Types of LIC Policies

Policy TypePolicy Name
Term InsuranceLIC e-Term Plan, LIC Jeevan Amar
Endowment PlansLIC New Endowment Plan, LIC Jeevan Anand
Whole Life InsuranceLIC Jeevan Umang, LIC Jeevan Tarun
Pension Insurance PlansLIC Jeevan Shanti, LIC Pradhan Mantri Vaya Vandana Yojana
Children Insurance PlansLIC New Children’s Money Back Plan, LIC Jeevan Ankur


In a world filled with uncertainties, having the right insurance is crucial to safeguard your financial future and provide security for your loved ones. Life Insurance Corporation (LIC) offers a diverse range of policies, each tailored to meet specific needs and circumstances. Understanding the importance of having different types of insurance empowers individuals to make informed decisions and select policies that align with their unique requirements.

Term Insurance:

Overview: Term insurance is a straightforward life insurance plan that provides coverage for a specific period. It focuses solely on protecting your loved ones in case of your untimely demise, making it an affordable option.


  • Pure risk coverage.
  • Fixed premium amounts.
  • Coverage ceases at the end of the term if you survive.


  • High coverage at a lower premium.
  • Financial protection for your family.

Suitability: Ideal for those who want maximum coverage during critical life stages at an affordable cost.

Term Insurance in Simple Terms: Think of term insurance like renting. You pay a small amount regularly for a specific period, and if an unfortunate event occurs during that time, your family receives a substantial payout. If you survive the term, there’s no refund, but you’ve had valuable protection.

Endowment Plans:

Overview: Endowment plans combine life insurance coverage with savings. They provide a lump sum amount on maturity or in case of demise during the policy term, making it a dual-benefit option.


  • Insurance and savings combined.
  • Maturity benefit at the end of the term.
  • Option to add riders for extra coverage.


  • Provides savings along with life coverage.
  • Suitable for financial protection and wealth creation.

Suitability: Recommended for those who want a mix of insurance and savings to meet future financial goals.

Endowment Plan in Simple Terms: Consider endowment plans as a savings account with life insurance. You contribute regularly, and at the end of the period, you receive a lump sum. If something happens to you during this time, your family gets the lump sum immediately.

Whole Life Insurance:

Overview: Whole life insurance offers coverage for your entire lifetime. It provides a death benefit to beneficiaries whenever you pass away and includes a cash value component.


  • Lifelong coverage.
  • Constant premiums.
  • Cash value accumulation.


  • Permanent life coverage.
  • Cash value can be borrowed or withdrawn.

Suitability: Ideal for long-term financial planning and leaving a legacy for heirs.

Whole Life Insurance in Simple Terms: Think of whole life insurance as a lifelong companion. You pay a fixed amount, and as time goes on, not only does it provide life coverage, but it also builds up a cash fund you can use if needed. It’s like having a financial safety net for life.

Pension Insurance Plans:

Overview: Pension plans, also known as retirement or annuity plans, are designed to provide a steady income stream during your retirement years. They ensure financial security when your regular income ceases.


  • Regular payouts post-retirement.
  • Options for receiving a lump sum on retirement.
  • Additional benefits such as death coverage or joint-life coverage.


  • Financial independence during retirement.
  • Tax benefits on premiums paid and maturity proceeds.

Suitability: Ideal for individuals planning for a secure and stable income after retirement.

Pension Plan in Simple Terms: Think of pension plans as your personal paycheck for life after you stop working. You save money during your working years, and when you retire, the insurance company pays you a regular monthly amount. It’s like having your own pension fund.

Children Insurance Plans:

Overview: Children insurance plans are crafted to secure your child’s financial future, ensuring that their education and other needs are met, even in your absence.


  • Life coverage for the parent.
  • Maturity benefits for the child’s future needs.
  • Premium waiver in case of the parent’s demise.


  • Financial support for the child’s education and other milestones.
  • Assurance of a secure future for your child.

Suitability: Ideal for parents who want to ensure their child’s financial well-being, especially for education expenses.

Children Insurance Plan in Simple Terms: Think of children insurance plans as a gift of financial security for your child. You pay a small amount regularly, and if something happens to you, the insurance takes care of your child’s future needs, like education. It’s like planting a financial seed for their tomorrow.


Navigating the world of life insurance is a significant step towards securing your financial future. LIC’s diverse range of policies caters to various needs, ensuring there’s a plan suited for every stage of life. Whether you’re considering the comprehensive protection of a term plan, the dual benefits of endowment plans, or the lifelong coverage of whole life insurance, LIC has you covered.

Planning for retirement? Explore LIC’s pension plans like Jeevan Shanti, providing a steady income stream post-retirement. For the future of your little ones, consider children insurance plans like the New Children’s Money Back Plan, offering financial support at key milestones.

To make informed decisions, delve into detailed comparisons on our page dedicated to “Comparing LIC Policies.” When you’re ready to embark on your insurance journey, our guide on “How to Buy LIC” provides a step-by-step approach.

Your financial well-being is our priority. Trust LIC for a secure tomorrow, and explore our various policies to find the perfect fit for your needs. For any further assistance or inquiries, feel free to reach out, and thank you for considering LIC as your partner in securing life’s uncertainties.

Links to Relevant Pages:

  • Comparing LIC Policies
  • How to Buy LIC
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