LIC Policy

LIC policy is a life insurance plan that ensures your family’s financial freedom in the case something happens to the earning member of the family. As they say a life insurance plans cannot stop any unfortunate event from happening but will be your support if it happens.

With increasing awareness among people regarding the importance of life insurance, LIC of India is continuously working towards providing easy, fast and secure online systems to buy policy, maintain you policy records and request various services. LIC policy can be purchased via specific forms prescribed by LIC of India. There are mainly three forms to buy new LIC policy. LIC policy forms must be procured from a LIC office (LIC branches list), downloaded from LIC website, or from authorised LIC agent website.

  1. Form number 300: for self life of adults
  2. Form number 340: for children below the age of 18 and more than 6
  3. Form number 360: for children below the age of 6

You can find all LIC forms here.

What is LIC policy

LIC policy is a legal agreement between a policy holder and the insurance company wherein the insurance company promises to pay nominees of policy holder a fixed amount in case the policy holder dies. The policyholder is required to pay premiums to get this agreement started and be in force.

How many types of LIC policy are there?

There are mainly two types of LIC plans one is term plan and then the other type of plans that be a endowment plan, pension plan, health plan etc.

Should I buy term plan?

Everyone who is earning and has some dependent should buy a term plan.

How do I buy LIC policy?

You can buy a LIC plan only thorough authorized LIC agents. A very few plans can be bought online at LIC site

How much does a LIC policy cost?

A LIC plan can be taken for as low as 250 per month and there is no upper premium limit.

Can I pay monthly for my LIC policy?

Most LIC policies give tou the flexibility to pay premiums as per your convenience. Premiums can be paid monthly, quarterly, half yearly and yearly for most policies. To change your policy mode, contact us.

LIC Policy Terms

A few terms and their meanings regarding LIC policy

  1. PPT: premium paying term. The time period for which you have to pay the premium yo keep the policy in force. PPT can sometimes be lower than the full policy term.
  2. Sum assured: he insured amount. The amount that will be paid to the policyholders nominees in case of his death.
  3. Maturity: Completion of the policy term.
  4. Status: Only in force policies are entitled for full benefit. Make sure to check status of your policies from time to time.
  5. Premium: the money hat you pay to take all benefits of the policy. The premiums can be one-time or regular. Most policies have flexibility of paying premiums monthly, quarterly, half yearly or yearly.
  6. Policy number: Every policy from LIC of India has a unique policy number. This policy number will help you take out all information from LIC offices.

LIC Plans

LIC offers many plans for lower middle and upper class people. The different plans are designed keeping in mind the requirements of the policy holders . The plans are being revised from time to time. New plans are added and obsolete plans are discarded by LIC almost every year.

LIC has polices for all purposes. You need to discuss your exact requirement with you LIC agent and basis you requirement and his / her experience they would suggest you the plans available. Being a Government of India undertaking and backed corporation, you can trust LIC of India.

All LIC Plans – complete list of plans

LIC of India has been in existence since 1956 and have been introducing new plans and discontinuing old plans. Check out the complete list of LIC plans since 1956, LIC policy list.

Some best life insurance plans from LIC of India are given in the table below.

Short term LIC policyJeevan Labh (936)Short term policy with great results
LIC Child PlanJeevan TarunPWB premium waiver benefit in case the premium paying person dies
Plan for girl childJeevan LaksyaAssured returns at fixed time
Overall best planJeevan Umang100 years insurance and pension plan
Pension PlanJeevan ShantiImmediate pension plan with better interest rates tan FD
Plan for HNI’s and important peopleJeevan Shree
Jeevan Shiromani
High sum assured and assured returns

Buy LIC Policy

To buy a LIC policy in Gurgaon from award winning LIC agent, please fill the following form and we shall contact you shortly.

Leave a Comment

Your email address will not be published. Required fields are marked *