INSURANCE

What is insurance

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LIC’s 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.

Assured Benefit
Payment of 20% of the Basic Sum Assured at the start of every year
during last 3 policy years before maturity. At maturity, 40% of the
Basic Sum Assured along with reversionary bonuses declared from
time to time on full Sum Assured for the full term and the Terminal
bonus, if any shall be payable. For example, if term of the policy is 20
years, 20% of the Sum assured will be payable at the end of the
17th,18th, 19th year and 40% of the Sum Assured along with the
reversionary bonuses and the terminal bonus, if any, at the end of the
20th year.

Death Benefit
Payment of an amount equal to Sum Assured under the basic plan
immediately on the death of the life

Death Benefit:
The Sum Assured along with vested bonuses is payable in a lump sum
upon the death of the life assured after the deferrement period. If
death occurs before the deferrement period all premiums paid is
refunded.

Maturity Benefit:
Sum assured along with all bonuses declared up to maturity date is
payable in lump sum.

Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan
for extra protection/option. An additional premium is required to be
paid for these benefits.

Surrender Value:
Buying a life insurance contract is a long-term commitment. However,
surrender values are available on the plan on earlier termination of the
contract.

Guaranteed Surrender Value:

The policy may be surrendered after it has been in force for 3 years or
more. The minimum surrender value allowable under this policy is as
under:
Death Benefit:
The Sum Assured along with vested bonuses is payable in a lump sum
upon the death of the life assured after the deferrement period. If
death occurs before the deferrement period all premiums paid is
refunded.

Maturity Benefit:
Sum assured along with all bonuses declared up to maturity date is
payable in lump sum.

Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan
for extra protection/option. An additional premium is required to be
paid for these benefits.

Surrender Value:
Buying a life insurance contract is a long-term commitment. However,
surrender values are available on the plan on earlier termination of the
contract.

Guaranteed Surrender Value:

The policy may be surrendered after it has been in force for 3 years or
more. The minimum surrender value allowable under this policy is as
under:
Death Benefit:
The Sum Assured along with vested bonuses, if any, is payable in a
lump sum upon the death of the life assured after the commencement
of the risk. If death occurs before the commencement of the risk, the
premiums paid excluding the premiums for the Premium Waiver
Benefit, if any, will be refunded.

Maturity Benefit:
Sum assured along with all bonuses declared during the policy term is
payable in a lump sum on survival to the end of the policy term.

Premium Waiver Benefit:

This is an optional benefit that can be added to your basic plan. An
additional premium is required to be paid for this benefit. By payment
of this additional premium, the proposer can secure the benefit of
cessation of premiums from his/her death to the end of the deferment
period. The deferment period for this purpose is to be taken as 18
minus age at entry of child.

Pension Plans are Individual Plans that gaze into your

future and foresee financial stability during your old
age. These policies are most suited for senior citizens
and those planning a secure future, so that you never
give up on the best things in life.

Jeevan Nidhi

Jeevan Akshay-V

New Jeevan Dhara-I

New Jeevan Suraksha-I

Unit plans are investment plans for those who realise
the worth of hard-earned money. These plans help you
see your savings yield rich benefits and help you save
tax even if you don't have consistent income.

Market Plus I

Profit Plus

Fortune Plus

Money Plus-I
LIC’s Special Plans are not plans but opportunities that
knock on your door once in a lifetime. These plans are a
perfect blend of insurance, investment and a lifetime of
happiness!

New Bima Gold

Bima Nivesh 2005

Jeevan Saral

Jeevan Madhur

Health Plus
Group Insurance Scheme is life insurance protection
to groups of people. This scheme is ideal for
employers, associations, societies etc. and allows you
to enjoy group benefits at really low costs.

Group Term Insurance Schemes

Group Insurance Scheme in Lieu Of EDLI

Group Gratuity Scheme

Group Super Annuation Scheme

Group Savings Linked Insurance Scheme

Group Leave Encashment Scheme

Group Mortgage Redemption Assurance

Scheme

Gratuity Plus

Group Critical Illness Rider

Insurance History

INDIAN INSURANCE INDUSTRY:

Insurers

Insurance industry, as on 1.4.2000, comprised mainly two players: the

state insurers:

Life Insurers:

• Life Insurance Corporation of India (LIC)

General Insurers:

• General Insurance Corporation of India (GIC) (with effect from

Dec'2000, a National Reinsurer)

GIC had four subsidary companies, namely ( with effect from

Dec'2000, these subsidaries have been de-linked from the parent
company and made as independent insurance companies.

1. The Oriental Insurance Company Limited

2. The New India Assurance Company Limited,
3. National Insurance Company Limited
4. United India Insurance Company Limited.

Yr: 2000-2001 : ( From 2nd April '2000 to 31st December'2001)

Insurance Industry in the year 2000-2001 had 16 new entrants,

namely:

Life Insurers:
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S.No.
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This paper has evaluated whether government mandated social
investment by the property/casualty insurance industry
represents good public policy.

It began by summarizing the Community Reinvestment Act as it

applies to the banking industry, since the law itself is little
understood by many who discuss these issues. This section
described the circumstances that led to CRA's creation and the
tests used by regulators to determine whether banks are
meeting the credit needs of their communities.

An introduction to insurance described how insurance benefits

society, a profile of the U.S. insurance industry, how insurance
companies work and how they are regulated. The discussion
noted that insurers lack the government benefits, such as
federal deposit insurance, enjoyed by the banking industry.

The paper analyzed the environment in which the CRA debate

takes place. Social factors were considered, including the
perception of discrimination and the introduction of insurance
organizations that work to improve the availability of property
insurance in urban areas. The political environment examined
the debate over CRA in the context of financial modernization
legislation in Washington and state CRA legislation in
Massachusetts. Economic factors included the marketplace
convergence of financial services and the current investment of
the industry.

In conclusion, while extending CRA to insurance companies may

be appealing to some policy-makers in theory, it does not
withstand scrutiny. The property/casualty insurance industry is a
good corporate citizen operating in a complex social, political
and economic environment. However, it is very different from
the banking industry and will remain so, despite industry trends
toward consolidation.

Next, the paper highlighted several differences between

insurance companies and banks that must be considered when
discussing CRA. These differences render key CRA requirements
inapplicable to insurers. The three key points in this section
included:

• Insurance companies are chartered to provide

insurance, not credit
Insurance companies would violate their fiduciary duty to
policyholders as well as safety and soundness
requirements of state insurance investment laws if they
 were to extend credit in the manner and to the degree
contemplated by the CRA lending test.
• Banks enjoy federal benefits not available to
insurance companies
Federal deposit insurance and access to the Federal
Reserve's payment services and to its discount window
amount to a "distinct competitive advantage" according to
Federal Reserve Chairman Alan Greenspan. These benefits
constitute the quid pro quo for CRA requirements.
• Insurance companies do not unfairly discriminate
Insurers are, in fact, seeking to expand their business in
urban areas. In addition, state laws prohibit unfair
discrimination, insurance regulators enforce discrimination
laws and residual markets exist to cover high-risk
properties.

Unlike banks at the time of CRA's adoption, the insurance

industry has an excellent record of voluntary investment in low-
income, inner city and minority communities. The paper looked
at six areas of investment, including urban and civic
organizations, health and safety programs, business
development, education, volunteerism, and community
improvement and development programs. It also described
model programs currently in place with some insurance
companies.

Further, most insurance companies do not have a geographic

community. The Community Reinvestment Act is by definition
oriented to a specific geographic "community." Many insurers
have no similar geographic orientation.

To the extent that property/casualty insurance companies are

required to meet a new obligation to "reinvest" in communities,
they would, in effect, serve as private tax collectors assessing
policyholders for the revenue required to meet the industry
obligation. This hidden tax would be burdensome to
policyholders, inefficient to administer and destructive to the
industry. Over time, it could lead markets to create new risk
sharing mechanisms that can offer the protection of insurance
without the mandated obligation - or tax - imposed on the
policyholders of the traditional insurance company.

Problems do exist in our nation's urban centers. Some of these

problems are the result of ineffective or misguided government
policy. Imposing lending and social investment obligations on
other financial services companies, especially insurance
companies that are not in the lending or social program
business, will not solve the problems. It will only create new
ones.

A new CRA mandate on insurance companies would cause

policyholders' premiums to increase and policyholder protection
funds (surplus) to shrink, thus weakening insurers' ability to pay
claims, expand, and offer new services. In short, it would erode
the industry's financial and competitive positions.

Several factors affect the ability of the industry to survive in the

future and provide needed products to families and businesses.
These factors include government-mandated obligations that
have the effect of redirecting assets used to pay claims to
policyholders and causing insurance prices to increase, and
surplus to decrease.

Attempts to legislate community involvement on an industry

already making a considerable investment would serve precious
few while harming many. The insurance industry should be
given credit for its proactive stance rather than burdened with
additional legislation. The record shows that the insurance
industry contributes to communities because giving back to
one's own community is good business and is the socially
responsible thing to do.