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Life Cover

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Retirement

Types of Policies

Here are a few Policies sold under life Inurance

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Here's a breakdown of LIC's policy categories. Note that LIC frequently launches/withdraws specific named plans (regulations from IRDAI force periodic revisions), so I'll focus on the categories, which are stable, and mention that exact current plan names are best verified on licindia.in.

1. Term Insurance Plans
Pure protection — high cover, low premium, no maturity benefit if you survive the term.

e.g., LIC's Digi Term, Tech Term, Jeevan Amar (exact names change periodically)

2. Endowment Plans
Combines insurance + savings — pays sum assured + bonus on maturity if you survive, or to nominee on death.

e.g., LIC's New Endowment Plan, Jeevan Lakshya, Jeevan Labh

3. Whole Life Plans
Covers the insured for their entire life (not a fixed term), payable to nominee whenever death occurs.

4. Money-Back Plans
Pays out a percentage of sum assured at periodic intervals during the policy term (not just at maturity/death) — good for those wanting periodic liquidity.

e.g., LIC's New Money Back Plan (20/25 year variants)

5. Pension/Retirement Plans
Builds a corpus for retirement, then pays regular annuity/pension income.

e.g., Jeevan Akshay, Saral Pension, New Jeevan Shanti

6. ULIPs (Unit Linked Insurance Plans)
Market-linked — part of premium goes to insurance, part invested in equity/debt funds. Returns vary with market performance.

e.g., LIC's Nivesh Plus, SIIP

7. Child Plans
Designed for children's future needs (education, marriage) — payouts timed around key milestones.

e.g., LIC's New Children's Money Back Plan, Jeevan Tarun

8. Micro Insurance Plans
Low-premium, low-sum-assured plans for economically weaker/rural sections.

9. Group Insurance Plans
Covers a group (employees, members of an organization) under a single master policy — cheaper per-person cost.

10. Health/Riders (add-ons, not standalone LIC health insurance)
LIC doesn't sell standalone comprehensive health insurance (that's Star Health, HDFC Ergo, etc.) — but offers riders like Accidental Death Benefit, Critical Illness, Premium Waiver that attach to a base life policy.

⚠️ Important note: LIC periodically withdraws and relaunches specific plans to stay compliant with IRDAI regulations — plan names change often even though these categories stay the same. Please speak to +91 8861468078 for latest detail on what policy you are looking for..

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