LIC 19 modified plans – In a significant development for the Indian life insurance sector, the Life Insurance Corporation of India (LIC) has announced the launch of 19 modified insurance products and riders, all compliant with the latest guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI). These updated offerings come into effect from October 1, 2024, aligning with the IRDAI Master Circular on Life Insurance Products, ensuring that LIC offerings are more customer-friendly and in tune with modern insurance needs.
The modifications have been designed to offer enhanced features across individual and group products, ensuring more flexibility, wider coverage, and improved benefits for policyholders. This move marks LIC commitment to staying at the forefront of the insurance industry while complying with regulatory standards.
List of LIC 19 modified plans
The individual insurance products by LIC cater to diverse customer needs, ranging from life insurance, pension plans, and endowment policies to micro-insurance. Here is a detailed breakdown of the modified individual products:
1. LIC New Pension Plus (512L347V01): This is a retirement-focused plan designed for individuals seeking financial security post-retirement. It provides policyholders with options to accumulate a corpus during their working years, which can then be converted into regular pension payments.
2. LIC Index Plus (512L354V01): A unit-linked insurance plan (ULIP) that offers market-linked returns while providing life insurance cover. The premium is invested in indices, allowing policyholders to benefit from equity market movements.
3. LIC Single Premium Endowment Plan (512N283V03): A one-time investment plan that offers a combination of protection and savings. The policy provides a lump sum amount at maturity, making it ideal for individuals looking for a hassle-free investment with life cover.
4. LIC New Endowment Plan (512N277V03): A traditional endowment policy that combines insurance protection with a savings element. Policyholders can enjoy life cover throughout the policy term and a lump sum payout upon maturity.
5. LIC New Jeevan Anand (512N279V03): A popular whole-life policy that offers dual benefits of financial protection during the policy term and a lump sum payment on survival after the policy term ends.
6. LIC Jeevan Lakshya (512N297V03): This is a targeted savings and protection plan, primarily aimed at securing the future of the policyholder’s children. It provides a lump sum amount at maturity along with additional benefits in case of the policyholder’s untimely death.
7. LIC Jeevan Labh Plan (512N304V03): A limited premium paying plan that offers both savings and protection. The policy term is flexible, making it suitable for various financial goals like marriage, education, or retirement.
8. LIC Jeevan Umang (512N312V03): This plan offers life cover along with regular annual payouts from the end of the premium paying term till the policyholder reaches 100 years of age, ensuring a steady income post-retirement.
9. LIC Micro Bachat (512N329V03): Targeted at low-income individuals, this plan provides both protection and savings. The affordable premiums make it accessible to a wide range of customers.
10. LIC Jeevan Utsav (512N363V02): A festival-specific policy designed to offer financial protection along with bonuses. It’s an attractive savings and insurance solution for those seeking a festive or celebratory investment option.
11. LIC Amritbaal (512N365V02): A child insurance plan offering financial security for the child’s future. It ensures that the child’s education and other expenses are covered, even in the absence of the parent.
12. LIC Jeevan Akshay-VII (512N337V06): A single premium immediate annuity plan that provides regular pension payouts immediately after the premium is paid. It is suitable for retirees or individuals looking for a secure income source.
13. LIC Yuva Term (512N355V01): A term insurance plan specifically designed for young individuals. It offers high coverage at affordable rates, catering to the insurance needs of the youth.
14. LIC Digi Term (512N356V01): This digital insurance product can be purchased online, offering the convenience of buying term insurance from the comfort of home. It is targeted at tech-savvy customers who prefer online solutions.
15. LIC Yuva Credit Life (512N357V01): A credit life plan that protects young borrowers by covering their outstanding loans in case of death. This plan is aimed at younger individuals with liabilities like student loans, home loans, or personal loans.
16. LIC Digi Credit Life (512N358V01): An online version of credit life insurance, it offers easy application and approval processes for individuals seeking to protect their loan liabilities digitally.
17. LIC New Tech-Term (512N351V01): This is a term insurance plan that uses technology to simplify the purchase and policy servicing process. It offers high coverage amounts at affordable rates.
18. LIC New Jeevan Amar (512N350V01): A traditional term insurance plan that provides financial protection to the policyholder’s family in case of premature death. It offers flexible premium payment options and coverage amounts.
19. LIC New Jeevan Shanti (512N338V07): A deferred annuity plan that offers both immediate and deferred pension options. It is designed for those who want to plan their retirement and ensure a steady income stream.
Also read: New Surrender Value of LIC after IRDAI Master Circular
LIC 7 modified Group Products
LIC group insurance products are designed to cater to the insurance needs of organizations, offering protection and retirement benefits to employees and members of groups.
1. LIC New Group Superannuation Cash Accumulation Plan (512N274V03): This group plan helps employers manage superannuation funds for their employees, ensuring that retirement benefits are provided.
2. LIC One Year Renewable Group Micro Term Assurance Plan (512N335V01): A renewable term plan that offers life cover to groups, particularly suited for micro-insurance segments like self-help groups or microfinance institutions.
3. LIC Group Post Retirement Medical Benefit Plan (512N352V01): A plan that provides medical benefits to employees after retirement, ensuring that their healthcare needs are taken care of during their post-retirement years.
4. LIC New Group Gratuity Cash Accumulation Plan (512N281V04): This plan helps employers manage their gratuity liabilities, ensuring timely and sufficient payouts to employees upon their retirement or exit from the company.
5. LIC New Group Leave Encashment Plan (512N282V04): This plan allows employers to provide leave encashment benefits to their employees, giving them the flexibility to convert their accumulated leave into financial benefits.
6. LIC New One Year Renewable Group Term Assurance Plan I (512N275V04): A group term insurance plan offering life cover for one year, which can be renewed annually. It is ideal for organizations seeking to offer term life insurance benefits to their employees.
7. Pradhan Mantri Jeevan Jyoti Bima Yojana (512G300V01): A government-backed life insurance scheme that provides affordable life cover to low-income individuals. It is a key component of India’s financial inclusion initiatives.
LIC 5 modified Individual Riders
Riders are additional benefits that policyholders can attach to their base insurance policies. LIC offers several riders to enhance the protection offered by its core products.
1. LIC Accident Benefit Rider (512B203V03): This rider provides an additional sum assured in case the policyholder dies due to an accident. It is an affordable way to increase life cover.
2. LIC Premium Waiver Benefit Rider (512B204V04): This rider waives off future premium payments in case the policyholder is unable to pay due to a specified reason, such as disability or critical illness.
3. LIC Accidental Death & Disability Benefit Rider (512B209V02): This rider offers financial compensation in case of accidental death or disability, ensuring that the policyholder or their family receives additional support during tough times.
4. LIC New Term Assurance Rider (512B210V02): A term insurance rider that provides additional life cover over and above the base policy.
5. LIC Linked Accidental Death Benefit Rider (512A211V02): This rider offers an extra payout in case of accidental death, linked to the base policy.
LIC modified Group Rider
Group riders provide additional protection for employees or members of a group, enhancing the benefits provided by the base group insurance policies.
1. LIC Group Accident Benefit Rider (512B213V01): This rider provides an additional payout in case a member of the insured group suffers an accidental death, offering financial relief to their family.
Conclusion
The modifications in LIC product lineup, effective from October 1, 2024, signify a pivotal shift in the landscape of life insurance in India. By focusing on flexibility, convenience, and comprehensive coverage, LIC addresses the evolving needs of a diverse customer base. The combination of individual and group products, alongside customisation riders, positions LIC as a leader in providing robust financial solutions for varying life stages and circumstances.
As the insurance industry continues to evolve, consumers can expect increased transparency, enhanced product offerings, and improved customer service. For policyholders, these developments are promising, as they indicate a movement towards a more informed and secure future in financial planning.
In conclusion, LIC strategic modifications reflect an understanding of market dynamics and consumer preferences, ensuring that it remains a trusted partner in safeguarding the financial futures of millions. The insurance landscape in India is poised for growth, and LIC new offerings will play a crucial role in shaping this trajectory.
Disclaimer: The information provided in this article is intended for general informational purposes only. It is not a substitute for professional advice and should not be relied upon for making any financial or insurance-related decisions. Please consult with a licensed insurance advisor or financial expert for specific guidance tailored to your personal situation and the terms and conditions of the insurance products mentioned.