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LIC Full Form

LIC is a state-owned insurance group and the largest Insurance Company in the country. LIC’s tagline is ‘Zindagi Ke Saath Bhi Zindagi Ke Baad Bhi’. Read the article fully to understand LIC full form and to get all other information about the Insurance Corporation.

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LIC Full Form

LIC Full Form is Life Insurance Corporation of India. It is a public limited insurance company, and it offers various insurance and investment schemes. LIC was founded in 1956, and it is the country’s oldest and largest Insurance Company The Life Insurance of India Act was passed by the Parliament in 1956, which resulted in the nationalisation of private insurance companies. The head office of LIC is in Mumbai.

Besides various insurance and investment plans, LIC is also offering housing finance that helps individuals to fulfil their dream of owning a house. The slogan of LIC is ‘Yogakshemam Vahamyaham’, which means ‘Your welfare is our responsibility’. True to its slogan LIC has, over the years, designed various insurance and investment schemes keeping in mind the welfare of its customers.

Products of LIC

There are various insurance and investment products of LIC. The details are given below.

  • Life Insurance
  • Health Insurance
  • Investment Management
  • Mutual Fund

All you need to know about LIC

  • LIC was established in 1956, subsequent to the Parliament passing the Life Insurance of India Act.
  • The head office of LIC is in Mumbai.
  • There are 8 Zonal Offices, 118 Divisional Offices, and 2000 branches of LIC spread all over the country.
  • There are over 14 lakhs LIC agents promoting the business throughout the country.
  • There are over 290 million LIC policyholders.
ZoneLocation
NorthDelhi
SouthKolkata
EastMumbai
WestChennai
CentralBhopal
North CentralPatna
South CentralHyderabad
East CentralKanpur

Subsidiaries of LIC Full Form-Life Insurance Corporation of India

The Subsidiaries of LIC are:

  • IDBI
  • LIC Housing Finance
  • LIC International Limited
  • LIC Pension Fund Limited
  • LIC Card Services Limited
  • Insurance Corporation Mutual Fund Limited

Administrative Structure of LIC

There are 114498 employees in LIC as per the statistics of 2020. The organisational structure of LIC is given below  
Chairman-Mr Kumar M R  
Managing Director-Smt Ipe Mini, Mr Mukesh Gupta, Mr Siddharth Mohanty and Mr Rajkumar  
Class I officers: 32433  
Class 2 officers: 24388  
Class 3 and 4 officers: 51677

Life Insurance Products of LIC?

The different Life Insurance Products of LIC are:

Endowment Plan

The various schemes under the Endowment Plan are

  • LIC's Bima Jyoti
  • LIC's Bachat Plus
  • LIC's New Endowment Plan
  • LIC's Single Premium Endowment Plan
  • LIC's Jeevan Labh
  • LIC's Aadhar Shila
  • LIC's New Jeevan Anand
  • LIC's Aadhar Stambh
  • LIC's Jeevan Lakshya

Whole Life Plan

There is only one scheme under the Whole Life Plan, and that is LIC's Jeevan Umang.

Money-Back Plan

The various schemes under the Money-Back Plan are

  • LIC's New Money-Back Plan-20 years
  • LIC's New Money-Back Plan-25 years
  • LIC's Jeevan Umang
  • LIC's Dhan Rekha
  • LIC's New Children Money-Back Plan
  • LIC's New Bima Bachat
  • LIC's Jeevan Tarun
  • LIC's Bima Shree
  • LIC's Jeevan Shiromani

Term Assurance Plan

The various schemes under Term Assurance Plan are

  • LIC's Jeevan Amar
  • LIC's Tech Term
  • LIC's Saral Jeevan Bima

Rider

The following are the Riders, i.e., additional coverage and protection against risks for an additional cost. These terms are effected along with your basic policy.

  • LIC's Accidental Death and Disability Benefit Rider
  • LIC's Linked Accidental Death Benefit Rider
  • LIC's New Critical Illness Benefit Rider
  • LIC's Premium Waiver Benefit Rider (With Auto Cover)
  • LIC's New Term Assurance Rider

Health Insurance Products of LIC

The products under LIC Health Insurance are

  • LIC's Arogya Rakshak
  • LIC's Cancer Cover

LIC Mutual Fund  
The following are the various LIC Mutual Fund Plans:

  • LIC MF Tax Fund
  • LIC MF Infrastructure Fund
  • LIC MF Large and Mid Cap Fund
  • LIC MF Large Cap Fund
  • LIC MF Liquid Fund
  • LIC MF Debt Hybrid Fund
  • LIC MF Index Sensex Fund
  • LIC MF Overnight Fund
  • LIC MF Government Securities Fund
  • LIC MF Index Nifty Fund

How to buy LIC Policy?

You can buy a LIC Policy through LIC Agents who are spread over the country. If you do not want the hassle of finding an agent to get a policy, you can do it online with a few clicks.

To make the purchase of LIC policy convenient, LIC has provided an online portal through which you can purchase the LIC policy with a few clicks. You will have to register yourself for e-Services on the Customer Portal. After registration, you will have to fill up a simple form, make the payment online through net banking, and your request for the purchase of a policy will be complete.

An online policy will be more economical than an offline policy, as you will be eligible for various rebates. The policies on which you can get an online discount are LIC Jeevan Akshay VI, LIC Navjeevan, LIC Jeevan Shanti, LIC Cancer Cover and LIC E-Term. The policy for which the online discount is not applicable is Pradhana Mantri Vaya Vandana Yojana.

Procedure for investing in LIC Mutual Fund

Follow the simple steps for online investment in LIC Mutual Fund.

  • Existing customers can log in to their Grow Account. 
  • New Customers have to register for Grow Account.
  • You will have to upload any of the ID Proofs like Adhar Card, PAN, Voter's ID etc.
  • Upload any one of the address proofs like Aadhar Card, Passport, Driving Licence etc
  • On completion of the upload of documents, the customer can choose the period of investment from the options provided.
  • The next step will be choosing the investment plan according to the risk appetite.
  • Choose the best LIC Mutual Fund as per your preference.
  • Click on 'Start SIP' if you want to invest in SIP. Else choose the 'Invest One Time' option for a lump-sum investment.
  • It will take 3 to 4 working days for the mutual fund purchased to reflect in the Groww Account of the customer.

Conclusion

This article has provided you with an insight into the LIC Full Form and elaborate details of the various products of LIC. Procedure for purchase of LIC policy and investment in Mutual Plan have also been dealt with. Now with the available information, you will be easily able to buy a Life Insurance Policy and invest in LIC Mutual Fund online. You can now avoid the hassle of finding a LIC Agent to buy an Insurance Policy. Also, you can avail of the benefit of discounts by purchasing the LIC Life Insurance Policies online.