Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance group and investment corporation owned by the Government of India.
The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.
A very well known LIC’s slogan yogakshemam vahaamyaham is in Sanskrit which means “Your welfare is our responsibility”.
The contract is valid for payment of the insured amount during:
» The date of maturity,
» Specified dates at periodic intervals,
» Unfortunate death, if it occurs earlier.
Different kinds of life insurance.
| Term life insurance | A popular life insurance policy option. These have a set expiration date and are a cheaper, more popular option. |
| Whole life insurance | A form of permanent life insurance that has a premium and cash value. These are typically more expensive and complex, but can satisfy specific needs, like large estates or inheritances. |
| Death benefit | The amount paid to beneficiaries when a policyholder dies. |
| Beneficiary | The person(s) who receive the death benefit. They are selected by the policyholder. |
| Premium | The regular payment made toward the insurance policy. These are typically monthly. |
| Cash value | A tax-deferred savings account that are included in permanent life insurance policies. |
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Documents required to buy a new LIC policy
- Age proof ( any 1)
School leaving certificate, passport, pan card, driving license, aadhar card with full date of birth.
- Address proof (any 1)
Passport, driving license, , voter Id, ration card, utility bills (telephone bill/gas bill/mobile postpaid bill/credit card bill), bank passbook Xerox, bank statement, rental agreement, etc.
- Photo ID proof (any 1)
Passport, pan card, aadhar card, etc.
- Income proof (any 1)
Salary slips, 3 month bank statements, Form 16, last 3 years income tax returns.
5 One passport size photo.
6 Cheque on the name of “Life Insurance Corporation of India/LIC of India” towards policy premium. One more cancelled cheque leaf for NEFT registration for new/existing life insurance policy.