Buying life insurance is an important decision that you will never regret. But, where do you start? In this article, we will help you to purchase (Life Insurance Corporation) LIC policies in India and also look at some of the best Policies.

What is Life Insurance Corporation of India?

Life Insurance Corporation of India (LIC) was established in 1948 as a public sector undertaking. LIC is one of the largest life insurance companies in the world with assets under management of Rs 2,047,712 crore as on 31 March 2018. LIC has over 1,379 branches across India and offers a range of products and services to its customers.

Requirements to Purchase policies from LIC:

• The customer must be a resident of India
• The customer must be 18 years or older
• Also, The customer must have an Aadhaar card or an Indian national identity card.
• Further, the customer must have a bank account with a minimum balance of Rs 10,000.
• Additionally, the customer must provide two passport-size photographs.
• Policies can be bought through LIC’s online portal or via its call centers.

How to purchase LIC (Life Insurance Corporation) policies?

In India, LIC policies are the most popular form of life insurance. They are affordable, reliable as well as they provide comprehensive cover.

The process of purchasing LIC policies in India can be a little confusing if you don’t have prior experience or knowledge of the Indian system. There are a few things to keep in mind before you start:

– You need to be aware of the different types of LIC policies available before you purchase. These include assured and non-assured plans. An assured plan is a good option for people who want more security and peace of mind, because it offers higher coverage levels and premium discounts.

Non-assured plans are less comprehensive but are typically cheaper.

– You also need to decide which state you live in. The policies offered by LIC vary depending on the state you reside in. For example, some states offer more products than others. It’s important to research which states have the products that fit your needs and budget.

– Finally, you’ll need to decide on your policy term and premium amount. Policy terms range from 10 years to whole lifetime and premiums can be expensive (ranging from Rs 2,000 to Rs 50,000 depending on the plan). So, It’s important to compare policies and find one that meets your needs and budget.

Once you have all of the information you need, the process of purchasing a LIC policy in India can be straightforward. Here are a few tips to help you along the way:

Start by looking online or through magazines and newspapers

There are many lic policies available through these channels, so it’s important to do your research to find the best option for you.

Speak to a lic agent in person.

Lic agents are knowledgeable about the products and can help you compare policies and also determine which one is right for you.

Pay attention to premium discounts and offers that are available

Many LIC policies offer significant premium discounts if you purchase them through certain channels (such as via phone or internet). Keep an eye out for these offers, and take advantage of them when possible.

How to select Best Life Insurance Policies?

When it comes to purchasing life insurance policies, there are a few things that you should keep in mind. First, you should select the best policy for your needs. Second, make sure that the policy has the appropriate coverage. And lastly, make sure that the company you are purchasing from is reputable and reliable. Here are a few tips on how to purchase LIC plans in India:

1. First and foremost, you need to decide what type of life insurance policy you need. There are two main types of policies: term and permanent. Term policies typically have a shorter duration (usually around 10 years), while permanent policies have a lifespan of lifetime.

2. Next, you’ll need to decide what type of coverage you want. There are three main types of coverage: accident, income protection and critical illness. Accident coverage pays out if you are catastrophically injured in an accident, while income protection covers your income if you can’t work due to an illness or injury. Critical illness coverage pays out if you contract a serious illness or die as a result of the illness.

3. Once you’ve determined what type of coverage you need and selected the policy, it’s time to choose the company. There are a few things that you should look for when selecting a life insurance provider: reputation, customer service and rates. Make sure to do your research and select a company that you trust.

What are the best LIC (Life Insurance Corporation) Policies in India?

LIC Policies	Plan Type	Entry Age	Max Maturity Age	Policy Term	Sum Assured
LIC SIIP Plan	Unit-linked insurance plan	90days-65 years	85years	10-25 years	7-10 times the annual premium
LIC Bhim Jyoti Plan	Endowment Plan	90days-60 years	75 years	15-20 years	Min- Rs. 1,00,000 Max- No upper limit
LIC New Jeevan Anand	Endowment Plaan	18years- 50 Years	75 years	15 Years- 35 years	Min- Rs.1,00,000 Max- No upper limit
LIC Jeevan Labh	Traditional savings plan	8 years – 59 years	75 years	16, 21, or 25 years	Min- Rs.2,00,000 Max- No upper limit
LIC Jeevan Umang	Whole Life Insurance	90days-55 years	100 years	100 years minus the age at entry	Min- Rs.2,00,000 Max- No upper limit

Things to know before Purchasing Life Insurance

If you are thinking of buying life insurance in India, there are a few things you should know beforehand.

In India, life insurance is regulated by the Life Insurance Corporation of India (LIC). LIC is a government-owned organization that oversees all life insurance products in the country.

Before purchasing life insurance from a life insurance company, it is important to understand the different types of plans available and their associated costs. The three most common types of plans are term, whole life, and universal life. Term plans usually have a shorter duration, while whole life and universal life plans offer investors longer-term protection. Each plan has its own associated costs and benefits.

To purchase a life insurance policy from a life insurance company in India, you will need to provide certain information, such as your age, gender, occupation, and current income. You will also need to provide evidence of your assets and liabilities. Once you have completed the required paperwork, the company will provide you with an estimate of the cost of your policy.

It is important to remember that not all life insurance policies are created equal. Before investing in any type of life insurance policy, be sure to read the policy carefully and understand the associated risks.