What is a LIC Policy? How much does it cost?

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.

LIC policy is the will that you create before you earn that amount.

Life insurance looks after your family’s financial needs in case something happens to you.

Of course this is a concept that most people don’t understand and are always looking for more information on what is Life Insurance?

Frequently Asked Questions

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 www.licindia.in

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.

Who can buy LIC policy?

Anyone who has income scan and should buy LIC plan. LIC has plans for all economical sections from lower class to the elite of the society. Policy age starts from 90 days and there is no upper age limit of buying LIC policy.

What information is needed to get a policy?

The form will ask you about your name, age, family history, medical history, physical measurements, etc. You need to provide accurate and complete information to get a policy issued. The insurance company can reject policies application if incorrect information is given or hidden.

Forms to purchase life insurance

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 300: for self life of adults
  2. Form 340: for children below the age of 18 and more than 6
  3. Form 360: for children below the age of 6
What is life insurance? How much does it cost? DO I need life insurance?

You can find all LIC forms here.

LIC Policy Terms

A few words / terms and their meanings regarding LIC policy. The terminology in use with life insurance products and their simple language explanation. Often you’d hear PPT, maturity and other new words when discussion life insurance, so what do these terms mean.

  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.

To sum up

  • LIC has plans for all age group
  • LIC has plans for all income groups
  • Plan tern can vary from 1 year to 100 years
  • Plans start from as little as INR 200 per 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.

NEEDPLAN NAMEUSP
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.

    Vikas is the founder of InsuringGurgaon.com - an LIC life insurance agency based in Gurgaon. He has a experience of 16 years and is working with professionals, corporate and HNIs for their LIC services needs. Vikas is a MBA in marketing from Symbiosis, Pune and has a experience of 15 years working with companies at various levels. Vikas can be reached at 9891420503 and [email protected]

    Leave a Comment

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

    InsuringGurgaonGet latest alerts from LIC of India

    Subscribe to our alerts below and never miss any update regarding LIC policies.