Life Insurance companies in India

Life Insurance companies in India

India is a vast country with 130 Crore population. Providing Life insurance or Health insurance cover to each and everyone is not possible. Earlier there was only one life insurance company in India and that is Life Insurance Corporation of India.
During globalisation, the Government of India opened doors to foreign insurance companies also to join in India.

Many Indian companies from banking and finance collaborated with foreign companies and started Life and health Insurance companies.LIC of India is a Government-owned Life Insurance company which was already very popular, become more reachable due to the awareness created by all other newcomers in the market.

Government of India constituted a governing body to regularise Insurance Industry. Insurance Regulatory Development Authority of India was formed and given the charge to give license to all kind of insurance companies in India.

1 Bajaj Allianz Life Insurance Co. Ltd.

2 Aditya Birla Sun Life Insurance Co. Ltd

3 HDFC Standard Life Insurance Co. Ltd

4 ICICI Prudential Life Insurance Co. Ltd

5 Exide Life Insurance Co. Ltd.

6 Life Insurance Corporation of India

7 Max Life Insurance Co. Ltd

8 PNB Metlife India Insurance Co. Ltd.

9 Kotak Mahindra Life Insurance Company Ltd

10 SBI Life Insurance Co. Ltd

11 Tata AIA Life Insurance Co. Ltd.

12 Reliance Nippon Life Insurance Co. Ltd.

13 Aviva Life Insurance Company India Limited

14 Sahara India Life Insurance Co. Ltd.

15 Shriram Life Insurance Co. Ltd.

16 Bharti AXA Life Insurance Co. Ltd.

17 Future Generali India Life Insurance Co. Ltd.

18 IDBI Federal Life Insurance Co. Ltd.

19 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.

20 AEGON Life Insurance Co. Ltd.

21 DHFL Pramerica Life Insurance Co. Ltd.

22 Star Union Dai-ichi Life Insurance Co. Ltd.

23 IndiaFirst Life Insurance Co. Ltd.

24 Edelweiss Tokio Life Insurance Co. Ltd.

LIC policy surrender value

Surrender Value: 

Policy condition states that if policy premium is not paid within the grace period, the policy lapses. If a policy holder wants to discontinue within 3 years from date of commencement, no refund would be paid. 

If the policy premium is paid for full 3 years then only after completion of 3rd i.e from 4th year beginning only , policy loan would be available. Surrender value or cash value is made available generally when the policy has remained in force for at least three years. 

Documents to be submitted for surrender of policy: 

1. Policy bond
2. Surrender forms duly stamped, signed and witnessed
3. Id proof like PAN or Aadhaar card copy
4. Cancelled cheque leaf (name should be printed) or Photocopy of the Bank passbook containing details of Bank Account number, IFSC and MICR 

Frazer Town 61M LIC Branch

LIC of India, Frazer Town Branch Office

86/3,86/4 Coles Road Next to Petrol Bunk Frazer Town City: Bangalore State: Karnataka Pin Code: 560042 Branch Code: 61M Ph No.: 080-22966565 email id:bo_61M@licindia.com

Basavangudi 61A LIC Branch, LIC Branch

LIC of India, Basavangudi Branch Office

No.1 (Old No.8/9) 1st Cross 3rd Main Road Chamrajpet Basavangudi City: Bangalore State: Karnataka Pin Code: 560018 Branch Code: 61A Ph No.: 080-22966611 email id:bo_61a@licindia.com

N R Square LIC Branch, Bangalore

LIC of India, Bangalore Cb No 8

N R Square Branch Office Indian Mutual Bldg 4th & 5th Floor. N R Square Road City: Bangalore State:Karnataka Pin Code: 560002 Branch Code: 602 Ph No.: 080-22966547 email id:bo_602@licindia.com

LIC R T Nagar Branch - 6011

LIC of India, R T Nagar Br Office

Lakshmaiah Block 37 10th Cross Ganga Nagar H A Farm Post. Bangalore City: Bangalore State: Karnataka Pin Code: 560024 Branch Code: 6011 Ph No.: 080-22966839 email id:bo_6011@licindia.com

LIC of India Corporation Branch Phone number email id

LIC of India, Bangalore City Branch Office-I

United India Bldg 1st Floor J C Rd. Bangalore City: Bangalore State: Karnataka Pin Code: 560002 Branch Code: 611 Ph No.: 080-22966538 email id:bo_611@licindia.com

Children education and marriage plans

Secure Child 

Secure Child is a combination of LIC Plans specially researched to meet the objective of securing your child’s future. In the unfortunate event of proposers early death, the premiums on the policies will cease immediately. The returns, however will be received in the years as indicated in this Plan. 

 

Jeevan Kishore

This is an Endowment Assurance Plan available for children of less than 12 years of age. The policy may be purchased by any of the parent/grand parent.

Komal Jeevan 

This is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.

Jeevan Anurag 

Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy. 

Jeevan Chhaya 

This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.

 

Child Career

Policy would be child's name, maturity benefits would be paid to him/ her directly from 18 to 23 years. This policy is mainly for the education of the child. Maximum benefits at the beginning of the term.

 

Child Future  

This policy is mainly for the education of the child. Policy would be child's name, maturity benefits would be paid to him/her directly from 18 to 23 yrs. Maximum benefits at the end of the term.