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LIC Life Insurance Benefits

Since its establishment on 1st September 1956, the Life Insurance Corporation of India (LIC) has been on a mission to make life insurance accessible to all, especially in rural areas. The company's goal is to provide adequate financial protection to every insurable individual in the country at an affordable price.

Over the years, LIC has made remarkable achievements by winning multiple awards and accolades and offers a plethora of benefits to its policyholders, making it a preferred choice for millions of people across the country.

Among the ample benefits offered by this life insurance provider, the top ones include providing comprehensive financial protection to individuals and their families, offering a range of insurance products such as term insurance, endowment plans, and pension schemes, allowing customers to choose the coverage that best suits their requirements and budget, etc.

To know more about the benefits of LIC Life Insurance plans, please give this page a read.

Unique Features Offered by LIC Life Insurance

The following are the key features of LIC Life Insurance:

  • Flexible Premium Payment Options: LIC policies typically offer flexible premium payment options which in turn allows policyholders to choose between regular premium, limited premium, or single premium payment modes based on their convenience and financial goals.
  • Wide Range of Plans: LIC offers various types of insurance plans to suit different needs and preferences. The company's life insurance plans include a term plan, savings plan, retirement plan, etc.
  • High Claim Settlement Ratio: LIC has a high claim settlement ratio of 98.52%, indicating the percentage of claims settled by the insurer compared to the total number of claims received. This shows LIC's commitment to providing financial support to policyholders and their beneficiaries when needed.
  • Guaranteed Additions and Bonuses: Many LIC policies come with guaranteed additions and bonuses, which are additional benefits added to the policy over time. These bonuses enhance the policy's overall value and provide an opportunity for increased returns on investment.
  • Loan Facility: Policyholders of certain LIC plans may have the option to avail loans against their policy's cash value, providing them with liquidity during emergencies or financial needs without surrendering their policy.
  • Tax Benefits: LIC policies offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. This allows policyholders to save on taxes while securing their financial future.


Riders and Additional Coverages: LIC policies often allow policyholders to enhance their coverage by adding riders or additional coverages to their base policy. These riders provide extra protection against specific risks such as critical illnesses, accidental death, or disability.

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

LIC Life Insurance Plan List

    Name of PlanSum Assured
    LIC Bima Jyoti20 lac - 10 cr Check Premium
    LIC Jeevan Umang20 lac - 10 cr Check Premium
    LIC SIIP20 lac - 10 cr Check Premium
    LIC Jeevan Anand20 lac - 10 cr Check Premium
    LIC Jeevan Labh20 lac - 10 cr Check Premium

    Benefits of Buying LIC’s Life Insurance Policy

    The benefits of buying an LIC Life Insurance policy are as follows:

    • Top Industry Player: LIC is a leading name in the insurance world. They use the latest technology to give you the best service possible. With their strong reputation and extensive experience, you can trust them to handle your insurance needs efficiently and effectively.
    • Variety of Plans: LIC offers a wide range of plans to suit different financial goals and lifestyles. Whether you're planning for your child's education, saving for retirement, or protecting your family's future, LIC has a plan that fits your needs. Their diverse options ensure that you can find the right coverage for your unique situation.
    • Easy Claims: If something happens and you need to make a claim, LIC makes it simple. The insurer boasts an impressive claim settlement ratio of 98.52%, which means they're really good at helping you when you need it. Moreover, the streamlined claims process of LIC ensures that you receive the support and assistance you need during difficult times.
    • Great Customer Support: LIC is known for its excellent customer service. They solve all complaints, which means they're really good at listening to and helping their customers. Whether you have questions about your policy or need assistance with any aspect of your insurance coverage, LIC's dedicated support team is there to help you every step of the way.
    • Simple Processes: LIC makes everything easy for you. You can access all your policy details just by sending a text message. They've even made it simple to understand and manage your policy.
    • Most Trusted Insurer: LIC has won lots of awards which shows that people really trust LIC to take care of them and their families. With a long history of reliability and integrity, LIC continues to be the most trusted insurance company in India.

    Frequently Asked Questions (FAQs)

    Ques 1. What types of insurance products does LIC offer?

    Ans. LIC offers various types of insurance products, including term insurance, endowment plans, pension schemes, and more.

    Ques 2. What are the benefits of LIC's flexible premium payment options?

    Ans. LIC's flexible premium payment options allow policyholders to choose between regular, limited, or single premium payment modes based on their convenience and financial goals.

    Ques 3. Can policyholders avail loans against their LIC policies?

    Ans. Yes, policyholders of certain LIC plans may avail loans against their policy's cash value, providing liquidity during emergencies.

    Ques 4. What tax benefits do LIC policies offer?

    Ans. LIC policies offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, allowing policyholders to save on taxes.

    Ques 5. Why is LIC considered the most trusted insurer in India?

    Ans. LIC is considered the most trusted insurer in India due to its long-standing reputation for reliability, integrity, and numerous awards and recognitions.

    Ques 6. What are riders and additional coverages in LIC policies?

    Ans. Riders and additional coverages in LIC policies provide extra protection against specific risks such as critical illnesses, accidental death, disability, etc.

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    • Securing Family

      I was looking for a meaningful gift for my niece’s wedding when I came across the Life Insurance policy from InsuranceDekho. I gifted her LIC Life Insurance, and there couldn’t have been a better gift for her future. Thank you, team. You are doing a wonderful job. 

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      LIC
      By Sandeep Bishnoi
      On: Jun 24, 2024
    • Exceptional Team Support

      I recently had an outstanding experience with InsuranceDekho's support team regarding my LIC life insurance policy. Their exceptional dedication to customer satisfaction reaffirmed my confidence in both InsuranceDekho and LIC life insurance.

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      By Vishesh Arora
      On: Mar 11, 2024
    • Buy Conveniently

      Nice place to purchase a Life insurance policy. I bought the LIC Life Insurance Plan. The process was quite smooth and easy. The policy tracking feature is very impressive. It's been a week since I bought the LIC life insurance policy. It was easy for me to know the status of my plan on InsuranceDekho’s online portal.

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      LIC
      By Manish Rathor
      On: Feb 09, 2024
    • Recommended Service

      This platform is my favorite place to buy a Life insurance policy. I bought the LIC LIfe insurance plans from Insuranedekho’s website. All the documentation and paperwork were done online easily and safely. I recommend everyone who is looking forward to buying an affordable life insurance plan.

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      LIC
      By Soniya Rajput
      On: Dec 12, 2023
    • User-friendly website

      The website of InsuranceDekho is extremely easy to use. I was easily able to scroll through the different sections of the website when I was buying LIC Life Insurance Policy from InsuranceDekho. 

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      LIC
      By Shreya Deol
      On: Nov 24, 2023

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    FAQs

    • Why should I choose the Life Insurance Corporation of India?

      Life Insurance Corporation of India is the oldest and one the largest insurance providers in India. Life Insurance Corporation provides a wide range of Term Insurance, Endowment, Money Back and Whole Life Plans. Life Insurance Corporation has featured a  high claim settlement ratio of 96.69% in the FY 2019-20.

    • What is the grace period of insurance plans offered by Life Insurance Corporation?

      LIC offers 15 days of grace period for the policies with monthly premium payment mode and 30 days for policies with quarterly/half-yearly/yearly premium payment mode.

    • Who receives the claim benefit?

      The claim benefit is payable to the nominee in case of an unfortunate demise of the life assured. In case the life assured has assigned the policy to someone, the assignee will be entitled to the benefits payable under the life insurance policy.

    • Can I file claims for LIC insurance plans online?

      To file a claim for Life Insurance Corporation insurance plans you need to visit the LIC branch office for claim intimation and assessment.

    • What are the types of Insurance plans offered by Life Insurance Corporation?

      Types of Life Insurance Corporation Insurance Plans are:

      • Term Insurance Plans
      • Endowment Plans
      • Whole Life Plans 
      • Money Back Plans.