LIC
Life Insurance Corporation of India, the state-owned life insurer, and its MyLIC app for managing policies.
Updated · AppBreakup editorial · iOS, Android, Web
Is LIC free?
No, it's a paid product
Switch from LIC to
All 2
ACKOStarting price: ₹45 per travel day (travel insurance)
Digit InsurancePaid
- Verified facts
- 4 of 4
- Alternatives ranked
- 2
- Approved reviews
- 0
- Visits sent from here
- 0
About LIC
LIC (Life Insurance Corporation of India) is India's state-owned life insurer, created by an Act of Parliament in 1956 when life insurance was nationalised. It sells endowment, money-back, term, pension, unit-linked and children's plans, mostly through a very large network of agents, and some plans can now be bought online. The MyLIC app and customer portal let policyholders see their policies, pay premiums, get alerts for pending actions and buy new plans; separate apps serve agents and development officers. There is no charge for the app or portal; you pay premiums on the policies you hold. LIC's appeal is the trust that comes with government ownership and its long record; the trade-offs are that many traditional plans return less than pure term cover plus separate investing, online term premiums can be higher than private insurers', and servicing still often runs through branches and agents.
Best for: Indian policyholders who value a government-owned insurer and want to manage LIC policies online.
Pros and cons
What works
- State-owned insurer with a record going back to 1956
- MyLIC app shows policies, premium dues and alerts
- Wide range of plans, including term, pension and ULIPs
- Large agent and branch network for in-person help
Why people leave
- Traditional endowment plans often return less than term cover plus investing
- Online term plans can cost more than private insurers'
- Much servicing still goes through agents and branches
LIC vs ACKO and Digit Insurance
From each app's listing and the prices verified on its own site. A dash means we haven't verified it yet.
| Attribute | LIC | ACKO | Digit Insurance |
|---|---|---|---|
| Pricing | Paid | Paid | Paid |
| Verified price | — | ₹45 per travel day (travel insurance) | — |
| Free plan | No | No | No |
| Open source | No | No | No |
| Self-hostable | No | No | No |
| Platforms | iOS, Android, Web | Web, Android, iOS | Web, Android, iOS |
Top LIC alternatives
See all 2- 1ACKO64.8
App-first insurer with term life plans bought and managed fully online, without agents.
- 2Digit Insurance59.6
Private insurer with digital-first life and general insurance, sold and serviced online.
Why people left LIC
In reviewers' own words, from reviews of the apps they moved to. These are their opinions, not ours.
No switching stories yet. If you moved away from LIC, review the app you switched to and tell us why.
Reviews
No approved reviews yet. How we verify reviewers
Write a review of LIC
LIC: common questions
What is LIC?
LIC: Life Insurance Corporation of India, the state-owned life insurer, and its MyLIC app for managing policies. Best for indian policyholders who value a government-owned insurer and want to manage LIC policies online. Available for iOS, Android and Web.
Is LIC free?
No, LIC is a paid product.
Is LIC open source?
No, LIC is not open source.
What platforms does LIC run on?
LIC is available for iOS, Android and Web.
What are the best alternatives to LIC?
The highest-ranked LIC alternatives right now are ACKO and Digit Insurance. See the full ranked list for pricing, platforms and verified facts.
LIC vs ACKO: what's the difference?
Both LIC and ACKO are paid products. Both run on iOS, Android and Web.