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Life Insurance Corporation of India

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Life Insurance Corporation of India

Overview
Life Insurance Corporation of India is the biggest and most reputed insurer in India today. LIC started its chequered journey when the Indian Parliament first passed the vital Life Insurance Corporation Act in the year 1956. LIC was founded on 1st September in the same year. LIC has catered to more than 250 million customers and crossed 1 crore policies annually for several years. It has 2, 048 branch offices and 113 divisional offices covered under the Wide Area Network. Apart from the corporate office, there are 8 zonal offices and a total of 1, 381 satellite offices possessed by LIC as well. It offers money back, term, pension and health plans among other products.

Life Insurance Corporation of India at a glance
  • India’s most popular public sector life insurance company
  • Works on the motto from The Bhagavat Geeta- “Yogakshemam Vahamyaham”
  • Wide network of 2048 branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices and the corporate office.
  • Recipient of India's Brand No 1 Awards 2016
Life Insurance Corporation of India Term Plans
Life Insurance Corporation of India has several Term plans on offer for its customers. These include Jeevan Utkarsh, Single Premium Term Plan, Jeevan Pragati, Jeevan Labh, New Term Plan, Jeevan Rakshak and New Jeevan Anand. The company also offers the Aadhar Shila, Jeevan Lakshya and Aadhar Stambh plans to customers.

Documentation needed to apply for Life Insurance Corporation of India
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

Life Insurance Corporation of India Term Insurance Plans
  • LIC's Anmol Jeevan II: A popular term insurance plan offering financial protection against any eventuality with payment of Sum Assured to the nominee of the policyholder. Being a pure term plan, there are no maturity benefits on offer.
  • LIC's Amulya Jeevan II: A popular term insurance plan that offers a financial protection to the insured's family in case of his/her unfortunate demise. Premiums for the plan can be paid regularly during the term of the policy at yearly or half-yearly intervals.

1: LIC's Anmol Jeevan II: A term insurance plan offering protective cover at nominal premium rates. In the event of the death of the Life Assured during the policy term, an amount equal to Sum Assured is paid to the nominee.

Advantages and benefits
  • Sum Assured paid as death benefit
  • No Maturity benefit available.
  • Effective life protection at nominal rates.
Features Description
Minimum Sum Assured Rs. 6,00,000
Maximum Sum Assured Rs. 24,00,000
(The Sum Assured shall be in multiples of Rs. 1, 00,000/-)
Minimum age at entry 18 years (completed)
Maximum age at entry 55 years (nearest birthday)
Maximum cover ceasing age 65 years (nearest birthday)
Minimum policy term 5 years
Maximum policy term 25 years

2: LIC's Amulya Jeevan II: A protection oriented term insurance plan that is tailor made to offer financial cushion for the family against any eventuality of life. The plan pays out Sum Assured as death benefit during policy term.

Advantages and benefits
  • Sum Assured paid as death benefit
  • No Maturity benefit available.
  • Effective life protection at nominal rates.
Features Description
Minimum Sum Assured Rs. 25,00,000
Maximum Sum Assured No Limit
Minimum age at entry 18 years (completed)
Maximum age at entry 60 years (nearest birthday)
Maximum cover ceasing age 70 years (nearest birthday)
Minimum policy term 5 years
Maximum policy term 35 years