Life Insurance Corporation Of India Limited (LIC Review)
Are you searching for the best insurance plan for you and your family? Well, it has never been an easy job to search out the best insurance plan. There are over hundred of insurance plans to choose from numerous insurance companies functioning in India. Among a number of choices still, whenever it comes to the insurance plan, only one name strikes in mind, LIC.
LIC is the most renowned, reliable and oldest insurance functioning company in India. Now LIC is extending its functioning area from India to other countries and in the last few years, Life Insurance has captured maximum South Asian insurance market. Well in not only in India but also in South Asia, LIC doesn’t need recognition.
Understanding Life Insurance (LIC)
LIC is India’s largest insurance and investment group. LIC was established on 01st September 1956 with its headquarter in Mumbai. It was founded with the merger of 243 insurance companies already functioning in India at small scale. This helped LIC to get started with a large scale. Life Insurance is a state-owned government organization with 100% stakes or shares with the Government of India.
LIC plays a very important role in GDP of India with over 7% share in GDP. About 24% of Indian Government expenses is with LIC or Life Insurance Corporation of India. LIC is one of the biggest organizations in India in term of customers, assets, and employees. LIC is served by over 1 million employees functioning all over India. It is more than Rs. 13 Trillion of assets.
Life Insurance Corporation has 8 zonal offices, 113 divisional offices, 4000 servicing offices, 2048 branches and over 1.3 Million agents who are serving business for LIC from all over India. LIC is the first preference of any person who is willing to get insured as it has multiple options, various choices of policies suiting each and every group of society.
Life Insurance Policies –
Insurance Plans (for Individuals) –
Bima Account Plus – This plan is a normal and traditional insurance plan which has been serving for many decades. Under this policy, an insured person get paid back after the term period and cannot withdraw policy before that.
- Bima Account 1
- Bima Account 2
Endowment Plus – Under this plan, the assured person gets a choice of payment of lump sum amount after a term period or the assured person can also reinvest the amount with LIC for further extended term period with an extra bonus.
- Endowment Plus
- Endowment Assurance Policy
- Endowment Assurance Policy – Limited Payment
- Jeewan Mitra (Double Cover Endowment Policy)
- Jeewan Mitra (Triple Cover Endowment Policy)
- Jeevan Anand
- New Janaraksha Plan
- Jeevan Amrit
- Jeevan Vaibhav (Single Premium Endowment Assurance Policy)
Child Plan – Under this plan, you will get the number of options to choose among some of the best insurance plans for your child. These plans will help your child to build a strong future.
- Jeewan Anurag
- Komal Jeevan
- CDA Endowment Vesting At 21
- CDA Endowment Vesting At 18
- Jeewan Kishore
- Child Career Plan
- Jeewan Ankur
- Marriage Endowment or Educational Annuity Plan
- Jeewan Chhaya
- Child Future Plan
Plan for Handicapped Disabled – This plan is specially designed for those who have dependents with some physical handicap problems. This plan helps to provide a safe and secure future to the dependents even after your life.
- Jeewan Adhar
- Jeevan Vishwas
Plan for High worth Individual – This plan is designed for high profile individuals or individuals with high earnings. This plan initiates with high premium and payout.
- Jeewan Shree-I
- Jeewan Pramukh
Money Back Plans – Money Back Plans is one of the best policy with LIC. Under this policy, insurer gets fixed payout after a prescribed time period such as 5 years, 10 years, 15 years and so on.
- Money Back Policy – 20 Years
- Money Back Policy – 25 Years
- Jeewan Surbhi – 15 Years
- Jeewan Surbhi – 20 Years
- Jeewan Surbhi – 25 Years
- Bima Bachat
Special Money Back Plan for Women – This plan is very similar to Money Back Plan but the only difference is that it is designed for women only. This plan pays off quite more than the original Money Back Plan.
- Jeewan Bharati – I
Whole Life Plan –
- Whole Life Policy
- Whole Life Policy – Limited Payment
- Whole Life Policy – Single Premium
- Jeewan Anand
- Jeewan Tarang
Term Assurance Plan –
- Two Year Temporary Assurance Policy
- Convertible Term Assurance Policy
- Anmol Jeewan-I
- Amulya Jeewan-I
Joint Life Plan – This plan is for the married couples. Under this plan married couple is insured jointly in one policy with a single premium. Sum assured is released after term period or at the death of any of the partner.
- Jeewan Saathi
Pension Plan – This is especially for working individuals. Under this plan insured person pays off the premium for a certain period and after that, at his retirement, the assured amount is paid off at once or in installments.
- Jeewan Akshay-VI
Unit Plan – It is an investment plan especially for those who earn money hard worth. It yields maximum payout depending on the market. This plan also benefits you in tax savings.
- Endowment Plus
Group Insurance Plan – This insurance plan is for a group of people either in society, family, office or any other.
- Group Term Insurance Scheme
- Group Gratuity Scheme
- Group Saving Linked Insurance Scheme
- Group Leave Encashment Scheme
- Group Mortgage Redemption Assurance Scheme
- Group Critical Illness Rider
- Jana Shree Bima Yojna
- Siksha Sahayog Yojna
- Aam Aadmi Bima Yojna
Health Plans – These plans are general insurance plans which cover non life assurance. Under these plans a person is insured against medical illness or health problems in future. This is one of the most demanding plans in market.
- Health Protection Plus
- Jeewan Arogya
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