India's largest and most trusted life insurer since 1956, protecting over 30 crore lives with a 96%+ claim settlement ratio.
Life Insurance Corporation of India (LIC) is a government-owned insurance and investment corporation headquartered in Mumbai. Founded on 1 September 1956 by merging 245 private insurers, LIC has grown into the world's largest life insurer by number of policies. With over 2,048 branches, 1,13,000+ agents, and assets under management exceeding ₹43 lakh crore, LIC is the backbone of India's insurance sector.
LIC's vision is to be a trusted companion in every Indian household, providing financial protection and wealth accumulation solutions across all income segments. The corporation went public with its IPO in May 2022, marking a historic milestone in Indian financial markets.
A participating non-linked endowment plan offering a combination of protection and savings. On surviving the policy term, the sum assured plus vested bonuses are paid, while the life cover continues for the entire lifetime at no extra cost.
A limited premium paying, non-linked, with-profits endowment plan that provides financial protection and a lump sum on maturity. Ideal for those who want to pay premiums for a limited period.
A pure online term assurance plan offering high life cover at affordable premiums. Available only through LIC's online portal, this plan provides maximum protection at minimum cost with no maturity benefit.
A government-backed life insurance scheme administered through LIC offering ₹2 lakh life cover at just ₹436/year. Designed for the underserved population aged 18-50 years with a savings bank account.
Being a government-owned entity, LIC policies carry an implicit sovereign backing ensuring the highest level of claim security and trust for policyholders across India.
With 1.13 lakh+ agents across 2,048 branches, LIC offers unparalleled doorstep service and support even in remote rural areas of India where private insurers have no presence.
LIC consistently declares attractive bonuses on participating plans, with a strong track record spanning 68+ years. These reversionary bonuses significantly boost maturity payouts.
Policyholders can avail loans against their LIC policies at competitive interest rates, typically up to 90% of the surrender value, providing liquidity without breaking the policy.
Premiums qualify for deduction under Section 80C (up to ₹1.5L), and maturity proceeds are tax-free under Section 10(10D) subject to conditions — offering dual tax advantages.
LIC's e-services portal and mobile app allow online premium payments, policy status checks, fund value tracking, and digital claim intimation — modernizing the customer experience.
Nominee or assignee intimates LIC within the earliest possible time via branch, online portal, or toll-free number 1800-227-717.
Submit claim form, original policy document, death certificate (for death claims), NEFT details, ID proofs, and any additional documents requested.
LIC's claims team verifies documents and conducts investigation if required (for early claims within 3 years). Standard claims processed within 30 days.
Once approved, claim amount is directly credited to the nominee's bank account via NEFT/RTGS. SMS and email confirmation sent.
LIC's claim settlement ratio for FY 2024-25 stands at 96.72%, meaning out of every 100 claims received, approximately 97 claims are settled successfully. This is among the highest in the Indian life insurance industry.
Yes, LIC offers several online-only plans like Tech Term (Plan 954), Jeevan Amar, and PMJJBY through their official portal. You can also pay premiums, track policy status, and manage your portfolio digitally.
The minimum entry age varies by plan — for term plans like Tech Term it's 18 years, for endowment plans like Jeevan Anand it's 18 years, and for children's plans the child's age can be as low as 0 years with the parent as proposer.
You can revive a lapsed LIC policy within 5 years from the first unpaid premium date by paying all outstanding premiums with interest (typically 9.5% p.a.). Revival can be done at any LIC branch or through an agent.
Maturity proceeds of LIC policies are tax-free under Section 10(10D) of the Income Tax Act, provided the annual premium does not exceed 10% of the sum assured (20% for policies issued before 01.04.2012).