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In India, Life Insurance Corporation (LIC) is the first name that comes to mind when thinking about life insurance. Established in 1956 under the Life Insurance Act, LIC of India is one of the country's largest financial institutions.
Before LIC of India was established, India had several private insurers. In 1956, LIC was formed by merging 154 life insurance companies, 75 provident societies, and 16 foreign insurers. Today, it remains a key player in India’s life insurance sector.
Life Insurance Corporation of India is largely a life insurance company that pledges life cover to the assured in case of their unfortunate demise. Besides life insurance, LIC of India also offers health insurance, pension plans and micro insurance.
The table below will give you a detailed insight into LIC of India:
| Particulars | Details |
|---|---|
| Year of Inception | 1956 |
| Claim Settlement Ratio (CSR) | 98.52% |
| Ownership | Government of India |
| Number of companies merged |
|
| Global Presence | In 14 countries, such as the United Kingdom, Mauritius, Fiji, Nepal, Singapore etc. |
| Number of Offices | Over 5000 |
| Types of life insurance cover |
|
| Number of lives Covered | 414.18 million (FY 2023-24) |
A life insurance plan refers to a policy that guarantees the payment of a sum amount if the life assured passes away during the policy tenure. LIC of India pledges to pay an agreed sum amount to the nominee if the life assured dies during the policy tenure. The policyholder (who may also be the life assured) pays a premium for this.
LIC of India offers four types of life insurance, including various policies. These are:
Note: Some of these policies also offer the option of riders like Accident Benefit Rider, LIC of India's Premium Waiver Benefit Rider, etc.
Since its inception, LIC has continued to present unmatched trust, reliability, and security to families.
LIC has come a long way in offering a wide range of life insurance policies to meet the varying requirements of individuals.
LIC of India also has a history of a high claim settlement ratio of 98.52% (released in 2024 for FY22-23), further increasing the trust among individuals.
Some life insurance policies, such as endowment plans, unit-linked plans, money-back plans, etc., have maturity benefits. In these plans, if the life assured survives the entire policy tenure, the maturity benefit would be paid, and the policy would be terminated. The insurer sends an intimation about 2 months before the maturity date. If required, The policyholder must sign the discharge form along with certain documents, such as the original policy bond and KYC documents, along with a cancelled cheque for bank payout. The insurer processes the payment if all conditions are met without any unnecessary delays.
Life insurance is no longer just an option, it’s almost a necessity. With multiple policies available, selecting the right one can be overwhelming. At Jio Insurance Broking, we simplify the process and help you make an informed decision with the following benefits:
We believe in a clear and straightforward process, ensuring you understand every detail before purchasing a policy. There are no hidden terms—just the information you need to choose confidently.
Finding the right policy shouldn’t be complicated. At Jio Insurance Broking, you can compare different insurance plans, evaluating benefits, premiums, and coverage to make the best choice for your needs.
Securing a life insurance policy shouldn’t take endless paperwork and long wait times. Our streamlined process ensures you get insured quickly and with minimal effort.
Our expert advisors are always available if you need help understanding policy terms, claim processes or selecting the right coverage.
LIC of India offers four different types of life insurance policies. These are:
You can check your LIC policy status by logging in with your username and password at the official portal for customers at ebiz.licindia.in. Here, you can get all the details of your premium, policy status, loan and claim status. Alternatively, you could send a WhatsApp message to +91-8976862090, and the bot would send you prompts for your assistance. You could get your details, such as premium due, policy status, loan and claim status, bonus information, etc.
Jio Insurance Broking Limited
IRDAI License No: 347,
Direct Broker (Life & General),
Valid upto: 11/03/2028
(Renewable)
U67200MH2006PLC165651
1st Floor, Building - 4NA, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051
Discount is offered by the insurance company as approved by IRDAI for the product under file & use guidelines.
Insurance is a subject matter of the solicitation. For more details on policy terms, conditions, exclusions, limitations, please refer/read policy brochure carefully before concluding sale.
© 2025 Jio Insurance Broking Ltd. All rights reserved.
Jio Insurance Broking Limited
IRDAI License No: 347,
Direct Broker (Life & General),
Valid upto: 11/03/2028
(Renewable)
U67200MH2006PLC165651
1st Floor, Building - 4NA, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051
Discount is offered by the insurance company as approved by IRDAI for the product under file & use guidelines.
Insurance is a subject matter of the solicitation. For more details on policy terms, conditions, exclusions, limitations, please refer/read policy brochure carefully before concluding sale.
Copyright © 2025 Jio Insurance Broking Ltd.
