What is LIC?| North Loop Official Blog
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18 Sep 2020

What is LIC?

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Life Insurance Corporation of India or LIC is an insurance group and investment corporation owned by the Government of India. The LIC has around 290 million policyholders and a total fund of Rs.28.3 trillion. The company has now completed 63 years and boasts of over 2000 branches.

Types of LIC plans –

LIC Endowment Plans – This is a policy of the Life Insurance Corporation of India that apart from covering your life, also helps you to save regularly over a specific period. It offers a lump sum amount on the policy maturity if you survive the policy term. You can also get a payout with some of its plans in the case of a critical illness.

The different kinds of plans under this policy are as follows -

LIC New Jeevan Anand Plan
LIC Jeevan Labh
LIC New Endowment Plan
LIC Single Premium Endowment Plan
LIC New Bima Bachat Plan
LIC Jeevan Lakshya
LIC Aadhar Shila Plan
LIC Aadhar Stambh Plan

LIC Whole Life Plans – This policy offered by the Life Insurance Corporation of India guarantees to be in force for your entire life only if you pay all the premiums until the maturity date.

The plan offered under this policy is –

LIC Jeevan Umang Plan

LIC Money Back Plans – This is a standard life insurance cover that benefits you with the sum assured on maturity.

The different kinds of plans under this policy are as follows –

LIC Bima Shree Plan
LIC Jeevan Shiromani Plan
LIC New Money Back Plan – 20 years
LIC New Money Back Plan – 25 years
LIC New Children’s Money Back Plan
LIC Jeevan Tarun

LIC Term Insurance Plans – The Life Insurance Corporation of India designed this policy to provide financial coverage to your beneficiary for a defined period in case of an unfortunate event.

The different kinds of plans under this policy are as follows –

LIC Tech Term
LIC Jeevan Amar Plan

LIC Pension Plans – This plan is designed to help you avail regular income or get lump-sum amounts and benefits during your post-retirement days.

The different kinds of plans under this policy are as follows –

Pradhan Mantri Vaya Vandana Yojana
LIC Jeevan Shanti

LIC ULIP Plan – These are investments plans to help your savings yield rich benefits and help you save tax even if you do not have a regular income.

The plan under this policy is –

LIC New Endowment Plus

LIC Health Plans – These are health insurance plans and online mediclaim policies that provide financial support during health emergencies and take care of your medical care costs.

The different kinds of plans under this policy are as follows –

LIC Jeevan Aarogya
LIC Cancer Cover

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Features of Life Insurance Corporation of India policies –

1. All of the above LIC products are widely available all over India, especially in the rural and backward regions of the country.
2. They offer various types of life cover options to suit all different requirements.
3. The LIC products place the utmost importance on safeguarding your interests.
4. LIC insures adequate involvement and participation by its employees and agents to ensure the best services.

How can you register for LIC e-services?

Online registration for LIC e-services is a pretty cumbersome process. There are multiple steps to be followed, and if you are a first time user, you might find it to be quite annoying. We are listing down the steps below that you can follow to complete the registration –

  • Go to the authorized website of Life Insurance Corporation of India.
  • Look for the LIC e-services option and click on it.
  • Select the “new user” option on the re-directed page.
  • Fill all your details and submit the policy number and premium instalments.
  • Create your username and password.
  • Sign in using your login ID details and open your account.
  • Link all your policies and investments.
  • Check if all your policies have gotten registered on the website.
  • Make premium payments online and check the status of your policies.

Note: If your policies do not get registered on the website, you have to pay premiums as a non-registered user.

As you can see, the process of registration is a rather complicated one, and LIC’s website is also not too user-friendly. The poor interface often causes lags and delays leading to incomplete registrations. If you want to opt for life insurance, you can do so with North Loop which has a significantly better and faster platform designed for the new-age individual. You can register within minutes on its App and apply for life insurance. The process is super fast, and you can use it from any corner of the country. Sign up with North Loop here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.