Life Insurance Corporation of India (LIC)

About Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) is a government-owned life insurance company established in 1956 and headquartered in Mumbai. It is India’s largest life insurer and one of the most trusted brands in the country, offering a wide range of life insurance products that cater to protection, wealth creation, retirement planning, children’s future and more.

LIC’s core mission is to enhance the quality of life of people by providing financial security through competitive insurance products and services, while contributing to economic development.

Most Popular Plans of Life Insurance Corporation of India (LIC)

The following are some of the most popular LIC plans in India in 2026:

Benefits of Choosing LIC

Listed below are the benefits of choosing Life Insurance Corporation of India (LIC) plans -

1. Financial Security for Family: Life cover ensures your loved ones are financially secure in case of the unexpected.
2. Wealth Creation & Savings: Many LIC plans combine protection with long-term savings and growth potential.
3. Tax Benefits: Premiums and benefits may qualify for tax deductions and exemptions under Sections 80C and 10(10D) of the Income Tax Act.
4. Flexible Premium Options: Choose a premium payment frequency that fits your budget (annual, monthly, etc.).
5. Loan Facility: Get policy loans against the surrender value when you need funds.
6. Wide Product Range: LIC has plans for every life stage — young adults, families, children, retirement and more.

Tax Benefits of LIC

LIC policies help you save tax while securing your future:

• Section 80C: Premiums paid qualify for deduction up to ₹1.5 L per year.
• Section 10(10D): Maturity proceeds and death benefits are typically tax-free, subject to conditions under the Income Tax Act.

How to File LIC Claim?

Step 1: Identify the Type of Claim

Before starting, understand which LIC claim applies:

• Death Claim – In case of policyholder’s death
• Maturity Claim – When the policy completes its term
• Survival Benefit Claim – Money-back policies
• Rider Claim – Accidental, disability, or critical illness riders

Step 2: Inform LIC Immediately

• Visit the nearest LIC branch or
• Inform the LIC agent who sold the policy

For death claims, early intimation is important, even if documents are submitted later.

Step 3: Collect the Required Documents

For LIC Death Claim

• Original Policy Document
• Claim Form (Form 3783)
• Death Certificate (original or attested copy)
• Nominee’s ID & Address Proof
• NEFT Mandate Form (bank details)
• Medical records (if required)
• FIR & post-mortem report (for accidental death)

For LIC Maturity / Survival Claim

• Original Policy Document
• Discharge Form (sent by LIC before maturity)
• Photo ID & Address Proof
• Cancelled cheque or bank passbook copy

Step 4: Submit Documents to LIC

• Submit all documents at the LIC servicing branch
• Take an acknowledgement receipt for records

LIC may ask for additional documents if verification is needed.

Step 5: Claim Verification by LIC

• LIC verifies policy details, documents, and claim history
• Early claims (within 2 years of policy start) may undergo deeper scrutiny

Step 6: Claim Settlement

• Once approved, the claim amount is credited directly to the nominee’s bank account
• LIC aims to settle complete claims within 30 days

If documents are incomplete, LIC informs the claimant promptly.

LIC Claim Settlement Time

• Maturity / Survival Claims: Usually paid on or before the maturity date
• Death Claims: Generally settled within 30 days after document submission

Important Things to Remember

• Always keep policy documents safe
• Update nominee details regularly
• Ensure bank details are correct
• Inform LIC immediately in case of death

Requirements to Buy LIC Insurance policy

You need to meet the following requirements to buy an LIC Insurance policy:

Eligibility Criteria

To buy an LIC life insurance policy, you must generally meet the following:

• Be of sound mind and legally capable of entering into a contract.
• Meet the minimum age requirement for the chosen plan.
• Fulfil any health or underwriting conditions applicable to the specific plan.
• Eligibility can vary by plan — always refer to the specific policy terms.

Documents Required

To apply for LIC life insurance:

• Proof of Identity: Aadhaar, PAN, Passport, Voter ID, etc.
• Address Proof: Aadhaar, Driving License, Utility bill, etc.
• Age Proof: Birth certificate, school leaving certificate, passport.
• Income/Bank Proof: Salary slips, bank statements (if applicable).
• Medical Reports: If required based on age/cover amount.

Document requirements differ by plan and sum assured.

Awards and Achievements of LIC

LIC’s impact and performance have earned it notable achievements:

Guinness World Record for most life insurance policies sold in 24 hours. LIC continues to be recognised for its scale, reach and trust among Indian policyholders.

More Details About Life Insurance Corporation of India (LIC)

If you are interested in learning more about LIC, then the following are the details about LIC