Life Insurance Corporation of India (LIC)
Your definitive, non-promotional guide to India’s largest insurer[cite: 7]—covering active plans, claim settlement facts, corporate scale, and digital services[cite: 7, 50].
What Every Policyholder Should Know About LIC
For any family or individual purchasing life insurance, marketing statements matter far less than audited financial backing, claim settlement execution, and reach[cite: 7, 35]. Here are the audited facts from LIC’s investor disclosures[cite: 7, 14, 18, 26]:
The Sovereign Pillar: Why Indian Families Rely on LIC
Life Insurance Corporation of India was established on September 1, 1956 by an Act of the Indian Parliament (Section 3, LIC Act, 1956)[cite: 7, 24]. Unlike private insurers where claims are exclusively backed by corporate balance sheets, Section 37 of the LIC Act provides an explicit sovereign guarantee on all sum assured amounts and declared bonuses declared by the Corporation. With a dominant 56.66% market share in premium and 65.16% share in policies[cite: 7, 16], it remains the largest life insurer in the nation[cite: 7].
Current LIC Plans Catalogue
Filter or search through all currently active policies available on the official licindia.in portal[cite: 24, 52]. Click on any highlighted plan to read the full breakdown on SumAssured.in.
| Category | Active Plans (Name & Table No.) | Who Should Pick This? |
|---|---|---|
| Pure Protection (Term) | Digi Term 876 New Tech-Term 954 New Jeevan Amar 955 Yuva Term 875 Bima Kavach 887 Saral Jeevan Bima 859 Digi Credit Life 878 Yuva Credit Life 877 Jeevan Raksha 894 | Primary income earners needing large cover at minimal cost to safeguard home loans and dependants’ living standards[cite: 25]. |
| Endowment & Savings | New Jeevan Sathi 888/889 Bima Platinum 770 New Jeevan Anand 715 Jeevan Labh 736 Jeevan Lakshya 733 Bima Jyoti 760 Bima Lakshmi 881 New Endowment Plan 714 Single Premium Endowment 717 Amritbaal 874 | Families seeking 100% safe capital appreciation, guaranteed additions, or disciplined funding for higher education[cite: 24, 25, 52]. |
| Whole Life Insurance | Jeevan Utsav 771 Jeevan Utsav Single Premium 883 Jeevan Umang 745 | Individuals wanting lifelong cover (up to age 100) plus regular guaranteed survival payouts (e.g. 10% Sum Assured annually)[cite: 25, 52]. |
| Money Back Plans | Money Back 20 Years 720 Money Back 25 Years 721 Bima Shree 748 New Children’s Money Back 732 Jeevan Tarun 734 | Investors who need periodic milestone liquidity every few years while maintaining active death benefit protection[cite: 25]. |
| Retirement & Pension | Jeevan Akshay – VII 857 New Jeevan Shanti 858 New Jeevan Dhara – II 872 Saral Pension 862 Smart Pension 885 | Retirees or professionals wanting to lock in fixed lifelong monthly/annual pensions on single or joint life terms[cite: 24, 25, 52]. |
| Market Linked (ULIPs) | Index Plus 873 SIIP (Systematic Investment) 752 Nivesh Plus 749 Protection Plus 886 New Pension Plus 867 | Investors seeking equity/index participation with life risk cover and zero fund switching charges[cite: 25, 52]. |
| Health & Micro Plans | Health Shield 908 New Cancer Cover 905 Micro Bachat 751 Pradhan Mantri Jeevan Jyoti Bima (PMJJBY) | Defined cash benefits for hospital stays or cancer diagnosis, alongside low-ticket micro coverage[cite: 24, 25, 52]. |
How to Select the Right Plan Type
1. Term Assurance First
Before buying any savings or endowment plan, ensure your life is covered for 10x to 15x your annual income. Digi Term or Tech Term provides high cover at low cost[cite: 25].
2. Guaranteed Endowments
Ideal for zero-risk milestones like children’s college admission fees (Amritbaal, Jeevan Lakshya) where capital loss cannot be risked in equities[cite: 25, 52].
3. Lifelong Annuity
Convert your PF, gratuity, or retirement corpus into an immediate lifetime income stream using Jeevan Akshay-VII or deferred via Jeevan Shanti[cite: 25, 52].
Digital Servicing: Skip Branch Queues
LIC policyholders no longer need to physically visit branch offices for standard policy transactions[cite: 50, 54, 56]:
MyLIC Customer App
Rated 4.56/5[cite: 50], MyLIC allows instant online premium payment, loan status checks, premium-paid certificate downloads for 80C, and address modification[cite: 48, 54].
WhatsApp Official Bot
Over 2.42 Crore customers use LIC’s verified WhatsApp service (+91-8976862090) to download receipts and check loan eligibility in seconds[cite: 50].
ANANDA & docQ
Enables paperless policy issuance using secure Aadhaar-based e-KYC validation without physical paperwork[cite: 48, 51, 56].
LIC Operational Strength (FY26 & Q1 FY27 Disclosures)
| Performance Indicator | Audited Figure | What It Means for Policyholders |
|---|---|---|
| Assets Under Management (AUM) | ₹59,39,384 Crore (Q1 FY27)[cite: 14] | Unmatched institutional balance sheet guaranteeing policy commitments[cite: 7, 14]. |
| Total Premium Income (FY26) | ₹5,35,984 Crore[cite: 16] | Represents healthy continuing cash flows and high policyholder trust[cite: 16]. |
| Profit After Tax (PAT) | ₹57,419 Crore (FY26)[cite: 18] | Robust corporate profitability reinforcing overall financial health[cite: 18]. |
| Active Agency Workforce | 14.57 Lakh Agents[cite: 7, 26, 32] | Over 44% of India’s entire life insurance agent network works for LIC[cite: 7, 30, 32]. |
Frequently Asked Questions
Does LIC really have a government sovereign guarantee?
Yes. Under Section 37 of the Life Insurance Corporation Act, 1956, the sum assured and all bonuses declared by LIC are backed by the Government of India[cite: 7, 24].
What is the difference between Participating (Par) and Non-Participating (Non-Par) plans?
In a Participating plan (e.g., Jeevan Anand[cite: 25]), you share in LIC’s annual profits via reversionary bonuses[cite: 24, 25]. In a Non-Participating plan (e.g., Jeevan Utsav, Bima Jyoti[cite: 25]), returns or additions are fixed and guaranteed in the policy document from Day 1[cite: 24, 25].
How can I submit my Digital Life Certificate (Jeevan Pramaan) for LIC pension?
You can use LIC’s dedicated Jeevan Saakshya mobile application to submit your existence certificate digitally using facial authentication or Aadhaar from home[cite: 51].
Can I take a loan against my LIC policy?
Yes, all traditional endowment, whole life, and money back plans that have acquired surrender value allow policy loans, with repayment and interest servicing manageable directly via the MyLIC app[cite: 48, 54].
Data compiled directly from LIC Corporate Presentation (Q1 FY27 / FY 2025-26)[cite: 3, 16], IRDAI Annual Reports[cite: 6, 22], and the official portal at licindia.in[cite: 24].
SumAssured.in Editorial Policy: This portal provides neutral analytical content to help citizens make informed insurance choices. We do not sell policies or collect premiums directly.