Life Insurance Corporation of India LIC

Life Insurance Corporation of India Overview : Started operations on 1st September 1956, LIC is an insurance and investment company by Government of India. LIC of India is the largest, oldest and most trusted insurance brand in India with 13.5 lakhs active agents. LIC IPO is coming soon. They have products like term plans, pension plans, investment plans and health plans.

LIC Of India Wikipedia - Paisa kaudi
LIC Of India Wikipedia – Paisa kaudi

Chairman and Contact Details of LIC of India

ChairmanMr. M.R Kumar
Corporate Office AddressLife Insurance Corporation Of India, Central Office,
Yogakshema, Jeevan Bima Marg, Nariman Point,
Mumbai – 400 021
Contact No.022 6827 6827
Employee count1,14,000+
LIC Website

LIC Term Insurance Plans

Term insurance is the most simplest and purest form of life insurance one can have to financially protect their family. LIC always provides the most suitable products that can fit your requirements.

Lets, check the list of term insurance plans from LIC of India. Click on any plan to get the detailed review on it.

Product NameTable No.UIN No.
LIC Tech Term854512N333V01
LIC Jeevan Amar855512N332V01
LIC Saral Jeevan Bima859512N341V01
LIC Term Insurance Plans – Paisa Kaudi

Claims process of LIC

Claim process is a procedure through which claim is authenticated and claim amount is disbursed to policyholder or nominee. Every company has different steps to process the claims. The LIC claim process is easy and simple.

Get the LIC claims process Guide in detail

LIC Claim Settlement Ratio

It is the percentage of claims settled out of the total number of claims filed in a financial year. Higher the percentage, better is the insurer.

For example : Let’s suppose LIC has received 100 claims in a financial year and he settles 90 in the same financial year. So the claim ratio of LIC will be (90/100) x 100 = 90% for the same financial year.

LIC Claim settlement ratio of last 5 years

YearClaim Ratio
2020-2198.62 %
2019-2096.70 %
2018-1997.79 %
2017-1898.04 %
2016-1798.31 %

LIC Claim Settlement Ratio Trend 2006 to 2022 >

LIC of India Market share

It is the percentage of New business (First year + Single) premium received out of the total new business premium received by all life insurance companies.

LIC Market share of last 5 years

YearMarket Share
2020-2166.17 %
2019-2068.76 %
2018-1966.24 %
2017-1869.40 %
2016-1771.11 %

Bonus Rates of LIC

Every year LIC declares bonus rates for its policies which participate in profits. LIC declares these bonuses in the form of Simple reversionary bonus (SRB), Final additional bonus (FAB), Loyalty bonus (LB), Guaranteed addition (GA) etc.

Get Bonus Rates of All LIC Policies

LIC Branch Locator

We have made a list of LIC branches in top 10 cities i.e Mumbai, New Delhi, Bengaluru, Chennai, Gurgaon, Pune, Hyderabad, Ahmedabad, Kolkata and Lucknow. You will find addresses with contact details of every branch in the city mentioned above. Click below to get the details.

Find LIC Branch Near Me

LIC Office Holiday 2022 Calendar

Coming soon

LIC of India FAQs

What happens if I stop paying the premium after 1 year?

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 5 consecutive years from the date of first unpaid premium but before the end of policy term. For revival you will have to pay all the arrears of premium with interest at a rate which will be declared by the corporation.

What is the meaning of the LIC slogan “योगक्षेमम् वहाम्यहम”?

It means “Your welfare is our responsibility”

Who is the CEO of LIC?

Mr. M.R Kumar is the chairman of LIC.

LIC started in which year?

The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956

Who started LIC?

Government of India

Where is the headquarters of LIC?

Life Insurance Corporation Of India, Central Office, Yogakshema, Jeevan Bima Marg, Nariman Point, Mumbai-400 021

Which is the best LIC term insurance?

LIC Tech Term Plan, LIC Jeevan Amar and LIC Jeevan Saral are the term plans with LIC.

How long does it take for LIC death claim?

As per IRDAI, insurers should settle the death claim within 30 days.

List of All Life Insurance Companies in IndiaClick Here
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This covers all the topics on LIC. Please comment if you need any further information on this.

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