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How to Buy LIC Policy Online 2026

Buy LIC policy online - term, endowment, ULIP, pension. Online discount 5-10%. Direct purchase saves agent commission.

📁 Insurance ⏱️ 30-45 mins 💰 Premium based

About This Guide

LIC offers various policies: Term Insurance (pure protection), Endowment (savings + protection), ULIP (investment-linked), Money-back, Pension. Buy online at licindia.in - 5-10% cheaper (no agent commission). Major policies: Tech Term, Jeevan Anand, Jeevan Lakshya, Jeevan Umang.

Eligibility Criteria

Indian citizen 18+ to 60-65 (varies)
Medical fitness as per policy
Income proof for sum assured > ₹50L
Age-based eligibility per plan

Documents Required

Keep these documents ready before starting application. Missing documents = delayed approval.

Aadhaar
PAN
Address proof
Income proof (Form 16, ITR, salary slips)
Bank statements
Photo
Medical reports if needed
Existing policy details

Step-by-Step Application Process

Follow these steps in order. Each step is critical - skip none.

Visit Portal

licindia.in. Browse policies.

Use Premium Calculator

Calculate premium for sum assured + tenure.

Choose Policy

Term (most affordable), endowment (savings), pension (post-retirement).

Click Buy Online

Available for select plans like Tech Term.

Fill Proposal Form

Personal, occupation, income, lifestyle, family.

Medical Questions

Honest declaration. Any concealment voids policy.

Upload Documents

Aadhaar, PAN, income proof.

Pay Premium

Online via Net banking/Card.

Medical Test (if required)

For high sum assured. Free at LIC empanelled labs.

Policy Issued

7-30 days. Policy bond + welcome letter.

Key Benefits

Online 5-10% premium discount
Various plans for needs
Tax benefits 80C (premium) + 10(10D) (maturity)
Loan against policy
Bonus accumulation (with-profit policies)
Govt-backed (LIC PSU)
Lifetime claim support

What Happens After Application?

7-30 days policy issuance. Pay premium yearly/half-yearly/quarterly/monthly. Tax benefit at filing ITR. Claim if needed via family.

Frequently Asked Questions

Term vs endowment?

Term: pure protection, low premium, no maturity. Endowment: protection + savings, higher premium, returns 5-7%. Most experts recommend term + separate investment.

Online vs agent?

Online 5-10% cheaper (Tech Term). Agent provides personal service, useful for complex plans. For simple term insurance, online is better.