Life Insurance of India Products Products: LIC has categorized its products into various groups: y y y y y Insurance Plans

Pension Plans Unit Plans Special Plans Group Scheme

Insurance Plans: LIC understands that each individual is different from others and also their needs and requirements are not the same. This applies even to their insurance and other financial needs. LIC as such has designed various products which can be customised according to individual's needs and helps the policy holders to choose the best product for themselves. Under individual plans further sub categories have been created. A-Children Plans: y y y y y y y y y y LIC-Jeevan Anurag LIC-CDA Endowment Vesting At 21 LIC-CDA Endowment Vesting At 18 LIC-Jeevan Kishore LIC-Child Career Plan LIC-Marriage Endowment Or LIC-Educational Annuity Plan LIC-Komal Jeevan LIC-Jeevan Chhaya LIC-Child Future Plan

B-Plans For handicapped Dependents y y LICJeevan Aadhar LICJeevan Vishwas

C-Endowment Assurance Plans: y y y LIC-The Endowment Assurance Policy LIC-The Endowment Assurance Policy-Limited Payment LIC-Jeevan Mitra(Double Cover Endowment Plan)

Features The benefits of this policy are considered normally for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Female lives under Category I & II

Bonus is. calculated only on the basic sum assured at rates applicable to endowment policies.10. this plan is suitable for people of young ages who wish to protect their families from a financial setback that may occur owing to their premature death. Premiums: Premiums are payable yearly. It pays the maturity amount on survival to the end of the term. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. the death claim payable would be Rs. as opted by you. After at least two full years¶ premiums have been paid. full insurance cover is available even when premiums are not paid for up to three years. similarly. quarterly.allowed. Bonuses: This is a with-profit plan and participates in the profits of the Corporation¶s life insurance business. If the policy holder survives the full term of the policy. y y y LIC-Jeevan Mitra(Triple Cover Endowment Plan) LIC-Jeevan Anand LIC-New Janaraksha Plan Product summary: This is an Endowment Assurance plan that provides financial protection against death throughout the term of plan. plus the accrued bonus on Rs. the death claim in the case of this policy is twice the basic sum assured.Besides the usual benefits offered by any endowment insurance plan. this policy provides for an additional insurance cover equal to the sum assured in the event of a policy holder¶s death during the term of the policy. plus the accrued bonuses. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time. is the basic sum assured. on the other hand.000 plus the accumulated bonus. The survival claim. Once declared. Non-medical special is allowed only if the Sum Assured does not exceed Rs. It gets a share of the profits in the form of bonuses. For instance. Suitable For: Being a high-risk endowment assurance policy.20. half-yearly.00. the payment on maturity would be Rs. In other words. throughout the term of the policy or earlier death. monthly or through Salary deductions. y LIC-Jeevan Amrit D-Plans for high worth individuals y y LIC-Jeevan Shree-I LIC-Jeevan Pramukh . if a person insured for Rs. they form part of the guaranteed benefits of the plan.10. Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period. the basic sum assured.000/.000 under this policy were to die before its maturity.

E-Money Back Plans y y y y y y LIC-The Money Back Policy-20 Years LIC-The Money Back Policy-25 Years LIC-Jeevan Surabhi-15 Years LIC-Jeevan Surabhi-20 Years LIC-Jeevan Surabhi-25 Years LIC-Bima Bachat What is Bima Bachat? LIC¶s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. What other benefits do I receive during the specified duration of the policy? For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year. For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd. Bima Bachat requires the policy holder to pay only one premium. 6th and 9th policy year. . The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.

a single premium payment (excluding extra premium) is made along with loyalty additions. This value is equal to 90 % of the single premium paid (excluding extra premium). Who is eligible for the policy? Are there other conditions or restrictions? The following are the requirements that one needs to be aware of before applying for this . 9th and 12th policy year. What additional benefits do I get upon maturity? If the policy holder outlives the duration of the policy. What about the installment received already? The insurance cover is irrespective of the installments received. When am I eligible for the guaranteed surrender value? The guaranteed surrender value is available only after completion of at least one policy year. at the time of maturity.a. payable halfyearly. The rate of interest for this will be determined from time to time by the corporation. if any. 6th. grace period and revival. How much insurance do I get? The policy holder is insured for an amount equal to the sum assured. Presently the rate of interest is 9% p. What other benefits does this insurance cover offer? Bima Bachat is the only money-back policy that offers a loan facility.For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd. It also offers other benefits like the 15 day cooling off period.

Suitable For For all people with earned income under Category I and unearned incomes under Category II.000/.Limited Payment LIC-The Whole Life Policy. but hope to be able to pay for such a policy in the near future. · The minimum sum that needs to be assured is Rs 20. · The policy requires the holder to pay a single premium. This plan would be found useful also in cases where it is desired to leave the final decision as to the plan to a later date when. y y LIC-Anmol Jeevan-I LIC-Amulya Jeevan (Closed) I-Joint life Plan .only.Single Premium LIC-Jeevan Anand LIC-Jeevan Tarang H-Term Assurance Plans y y LIC-Two Year Temporary Assurance Policy LIC-The Convertible Term Assurance Policy This plan of assurance is designed to meet the needs of those who are initially unable to pay the larger premium required for a Whole Life or Endowment Assurance Policy. F-Special Money Back Plan For Women LIC-Jeevan Bharati G-Whole Life Plan y y y y y LIC-The Whole Life Policy LIC-The Whole Life Policy. basically Standard and sub-Standard lives attracting EMR classes I and II. Policy holders get an option of converting an policy into endowment assurance or limited payment whole life assurance.and there is no limit on the amount that can be assured. · There is a choice of three terms to choose from (9. · It is important to note that the sum assured should be in multiples of Rs 5000/. · The policy will mature when the person is 75 years old. perhaps a better choice could be made. 12 and 15 years) for the policy depending on the age and requirement of the applicant.policy: · The person applying for the policy should have completed 15 years and should not be older than 66 years.

This helps the employers to provide protection to employess as well their family so that they are able to work in the tension free environment. associations. LIC-Special Plans LIC-Bima Nivesh 2005 LIC-Jeevan Saral LIC-Jeevan Madhur LIC-Health Plus LIC-Golden Jubilee Plans LIC-New Bima Gold Group Scheme: Group Insurance Scheme is life insurance protection to groups of people and are ideal for employers. . societies etc.LIC-Jeevan Saathi J-Decreasing Term Assurance To cover Home Loan Payment LIC-Mortgage Redemption Pension Plans: Pension Plans helps in providing financial security to an individaul after his retirement so that they are able to lead the same standard of life and that too without any tension. LIC-Jeevan Nidhi LIC-Jeevan Akshay-V LIC-New Jeevan Dhara-I LIC-New Jeevan Suraksha-I Unit Plans: Unit plans are meant for those people who aim to earn a good return on their investments and also reap the benefits of an insurance cover. These plans are a perfect combination of insurance and investment and provides happiness for the lifetime. and allows to insurance benefits at really low costs. LIC-Market Plus (Closed for Sale) LIC-Profit Plus LIC-Fortune Plus Special Plans: LIC¶s Special Plans are not plans but once in a lifetime opportunities that knocks on the door not very often. It also helps in getting tax benefit on the invested sum.

LIC-Group Term Insurance Schemes LIC-Group Insurance Scheme in Lieu Of EDLI LIC-Group Gratuity Scheme LIC-Group Super Annuation Scheme LIC-Group Savings Linked Insurance Scheme LIC-Group Leave Encashment Scheme LIC-Group Mortgage Redemption Assurance Scheme LIC-Gratuity Plus LIC-Group Critical Illness Rider LIC-Social Security Scheme LIC-Jana Shree Bima Yojana LIC-Shiksha Shahyog Yojana LIC-Aam Admi Bima Yojana .

Sign up to vote on this title
UsefulNot useful