Everything You Need to Know About Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) has provided life insurance policies to Indians for over six decades. With its vast network of branches, LIC is a popular choice for individuals seeking life insurance policies in India. This article will cover everything you need about LIC, including its history, products, benefits, and how to purchase and claim a LIC policy.

The History of LIC

Life Insurance Corporation of India (LIC) has a rich history that dates back to 1956 when it was established by the Government of India. Initially, LIC had just five zonal offices and 100 divisional offices, but over the years, it has expanded its network across the length and breadth of India. LIC has played a significant role in developing the Indian insurance industry and has created awareness about the need for life insurance policies in India. Today, LIC is a household name in India, and its contribution to the Indian economy cannot be overstated.

Products and Services Offered by LIC

Life Insurance Corporation of India (LIC) offers a diverse range of products and services to cater to the varied needs of its customers. LIC’s product portfolio includes various types of life insurance policies such as term, endowment, money-back, and whole life plans, among others. Apart from life insurance policies, LIC also offers pension plans, health insurance plans, and group insurance policies. LIC’s plans are designed to cater to the different life stages of an individual, such as child plans, retirement plans, and investment plans, among others. LIC’s products come with many features and benefits, such as tax savings, loan facilities, flexible premium payment options, and guaranteed returns. With its vast range of products and services, LIC has become a popular choice for individuals seeking life insurance policies in India.

Benefits of Choosing LIC

Choosing the Life Insurance Corporation of India (LIC) has many benefits. Here are some of the benefits of choosing LIC:

  1. Trusted Brand: LIC is a trusted brand that has been serving the Indian insurance industry for over 65 years. It is backed by the Government of India, which adds credibility.
  2. Diverse Product Portfolio: LIC offers a wide range of life insurance policies, pension plans, health insurance plans, and group insurance policies, among others. This ensures that customers can choose a policy that suits their specific needs.
  3. High Claim Settlement Ratio: LIC has a high claim settlement ratio, which settles many claims. This ensures that customers can rely on LIC to honor their claims in need.
  4. Financial Security: LIC’s policies provide financial security to the policyholders and their families. The policies offer death, maturity, and tax benefits, which can help in financial distress.
  5. Customer Service: LIC has a vast nationwide network of offices and agents, ensuring customers can easily avail of its services. LIC’s customer service is also known for its promptness and efficiency.

Choosing LIC for insurance provides customers with financial security and peace of mind.

How to Purchase a LIC Policy

Purchasing a Life Insurance Corporation of India (LIC) policy in India is a simple process. Here are the steps to purchase a LIC policy:

  1. Identify the Policy: First, identify the type of policy you want to purchase. You can visit LIC’s website or contact a LIC agent to learn more about the different policies offered by LIC.
  2. Fill out the Application Form: Once you have identified the policy, complete the application form. The application form will require you to provide personal, policy, and nominee details.
  3. Submit Required Documents: You will need to submit a few documents, such as identity proof, address proof, and age proof, along with the application form.
  4. Pay the Premium: After submitting the application form and documents, you must pay the premium for the policy. You can pay the premium in one lump sum or opt for a monthly, quarterly, half-yearly, or yearly payment.
  5. Medical Examination (if required): For some policies, you may be required to undergo a medical examination before the policy is issued.
  6. Policy Issuance: LIC will issue the policy once the premium is paid and all the necessary documents are submitted.
  7. Policy Document: You will receive a policy document that contains all the details of the policy, including the policy number, premium payment details, and benefits, among others.

Following these simple steps, you can purchase a LIC policy and secure your future.

How to Claim an LIC Policy

If you have an LIC policy and need to make a claim, it is important to follow the proper process to ensure a smooth and hassle-free experience. The first step is to intimate LIC about the claim by contacting the nearest LIC office or submitting an online claim intimation form on the LIC website. Once you have intimated LIC, you need to submit the required documents, which may include the policy document, claim form, and relevant certificates depending on the type of claim. After verifying the submitted documents, LIC will settle the claim and disburse the amount to the nominee’s bank account or as per the instructions provided by the policyholder. With its efficient and prompt claim settlement process, LIC is known for providing its customers with a reliable and hassle-free claim experience.


LIC has been a trusted name in the Indian insurance industry for decades. Its vast range of products and services and its financial stability and security make it a popular choice for individuals seeking life insurance policies. By following the guidelines in this article, you can make an informed decision when purchasing a LIC policy and enjoy life insurance benefits.

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