Life Insurance Corporation of India
Life Insurance Corporation of India (LIC) is an old life insurance company in India. It is also the insurer with the largest customer base. The company was formed on 1st September, 1956, with the objective to spread life insurance across a wider swathe of the country.
LIC started with 5 zonal offices, 33 divisional offices and 212 branch offices in 1956. Now the company has expanded to have a branch office at each district headquarters in the country. It has 2048 fully computerized branch offices, 100 divisional offices and 7 zonal offices.
MoneyBack Plan
Bima Bachat| Eligibility | Description |
|---|---|
| Minimum Sum Assured | |
| Maximum Sum Assured | No Limit |
| Minimum Entry Age | |
| Maximum Entry Age | |
| Maximum Maturity Age | 75 years |
| Paying Term | Not applicable |
| Payment Frequency | DNA |
| Feature | Description |
|---|---|
| Surrender Value | DNA |
| Death Benefit | DNA |
| Guranteed Bonus | Presently the rate of interest is 9% p.a. payable half-yearly |
| Premium Waiver | DNA |
| Accidental Death Benefit | DNA |
| Survival Benefit Years | 1) For a term of 9 years end of every 3rd and 6th policy year 2) For a term 12 years at the end of every 3rd, 6th and 9th policy year 3) For a term 15 years at the end of every 3rd, 6th, 9th and 12th policy year |
| Survival Benefit Percent | 1) For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year 2) For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year 3) For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year |
| Annual Bonus | DNA |
| Maturity Benefit | If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any |
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