Do you want to know about the Life Insurance Corporation of India? then this post is for you. Here, we are going to share complete information about Life Insurance Corporation. We will share the history, awards recognitions, and types of LIC plans of this company.
Nowadays, life insurance is a very necessary thing for people to invest some money for the future needs of their family and loved ones. There are lots of companies available in the market that provide insurance schemes, but Life Insurance Corporation is the best among them. It is a very popular and trusted insurance company that has been working for 66 years in India.
If you also want to invest some money in a life insurance plan, then you should go for Life Insurance Corporation of India Ltd. It provides different types of plans according to your monthly investment and maturity amount. Let’s know more about Life Insurance Corporation in this guide. To know everything in detail, read this guide without skipping any section.
Highlights of Life Insurance Corporation of India
| Company Name | Life Insurance Corporation |
| Industry | Insurance and Financial Services |
| Established Year | 1956 |
| Founded by | Government of India |
| Chairperson | M R Kumar |
| Headquarters | Mumbai |
| Customer Care | 022 6827 6827 |
| No. of employees | 150,000 |
| Official website | Click here |
Life Insurance Corporation of India Ltd.
LIC is a public sector life insurance company that is owned by the Government of India and controlled by the Ministry of Finance. It was established in 1956 and headquartered in Mumbai after the Indian Parliament passed the Life Insurance Corporation Act.
Life Insurance Corporation is the largest insurance company in India with total assets of Rs. 42 trillion as of 2022. According to data from 2019, there were 295 million customers of LIC who hold the policy. The insurance company also claimed 28 million in the financial year 2018-19.
LIC ranked in the 98th position in the list of Fortune Global 500 of the year 2022. In the same year, Life Insurance Corporation created a business revenue of Rs. 8,00,000 crore and a profit of Rs. 4,500 crore. The insurance company has subsidiaries such as LIC Housing Finance, LIC Cards Services Ltd, LIC Pension Fund Ltd, LIC International Ltd, LIC Mutual Fund, and IDBI Bank. As per the data of 2020, almost 115,000 employees are working for this insurance company.
Official website: Click here
Facts about Life Insurance Corporation
- Indian Parliament passed the Life Insurance Act in the year 1956 to provide Life Insurance to the people, after that LIC company came into existence in 1956.
- Life Insurance Company holds 61.80% of the market share in the Indian market.
- The LIC company has a solvency ratio of 1.75 which helps the customers to fulfill their financial requirements.
What is the history of the Life Insurance Corporation of India?
LIC is the first company that offers life insurance coverage to people for their future needs. Life Insurance Corporation was established by Bipin Das Gupta in Kolkata city in the year 1818. During the same time period, Surendranath Tagore created the Hindustan Insurance Society which was later changed to Life Insurance Corporation.
After almost 100 years, the Bombay Mutual Life Assurance Society was established in the year 1870. This society became the first company to provide insurance to Western India. After that lots of insurance companies were founded before independence. Some of them are:
| Insurance Company | Year |
| Postal Life Insurance | 1884 |
| Bharat Insurance Company | 1896 |
| United India | 1906 |
| National Indian | 1906 |
| National Insurance | 1906 |
| Co-operative Assurance | 1906 |
| Hindustan Co-operatives | 1907 |
| The New India Assurance Co. Ltd. | 1919 |
| Indian Mercantile | 1921 |
| General Assurance | 1921 |
| Swadeshi Life | 1921 |
| Sahyadri Insurance | 1986 |
All these companies were founded in India when the country was struggling with economic and political conditions because of the British government, World War I, and World War II happening in the world. At that time, these insurance companies gained very popularity which affected the thinking and trust of every person to get life insurance.
Why should you choose Life Insurance Corporation Plans?
As we mentioned earlier, Life Insurance Corporation of India is a very trusted insurance company that has been working for 80 years. LIC provides a wide range of life insurance plans according to every person’s budget. The insurance company offers a suitable term plan with an easy premium for every month to every person.
Some other reasons to choose LIC for getting life insurance are listed below:
- Large Presence globally: As per the report of 2021, Life Insurance Corporation is the third largest Insurance company. According to 2022 data, LIC is working through 14 lakh agents which helped to sell around 28 crore policies in India.
- The trust of 66 years: As per the report of 2021, Life Insurance Corporation has paid 98% of the policy claims to the nominees. Because of its customer-centric plans and approach, LIC became the best Life Insurance company in India and 5th largest insurance company in the world.
Nationalization of Life Insurance Corporation of India
In 1956, the insurance fraud matter was raised by Feroze Gandhi which was done by some private insurance agencies. After some investigation, Sachin Devkekar, a businessman was sent to jail for two years for fraud. Later, Life Insurance Corporation Ltd. came into existence and started working as India’s most trusted insurance company.
Read more: LIC Jeevan Shiromani Plan 2023: Features, Benefits, and Eligibility
What are the different types of LIC Plans?
Life Insurance Corporation of India provides different kinds of investment and insurance products to every kind of customer and their needs.
There are some different types of plans offered by LIC.
1. LIC Pension Plan
Nowadays, every person needs some investment to live a good life after retirement. Life Insurance Corporation provides lots of pension plans to choose from to save money for the future. Among all, the latest pension plan offered by LIC is LIC New Pension Plus which gives better returns and a regular pension after retirement.
Some pension plans offered by LIC are:
| LIC Pension Plan | Type of Plan | Purchasing Price |
| LIC New Pension Plus Plan | ULIP | Rs. 3000 monthly for regular payment and Rs. 1,00,000 for a one-time payment |
| LIC Jeevan Akshay VII | Immediate Annuity Plan | Rs. 1 lakh |
| LIC New Jeevan Shanti | Deferred Annuity Option | Rs. 1.5 lakh |
| LIC Saral Pension | Immediate Annuity Plan | NA |
| PMVVY | Pension Plan | Rs. 1.5 lakh |
LIC Unit-Linked Plans
LIC created these plans to allow people to invest some money in the equity market and increase their wealth according to the market returns. There are lots of people who want to invest in some SIP or mutual funds, so LIC Unit-Linked Plans are the best option for them.
When any person takes this policy, then some part of the premium is invested by the Life Insurance Corporation in some big companies. The remaining premium is saved for the future of policyholders.
LIC Unit-Linked Plans are:
| LIC ULIP | Premium amount |
| LIC Nivesh Plus | Rs. 1 lakh (single-time payment) |
| LIC SIIP | Rs. 40,000 every year |
| LIC New Endowment Plus | Rs. 20,000 every year |
3. LIC Complete Life Plan
Life Insurance Corporation provides life insurance with a complete life plan to secure the finances throughout the lifetime of policyholders.
LIC whole life insurance plan is:
| LIC Whole Life Plan | Sum Assured |
| LIC Jeevan Umang | Rs. 2,00,000 |
4. LIC Endowment Plan
LIC offers an endowment plan for life cover and increased savings to the policyholders. With these plans, you can get guaranteed maturity benefits after completing the policy term period. Because of these amazing benefits, you can take this plan for better savings in the future.
The endowment plan offered by Life Insurance Corporation are:
| LIC Endowment Plan | Minimum Premium |
| LIC New Endowment Plan | Rs. 1 lakh |
| LIC New Jeevan Anand | Rs. 1 lakh |
| LIC Aadhaar Shila | Rs. 75,000 |
| LIC Bima Jyoti | Rs. 1 lakh |
| LIC Jeevan Labh | Rs. 2 lakh |
| LIC Jeevan Lakshya | Rs. 1 lakh |
| LIC Dhan Sanchay | Rs. 2.5 lakhs |
| LIC Single Premium Endowment Plan | Rs. 50,000 |
| LIC Aadhaar Stambh | Rs. 75,000 |
| LIC Bima Ratna | Rs. 5 lakhs |
5. LIC Term Insurance Plan
Term Insurance Plans offer to financially secure the family of the policyholders. The premium of these plans is very affordable. If any policyholder dies during the policy period, then this insurance plan provides financial benefits to the nominees.
Life Insurance Corporation doesn’t provide any maturity value to the policyholder if he survives till the maturity period of the insurance plan.
LIC Term Insurance Plans are:
| LIC Term Plan | Maturity Period | Sum Assured |
| LIC Jeevan Amar | 10 to 40 years | Rs. 25 lakhs |
| LIC Bhagya Lakshmi | Premium term + 2 years | Rs. 50,000 |
| LIC Tech Term | 10 to 40 years | Rs. 50 lakhs |
| LIC Saral Jeevan Bima | 5 to 40 years | Rs. 5 lakhs |
6. LIC Money Back Plan
LIC Money Back Plan offers life cover to the policyholder during the policy period. After the maturity period of the policy, this LIC plan offers a fixed interest amount on the sum assured.
Money Back Plans offered by LIC are:
| LIC Money Back Plan | Sum Assured |
| LIC New Money Back Plan (20 years) | Rs. 1 lakh |
| LIC New Money Back Plan (25 years) | Rs. 1 lakh |
| LIC New Children Money Back Plan | Rs. 1 lakh |
| LIC Jeevan Shiromani | Rs. 1 crore |
| LIC Bima Shree | Rs. 10 lakh |
| LIC Dhan Rekha | Rs. 2 lakh |
| LIC Jeevan Tarun | Rs. 75,000 |
| LIC New Bima Bachat | Rs. 35,000 for 9 years. 50,000 for 12 years. 70,000 for 15 years |
Life Insurance Corporation of India’s Awards and Recognitions
LIC has ranked as the 6th most trusted Insurance service in India by the Economic Times Brand Equity Survey 2012. As per the Brand Trust Report of 2011 to 2014, the insurance company has been voted the most trusted brand in India.
Read more: Oriental Insurance Company Limited: Benefits and How to Get Policy
What things need to be considered while choosing a LIC Plan?
While choosing the best LIC plan to invest in for future purposes, you need to focus on these two factors:
- LIC claim settlement process
- LIC e-services
What are the steps to buying LIC Policy?
To easily buy any LIC Policy, follow these simple steps. We want to remind you that, LIC now has a partnership with Policy Bazaar to provide LIC policy online.
So, we are going to share the steps to take a Life Insurance policy from PolicyBazaar.
- Open the URL policybazaar.com on your device.
- Search for LIC of India.
- You will get a form where you need to enter your name and mobile number and the select View Plans option.
- Now, enter your age and current address.
- After entering these details, you will see all LIC plans on your screen.
- To find the best LIC plan, you can select your premium amount and term period of the policy.
- After that, select a suitable plan and make payment for the premium online.
- In the next step, you can download your policy on your device.
What are the companies similar to the Life Insurance Corporation of India?
These are the market competitors of Life Insurance Corporation which provide similar products and services to the customers.
New India Assurance
| Industry Type | Private |
| No. of employees | More than 10,000 |
| Location | Mumbai |
| Stock Symbol | NIACL.NS |
| Official website | newindia.co.in |
Reliance Nippon Life Insurance
| Industry Type | Public |
| No. of Employees | More than 10,000 |
| Location | Mumbai |
| Stock Symbol | N/A |
| Official website | reliancenipponlife.com |
Tata AIA Life Insurance
| Industry Type | Private |
| No. of employees | 5,000 to 9,999 |
| Location | Mumbai |
| Stock Symbol | N/A |
| Official website | tataaia.com |
LIC Housing Finance
| Industry Type | Public |
| No. of employees | 1,000 to 4,999 |
| Location | Mumbai |
| Stock Symbol | LICHSGFIN.NSE |
| Official website | lichousing.com |
ICICI Lombard General Insurance
| Industry Type | Private |
| No. of employees | More than 10,000 |
| Location | Mumbai |
| Stock Symbol | N/A |
| Official website | icicilombard.com |
LIC Share Price 2023
Currently, as of 11th March 2023, the share price of LIC is Rs. 596.50.
Conclusion
With this guide, you will learn about the Life Insurance Corporation of India. It is a public sector insurance company that is very trusted and popular all over the country. LIC offers a wide range of plans for investments, and future savings.
If you want better returns on your invested money after the maturity period, then Life Insurance Corporation is the best option among all insurance companies. With this, you can get life cover, maturity cover, and other benefits.
I hope you enjoyed this article and got valuable information about the Life Insurance Corporation of India. Share this article with your friends and family and help us in promoting it.
People Also Ask
How to check LIC policy details online?
- Go to Licindia. in
- Select the ‘Login to Customer Portal’ button
- After that, click on new user
- Next, complete the signup process to know details about your LIC policy.
Who owns the Life Insurance Corporation of India?
LIC is owned by the Government of India.
What are the best LIC Plans?
- LIC Jeevan Umang
- LIC Jeevan Labh
- LIC New Jeevan Anand
- LIC Bima Ratna
How can I know the maturity amount of the LIC policy by using the policy number?
Send an SMS ‘ASKLIC’ <policy number> to 56767877 to know about the maturity amount of your LIC policy.
Is Life Insurance Corporation a government company?
Yes, LIC is owned by the Government of India.
What are the steps to check LIC statements online?
- Visit the official website of the LIC
- Log in with your username and password
- After that, select the ‘View Enrolled Policies’ option
- On the next page, you can see your LIC policy statement.
Which is best among LIC and Fixed Deposit?
LIC plans are good for long-term investments while fixed deposits are the best option for short and mid-term investments.
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