Life Insurance Corporation Of India

With 23 crore clients and counting, LIC is considered to be the world’s largest life insurance company. It has some of the most affordable premiums and excellent coverage alternatives, regardless of one’s profession. Because it is not optimal to rely on life insurance products from a single company, the brand name is not the only reason to choose LIC. Here is why one should opt for LIC as a life insurance provider:

• Technologically superior Network: With over 2000 branch offices and 156 satellite branches, LIC has been a leader as an insurance provider for its attempts to stay ahead of the game by being on par, if not better, in terms of network when it comes to offering innovative and efficient services. When dealing with insurance documentation, the organisation uses technology such as WAN, IVRS, LAN, IVRS, and even EDMS, which allows customers to go paperless.
• Not Alone in the Game: The corporation does not work alone; it collaborates with insurance and financial titans such as the National Stock Exchange of India, LIC Mutual Fund, NCDEX, Stock Holding Corporation of India, Insurance Institute of India, and National Insurance Academy, among others. As a result, it is also operating through convergence.
• Going International: It has fully operational offices in Nepal, Sri Lanka, and other nations. Saudi Arabia and Bahrain are two countries in the Middle East. LIC is also planning to open offices in Australia, Canada, and the United States.
• Product Variety: You’ll see from the list below that this company offers one of the most diverse ranges of policy types in the life insurance industry. One of their highlights is that it has one of the largest portfolios of life insurance group schemes. They have a large corporate clientele for group insurance.
• Innovation in the Industry: Every other quarter, the company introduces new products, which are primarily designed to benefit society rather than earn a profit, despite the fact that they are financially successful as an insurance company. They were the first to introduce micro-insurance products in India, allowing those living below the poverty line to obtain insurance at a reduced cost.
• Performance in The Stock Market: LIC stocks are one of the most steady stocks on the BSE when it comes to stock market positioning. This company is almost often included in the best-performing stock lists, especially when it comes to insurance companies.

LIC Endowment Plans:

LIC’s Jeevan Labh: This is an endowment plan in which you can participate. The insurance allows the policyholder to share in the company’s profits, allowing them to receive simple reversionary bonuses as well as final supplementary bonuses at maturity. The following is included in the death benefit, as well as no less than 105 percent of the sum assured.

LIC’s New Endowment Plus: Despite the fact that this is an endowment plan, it is also a linked product. This policy also allows you to save money on taxes while also ensuring your family’s financial security. The sum assured is variable, meaning that the yearly premium is multiplied by ten, and the result is the total assured. This policy comes with the usual benefits, but it’s also a linked plan that allows customers to invest through their insurance.

LIC’s New Group Superannuation Cash Accumulation Plan: This is a group plan that requires a contribution. While some benefits are subject to change, others are guaranteed with this product. This annual renewable group insurance coverage will ensure that your employees’ families are taken care of in their absence.

LIC’s NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I: This assurance plan offers various advantages, but the most important is that it is one of the most popular options for small employer and employee groups, which can be as small as 25 members, however non-employer employee groups must have at least 50 members.

LIC’s New Group Gratuity Cash Accumulation Plan: If you’re seeking for a simple and convenient approach to provide your employees with statutory gratuity benefits, this LIC policy should not be overlooked. There are also no restrictions on the number of people in a group for current programmes, but only 10 for new ones.

LIC’s New Group Leave Encashment Plan: Aside from the standard benefits of a group term plan, it also includes leave encashment and death benefits, as the name implies. This is a funds-based variable insurance that is non-linked and non-participating. Because the contributions are provided by the employees rather than the employers, the policyholders who are members of the group are required to contribute.

LIC’s Group Credit Life Insurance: This group policy is designed for organisations with at least 50 members and is one of the most practical and cost-effective in the series. The minimum sum assured is Rs. 4 lakhs, and only a single premium is required. The group can be covered for a period of time ranging from 5 to 35 years.

LIC’s SINGLE PREMIUM GROUP INSURANCE: This plan, which comes with a minimum sum promised of Rs.10 lakhs, might be worth a look if you’re searching for a big sum assured for a group of 50 or more individuals. This policy is a non-linked and non-participating term plan for organisations.

For decades, LIC, or Life Insurance Corporation, has been India’s leading life insurance provider. Over the years, the insurance behemoth has not only issued millions of policies, but also a track record of delighted consumers. Only the efficient and attentive customer support service that the insurer provides to its policyholders has enabled this achievement. Contacting a LIC customer service person is simple and may be done by phoning the designated helpline number or sending an email to the company’s supplied address.

In addition to contacting customer service, policyholders have the option of completing a variety of policy-related service requests on their own using the numerous alternatives available within the customer service area of the LIC website. Policyholders can buy a new LIC insurance online, pay their premiums online, follow the progress of their application, learn about LIC plans, update their information, find LIC branches, and much more.

Add on benefits or riders are optional or in built additional protections that you add in your basic LIC policy to get additional coverage. However, for that you need to pay extra premium amount to avail those benefits. Given below are the list of riders provided by LIC:

•  LIC’s Accidental Death Benefit Rider
• LIC’s Accidental Death and Disability Benefit Rider
•  LIC’s Premium Waiver Benefit Rider
• LIC’s New Critical Illness Benefit Rider
• LIC’s New Term Assurance Rider

On the basis of your future goals, you need to choose a type of plan which can cover all your needs. For instance, if you are looking for retirement plan, you can search for LIC pension schemes for senior citizens. We have segmented LIC plans into the following five categories:

• Endowment Plans
• LIC Unit Linked Plans

• Pension Plans
• Money Back Plans
• Whole Life Insurance Plans
• Term Insurance Plans

LIC e-services help users to perform insurance based activities at home by visiting at its official website or by using the mobile app. From policy registration to tracking claim status, you can do everything at the comfort of your homes. Given below are the list of services which policyholders can access on the portal:

• Compare insurance plans
• Online premium payment
• Premium calculator and benefit illustration
• Review policy status
• Loan application Check policy revival price
• Check claim status Access to forms for various servicesGrievance registration

Customers need to register on the online portal of LIC to use the services which we have mentioned above. Here’s the step by step process:

• Firstly, visit the customer platform on LIC’s website and click on the ‘New User’.
• Select User ID and password and click on ‘Submit’.
• Now, login to your account and select ‘Basic Services’ to add your policy. Fill up the online registration form to access premium online services of LIC.
• Sign the form and scan it by enclosing the PAN card or passport.
• Now, upload the scanned images and click on ‘Submit Request’.
• Once all your details is verified by the Customer Zone Official, you will get an acknowledgement receipt via SMS or email.