Various types Of LIC Plans

1. LIC Life Endowment Plans

Endowment Plans are related to special policies proposed by LIC Life Insurance Corporation. Under this, the policyholder gets a lump sum amount of the assured sum after the maturity amount of its tenure mentioned in the policy. It can be a maturity period or death of the holder.

1. LIC Single Premium Endowment Plan

This a participating, non-linked endowment plan benefits in life protection and saving. To start this policy, a single and complete amount of premium is needed to be paid.

  1. Entry Age
    Minimum – 3 months old and maximum – 65 years

  2. Sum Assured
    Minimum – INR 50,000 and maximum – no limit
    Additionally, the minimum investment amount that is assured in a LIC Life Insurance policy should be in multiples of INR 5000.

  3. Premium Payable Mode
    The amount of premium is payable through a single payment.

  4. Loan Facilities
    The Loan Facilities are offered by LIC Life Insurance Corporation after a policyholder completes one year of their policy’s period.
    However, this is subjected to change as per company’s terms and conditions.

  5. Tax Exemption
    The premium paid is exempted from tax under Section 80C of Indian Income Tax Act. The maturity amount of LIC Life Insurance is also tax free under Section 10 (10D).

  6. Term Period
    The minimum tenure offered by LIC is 10 years and the maximum period is 25 years.

  7. Maturity Age
    The age of an LIC Life Insurance policy holder should be a minimum – 18 years and maximum – 75 years.

  8. Guaranteed Surrender Value
    If the policy is surrendered after commencement –
    1. Within 1 year from commencement of the policy: 70% of the single premium paid by the policyholder is returned.
    2. After 2 years from commencement of the policy: 90% of the single premium paid by the policyholder is returned.

  9. Exclusion
    During a situation of an unfortunate natural death of a policyholder, the sum assured is provided to the pre-elected nominee.
    However, suicide is not covered under LIC policies and only a fraction of paid value is refunded to the nominee in such a case.
    No death benefit amount is paid if suicide is committed within 1 year of commencement of the policy by the holder.
Also Read: What is Provident Fund?

2. LIC New Endowment Plan

LIC New Endowment Plan comes under a participating plan. In this, the premium is required to be paid from the commencement period of the policy till completion of its tenure.
The policy pays benefits to the holder if they survive till the maturity of the policy.

  1. Entry Age
    Minimum – 8 years and maximum – 55 years

  2. Sum Assured
    Minimum – INR 100,000 and maximum – no limit
    Money to be invested in this policy should be done in multiples of INR 5000.

  3. Premium Payment Frequency
    Premium can be deposited on monthly, half yearly, quarterly and yearly basis.

  4. Loan Source
    Policy holder can avail loan. Loan facility is available only after completion of surrender time period of the policy.

  5. Tax Rebate
    Under this policy, insurance paid upto INR 1,50,000 can be exempted from tax under Section 80C of Income Tax Act. On maturity, amount of policy is provided free from tax under Income Tax Act, section 10D .

  6. Term Period
    Minimum – 12 years and maximum – 35 years

  7. Maturity Age
    Minimum – there is no minimum maturity age. However, the maximum maturity limit is 75 years.

  8. Exclusion
    In situation of an untimely death of a policyholder, the sum assured is given to the nominee. However, suicide are not covered under policies.
    In case of suicide, only a fraction of paid value is refunded to the nominee. If suicide is committed within 1 year of commencement of policy, then 80% of the total premium paid is returned.
Also Read: Latest NSC Interest Rates

3. LIC Aadhaar Shila Plan

This plan is specially designed by LIC Life Insurance Corporation for females who possess Aadhaar card issued by UIDAI. LIC Aadhaar Shila Plan aims to promote financial security among females.

  1. Age Criteria
    Minimum entry age is 8 years and maximum is 55 years

  2. Sum Assured
    Minimum amount of investment is INR 7500 ranging up to INR 300,000.

  3. Premium Payable Mode
    Premium shall be paid regularly on monthly basis by using NACH only or salary deduction, quarterly, half yearly or yearly basis.

  4. Loan Availability
    Loan facilities are available for insurer but only for the time period of the policy. Maximum loan percentage of surrender value –
    1. For inforce policy – upto 90%
    2. For paid policy – upto 80%

      All installments of loan along with interest must be paid before maturity of policy.

  5. Rebate in Tax
    Service tax is to be paid by the policyholder according to laws of government. This is to be paid in addition to the payable premium amount.

  6. Term Period
    The term period for LIC Aadhaar Shila Plan ranges from 10 years till a maximum of 20 years.

  7. Age of Maturity
    Maximum age of maturity for this policy is – 70 years

  8. Guaranteed Surrender Value
    Premium of policy should be paid for a minimum 3 years before surrendering it.
    Guaranteed surrender value and special surrender value will be paid by the LIC Life Insurance Corporation. Additionally, special surrender value will be decided by the corporation which changes time by time.

  9. Exclusion
    On the unfortunate natural death of the policyholder the sum assured is to be given to the nominee. However, suicide is not covered under policies.
    Only a fraction of paid value will be refunded to the nominee in case of suicide.If suicide is committed by policy holder within 1 year of commencement of policy then 80% of the premium paid is returned.
Also Read: How to find Zerodha Brokerage?

4. LIC Jeevan Labh

It is a non-linked policy and serves dual purposes of saving and protection. Additional bonuses are provided to the policyholder along with assured sum and simple reversionary bonuses, if a person survives till maturity of the policy.

  1. Entry Age
    Minimum – 8 years and maximum –
    1. You must be up till 50 years for 25 year policy term.
    2. You must be maximum of 54 years on for 21 year policy term.
    3. You must be under 59 years for 16 year policy term.

  2. Amount of Investment
    Minimum- 200,000 and maximum – no limit

  3. Premium Installments
    Premium can be paid on monthly, half yearly , quarterly and yearly basis.

  4. Loan Facilities
    Loan facilities are available for the insurer after policy attains a minimum period of surrender and the insurer can fulfill requirements of the corporation. Premium must be paid for 3 years.

  5. Tax Deduction
    Amount of premium paid is exempted from tax under Income Tax Act, Section 80C. On maturity, the amount of policy is free from tax.
    But they may change from time to time according to laws of government which might be payable in addition to the premium amount under some conditions.

  6. Term Period
    1. 16 years policy term for 59 years Entry Age
    2. For 54 years entry, 21 years of policy term.
    3. Tenure of 25 for 50 years of age.

  7. Maturity Age
    Maximum maturity age is 75 years.

  8. Guaranteed surrender value
    Policyholders have to pay full three years premium for surrendering the policy. Additionally, the refunded premium will not include taxes paid by surrender.

  9. Exclusion
    Policy is considered null in case of suicide. However, on the unfortunate death of the policyholder, the sum assured is to be given to the nominee. Additionally, only a fraction of paid value is refunded to the nominee in case of suicide.
    1. Within 1 year from date of commencement of risk: 80% premium will be paid if policy is inforce.
    2. Within 1 year of revival: amount higher than 80% of policy is paid.
Also Read: What is Zerodha Margin?

5. LIC Aadhaar Stambh Plan

This plan is specially designed for males who have their aadhar card issued by UIDAI. Families can be benefited from this in case of an unfortunate death of the policy holder.

  1. Entry Age
    Minimum – 8 years completed and maximum – 55 years ( upcoming birthday)

  2. Sum assured
    Minimum – INR 7,500 ranging up to INR 3,00,000.

  3. Premium payable mode
    The premium is to be paid regularly on monthly basis through NACH only or by monthly salary deduction , quarterly, half yearly or yearly basis.

  4. Loan Allowance
    Loan services are provided only for the duration of policy period to the insurer. Maximum loan percentage of surrender value –
    1. For inforce policy – upto 90%
    2. For paid policy – upto 80%

      Loan along with interest must be recovered before completion of policy.

  5. Tax Rebate
    Amount of premium paid is exempted from tax under Income Tax Act, Section 80C. Even on maturity, the amount of policy is free from tax.
    But these may change from time to time according to laws of government and they may be payable addition to the premium amount under some conditions.

  6. Term Period
    Minimum – 10 years and maximum – 20 years

  7. Maturity Age
    Maximum maturity age is of 75 years.

  8. Surrender value
    Before surrendering, it is recommended to pay the premium of policy for a minimum of 3 years.
    LIC pays the guaranteed surrender value and special surrender value. Special surrender value is revised by LIC from time to time.

  9. Exclusion
    The claim is provided to the elected nominee in situation of an untimely death of the policyholder. Although, suicides are not covered under policies and a partial value is refunded to the nominee in case of suicide.
    If suicide is committed-
    1. Within 1 year from date of commencement of risk : 80% premium will be paid if policy is inforce.
    2. Within 1 year of revival : amount higher than 80% of policy is paid.
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6. LIC Jeevan Lakshya Plan

This plan also gives dual profit of safety and protection. It provides Annual Income benefits which will help in taking care of family and children.

  1. Entry Age
    Minimum – 18 years completed and maximum is less than 50 years.

  2. Sum Assured
    Minimum – INR 100,000/- and maximum – no limit
    Minimum money that is assured in policy should be in multiples of INR 10,000/-

  3. Premium Payable Mode
    Premiums to be paid on monthly intervals through ECS or through salary deductions, quarterly, half yearly or yearly.

  4. Loan Facility
    Loan facilities are available for the insurer but can be availed only if the specified minimum amount of premium is paid and surrender value is gained by the policy.

  5. Tax Deduction
    The policyholder is liable to pay taxes according to the laws of government.

  6. Tenure
    Minimum – 13 years and maximum – 25 years.

  7. Maximum maturity age limit
    Maximum age of policy holder on maturation of policy should be within 65 years.

  8. Exclusions
    The refund amount is provided to the nominee in case of an unfortunate death of the holder. However, only a partial amount is refunded to the nominee in case of suicide which is decided as per these conditions –
    1. Within 1 year from the date of commencement of risk : 80% of the premiums paid excluding any taxes, extra premium, if policy is inforce.
    2. within 1 year from revival date : a refund money which is greater than 80% of total amount paid in form of premium is given excluding taxes and extra premium. , if any.

7. LIC New Jeevan Anand Plan

It is a participating non-linked plan. It acts at dual purpose of safety and protection. This plan is very great in giving financial safety to assured life even in case of death.

  1. Entry Age
    The age limit for LIC New Jeevan Anand Plan is a minimum of 18 years up till maximum 50 years.

  2. Sum Assured
    Minimum basic sum INR 100,000 whereas there is no maximum investment amount.
    The minimum money that is assured in policy should be in multiples of INR 5000.

  3. Premium Payable Mode
    Premiums can be paid regularly during the premium paying term at monthly intervals (through ECS or through salary deductions) , quarterly, half yearly or yearly.

  4. Loan
    This facility can be availed only if a minimum amount of premium that is called the surrender value has been paid.

  5. Rebate in Tax
    Taxes including Service Tax, if any, have to be paid as per the Tax laws and the rate of tax shall be as applicable from time to time.

  6. Term Period
    Minimum – 15 year and maximum – 35 years.

  7. Age of Maturity
    Maximum maturity age of assured should be within 75 years.

  8. Surrender Value of Policy
    The policy can be surrendered any time after completing 3 years payment of premium. Surrender value along with simple reversionary bonuses ( if any ) are required to be paid.

  9. Exclusion
    The sum assured is given to the selected nominee in circumstance of death of the policyholder but suicides are not covered under policies. Only a fraction of paid value will be refunded to the nominee in case of suicide.
    If suicide is committed-
    1. within 1 year from the date of commencement of risk: 80% of the premiums paid excluding any taxes, extra premium. If policy is inforce.
    2. within 1 year from revival date: a refund money which is greater than 80% of total amount paid in form of premium is given excluding taxes and extra premium, if any.
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2. LIC Health Plans

Health Insurance plays an important role in one’s life. It provides a financial protection during an unfortunate situation of a temporary or permanent disability or even death.
This insurance takes into account the medical expenses of all types of injuries.

1. Life Jeevan Arogya

This is a non-linked health insurance plan and provides financial security at times of crises of health and safety. The whole family can be covered under this plan.

  1. Entry Age
    1. Adults of the family ( usually policy holder )
      Minimum – 18 years of age must be completed on last birthday and
      Maximum – up to 65 years
    2. Parents/ parents in laws of policy holder
      Minimum- 18 years of age must be completed on last birthday and
      and Maximum – 75 years
    3. Children
      Minimum – 3 months and maximum – 17 years

  2. Per Premium
    1. For adult –
      Minimum- Rs. 1923 and Maximum – Rs. 3768
    2. For parents / parent in laws
      Minimum – Rs. 1393 and Maximum – 2849
    3. For children
      Minimum – Rs. 792 and Maximum – Rs. 870

  3. Premium payable mode
    Premiums can be paid regularly during the premium paying term at monthly intervals

  4. How to claim
    By cashless claim or reimbursement claim.
Also Read: What is Coverage in Car Insurance Policy?

2. LIC Cancer Cover

LIC Cancer Cover plan is a special policy designed to benefit people in various medical aids. Cancer treatment is really costly and a huge amount of money is needed to deal with this hazardous disease. To provide such financial benefits to customer this policy was bought in force.

  1. Entry Age
    Minimum – 20 years and maximum – 65 years

  2. Sum Assured : INR 10 lakh

  3. Premium Payable Mode
    Yearly or Half yearly for a policy term ranging from 10 to 30 years.

  4. Loan Services
    No loan is available throughout the policy.

  5. Tax
    Tax is to be paid along with the premium according to norms of government, if any.

  6. Term Period
    Minimum -10 years period for candidates of 65 years of age ranging up to – 30 years period

  7. Maturity Age
    Maximum maturity age of policyholder at time of maturity should be. 75 years

  8. Guaranteed Surrender Value
    This policy does not have any surrender value.

  9. Exclusions
    Following conditions are not be covered under this policy.
    1. If there is pre existing condition of cancer.
    2. If cancer is diagnosed with 180 from the date of policy or revival of risk cover.
    3. If the medical condition developed by donation of organ or nuclear contamination.
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3. LIC Term Insurance Plans

Term Insurance Plan is a special policy plan designed by LIC Life Insurance Corporation to provide financial security to family in case of an unfortunate death of the policyholder.
This is a life cover plan and provides coverage for a defined period of time. Refund money is payable to the nominee in case of death of the insurer.

1. LIC Jeevan Amar Plan

LIC Jeevan Amar Plan is considered as a no profit and is a non-linked plan. It simply provides protection to the assured.

  1. Entry Age
    Minimum – 18 years completed ranging up to 66 years.

  2. Sum Assured
    Minimum – INR 25,00,000 and there is no such maximum limit.
    Minimum money assured should be in multiple of Rs. 1,00,000/-

  3. Premium Payable Mode
    Premium shall be paid as single premium, regular premium and limited premium modes.

  4. Loan Availability
    No loan can be availed by the insurer under this policy.

  5. Tax Application
    Tax is to be paid according to norms of government, if any, which keep changing from time to time.

  6. Tenure
    Minimum – 10 years period is for people of 66 years at entry
    and Maximum – 49 years period for youngest entry.

  7. Maturity Age
    Maximum age of assurer at maturity of policy should be 80 years.

  8. Guaranteed Surrender Value
    Surrender value is not refunded under this policy.
    Regular premium policies- nothing refunded
    Single premium policies – can apply for refund anytime during policy term
    Limited premium – applicable for getting refund if full premium is paid for

    1. Two consecutive years in premium paying term less than 10 years
    2. 3 continuous years in premium paying terms more than or equal to 10 years.

  9. Exemptions
    This type of plan does not covers suicides. The nominee is paid only a partial amount of money. Although, in case of natural death of a policyholder, the sum assured is provided to the nominee.

    1. Single premium
      If suicide is committed within 1 year of commencement of the policy, 90 % of assured sum is refunded without any tax and extra premium, if any.
    2. Regular or limited premium
      If, Suicide is committed within 12 month of commencement risk or revival, 80% of paid premium is refunded without any extra premium or taxes, if any.
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2. LIC Tech Term

LIC Tech Term Plan is a special online term assurance policy. This plan can be accessed by online mode only and no mediators are involved in this. This gives financial security to family members of the insurer in case of an unfortunate death of the insurer.

  1. Entry Age
    Minimum – 18 years and maximum – 65 years

  2. Sum assured
    Minimum – INR 50,00,000 with no specific upper limit.
    1. Minimum money that is assured in policy shall be in multiple of INR 5,00,000/- for a policy whose total Sum is between INR 50,00,000/- to INR 75,00,000/-
    2. And in multiple of INR 25,00,000/- for any policy above RS. 75,00,000/-

  3. Mode of Premium Payment
    It can be paid by limited premium and regular premium mode.

  4. Loan Facilities
    No loan is available under this policy plan.

  5. Tax Exemption
    Tax is to required to be paid according to the present norms of government.

  6. Term Period
    Minimum – 10 years and maximum- 40 years

  7. Maturity Age
    Maximum age of insurer at maturation period of the policy must be 80 years.

  8. Surrender value
    No surrender value is applicable. Premium paid is to be refunded under
    Regular premium – no refund
    Limited premium – applicable for getting refund if full premium is paid for
    1. Two consecutive years in premium paying term less than 10 years
    2. 3 continuous years in premium paying terms more than or equal to 10 years.

  9. Exceptions
    On the unfortunate natural death of the policyholder the sum assured is to be given to the nominee. Although, in case of suicide, if suicide is committed within 12 month of commencement risk or revival – 80% of paid premium is refunded without any extra premium or taxes, if any.
Also Read: What is GST? How much GST is charged on the products you buy?

4. LIC Money Back Plans

LIC Money Back Plans are enlisted amongst the topmost popular policies. They serve dual purposes by providing insurance and investment both. In case of an unfortunate demise of the insurer, their family is secured from financial problems.

If the insurer survives till the period of maturity then survival bonuses are credited to him.

1. LIC New Children’s Money Back Plan

This plan is related to fulfilling needs of developing children, education and marriage. This is a non-linked and participating plan.

  1. Entry Age
    0 years (this can be started from birth of child )

    
  2. Sum Assured
    The shortest investment of INR 1 lakh can be made with no maximum limits imposed.

    
  3. Premium Payment
    Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly.

    
  4. Loan
    LIC Money Back Plans offers loan facilities.

    
  5. Tax Rebate
    Tax is to be paid as per guidance of the government in addition to the original amount of premium. These taxes are not payable or refunded at maturity of policy.

    
  6. Term Period
    25 minus age of entry of the child

    
  7. Maturity Age
    Maximum age of an insurer should be 25 years at maturation of policy.
Also Read: 4 Unpopular Reasons Why Life Insurance May Not Beneficial For Everyone

2. LIC New Bima Bachat Plan

LIC New Bima Bachat Plan gives financial safety against death in the duration of the term period of the policy. Additional benefits and bonuses are given to the insurer as benefits of surviving at different specific durations in between the policy term.

  1. Entry Age
    Minimum – 15 years and maximum –
    1. For 9 years Policy term, maximum Age is 66 Years
    2. Maximum age is 63 years for 12 years policy term
    3. For term 15 years policy term, up till 60 years of age

  2. Sum assured
    Minimum sum assured –
    1. For Term of 9 Years, minimum Sum Assured is Rs.35,000
    2. For term 12 years, minimum sum is up till Rs.50,000
    3. Minimum sum assured is Rs.70,000 for term of 15 years

      Maximum – No limit and it is payable in multiples of Rs . 5000/-

  3. Premium payable mode
    Amount of insurance is to be paid in a single premium only.

  4. Loan Availment
    Loan can be taken under this policy. Liquidity of money is an important factor according to this policy and a loan of 60% of surrender value at the date of loan sanction can be provided to the insurance holder.

  5. Tax Rebate
    Tax is to be paid as per guidance of the government in addition to the original amount of premium. These taxes are not payable or refunded at maturity of policy.

  6. Term Period
    It is different on the basis of age of entrance age of the insurance holder of LIC New Bima Bachat Plan.
    Minimum –
    1. 9 years for Entry Age of 66 year
    2. 12 years policy for Entry Age of 63 years
    3. 15 year policy for Entry Age of 69 years

  7. Maturity Age
    Maximum age at maturity should be up to 75 years.

  8. Guaranteed surrender value
    Guaranteed Surrender Value is given on the basis of time.
    1. During 12 months from starting of policy: 70% of the amount paid in single premium is refunded back, excluding taxes and extra premium, if any.
    2. After 1 year : 90% of the Single premium excluding taxes, extra premium, if any and additional survival benefits is provided back.

  9. Exclusion
    The sum assured is to be given to the nominee during an untimely death of the policyholder but suicides by the holder is not covered under the policy. In a case of suicide, only a fraction of paid value will be refunded to the nominee in case of suicide.
    If suicide is committed by policy holder within 1 year of commencement of risk – 90% of premium assured sum paid by holder is returned. No extra tax is refunded back.
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3. LIC Jeevan Tarun

This policy is designed to focus on savings and protection of children. They are really supportive at various stages of their lives.

  1. Eligibility of Age
    Minimum – 90 days and maximum – 12 years

  2. Investment Amount
    Minimum sum assured – Rs. 75000/-
    Maximum – No limit
    1. For Total Sum Assured Rs. 75,000 to INR 1 Lakh: minimum amount of money assured must be in multiples of Rs. 5,000 /- for and Rs. 10,000/- .
    2. For total Sum Assured that is greater than INR 1 lakh: minimum amount of money assured must be in multiples of Rs 10,000/-

  3. Frequency of Premium Payment
    Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode.

  4. Facility of Loan
    Loan facilities are available for the insurer but, this facility can be availed only if a minimum amount of premium is paid and the surrender value is attained by policy.

  5. Exemption in Tax
    Tax is to be paid as per guidance of the government in addition to the original amount of premium. These taxes are not payable or refunded at maturity of policy

  6. Term Period
    Minimum – 13 years and ranging up till – 25 years

  7. Maturity Age
    Age of the insurer must be at least 25 years at the age of maturation of policy.

  8. Value of Guaranteed Surrender Amount
    The policy can be surrendered at any time during the policy term. However, for doing so, premiums have to be paid for two continuous years if PPT is less than 10 years and for minimum three continuous years if PPT is 10 years or more.

  9. Exclusion
    On the unfortunate natural death of the policyholder, the sum assured is to be given to the nominee. However, suicide is not covered under policies and only a partial amount is refunded to the nominee in such case.
    1. Within 1 year from the date of commencement of risk: 80% of the premiums paid excluding any taxes, extra premium.
    2. within 1 year from revival date: a refund money which is greater than 80% of total amount paid in form of premium is given excluding taxes and extra premium.
    3. But this excludes –
      1. The insurer below 8 years of age at revival date
      2. If the complete amount of policy is not paid and the policy ended.
        No amount is refunded in such cases.
Also Read: What is GST Full Form?

4. LIC New Money Back Plan-20 years

LIC New Money Back Plan gives protection against death throughout the term of the plan. Periodic payment on survival at some defined durations during the term is also made. It is a participating non-linked plan.

  1. Age Criteria
    Minimum – 13 years completed up till 50 years.

  2. Sum assured
    The start sum of investment is – Rs. 1,00,000/- ranging up to no limits

  3. Premium payable mode
    Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode.

  4. Loan Facility
    Loan facilities are available for the insurer. But, this facility can be availed only if a minimum amount of premium is paid and the surrender value is attained by policy.

  5. Tax Rebate
    The premium paid is exempted from tax under the section 80C of Indian Income Tax Act. Its maturity amount is also tax free under the section 10 (10D).

  6. Term Period
    LIC New Money Back Plan has a fixed tenure 20 years

  7. Maturity Age
    Maximum age at maturity of policy should be 70 years

  8. Guaranteed surrender value
    For surrendering the policy , full premium for three years must be paid.

  9. Exclusion
    The sum assured is provided to the nominee is case of the death of the policyholder. However, suicide is not covered under policies and only a partial amount is paid to the nominee in case of suicide.
    If suicide is committed:
    1. 80% of the premiums paid excluding any taxes, extra premium within 1 year from the date of commencement of risk.
    2. A refund money which is greater than 80% of total amount paid in form of premium is given excluding taxes and extra premium within 1 year from revival date.
Also Read: How to download or verify GST Certificate?

5. LIC New Money Back Plan 25 years

LIC’s New Money Back Plan-25 years is a non-linked plan. This policy gives protection against death throughout the term of the plan.

  1. Entry Age
    Minimum age – 13 years and maximum – 45 years

  2. Investment Amount
    Minimum – Rs. 1,00,000/- and maximum – no limits
    Minimum money assured shall be in multiples of Rs. 5000/-

  3. Premium Payment
    Premium shall be paid on monthly , quarterly , yearly and half yearly basis.

  4. Loan Availment
    The loan facility can be availed only if a minimum amount of premium is paid and the surrender value is attained by policy.

  5. Policy’s Tenure
    A fixed period of 25 years.

  6. Maturity Age
    Maximum age of insurer should be 70 years at maturity of policy.

  7. Surrender Value
    The policy can be surrendered if three full premium have been paid. Guaranteed surrender value is refunded back.

  8. Exemption
    Suicides are not covered under this policy and only a fraction of paid value will be refunded to the nominee in such case.
    If suicide is committed:
    1. 80% of the premiums is paid excluding any taxes, extra premium within 1 year from the date of commencement of risk.
    2. A refund money which is greater than 80% of total amount paid in form of premium is given excluding taxes and extra premium, in case of 1 year from revival date.
Also Read: How to register your own GST Number?

5. LIC ULIP Plans

With Unit Linked Insurance Plans customers can easily get benefits of great returns and insurance coverage during policy term. These policies encourage the customer to engage capital in the market. This takes proper care of liquidity of money.

1. LIC New Endowment Plus

This endowment assurance plan comes under ULIP Plans. The insurer attains heavy benefits from this policy.

  1. Entry Age
    Minimum – 90 days must be passed by newborn and maximum – 50 years.

  2. Investment Amount
    Minimum – INR 1 lakh and maximum no limit.

  3. Premium Payment
    The amount is to be paid monthly ( ECS ) , half yearly, quarterly and yearly.

  4. Loan Facility
    No loan is ensured under this plan.

  5. Tax Rebate
    The premium paid is exempted from tax under the section 80C. Its maturity amount is also tax free under the section 10 (10D).

  6. Tenure
    Minimum – 10 years and maximum – 20 years

  7. Age of Maturity
    Minimum – 18 years completed up till 60 years.

  8. Exclusion
    On the unfortunate natural death of the policyholder the sum assured is to be given to the nominee. However, suicide is not covered under policies. Only a fraction of paid value will be refunded to the nominee in case of suicide.
    If suicide is committed within 12 month of commencement or revival of policy, the nominee or beneficiary of the policyholder will get the refund.
Also Read: Can you search GST Number by Name?

6. LIC Whole Life Plans

This plan is particularly based on regular payment mode and reaping benefits for complete life or whole life along with additional bonuses provided to the insurer.

1. Jeevan Umang Plan

This offers an opportunity of saving and security. This LIC Jeevan Umang Plan gives survival benefits to the policy.

  1. Age Limit
    Minimum – 90 days completed and maximum – 55 years.

  2. Sum assured
    Minimum – 200000/- and Maximum – no limits.

  3. Premium Amount
    Premium is to be paid monthly ( ECS ) , half yearly, quarterly and yearly.

  4. Loan
    The facility of loan can be availed under Jeevan Umang Plan.

  5. Term Period
    The maximum tenure period of Jeevan Umang Plan is 100 years.

  6. Maturity Age
    Maximum age of policy holder should be 100 years.

  7. Surrender Value
    Policy can be surrendered if 3 consecutive premium payments are already done.

  8. Exclusion
    During an untimely death of the policyholder, the sum assured is to be given to the nominee. However, suicide is not covered under policies. Only a fraction of paid value will be refunded to the nominee in case of suicide.
    If suicide is committed :
    1. within 1 year from the date of commencement of risk : 80% of the premiums paid excluding any taxes, extra premium. If policy is inforce.
    2. within 1 year from revival date : a refund money which is greater than 80% of total amount paid in form of premium is given excluding taxes and extra premium. , if any.
    3. But not in case the age of Life Assured is below 8 years at time of death.
Also Read: How to search GST Number by PAN?

7. LIC Pension Plans

Nowadays, a lot of people are getting engaged in the public sector and no have no financial security after their retirement. LIC pension plans are related to making you and your family financially secure.

1. LIC Jeevan Shanti

This is a trusted and profit giving pension plan. Its motive is to give maximum security to people during their senile stages.

  1. Entry Age
    Minimum – 18 years of age must be completed by person willing to get this plan and the maximum age is 75 years.

  2. Sum assured
    Minimum – Rs.150000 and maximum – no limit.

  3. Payment of Premium
    Premium is to be paid monthly ( ECS ) , half yearly, quarterly and yearly.

  4. Loan Facility
    No loan facilities are available under this plan.

  5. Tax
    The premium paid is exempted from tax under the section 80C. Its maturity amount is also tax free under the section 10 (10D).

  6. Tenure
    Minimum – 10 years and maximum – no limit.

  7. Maturity Age
    Minimum -40 years completed and maximum – 85 years.
Also Read: How to make GST Payment Online?

8. Withdrawn Plans

After a few law amendments, LIC Life Insurance Corporation made a decision to withdraw some of the plans which are –

1. LIC Jeevan Pragati

LIC Jeevan pragati plan gives saving and protection to the customer. It is a non linked profit plan. Every five years of the policy, the risk cover increases and this is great.

  1. Age Limit
    The age limit ranges up to 12 years to 45 years.

  2. Investment Amount
    Minimum – Rs.150000/- and maximum – no limit.
    Minimum amount of money assured shall be paid in multiple of 10,000/-

  3. Premium Installments
    Premium can be paid on monthly, yearly ,half yearly and quarterly basis.

  4. Availability of Loan
    Loan facility can be availed only if full premium of 3 years is already paid.

  5. Tax
    The amount of premium paid is exempted under section 80C in this policy.

  6. Term Period
    Minimum – 12 years and maximum 20 years

  7. Age of Maturity
    The maturity age under this plan ranges up to maximum age – 65 years.

  8. Surrender Value
    For surrendering the policy, premium should be paid for a minimum of 3 years.
Also Read: How to change Authorised Signatory in GST?

2. LIC Bima Diamond Plan

LIC’s Bima Diamond plan offers awesome financial security to the insurer and this plan also protects the insurer. This is beneficial for the family in case of an unfortunate demise of the insurer.

  1. Entry Age
    Minimum – 14 years and maximum – 50 years,

  2. Sum assured
    Minimum – Rs.. 100,000/- and Maximum – Rs. 5,00,000/-
    (minimum money that is assured in policy should be in multiple of 20,000/-)

  3. Premium Payable Mode
    Premium can be paid on monthly, yearly, half-yearly and quarterly basis.

  4. Loan Availability
    Loan facilities are available under this policy and value of loan may differ
    There is a defined amount of surrender value that can be taken as loan this is as follows:
    1. inforce policies – upto 90%
    2. paid policies – upto 80%

  5. Tax Rebate
    The amount of premium paid is exempted under section 80C under this plan.

  6. Tenure
    Minimum – 16 years and maximum – no limit.

  7. Maturity Age
    66 years – 16 years policy term
    65 years – 20 years policy term and 24 years policy term

  8. Guaranteed surrender value
    Policy can be surrendered if premium for 3 years is already paid.

  9. Exclusion
    On the unfortunate natural death of the policyholder the sum assured is to be given to the nominee. However, suicide is not covered under policies. Only a fraction of paid value will be refunded to the nominee in case of suicide.
    if suicide is committed:
    1. within 1 year from the date of commencement of risk : 80% of the premiums paid excluding any taxes, extra premium. If policy is inforce.
    2. within 1 year from revival date : a refund money which is greater than 80% of total amount paid in form of premium is given excluding taxes and extra premium, if any.
Also Read: How to create GST Challan?

3. LIC Amulya Jeevan 2

This plan provides protection and financial security to family and the individual.

  1. Entry Age
    Minimum : 18 years up to 60 years

  2. Investment Amount
    Minimum : INR 2500000/- and maximum : no limit

  3. Premium Payment
    Premium can be paid on monthly, yearly ,half yearly and quarterly basis.

  4. Loan
    Loan facility is available under this plan.

  5. Tax Exemption
    The Premium paid and the sum assured are exempted under the section 80C and 10(10D).

  6. Tenure
    Minimum- 5 years and maximum – 35 years

  7. Maturity Age
    Maximum age of policy holder should be 70 years.

  8. Guaranteed Surrender Value
    No Surrender Value will be refunded on surrendering this plan.

  9. Exclusion
    Suicides are not covered under these policies but only a fraction of paid value will be refunded to the nominee in case of suicide.
    If suicide is committed within 1 year from the date of commencement of risk or date of revival then 80% of the premiums paid excluding any taxes, extra premium, if policy is inforce.

LIC Life Insurance Awards

  1. LIC Life Insurance is rated as the No. 6 Most Trusted Service Brand of India by Times Brand Equity Survey 2012.
  2. LIC was awarded with Reader’s Digest Trusted brand award for many times.
  3. LIC Life Insurance was voted as India’s Most Trusted brand in the BFSI category by the Brand Trust Report for 4 consecutive years – 2011-2014.

Golden Jubilee Foundation An Initiative Taken By LIC Life Insurance Corporation

Besides providing outstanding services in the field of insurance , life insurance corporation also aim at promoting growth of youth of the country.

With help of LIC Golden Jubilee Foundation it focuses on Igniting young minds. It is an organization which works on charity.

It’s objectives are to promote education, end poverty and improve standards of living for the underprivileged. It conducts many programs related to their aim.

Golden jubilee foundation also provides awards to meritorious students who are willing to continue their education but their parental income is less than Rs. 100,000.

Insurance Claim Procedure of LIC Life Insurance

The branch office sends a notification to the policyholder before maturation of their policy. They usually send a letter which contains a summary about their policy and amount to be paid on maturity.

Then, some simple processes are followed by the Policyholder. They have to send the Discharge Form , an original copy of the policy document.

In money back policies such documents aren’t needed. Maturity and death claims have to be settled in a different way.

1. Death claims

In case of death claims when there is an unfortunate demise of the insurer. Then following this must be presented before branch officer:

  1. Claim form A – This will have Claimant’s statement providing details about him and those of the deceased.

  2. Certified extract from death register

  3. Original documents of the policy.

  4. Age proof.

  5. If no nominee is mentioned in policy then, an evidence of title to the deceased’s state is to be issued.

  6. Claim Form B – an issued Medical attendant’s certificate

  7. Claim Form B1 – If an assured person has received medical treatment from any hospital before demise or if death happened in hospital then documents must be presented to the office.

  8. Claim form B2 – A medical attendant who treated the life assured prior to his or her last illness needs to fill this and issue it.

  9. Claim Form C – Certificate of Identity cremation to be completed by a person is to be presented.

  10. Claim form E – In case of employees of any company, the employer of life assured must issue a certificate.

  11. In case of unnatural death like suicide, murder, homicide etc, must present an FIR certificate, report of investigation the police and post-mortem reports must be presented.

2. Maturity claims

  1. Endowment policies – Such policies promise the sum assured by the end of the policy. For claiming it , one just needs to send a discharge slip along with the original copy of documents in response to the letter sent by the branch office.
    Then, cheque is sent by the branch office and the assured money can be claimed.

  2. Money back policies – Assured sum is returned by periodic payments.
    1. Cheques can be released without discharge slip and policy document – Rs . 60000/- or below
    2. Policy document and discharge slip are needed – amount higher than Rs. 60000/-

LIC Life Insurance Corporation Review

LIC Life Insurance Corporation of India, is the most reliable insurance company. LIC completed it’s 63 years full of trust in 2020 and provides great policies at an affordable premium paying rate.

In 2019, LIC Life Insurance Corporation had a total life fund of Rs. 28.3 trillion. The total number of new policies sold in the year 2018-19 is Rs. 21.4 million. There are plans for every age group and they are further divided according to the needs of the customer.

It provides prompt and very clean claims settlement. Due to such outstanding attributes, LIC Life Insurance Corporation has 290 million policyholders uptill now and users keep growing per year. It provides the best services to the customers, with awesome plans and great customer care facilities.

Contact details of LIC Life Insurance

  1. LIC Life Insurance call center is available 24*7, You can call at 02268276827
  2. You can also contact via SMS
    1. LICHELP to 922249224
    2. LICHELP to 56767877
  3. Headquarters of LIC – Mumbai
  4. Address of LIC Life Insurance Corporation of India Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400.
Also Read: List of Top Term Plans in India

LIC Life Insurance FAQs

Can I pay my premium online?

Yes, premium can be paid through online mode. This can be done through net banking and online payment and phone banking facilities. This can be done using authorized banks.

What documents are needed for claiming death benefits?

Death certificate , cremation certificate, hospital records ( if death happened in hospital) , ID proof and original policy document.

Is there any benefit related to paying premium online?

You can stay within the comfort of your home and pay the premiums with ease. There would be no involvement of a mediator and some policies amy also offer additional off or discount when purchased online.

At what date will the amount of premium get deducted from my bank account ?

Dates are fixed and premium is deducted on 7th, 15th, 22nd and 28th of the month.

Can a single mandate be used for multiple policies?

A Single mandate is to be used only for one policy. For multiple policies, multiple mandates are required.

Why should I choose a 1 crore LIC plan?

This LIC plan covers the complete family and can be taken under an affordable premium. Medical bills, School fee , household expenses can easily be covered using this policy.

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