Life Insurance Corporation (LIC) of India is one of the largest and oldest insurance companies in India. Here’s a detailed overview:
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🏛️ About LIC
- Full Name: Life Insurance Corporation of India
- Founded: September 1, 1956
- Headquarters: Mumbai, Maharashtra, India
- Ownership: Government of India
- Tagline: “Yogakshemam Vahamyaham” (Your welfare is our responsibility)
📈 Key Facts
- LIC is the largest life insurer in India, covering millions of policyholders.
- It was created by nationalizing over 245 private insurance companies and provident societies.
- LIC was listed on the stock market in May 2022, though the Government of India still holds a majority stake.
📦 Products Offered
LIC offers a wide variety of life insurance and related products, including:
✅ Traditional Plans:
- Endowment Plans
- Whole Life Plans
- Money Back Plans
✅ Term Insurance:
- LIC Tech Term Plan
- LIC Jeevan Amar
✅ ULIPs (Unit Linked Insurance Plans):
- Combine investment + insurance
- Ex: LIC SIIP, LIC Nivesh Plus
✅ Pension Plans:
- LIC Jeevan Akshay VII
- LIC Saral Pension
✅ Child Plans:
- LIC Jeevan Tarun
- LIC New Children’s Money Back Plan
✅ Health Plans:
- LIC Arogya Rakshak
🛠️ Online Services
- Premium payments
- Policy status check
- Loan against policy
- Policy revival
- Nominee update
LIC’s portal: www.licindia.in
🧾 Popular LIC Plans (2025)
| Plan Name | Type | Entry Age | Features |
|---|---|---|---|
| LIC Tech Term Plan | Term Plan | 18–65 years | Pure risk cover, online only |
| LIC Jeevan Labh | Endowment | 8–59 years | Limited premium, maturity benefit |
| LIC New Jeevan Anand | Whole Life | 18–50 years | Life cover + maturity benefits |
| LIC Bima Jyoti | Endowment | 90 days–60y | Guaranteed additions every year |
💼 Why Choose LIC?
- Trusted by millions for over 60 years
- High claim settlement ratio (~98%)
- Nationwide presence
- Diverse policy options