Lic Life Insurance Policy Status

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Lic Life Insurance Policy Status – Life Insurance Corporation of India (LIC of India) is a leading life insurance company headquartered in Mumbai. LIC is India’s largest life insurance company with assets worth over Rs 2,529,390 crore. LIC of India was established on September 1, 1956, when the Government of India passed the Life Insurance of India Act, which nationalized the private insurance industry in India.

The company was formed from the merger of more than 245 insurance companies and insurance associations. LIC offers many life insurance plans including a range of ULIPs, pension plans, children’s plans, term insurance and more. The company is well established in both urban and rural India and lives by its motto “Yogakshem Vahamyah”, which means “Your welfare is our responsibility”. With the advent of technology, LIC of India has established an online brand presence by selling various savings and investment products online.

Lic Life Insurance Policy Status

Lic Life Insurance Policy Status

As of today, LIC India operates a network of 1,537,064 personal attorneys, 342 corporate attorneys, 109 referral attorneys, 114 brokers and 42 banks. LIC has 2,048 fully computerized branches, 113 units, 1,381 satellite offices and over 8 regional offices with its headquarters in Mumbai. LIC was ranked as the 6th Most Trusted Service Brand in India by The Economic Times Brand Survey in 2012. LIC India has been a regular guest at the Readers’ Digest Awards since 2006. Also, LIC of India has been named India’s Most Trusted Brand in BFSI category for 4 consecutive years according to Brand Trust Report.

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The mission of Life Insurance Company of India is to enhance the quality of life of people by providing financial products and services with competitive returns.

As one of the oldest and largest state-owned life insurance companies, LIC India remains the dominant life insurance company even amid the liberalization of the Indian insurance industry. Over the years, the company has surpassed past records. Following are some of the goals of life insurance companies in India:

Digitization is no longer a luxury, but a necessity. Realizing the enormous potential of digital platforms in connecting companies with customers, more and more businesses are integrating them into their processes. LIC is also digitizing processes by creating an extensive online database for its clients. This makes LIC products and services more accessible to existing and potential customers.

In India, LIC is synonymous with life insurance as the company is a pioneer in offering the best life insurance products to suit every budget and preference. LIC of India offers a wide range of life insurance plans at affordable rates no matter what stage one is in in life. As a government-run life insurance company, LIC offers plans that are always popular and cater to a variety of client needs.

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The LIC India Jeevan Pragati plan is a non-linked earning plan that offers a combination of investment and savings. The plan automatically increases the life assured’s risk coverage every 5 years. LIC Jeevan Pragati is ideal for those looking to build a healthy retirement while enjoying accident and death insurance protection. Apart from this, policyholders can also get loans under the scheme.

Death Benefit: In the event of the death of the policyholder, the sum assured is given to the nominee along with bonuses (if any). The sum assured is calculated at 10 times the annual premium or is provided according to the policy terms, ie. 100% of the basic sum insured for the first 5 years of insurance application, and 125% of the basic sum assured for the next 6 to 10 years. The insurance period is 150% of the basic sum assured during the 11-15 year insurance period, and 200% of the basic sum assured thereafter.

Redemption Allowance: The sum insured together with bonuses (if any) are paid to the policyholder during the policy term, provided all premiums have been paid.

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Bonus: Based on the profit earned by the life insurance company, LIC Jeevan Pragati plan holders are eligible for the Simple Reversionary Bonus declared against the principal sum assured.

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OPTIONAL MEMBERSHIP: LIC Jeevan Pragati plans can be extended by using LIC’s Accidental Death and Disability Plan up to the basic sum assured.

LIC India Jeevan Labh’s LIC is an unaffiliated capped premium donation scheme that pays out of profits and provides a combination of protection and savings. A lump sum payment to the policyholder at the end of the maturity date or at face value in the event of the policyholder’s death during the policy term. Points are available for such programs.

Death Benefit: In the event of the policyholder’s death within the policy term, the sum assured will be paid to the candidate along with simple amendments and final bonuses (if any). A death benefit will only be paid if the insurance premium is paid in full.

Maturity Benefit: Maturity Benefit, i.e. sum insured, will be given to the policyholder along with simple amendments and final bonus (if any) if the policy is still in force.

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LIC of India’s Single Premium Endowment Plan is a participating, non-affiliated endowment plan. This is a traditional savings plan that provides death and maturity benefits as well as bonuses.

Maturity Benefit: The policy terminates when the policyholder survives the term. The sum insured is issued with simple modifications and eventual additional bonuses (if any).

Death benefit: If the insured dies before the risk begins, only the single premium will be refunded. The insurance amount will be paid together with the bonus (if any) after the risk has started.

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Surrender Value: Policyholders receive 70% of premiums when they surrender their policy within the first year. 90% of single donations are paid from the second year onwards.

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The LIC New Endowment Plan is a participating, unaffiliated giving plan that offers a good mix of protection and savings. The plan pays out as a lump sum during the policy term and provides families with financial security in case the policyholder passes away before the policy term ends. Also, you can get a loan under this scheme.

Redemption Benefit: The principal sum assured is paid together with dividends (if any) during the policy term.

Death Benefit: If the policyholder dies before the policy expires, the sum assured will be paid along with bonuses, if any. Under this type of savings plan, the death benefit is at least 10 times the basic sum assured or the annual premium or 105% of the total death premium.

Riders: With this type of plan, riders are available in the event of accidental death and disability. If the policyholder purchases riders at the same time as the basic insurance plan, the additional sum insured will be paid to the beneficiary if the policyholder dies within the validity period.

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New Jeevan Anand’s LIC in India is a combination of savings and protection. The plan provides coverage until the death of the insured, even after the maturity date. As such, this plan is ideal for investors looking for a savings vehicle while still getting the protection they need.

Simple Amendment Bonuses: LIC New Jeevan Anand plans to participate in company profits by accumulating Simple Amendment Bonuses, which are paid out to policyholders at the end of the policy term. This bonus is provided subject to payment of all premiums. The final additional bonus is provided under the plan in the year in which the policy results in a death claim or when the policy expires.

Death benefit: If the policy owner dies within the policy term, the nominee will be provided with a death benefit in the form of a death sum assured greater than 125% of the basic sum assured or 10% of the annual premium times, if any. If the insured dies at any time after the policy period, the basic sum assured will be paid.

Lic Life Insurance Policy Status

Redemption Assistance: Policyholders are eligible for Redemption Assistance if all premiums due have been paid. Guaranteed principal as well as simple cashback bonuses and eventual extra bonuses (where available) are also available.

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Riders: By paying an additional premium, the policyholder can increase the coverage under LIC Jeevan Anand. Additional insurance such as accidental death and disability can be selected along with this policy.

LIC by Jeevan Rakshak of India is a participatory giving scheme that provides death and maturity benefits, offering the right mix of protection and savings. Premiums for such plans must be paid before the policy ends. At the end of the lifetime, the principal sum insured is transferred to the policyholder along with loyalty bonuses (if any).

The policy participates in the life insurance company’s profit, the loyalty bonus accrued in the 5th policy year or after death or the end of the policy period.

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