LIC Life Insurance

LIC Life Insurance

LIC is an India-based insurance company that has established its subsidiary company with the name of LIC International in the UAE. It offers a huge range of plans that suit the basic needs of individuals such as- provision for their kid’s marriage or education, retirement, or the planning for their family or their future.

LIC International offers different kinds of life insurance plans in the UAE that offers financial security to the policyholders and their family. The customers can enjoy the facilities of life insurance as well as investment. The life covers offer benefits such as-

  • Accidental benefit
  • Flexible premium option
  • Facility of loan
  • A huge amount of sum assured

And more depending upon the type of plan that the applicants have selected.

LIC Life Insurance Policy Benefits

The following table shows an overview of the benefits offered by different life insurance plans by LIC International.

Benefits

Renewable Term Assurance

Participating Whole Life Plan

Pure Term Assurance

Double Cover Joint Life Policy

Accidental Benefit

Yes

Yes

Yes

Yes

Portability

No

Yes

No

Yes

Loan Facility

No

Yes

No

Yes

Flexible Premium Option

No

Yes

No

Yes

Policy Renewal Options

Yes

No

No

No

Types of LIC Life Insurance Plans

Listed below are the different types of LIC plans and their features and benefits.

Renewable Term Assurance

Such a category of insurance is a pure risk plan that is suitable for those people who want to offer huge amounts as protection for their loved ones at an affordable insurance premium amount. All the males as well as females having an earned income qualify for this policy. 

Features and Benefits of this LIC Policy

Here are the main features & benefits of this policy.

1. Death Benefit

Since the policy is a pure term insurance policy, the amount of sum assured will be payable after the demise of the policyholder within the tenure of the plan. In case, the policyholder survives the plan, then nothing is payable at the time of maturity.

2. Options for Renewing

This plan has a unique feature wherein the policyholder may renew the plan for a further tenure of five to 15 years without undergoing a medical test. The condition is that he or she needs to quality the eligibility requirements that apply on the renewal date and his or her stay in the Gulf countries is supposed to be extended. The extension for the request of policy renewal may be exercised 6 months before the original term expires along with the proof for the extended stay.

3. Benefit for Accidental Disability or Death

An additional nominal amount (of one per 1,000 sum assured for the entire term) to the premium entitles the policyholder to certain additional special privileges as mentioned below. These benefits, however, may be subject to some conditions.

  • The coverage included in this LIC insurance plan becomes double in case the reason for the death is an accident. The maximum amount payable for Double Accident Benefit is 100,000 US dollars.
  • In case a total and permanent disability arises because of an accident, the insured person will get the following benefits.
  1. All the future insurance premiums are waived off.
  2. An amount equivalent to the sum assured amount is paid in 120 EMIs or equal monthly installments additionally, which is spread over ten years.
  • At the time of the maturity of the life insurance policy or in case of a death claim, the original amount of sum assured along with vested bonuses is paid to the policyholder, including the unpaid installments for disability (if any).

Participating Whole Life Plan

This insurance plan guarantees the policyholders with coverage throughout their lifetime. The insurance premium is lower than most of the other policies and is to be paid only for a certain period of time. The bonuses are added to the amount of sum assured each year even post the end of the premium-paying term.

Features and Benefits of this LIC Life Insurance Plan

Here are the main features & benefits of this policy.

1. Sum Assured

After the demise of the insured individual, the entire sum assured including the bonus is paid to the beneficiary. In case the policyholders can’t continue the payment of premiums after paying it for 3 years, the insurance plan will continue for a proportionately lesser sum assured. However, they will not receive any bonuses further.

2. Portability

If the policyholder is an Indian citizen, the policy will get transferred to the LIC of India at the time of his or her repatriation to India. The policy transfer will take place only if the premium for the entire year is paid and upon completing a year from the acceptance date, considering that the LIC insurance plan is an incomplete force for the entire sum assured and on a written request receipt from the policyholder.

The total amount of sum assured along with bonuses (if any), will stand altered to an equivalent amount in Indian Rupee at the exchange rate, as on the date of receiving the transfer request by the insurance company. It is also subjective to the current instructions of the Reserve Bank of India on that date. 

3. Facility of Loan

The policyholders may receive a loan against the security of their plan after it has acquired the paid-up value by LIC policy premium payment for at least three years for full term plans and two years for limited term plans, from the commencement date.

The maximum amount of loan will be 90% of the eligible surrender value and will be paid off in half-yearly installments at the interest rate then prevalent. In the case of the LIC single premium policy, a loan can be received after two years from the commencement date of the plan. 

4. Benefit for Accidental Disability or Death

An additional nominal amount (of one per 1,000 sum assured for the entire term) to the premium entitles the policyholder to certain additional special privileges as mentioned below. These benefits, however, may be subject to some conditions.

  • The coverage included in this LIC insurance plan becomes double in case the reason for the death is an accident. The maximum amount payable for Double Accident Benefit is 100,000 US dollars.
  • In case a total and permanent disability arises because of an accident, the insured person will get the following benefits.
  1. All the future insurance premiums are waived off.
  2. An amount equivalent to the sum assured amount is paid in 120 EMIs or equal monthly installments additionally, which is spread over ten years.
  • At the time of the maturity of the plan or in case of a death claim, the original amount of sum assured along with vested bonuses is paid to the policyholder, including the unpaid installments for disability (if any).

5. Flexible Premium Options

The policyholders do not need to invest huge amounts of funds to purchase a plan. They can pay yearly, half-yearly, quarterly, and monthly for the full term of the plan or limited to five years as per their choice. However, the standard conditions will be applied. The following are different options.

  • The facility of limited payment of premium is available to the policyholders for helping them fulfill their obligation of premium payment within the duration of five years and hence, earn a good discount.
  • The facility of premium sealing or communication allows the policyholders to make payment of the advance premium at a good discount and continue the plan in force.

PTA or Pure Term Assurance

Such a term plan is no-profit term insurance with high coverage and regular payments of premium. It offers financial protection from death throughout the tenure of the policy. 

Features and Benefits of this LIC Life Policy

Here are the main features & benefits of this policy.

1. Life Coverage

The amount of sum assured will be paid in a lump sum in the event of the demise of the insured individual within the tenure of the policy. 

2. Paid-Up Value

In case the premium for at least two full years has been paid, and the subsequent amount of premium within the grace period has not been paid then the insurance plan will be transformed to a reduced paid-up plan.

The company depending upon the regulator’s approval will then reduce the amount of sum assured under the LIC plan to an amount, which should bear the ratio as the full amount of sum assured as the premium amount actually paid should bear to the entire amount stipulated for the policy originally. The reduced policy will thereafter be independent of all the obligations for payment. 

3. Benefit for Accidental Disability or Death

An additional nominal amount (of one per 1,000 sum assured for the entire term) to the premium entitles the policyholder to certain additional special privileges as mentioned below. These benefits, however, may be subject to some conditions.

  • The coverage included in this LIC insurance plan becomes double in case the reason for the death is an accident. The maximum amount payable for Double Accident Benefit is 100,000 US dollars.
  • In case a total and permanent disability arises because of an accident, the insured person will get the following benefits.
  1. All the future insurance premiums are waived off.
  2. An amount equivalent to the sum assured amount is paid in 120 EMIs or equal monthly installments additionally, which is spread over ten years.
  • At the time of the maturity of the plan or in case of a death claim, the original amount of sum assured along with vested bonuses is paid to the policyholder, including the unpaid installments for disability (if any).

Double Cover Joint Life Policy

Marriage is not only a contract but a sacred bond between two people that unites them and both of them responsible for their children as well as their mutual welfare.

Traditionally, it has always been considered as the responsibility of the man to secure the life of this wife and children. However, the change in time, the present economic constraints, and the need to maintain an improved living standard have motivated both husbands as well as wives to earn a living for the family. Therefore, in a lot of families these days, both the partners play the part of breadwinners in the family,

The demise of any one of the partners may not only affect the family mentally but also financially, disturbing their living standard too. To come out of such loss financially at least, LIC international life insurance in UAE includes a joint plan called Double Cover Joint Policy. This plan covers both- the husband and the wife in one plan. 

How to make LIC premium payment online?

These days, it is possible to do almost everything online, and the payment of the insurance premiums is no different. In fact, making online payments is way easier and faster than the offline modes. The policyholders can use the following steps for making online LIC premium payment.

  1. They can use their mobile banking application or net banking facility for transferring the LIC premium amount from their bank account to the official bank account of LIC International.
  2. The LIC account number is AE410260001014150544101 with the Emirates NBD bank in the UAE.
  3. After the transfer of the premium amount, the policyholders must send an online transfer confirmation to the representatives at the company, which includes their contact details and the policy number via email at mail@licinternationaluae(.)com or fax at 04-3354684.
  4. The policyholders must also ensure the receipt of their premiums from time to time by calling on the official contact number of LIC in the UAE- 04-3354858.

What are the benefits of LIC premium payment online?

Generally, the servicing cost of an insurance company for the LIC online payment of premium is lower as compared to the premium paid offline. Moreover, the company also saves funds on commissions, which are usually paid to the agents when it comes to policies that are sold physically.

Hence, depending from one company to another, the LIC premium rebate may have already been offered before the rates of online payment of premium are quoted. As a result, the rates of premium quoted would include the rebate already; otherwise the rebates offered could be more than what is offered on making physical payment.

What are the schemes or plans offered by LIC International UAE?

Here is a rundown of the LIC schemes offered.

1. LIC Participating Endowment Plan or PEN

This policy is designed for helping the policyholders to offer the security to their family. By simply tendering their first premium, the policyholders can develop an irrevocable Estate. In case they wish to make their funds available for a specific purpose at a particular age, this LIC endowment plan is an affordable method for achieving this goal.

2. Cash Back Policy

Everybody likes to plan for ensuring that they have funds available for meeting the period needs of their dependents. However, people come across unforeseen events in life needing financial support as even with the best intentions; they might fail to plan effectively. For helping them in succeeding in financial planning, LIC International Dubai offers cash back policies. This life insurance is designed for helping policyholders to plan their funds availability at periodic intervals for meeting planned or unplanned expenses with the aid of regular savings. There are 3 options under this policy-

  • 12-years plan
  • 15-years plan
  • 18-years plan

3. Double Cover Endowment

This policy is substantially different as compared to a conventional endowment plan. It offers a new dimension to the insurance security concept. Under this policy, if the insured life survives the tenure, then the sum assured with the bonuses is paid to the dependents. In case of the death of the insured person within the plan tenure, the basic amount of sum assured is doubled and payable with the accrued bonuses on the basic amount.

4. Jeevan Anand

Planning for future in advance and making the correct investments are necessary in helping people cope up with any events in their lives. This LIC endowment plan is a combination of investment return and profit at the term end and insurance cover for their entire life. Under this policy, the LIC premiums are limited to the tenure selected and benefits are paid on the maturity date. However, the insurance coverage continues till the death of the policyholder.

5. Jeevan Rekha

This plan by Life Insurance Corporation International gives regular and guaranteed returns every fifth year with security that lasts lifelong. The plan is a combination of money back plan and whole life plan. The policy provides money back at regular periods of 5 years throughout your life along with an insurance coverage till the end of the life. The policy offers survival benefit by 10% return of sum assured after the duration of every five years from the commencement date of the plan during the policyholders’ life time. If the insured dies during the policy term, the entire sum assured along with the bonuses and the additional (if any) will be paid, no matter the survival benefits are already paid.

6. Jana Raksha

LIC International UAE offers a unique insurance cum investment plan to its customers. This plan is designed based on the suggestions from the cross section of the Indian expats for helping them in facing the challenges that come up due to the uncertainties of this constantly changing world.

7. Deferred Annuity Policy (LIC Retirement Plan)

Every person requires holding a comprehensive financial policy that provides a retired life without any hassles. With the LIC pension plan the policyholders can earn a regular income for themselves and their dependents in their old age. The policy is available in two options that are with and without the life cover.

8. Capital Guaranteed Insurance

This LIC policy is a participating single premium endowment assurance. Under this plan, upon maturity the insured life gets the sum assured along with the accrued bonus on the maturity date. In the case of the demise of the insured before the maturity date, the sum assured amount along with the accrued bonus will be paid to the dependents.

9. Professional Education Policy

This LIC child plan is offered to the concerned and caring parents for making sure that fulfilment of their dreams to make their kid the best professional.

What are the benefits of having a LIC life insurance policy in Dubai?

LIC offers various types of life insurance plans that include an extensive range of benefits for the policyholders and their family. Here are some of the benefits of having a LIC policy.

  1. Coverage of Life Risk: Life insurance from LIC offers a high risk coverage, which keeps the policyholders and their family financially secured in case of an unfortunate happening.
  2. Death Benefit: Buying LIC life insurance gives the policyholders and their dependents a secure future. If anything unfortunate happens to the insured individual, LIC pays out the death benefit (depending upon the type of policy issued) to the dependents. It also secures the interest of those people who earn a diminishing income with advancing age, retired people, and those who meet with an accident. It offers different types of life insurance plans and the policy seekers can select the one that suits their needs the best.
  3. Investment Return: Generally, life insurance plans yield better as opposed to other investment options. LIC plans offer bonuses like no other investment plans. The funds invested in these plans are safe and cover risk. These funds fetch good amount of returns and are returned fully in the form of sum assured either after the term ends or after the insured individuals pass away. In both the cases, the funds invested as well as the returns are paid back safely.
  4. Facility of Loan: The policyholders may receive a loan against the security of their plan after it has acquired the paid-up value by LIC policy premium payment for at least three years for full term plans and two years for limited term plans, from the commencement date. The maximum amount of loan will be 90% of the eligible surrender value and will be paid off in half-yearly installments at the interest rate then prevalent. In the case of the LIC single premium policy, a loan can be received after two years from the commencement date of the plan.
  5. Portability: If the policyholder is an Indian citizen, the policy will get transferred to the LIC of India at the time of his or her repatriation to India. The policy transfer will take place only if the premium for the entire year is paid and upon completing a year from the acceptance date, considering that the LIC insurance plan is in complete force for the entire sum assured and on a written request receipt from the policyholder. The total amount of sum assured along with bonuses (if any), will stand altered to an equivalent amount in Indian Rupee at the exchange rate, as on the date of receiving the transfer request by the insurance company. It is also subjective to the current instructions of the Reserve Bank of India on that date.
  6. Planning for Life: LIC life insurance helps the policyholders in planning according to their life stages. They can plan their financial goals according to their convenience. It not only offers financial support in the case of untimely demise of the insured, but also serves as an investment in the long-term. The policyholders can meet their objectives, be it the education or wedding of their children, building their dream house, planning their retirement as per their risk appetite and their stage of life.
  7. Additional Benefits or Riders: These additional benefits can be purchases and added to the basic insurance policy. These benefits let the policyholders increase their insurance cover. The riders provide coverage for risks, which are not included in the main life plan, which leads to a more comprehensive security.
  8. Flexible Premium Option: The policyholders do not need to invest huge amounts of funds to purchase a plan. They can pay yearly, half-yearly, quarterly, and monthly for the full term of the plan or limited to five years as per their choice. However, the standard conditions will be applied. The facility of limited payment of premium is available to the policyholders for helping them fulfil their obligation of premium payment within the duration of five years and hence, earn a good discount. The facility of premium sealing or communication allows the policyholders to make payment of the advance premium at a good discount and continue the plan in force.

LIC Calculator

A policy calculator makes the life of the policy seekers easy by calculating the value of the policy and making a well-informed decision

What is LIC Premium Calculator?

LIC offers a premium calculator, which along with the maturity amount allows people to calculate the premium amount, which is to be paid against their plan. The calculator also allows a person to know the amount, which he or she will receive on the maturity of the plan. This lets them think and select the policy after being clear about the premium amount they will have to pay and the returns that they can expect. This helps in avoiding confusion and hence, the policyholders are able to take informed decisions.

The amount of premium to be paid towards the life insurance plan is based on the policy that has been selected. It is also based on the personal information of the applicants. A healthy person who is around 30 years old will be charged lower amount of premium as opposed to the one who is more than 50 years old. In the same way, a non-smoker will receive preferential amount of premium over a person who smokes. There are many other parameters for deciding this amount of premium that the policyholders have to bear.

What is LIC Pension Plan Calculator?

This pension plan calculator is an online tool that helps the applicants in finding out the amount of annuity they can get at a particular age and is also put in use for calculating the premium on the plan for both immediate as well as deferred annuity policies. The calculator shows the premium amount to be payable for the pension policy after filling in the required important details.

Therefore, LIC pension plan calculator helps the customers not just to plan their retirement, but also for calculating the income that they will get after their retirement and it allows them to calculate the amount of premiums on the pension policy easily. Therefore, they can take an informed and better decision & plan their corpus as per their income. So at the time of purchasing a LIC pension plan, the applicants can use the calculator for calculating their premiums they have to pay for creating a sufficient retirement amount and the rates of annuity that they can expect.

LIC Life Insurance Policy - FAQs

Q 1: What is the purpose of life insurance?

Ans: Virtually, each working expatriate in the UAE has one or more members of their family who are dependent on their income, and such dependents usually need the safety, which an insurance plan can offer. 

Q 2: How soon would a claim amount be paid?

Ans: Any claim amount paid by the LIC (International), no matter which kind, will get immediately paid on completing the documentation satisfactorily that the insurance provider requires. The claim payment will be done either from the United Arab Emirates or from Bahrain. The payment can be made anywhere throughout the world in any major currency. 

Q 3: Where do I make the LIC policy premium payment?

Ans: You can make the payment for the insurance premium at any of the branches of LIC (International), any of the branches of the National Bank of Dubai, or Kingstar Insurance Agencies. Additionally, the premium payment can be done via the LIC chief agents in the 5 other GCC countries, or through TT (Telegraphic Transfer) or bank draft no matter where you are in the world.

Q 4: What is the LIC customer care number?

AnsThe customers can contact the Dubai office at (+971) 43354858 or send them a mail at mail@licinternationaluae(.)com. And, the customers In Abu Dhabi can contact (+971) 26399133 or send them a mail at licabudhabi@kingstarinsurance(.)com.

Q 5: How to calculate LIC maturity amount?

Ans: The maturity benefits are equal to the amount of sum assured and the bonus that are received across the term of the policy and other additional bonus (if any). Whenever the policyholders pass away (even after the term of the policy) the dependents will get the amount in the form of death benefit.

Q6: How to claim matured LIC policy?

Ans: The policyholders can submit their documents for maturity claim online or at the branch of the LIC international. They just have to fill the LIC maturity claim form and submit it along with the documents. The company will verify their application and the documents and get back to them with the claim settlement.

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