LIC – Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) is a Government of India enterprise, and is said to be the largest life insurance company and also the largest investor of the country. It was founded in the year 1956 and has been serving people ever since. The main objective of this corporation was to spread awareness about the life insurance among the financially backward people as well as the urbanites. it gave you a way to save and buy affordable packages which would eventually be beneficial for you.


LIC of India has made its mark in the country from years. The main headquarters of LIC is in Mumbai with approximately eight zonal units and over 2048 branches established across the country. It has subsidiary groups in more than twelve other countries with the same objective in mind. It has helped millions of lives in the past 55 years.


The basic plan is that where the payment of a specified amount of money to the insured person is made, at the plan’s maturity, or to the family in the event of the insured person’s death. Often you don’t realize the importance of your life, LIC has made its prime objective to make sure people know the importance of their life and keep their future safe by investing in different policies of LIC as per their requirements. The insecurity of people is fully taken care of by the LIC.


Most of the policies do not care about the future of the individual. But LIC takes care of the whole endowment policy by providing a bonus that is accumulated with the policy. LIC offers various plans for its policy holders such as; Endowment plans, children plans, special plans for handicaps, money back plans, whole life plans, pension plans, group plans, health insurance plans. All these plans are especially designed for the welfare of the people.


Due to the formulated plans and objectives of the LIC Corporation, it has hit the mark where most insurance companies never reached. They have stayed as the biggest competitor and therefore have been termed as one of the biggest Life Insurance in the republic.

Important Dates:

  • LIC was founded on September 1, 1956, hence Every year LIC celebrates 1st September as LIC day and
  • First week of September as Insurance Week.

LIC Jeevan Saral Review

21st centaury has been an era of developments. People have been very innovative to bring out various new subjects or different plans in the market. Every individual requires a safe future, so even the life insurance Corporation has been innovative while considering the policy of Jeevan Saral plan. If you are aware of your destination, the best plan which could help you is Jeevan Saral. This plan is made keeping in mind the needs of a common man like if you are looking for regular savings, or saving for capital, this policy would be your ultimate answer. This policy is an investment option which would keep you safe from not only death but also the risks of being empty, because the market faces many ups and downs so to keep yourself safe this policy works.

The LIC Jeevan Saral Table no.165 is one such policy which as per my opinion won’t be neglected as per time. As this policy is one way or another a tool for various small investors. There are various benefits provided such as liquidity which is the basic requirement of a person. The best part lies in the policy when during death the nominee is been provided with 250 times of the monthly premium paid by him adding the premium amount decided. And if the policy matures the insured is provided with the maturity amount and bonus if any.

Jeevan Saral is also known as ATM plan for its flexibility, as it allows you to withdraw partial amount after 10th year of being policy in force. You can utilize this feature whenever you need money after 10 year whether for holiday or your child’s education. The policy is not at all expensive and very much affordable. One added feature is that if you are paying the premiums regularly for 3 years you are been provided and extended cover of 1 year as a bonus. We usually like taking decisions for ourselves, same is the case with this policy, you aren’t forced to pay the premiums, and you can surrender at any time as per your wishes without paying any sought of penalty.

Normally you search about a policy the premiums are decided but in the Jeevan Saral, you are the one who decides about the premiums and then go towards the maturity period. The minimum premium can be as low as Rs 250. This policy provided you a very high risk cover at minimum cost. As per the details the policy is useful who have a low budget but require all the features as well as the risk covers with low premiums as well as a flexibility of decisions. You are one way or the other been provided a number of benefits sat a very low cost. So avail when you have the chance.

In short, LIC Jeevan Saral is the best plan in terms of risk cover, flexibility and good return.

New Bima Gold

LIC’s New Bima Gold Summary: (Table No.179)

Gold never loses its value, just like LIC Of India’s New Bima Gold insurance policy. LIC’s New Bima Gold (plan no.179) is a special with profit money back plan that offers 50% of the life cover during extended term even after maturity.


Auto-cover Facility: If atleast two full years’ premiums have been paid in respect of this policy, any  subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP) or till the end of policy term, whichever is earlier.


Survival Benefit: Payable in case of life assured surviving to the end of the specified durations provided the policy is in full force as given below:

For policy term 12 years:
15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year.

For policy term 16 years:
15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year.

For policy term 20 years:
10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year.

On expiry of policy term:

Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier.

Death Benefit:

During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term provided the life cover is in force.

During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.

Extended Term: The extended term shall be half of the policy term after the expiry of the policy term.

Payment of Premiums:

Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments.

Eligibility Conditions and Restrictions for LIC Of India’s New Bima Gold:

1. Minimum age at entry: 14 years (completed)
2. Maximum age at entry: 57 years (nearest birthday) for Term 12 years
ii. Maximum age at entry: 51 years (nearest birthday) for Term 16 years
iii.Maximum age at entry: 45 years (nearest birthday) for Term 20 years
Age at expiry of extended term: Maximum 75 years (nearest birthday)
Policy Term: 12, 16 and 20 years.
Minimum Sum Assured:  Rs. 50,000 /-
Maximum Sum assured:   No limit
Sum Assured will be in multiples of Rs.5,000 /- only.

1. Minimum age at entry: 18 years (completed)
2. Maximum age at entry:  57 years (nearest birthday) for Term 12 years
ii.Maximum age at entry: 51 years (nearest birthday) for Term 16 years
iii.Maximum age at entry: 45 years (nearest birthday) for Term 20 years
Minimum Sum Assured:  Rs. 50,000 /-
Sum Assured will be in multiples of Rs.5,000 /- only.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

The Unique Identification Number (UIN) for LIC Of India’s New Bima Gold Plan is 512N236V01.

How to Apply for LIC Of India’s New Bima Gold policy?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

LIC Of India SMS Alert:

Receive LIC Of India Policy updates on your Mobile .  Click here: MyLICindia SMS Alert

The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

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LIC Jeevan Saral Table No.165

Life insurance policies should be as simple as Jeevan saral Table No. 165. It gives you 250 times risk cover on your monthly premium.

Jeevan saral Features   lic jeevan saral

  • Higher cover
  • Smooth return
  • Liquidity fund
  • Considerable flexibility

Special Feaures:
Under this plan death cover will be same irrespective of age at entry and term. The sum payable at maturity however differs for different entry ages and terms. This plan is very appropriate for employees seeking life cover through Salary Saving Schemes (SSS).


==> On Death:

  • 250 times the monthly premium, plus
  • return of premiums excluding extra/rider premium and first year
  • premium plus
  • The loyalty addition, if any.

==> On Maturity:

  • Maturity sum assured, plus
  • Loyalty additions, if any.

Surrender value:
The policy can be surrendered after it has been in force for at least 3 full years. The surrender value will be greater of Guaranteed Surrender Value or Special Surrender Value.

Jeevan Saral offers following optional riders by payment of additional premium:

  1. Accidental death and disability benefit
  2. Term Assurance benefit.

The maximum cover for the above riders will be Rs.25 lakhs under all policies of the Corporation taken together.

Auto Cover:
The plan offers Auto Cover of 12 months after the policy has been in force for a period of 3 years and more.

Flexible Term:
The policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss.

Partial Surrenders:
The plan will allow partial surrender from 4th year onwards subject to certain conditions. Due to existence of the flexible term and partial surrenders the policyholder will enjoy a lot of liquidity under Jeevan saral.

Loan is permissible under the policy.

Loyalty additions:
Only loyalty additions will be declared under the plan. The minimum term after which a policy can earn loyalty addition will be 10 years. However, loyalty additions will also be payable if death occurs in the 10 year of the policy provided that the policy is in force at the time of death. Loyalty additions will be subject to Corporations experience, and may be paid in case of death, maturity and surrenders.

Eligibility conditions for LIC Jeevan Saral:

Age at entry: Minimum 12 years completed and maximum 60 years nearest birthday.
Age at maturity: Maximum 70 years.
Term: All terms from 10-35 years.
Premium: Minimum Rs.250/- per month for entry upto 49 years and
Rs.400/- per month for entry age 50 years and above. The premium
shall be in multiple of Rs.50 per month.
Mode: Yearly/ Half yearly/ Quarterly and Monthly under Salary Saving Scheme.

LIC Jeevan saral is most selling and recommended plan by LIC agents due to its simplicity and features. This is also called as ATM plan as you can withdraw partial money from your Jeevan Saral account after completing 10 policy year.


This Plan has been Discontinued.