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LIC of India: New & Updated Life Insurance Corporation Plans

The Life Insurance Corporation of India, also popularly called LIC, is one of the oldest and the largest life insurance companies in India. LIC was formed when hundreds of life insurance companies were nationalised. Here’s a brief look into the history of LIC –

History of LIC of India

  • Introduction of life insurance in India
    The concept of life insurance was introduced in India under British rule in the year 1818.
  • Coverage of Indian lives
    In the year 1870, Bombay Mutual Life Assurance Society was formed which was the first Indian life insurance company.
  • Development of multiple companies
    The Swadeshi Movement gave birth to a lot of indigenous insurance companies in India. By 1938, there were 176 insurance companies with in-force business of INR 298 crores.
  • Need for nationalization of life insurance
    Though there were ample companies, many were not financially sound and stable. The need for nationalization was felt and so, the Life Insurance Act, 1938 was amended and, in 1956, life insurance was nationalized.
  • Formation of LIC
    LIC was established on 1st September 1956 after Parliament passed the Life Insurance Corporation Act on 19th June 1956. Despite the fact that there are about two dozen life insurance companies in India, LIC continues to enjoy trust among individuals and holds the largest market share of the life insurance segment.

What is life insurance?

LIC of India sells life insurance policies. These policies are a contract between the company and the customers under which the company promises to pay a benefit in case of early death. The customer pays a consideration for the risk taken by the company which is called the premium. Many life insurance plans also pay a maturity after the completion of the policy term if the insured is alive.

Objectives of LIC of India

Some of the main objectives of the company are as follows –

  • To sell life insurance policies not only in urban and developed areas but also in rural and economically backward areas where people need insurance cover. The company aims to provide affordable cover to all
  • To make insurance attractive as a savings product so that people’s savings are mobilized
  • To invest the policyholders’ funds in the best possible way so that the funds remain secure and provide attractive returns too
  • To act as a trustee for policyholders
  • To cater to the different insurance needs of individuals
  • To promote a sense of belonging and pride in the minds of the agents and employees of the company.

The mission of the company

The company’s mission statement reads as follows –

‘Ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.’

Life insurance plans offered by the company

As mentioned in the objectives, LIC of India wishes to fulfil the varied needs of individuals when it comes to life insurance. That is why the company offers a range of life insurance plans. The list of plans include the following

  • Aam Admi Bima Yojana – a Government directed insurance policy that covers natural death, accidental death or disability and also offers scholarship benefits for dependent children of the beneficiary
  • Endowment plans
    • LIC’s Bima Jyotithis plan makes sure you are protected while investing your money to generate bonus returns for you
    • LIC’s Bachat Plusan individual, non-linked life assurance savings plan that combines the benefits of both protection and investment
    • LIC’s Jeevan Labh– a simple endowment plan which offers bonus additions along with maturity or death benefit
    • LIC’s Single Premium Endowment Plan– an endowment plan which requires the payment of a single premium only and has a term of 10 to 25 years
    • LIC’s New Endowment Plan– an endowment plan which participates in bonus declarations and has a tenure going up to 35 years
    • LIC’s New Jeevan Anand – an endowment plan which can be customised with a rider by paying an additional premium
    • LIC’s Limited Premium Endowment Plan – a plan where the premium is paid only for a limited period but the term of the plan runs for a longer duration
    • LIC’s Jeevan Lakshya– an endowment plan which participates in profits and also promises a minimum benefit of 110% of the sum assured on maturity
    • LIC’s Aadhar Shila – an endowment plan designed only for females having an Aadhar card. The plan promises loyalty additions that enhance the benefits payable
    • LIC’s Aadhar Stambh – This is an endowment plan only for males who have an Aadhar card. Loyalty Addition is promised under this plan as well
  • Whole Life Plan
    • LIC’s Jeevan Umang – a participating whole life plan which also pays annual survival benefits after the completion of the premium paying term
  • Money-Back Plans
    • LIC’s Bima Shree – a money back plan which requires only limited premium payments
    • LIC’s Jeevan Shiromani – the plan is designed specifically for HNI clients and has high sum assured levels
    • LIC’s New Money Back Plan – 20 years– the plan comes with a fixed tenure of 20 years while premiums are paid for 15 years only
    • LIC’s New Money Back Plan – 25 years– the term is fixed at 25 years and premiums are payable for 20 years. Money back benefits provide liquidity
    • LIC’s New Bima Bachat – a single premium money back policy which pays loyalty additions too if death occurs after the completion of the first five years of the plan
    • LIC’s New Children’s Money Back Plan – a child oriented money back plan which can be bought by a parent having a child aged 0 to 20 years. The plan helps in creating a corpus for the child’s future
    • LIC’s Jeevan Tarun – a money-back plan which is designed to pay the money back benefits at important milestones of a child’s age. The money-back benefits can be taken in four options available under the plan
  • Term Assurance Plans
    • LIC’s TECH TERM Plan – is an online term insurance plan, with 2 death benefit options: Level sum assured and Increasing sum assured. 
    • LIC’s Jeevan Amar – is a term insurance plan that covers an individual up to 80 years of age. It offers 2 types of benefit options to choose from: Increasing Sum Insured and Level Sum Insured
    • LIC’s Saral Jeevan Bima – a pure risk term life insurance plan, that is designed to provide financial protection to the family of the insured individual in case of his death during the policy term
  • Riders
  • LIC’s Premium Waiver Benefit Rideravailable as an add-on/ rider, it waves off the premiums that are to be paid in the future in case of death of the insured during the policy term
  • Pension Plans
    • Pradhan Mantri Vaya Vandana Yojana – a senior citizen insurance plan which pays a death benefit, maturity benefit as well as pensions. Coverage is allowed for up to INR 15 lakhs
    • LIC’s Jeevan Akshay VII – a popular immediate annuity plan where you can avail pension payments in 10 different options
    • LIC’s New Jeevan Shanti – is a lifelong pension plan which offers two deferred annuity plans for single as well as joint life
    • LIC’s Saral Pension – a single premium plan after which the annuitants will be paid a guaranteed pension amount for a lifetime
  • Unit Linked Insurance Plan – 
    • LIC’s New Endowment Plus – A unit linked plan where the premiums are invested in the market to earn attractive returns. The plan also provides insurance cover and allows the accidental rider to be added for enhanced protection
    • LIC’s SIIP – a unit-linked non-participating individual life insurance plan that aids in monetizing the investment options offered by the market
    • LIC’s Nivesh Plus – a unit-linked individual life insurance policy, it comes with dual benefits of investment along with Insurance where the company invests a part of your premium into the capital market
  • Micro Insurance Plans
    • LIC’s New Jeevan Mangal – a term plan which refunds the premiums on maturity. The premiums can be paid either in one lump sum or regularly over the policy tenure
    • LIC’s Bhagya Lakshmi Plan – a limited premium policy that returns 110% of the premiums paid on maturity of the plan
    • LIC’s Micro Bachat Plan – is a micro-insurance plan that includes both the aspects of insurance and savings. It is fit for “small savings” especially for people belonging to the low-income group
  • Health Plans
    • LIC’s Arogya Rakshak – a health plan which covers hospitalisation costs for you and your family through the Applicable Daily Benefit or ADB
    • LIC’s Cancer Cover – a cancer insurance plan which is offered in two options. The sum insured remains constant under the first option and increases in the second. The plan covers all stages of cancer and pays a lump sum benefit

Who can buy LIC plans?

Resident Indians and NRIs can buy insurance policies offered by LIC of India. Individuals looking to buy the policy should meet the entry age limits prescribed under the plans to be eligible to buy the policy.

How to make LIC of India premium payment?

Paying premiums for LIC’s plans is not difficult. There are two options of paying premiums which are as follows –

  • Paying at the cash counter of the company –
    You can pay the premium by visiting the company’s branch office and paying the premiums at the cash counter. You can pay the premiums through cash, cheque and demand drafts. If paying by cheque or demand draft, the cheque or demand draft should be drawn in favour of LIC of India and the policy number should be clearly mentioned.
  • Payment through other channels –
    You can also use other alternate channels for paying the premiums. Offline premiums can be paid through NACH (NEFT payments through bank account), bill pay (automatic payments from bank accounts) or ATMs. There is also the online mode of premium payments. Under the online mode, premiums can be paid in the following ways –
    • LIC premium payment online from LIC website – using the website the premium can be paid through netbanking, debit card or credit card
    • From websites of authorized banks – AXIS Bank and Corporation Banks are authorized banks allowing online premium payments for LIC policies. If you are a customer of these banks you can pay LIC’s premium by logging into your bank account.
    • Through websites of franchisees –
      There are various franchises tied up with LIC to accept premium payments on its behalf. These include AP online, MP Online, Suvidha Infoserve and Easy Bill Pay. Using these franchisee websites the premiums can be paid
    • From merchant websites –
      There are LIC merchants too who accept online premium payments. These include Premium Point developed for empowered agents, Life-Plus for SBA’s and retired LIC employee collection.

How to check your LIC policy status?

If you have bought a policy from LIC and want to check its status, you can do so on the website of LIC. You would have to register as a customer after which you can check your policy status. For registration, you need to follow these steps –

  • Visit the website and choose ‘Customer Portal’
  • A new page would open where you should choose ‘New User’
  • A form will appear which you should fill providing all the required information
  • Thereafter you should use your user ID and password for creating your own account
  • Once the form is filled, you should print it, sign it and upload the signed document
  • Along with the document your identity proof would also need to be uploaded. You can use your PAN Card, Aadhar Card or passport for this purpose.
  • Your registration would be verified by LIC after which you can use e-services.
  • Using the e-services you can check your policy status by entering your policy number and insured’s name

LIC’s centres

Here are some of the LIC centres which you can find in your city –

CityBranch address
DelhiLIC of India, Delhi CAB, 1021 18/60, Geeta Colony, Delhi – 110031
LIC of India, Sachdeva Corporate Tower, 7th Floor, DDA Commercial Complex, Rohini, Sector 8, Delhi – 110085
Mumbai883, 1st Floor East Wing Yogakshema, Mumbai – 400021
Bhivra Sadan, Above Thane Janta Sahakari Bank, Near Mangala Hindi High School, Kopri, Thane (E), Mumbai – 400601
KolkataCalcutta (CBO-7) 64 Ganesh Chandra Avenue, Kolkata – 700013
Jeevan Sudha 5th Floor, 42/C Chowringhee Road, Kolkata – 700071
AhmedabadHirak Avenue, Nehru Park, Vastrapur, Ahmedabad – 380015
Sheth British Hall, Nr. Subhash Bridge, Sabarmati, Ahmedabad – 380005
ChennaiLIC Building, 153, Anna Salai, PB Number 2450, Chennai – 600002
No.1/172A, GNT Road, Red Hills, Chennai – 600052
BangaloreMG Road Branch, 3rd Floor, C. Kiran Building, Kasturba Road, Bangalore – 560001
CB 18, #86/3-4, II Floor,, Next to Canara Bank, Coles Road, Bangalore – 560042


There is no maturity benefit under this policy.

Yes, LIC offers one unit linked policy called LIC’s New Endowment Plus plan which gives you the benefit of insurance cover and market-linked returns

Yes, the company also offers a range of group insurance schemes for corporates and other registered groups.

You can find LIC’s various offices and branches on the company’s website. There is a ‘Locator’ link on the website wherein you can enter the state and city and find the various branches located in a particular city

Health plans are insurance policies which cover you against medical emergencies and pay a benefit in covered contingencies.

There are various plans which were offered earlier but were discontinued over the years. A list of discontinued policies is available online on the company’s website. You can visit the website, choose ‘Products’ tab and under that tab select ‘Withdrawn Plans’ to find the complete list of policies which are no longer sold by the company.

Life Insurance Companies