Life Insurance Corporation (LIC) Plans: Who Qualifies and What You Get
Learn how LIC plans provide life cover and savings options for citizens in India, and what you need to disclose during your application.
These plans are financial products designed to provide individuals with a combination of life insurance coverage and savings options.
Who it's for
These plans are available to any citizen.
What you get
Depending on the specific plan you choose, these products provide life cover to protect your family and opportunities to build savings over time.
What it costs you
You will need to pay regular premiums, typically on an annual basis, to keep your coverage active.
The catch to know
When applying, you must be completely honest about your occupation. Certain jobs, such as those in aviation, are often classified as high-risk, so you must disclose these details during the underwriting process (the stage where the provider assesses your risk).
How to apply
- Research the different types of plans to see which fits your savings and protection needs.
- Contact an agent or visit an official office to begin the application.
- Provide the necessary personal details and disclose your occupation accurately.
- Complete any required medical checks and pay your initial premium.