LIC of India

The Life Insurance Corporation of India, also popularly called LIC, is one of the oldest and the largest life insurance company in India. LIC was formed when hundreds of life insurance companies were nationalised. Here’s a brief look into the history of LIC –

History of LIC of India

  • Introduction of life insurance in India

    The concept of life insurance was introduced in India under the British rule in the year 1818.

  • Coverage of Indian lives

    In the year 1870, Bombay Mutual Life Assurance Society was formed which was the first Indian life insurance company.

  • Development of multiple companies

    The Swadeshi Movement gave birth to a lot of indigenous insurance companies in India. By 1938, there were 176 insurance companies with in-force business of INR 298 crores.

  • Need for nationalization of life insurance

    Though there were ample companies, many were not financially sound and stable. The need for nationalization was felt and so, the Life Insurance Act, 1938 was amended and, in 1956, life insurance was nationalized.

  • Formation of LIC

    LIC was established on 1st September, 1956 after the Parliament passed the Life Insurance Corporation Act on 19th June, 1956. Despite the fact that there are about two dozen life insurance companies in India, LIC continues to enjoy trust among individuals and holds the largest market share of the life insurance segment.

What is life insurance?

LIC of India sells life insurance policies. These policies are a contract between the company and the customers under which the company promises to pay a benefit in case of early death. The customer pays a consideration for the risk taken by the company which is called premium. Many life insurance plans also pay a maturity after the completion of the policy term if the insured is alive.

Objectives of LIC of India

Some of the main objectives of the company are as follows –

  • To sell life insurance policies not only in urban and developed areas but also in rural and economically backward areas where people need insurance cover. The company aims to provide affordable cover to all
  • To make insurance attractive as a savings product so that people’s savings are mobilized
  • To invest the policyholders’ funds in the best possible way so that the funds remain secure and provide attractive returns too
  • To act as a trustee for policyholders
  • To cater to the different insurance needs of individuals
  • To promote a sense of belonging and pride in the minds of the agents and employees of the company.

Mission of the company

The company’s mission statement reads as follows –

‘Ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.’

Life insurance plans offered by the company

As mentioned in the objectives, LIC of India wishes to fulfil the varied needs of individuals when it comes to life insurance. That is why the company offers a range of life insurance plans. The list of plans include the following

  • Aam Admi Bima Yojana – a Government directed insurance policy which covers natural death, accidental death or disability and also offers scholarship benefit for dependent children of the beneficiary.
  • Endowment plans

    • LIC’s Jeevan Pragati – an endowment plan where the sum assured automatically increases after the first five years of the policy term
    • LIC’s Jeevan Labh – a simple endowment plan which offers bonus additions along with maturity or death benefit
    • LIC’s Single Premium Endowment Plan – an endowment plan which requires the payment of a single premium only and has a term of 10 to 25 years
    • LIC’s New Endowment Plan – an endowment plan which participates in bonus declarations and has a tenure going up to 35 years
    • LIC’s New Jeevan Anand – an endowment plan which can be customised with a rider by paying an additional premium
    • LIC’s Jeevan Rakshak – an endowment plan which earns bonuses and provides a benefit of insurance and investment
    • LIC’s Limited Premium Endowment Plan – a plan where premium is paid only for a limited period but the term of the plan runs for a longer duration
    • LIC’s Jeevan Lakshya – an endowment plan which participates in profits and also promises a minimum benefit of 110% of the sum assured on maturity
    • LIC’s Aadhar Shila – an endowment plan designed only for females having an Aadhar card. The plan promises loyalty additions which enhance the benefits payable
    • LIC’s Aadhar Stambh – This is an endowment plan only for males who have an Aadhar card. Loyalty Addition is promised under this plan as well
  • Whole Life Plan

    • LIC’s Jeevan Umang – a participating whole life plan which also pays annual survival benefits after the completion of the premium paying term
  • Money Back Plans

    • LIC’s Bima Shree – a money back plan which requires only limited premium payments
    • LIC’s Jeevan Shiromani – the plan is designed specifically for HNI clients and has high sum assured levels
    • LIC’s New Money Back Plan – 20 years – the plan comes with a fixed tenure of 20 years while premiums are paid for 15 years only
    • LIC’s New Money Back Plan – 25 years – the term is fixed at 25 years and premiums are payable for 20 years. Money back benefits provide liquidity
    • LIC’s New Bima Bachat – a single premium money back policy which pays loyalty additions too if death occurs after the completion of the first five years of the plan
    • LIC’s New Children’s Money Back Plan – a child oriented money back plan which can be bought by a parent having a child aged 0 to 20 years. The plan helps in creating a corpus for the child’s future
    • LIC’s Jeevan Tarun – a money back plan which is designed to pay money back benefits at important milestones of a child’s age. The money back benefits can be taken in four options available under the plan
  • Term Assurance Plans

    • LIC’s Anmol Jeevan II – a pure term insurance plan which pays only a death benefit if the insured dies during the term of the policy
    • LIC’s Amulya Jeevan II – a pure term insurance policy which allows coverage tenure to go as high as 35 years
    • LIC’s e-Term – an online term insurance plan which can be bought directly from the company’s websites at very low premium rates
  • Riders

  • Pension Plans

    • Pradhan Mantri Vaya Vandana Yojana – a senior citizen insurance plan which pays a death benefit, maturity benefit as well as pensions. Coverage is allowed for up to INR 15 lakhs
    • LIC’s New Jeevan Nidhi – a participating pension plan, the plan allows guaranteed additions too to enhance the benefits payable
    • LIC’s Jeevan Akshay VI – a popular immediate annuity plan where you can avail pension payments in seven different options
    • Jeevan Shanti Policy – a pension plan which helps in creating retirement funds for the policyholder
  • Unit Linked Insurance PlanLIC’s New Endowment Plus – a unit linked plan where the premiums are invested in the market to earn attractive returns. The plan also provides insurance cover and allows the accidental rider to be added for enhanced protection
  • Micro Insurance Plans

    • LIC’s New Jeevan Mangal – a term plan which refunds the premiums on maturity. The premiums can be paid either in one lump sum or regularly over the policy tenure
    • LIC’s Bhagya Lakshmi Plan – a limited premium policy which returns 110% of the premiums paid on maturity of the plan
  • Health Plans

    • LIC’s Jeevan Arogya 0– a health plan which covers hospitalisation costs, Jeevan Arogya has increasing sum insured levels for each completed policy year
    • LIC’s Cancer Cover – a cancer insurance plan which is offered in two options. The sum insured remains constant under the first option and increases in the second. The plan covers all stages of cancer and pays a lump sum benefit

Who can buy LIC plans?

Resident Indians and NRIs can buy insurance policies offered by LIC of India. Individuals looking to buy the policy should meet the entry age limits prescribed under the plans to be eligible to buy the policy.

How to make LIC of India premium payment?

Paying premiums for LIC’s plans are not difficult. There are two options of paying premiums which are as follows –

  • Paying at the cash counter of the company – You can pay the premium by visiting the company’s branch office and paying the premiums at the cash counter. You can pay the premiums through cash, cheque and demand drafts. If paying by cheque or demand draft, the cheque or demand draft should be drawn in favour of LIC of India and the policy number should be clearly mentioned.
  • Payment through other channels – You can also use other alternate channels for paying the premiums. Offline premiums can be paid through NACH (NEFT payments through bank account), bill pay (automatic payments from bank accounts) or ATMs. There is also the online mode of premium payments. Under the online mode, premiums can be paid in the following ways –

    • From LIC website – using the website the premium can be paid through netbanking, debit card or credit card
    • From websites of authorized banks – AXIS Bank and Corporation Banks are authorized banks allowing online premium payments for LIC policies. If you are a customer of these banks you can pay LIC’s premium by logging into your bank account.
    • Through websites of franchisees – there are various franchisees tied up with LIC to accept premium payments on its behalf. These include AP online, MP Online, Suvidha Infoserve and Easy Bill Pay. Using these franchisee websites the premiums can be paid
    • From merchant websites – there are LIC merchants too who accept online premium payments. These include Premium Point developed for empowered agents, Life-Plus for SBA’s and retired LIC employee collection.

How to check your LIC policy status?

If you have bought a policy from LIC and want to check its status, you can do so on the website of LIC. You would have to register as a customer after which you can check your policy status. For registration, you need to follow these steps –

  • Visit the website and choose ‘Customer Portal’
  • A new page would open where you should choose ‘New User’
  • A form will appear which you should fill providing all the required information
  • Thereafter you should use your user ID and password for creating your own account
  • Once the form is filled, you should print it, sign it and upload the signed document
  • Along with the document your identity proof would also need to be uploaded. You can use your PAN Card, Aadhar Card or passport for this purpose.
  • Your registration would be verified by LIC after which you can use e-services.
  • Using the e-services you can check your policy status by entering your policy number and insured’s name

LIC’s centres

Here are some of the LIC centres which you can find in your city –

City Branch address
Delhi LIC of India, Delhi CAB, 1021 18/60, Geeta Colony, Delhi – 110031
LIC of India, Sachdeva Corporate Tower, 7th Floor, DDA Commercial Complex, Rohini, Sector 8, Delhi – 110085
Mumbai 883, 1st Floor East Wing Yogakshema, Mumbai – 400021
Bhivra Sadan, Above Thane Janta Sahakari Bank, Near Mangala Hindi High School, Kopri, Thane (E), Mumbai – 400601
Kolkata Calcutta (CBO-7) 64 Ganesh Chandra Avenue, Kolkata – 700013
Jeevan Sudha 5th Floor, 42/C Chowringhee Road, Kolkata – 700071
Ahmedabad Hirak Avenue, Nehru Park, Vastrapur, Ahmedabad – 380015
Sheth British Hall, Nr. Subhash Bridge, Sabarmati, Ahmedabad – 380005
Chennai LIC Building, 153, Anna Salai, PB Number 2450, Chennai – 600002
No.1/172A, GNT Road, Red Hills, Chennai – 600052
Bangalore MG Road Branch, 3rd Floor, C. Kiran Building, Kasturba Road, Bangalore – 560001
CB 18, #86/3-4, II Floor,, Next to Canara Bank, Coles Road, Bangalore – 560042


Yes, LIC offers one unit linked policy called LIC’s New Endowment Plus plan which gives you the benefit of insurance cover and market-linked returns

Yes, the company also offers a range of group insurance schemes for corporates and other registered groups.

You can find LIC’s various offices and branches on the company’s website. There is a ‘Locator’ link on the website wherein you can enter the state and city and find the various branches located in a particular city

Health plans are insurance policies which cover you against medical emergencies and pay a benefit in covered contingencies.

There are various plans which were offered earlier but were discontinued over the years. A list of discontinued policies is available online on the company’s website. You can visit the website, choose ‘Products’ tab and under that tab select ‘Withdrawn Plans’ to find the complete list of policies which are no longer sold by the company.