Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) was created on 1st September, 1956. The objective was to spread life insurance across a wider swathe of the country, particularly in rural areas.

LIC's corporate office, 5 zonal offices, 33 divisional offices and 212 branch offices in 1956 has expanded over the years to having a branch office at each district headquarters in the country. Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. LIC's Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network.

LIC continues to be the dominant life insurer even in the post-insurance-liberalization era in India. It has crossed many milestones and has set unprecedented performance records in all aspects of the life insurance business.

 

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Miscellaneous
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Women Plans
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Pension
  • Provides for stable income in post-work life
  • Helps policy holder to remain financially independent post-retirement
  • Tool for systematic retirement planning
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Money Back Insurance
  • Provides life insurance covers for specified periods
  • Policy holder receives tax-free, fixed proportions of the sum assured at regular intervals or an option to re-invest
  • Policy holder receives lump sum payment on surviving maturity date
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Term Insurance
  • Pure risk cover plan with no survival benefit
  • Protection tool against the uncertainties of life
  • Cheapest life insurance product
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ULIP Insurance
  • Protection tool with an investment option attached
  • Policy holder can choose from funds such as equity, debt, bonds, or a combination
  • Insurers offer partial withdrawals options
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Children Plan
  • Tool to plan for children's needs in the future - education, wedding etc.
  • Tool to ensure children's future plans are not compromised in the event of parent/guardian's death
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Endowment Insurance
  • Protection tool with savings option
  • Sum assured plus bonus accrued paid in the event of death of the insured or at maturity
  • With-profits plan that participates in the profits of insurer's life insurance business
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Whole Life Insurance
  • Provides financial cover against death through out the life time of the insured
  • Estate tool for legal heirs
  • Sum assured paid on death of the insured or on if the insured survives a pre-determined age
  • Policy holder not entitled to any payout during the tenure of the policy
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