PROJECT REPORT

ON

POLICIES OF

LIFE INSURANCE CORPORATION OF INDIA
SUBMITTED IN PARTIAL FULFILLMENT FOR THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION 20102012
UNDER THE GUIDANCE OF Mrs. Gagandeep

SUBMITTED BY: Naresh kumar BATCH NO.: MBA 3rdSEMESTER ROLL NO.: 100652245353

S.Sukhjinder singh engineering & Technology college. Affiliated to Punjab technical University, Jalandhar. TRAININING CERTIFICATE

SRINAGAR DIVISION B O R S PURA Dated:1/8/2011

TO WHOMSOEVER IT MAY CONCERN It is certified that Mr.Naresh Kumar ssss/o Faqir Chand R/O Chohala The RS Pura, a student Of MBA Has attended Branch Training From 15th June 2011 To 30th July 2011.

INDEX
Table of Contents Student Declaration Certificate from Guide Acknowledgement Executive Summary CHAPTER-1 Introduction CHAPTER -2 Company Profile CHAPTER -3 Research Methodology CHAPTER-4 Policies and Plans CHAPTER -5 Findings CHAPTER -6 Conclusion BIBLIOGRAPHY 57 55 53 25 21 4 i ii iii iv 1

Sukhjinder singh engineering & Tecnology college. Gagandeep’ has been completed and submitted in partial fulfillment of the requirement for the award of degree of Master of Business Administration S. This is an original piece of work & I have not submitted it earlier elsewhere.STUDENT DECLARATION This is to certify that the project titled ‘LIFE INSURANCE CORPORATION OF INDIA’ under the guidance of ‘Mrs. NARESH KUMAR . Gurdaspur.

GUIDE CERTIFICATE This is to certify that the project titled “LIFE INSURANCE CORPORATION OF INDIA” is an academic work done by “NARESH KUMAR” submitted in the partial fulfillment of the requirement for the award of the degree of Master Of Business Administration from S. To the best of my knowledge and belief the data & information presented by him/her in the project has not been submitted earlier.Sukhjinder singh engineering & Tecnology college.Gurdaspur. MRS. Preet suri . under my guidance & direction.

. brother-sister for helping me in the completion of this project report.ACKNOWLEDGEMENT I am highly obliged to Mrs. I am also thankful to my friends. Preet suri (project guide) for her constant and excellent guidance and also her valuable support without whom this project report could not be successfully completed. my parents.

how and when it is formed. mission and vision. what is life insurance. objective while conducting the study and methodology which consist of the medians used and the tools used to complete the study.EXECUTIVE SUMMARY Insurance is the most familiar word or phrase used in today’s life. CHAPTER-2 Chapter 2 includes company profile of LIC i. when and how does this sector emerges and how it contributes to the economy. Insurance companies are those institutes that provide various types of facility and services in term of there plans and policies to the consumers. which were the companies that merges and form LIC.e. board of directors. The following project makes an analysis of the products of LIC. a brief on the subsidiaries. tax benefits to its policy holders categorized according to their age. The following project has been made on one of the largest company in insurance sector in India which is owned by government which is “LIFE INSURANCE CORPORATION OF INDIA”. net asset value of the products. CHAPTER-4 It includes some of the products offered by LIC. its milestones. CHAPTER-3 Purpose of the study for which it is conducted. It also includes awards and achievements by LIC. its objectives.e. . It also shows the relationship of LIC with information technology. The brief summary of each chapter is discussed as follows:- CHAPTER-1 It consist of information of the industrial profile of the life insurance sector i.

. CHAPTER-6 Chapter 6 consists of the conclusion arrived after analyzing and findings from the study.CHAPTER-5 This chapter includes the findings and analysis retrieved after the study of the of the project.

CHAPTER-1 INRODUCTION .

In 1870. Since then. Nevertheless.INSURANCE COMPANIES IN INDIA In India.the Life Insurance Companies Act. the largest life insurance company in India is still owned by the government. However. the Govt. General Insurance Corporation of India (GIC). of India passed two acts . is the oldest existing insurance company in India. Onset of the 20th century brought a drastic change in the Insurance sector. Insurance is a national matter.5% and general insurance premiums account to 0. in which life and general insurance is yet a booming sector with huge possibilities for different global companies. Indians took a sigh of relief when Bombay Mutual Life Assurance Society. as life insurance premiums account to 2. when Oriental Life Insurance Company was established by Europeans in Kolkata to cater to their requirements. allowing FDI up to 26%. the first Indian insurance company covered Indian lives at normal rates.to regulate the insurance business. The Indian Insurance sector has gone through several phases and changes. National Insurance Company Ltd. Earlier. The history of Insurance in India dates back to 1818. Life Insurance Corporation of India (LIC).e.Life Insurers i. as higher premiums were charged from the latter. In December 2000. the Insurance sector in India is considered as a flourishing market amongst global insurance companies. In 1912. and the Provident Fund Act . especially after 1999.e. the Insurance sector had only two state insurers . these subsidiaries were de-linked from parent company and were declared independent insurance companies: Oriental . when the Govt. founded in 1906. of India opened up the insurance sector for private companies to solicit insurance by passing Insurance Regulatory and Development Authority (IRDA) Bill. there was discrimination among the life of foreigners and Indians. and General Insurers i.65% of India's GDP.

24.87% growth in business at Rs. while the private players have grabbed over 24 percent. Total value of the Indian insurance market (2004-05) is estimated at Rs. "Indian Insurance Industry: New Avenues for Growth 2012". has clocked 21. finds that the market share of the state behemoth. The share of LIC for this period has further come down to 75 percent. as private players grew by 129% to mop up Rs.197. The figures for the first two months of the fiscal year 2005-06 also speak of the growing share of the private insurers.4 billion new policies in 2004-05. The 14 private insurers increased their market share from about 13% to about 22% in a year's time. with premium income from new business at Rs. There are presently 12 general insurance companies with four public sector companies and eight private insurers and private insurance companies collectively have a 10% share of the non-life insurance market. LIC. . its market share came down from 87. the potential of the Indian insurance industry is huge.07%.57 billion in 2004-05 from Rs. braving stiff competition from private insurers. This report.43 billion during the fiscal year 2004-2005. But this was still not enough to arrest the fall in its market share.29 billion in 2003-04. New India Assurance Company Limited. 55. The life insurance industry in India grew by an impressive 36%. National Insurance Company Limited and United India Insurance Company Limited. 450 billion (US$10 billion). 253.86 billion by selling 2. Though the total volume of LIC's business increased in the fiscal year (2004-2005) compared to the previous one. With an annual growth rate of 15-20% and the largest number of life insurance policies in force.04 to 78.Insurance Company Limited.

They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Life Insurance in its modern form came to India from England in the year 1818. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870. the foreign life insurance companies started insuring Indian lives. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were . The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. The United India in Madras. insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Starting as Indian enterprise with highly patriotic motives. and covered Indian lives at normal rates. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years. However.CHAPTER-2 COMPANY PROFILE The story of insurance is probably as old as the story of mankind. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. Though the concept of insurance is largely a development of the recent past. later with the efforts of eminent people like Babu Muttylal Seal.

it was much later on the 19th of January. the ownership too by means of a comprehensive bill. In the year 1912. 1956. providing them adequate financial cover at a reasonable cost. and the Provident Fund Act were passed. However. The Life Insurance Companies Act. in Calcutta. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956. But the Act discriminated between foreign and Indian companies on many accounts. with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country. house of the great poet Rabindranath Tagore. The first two decades of the twentieth century saw lot of growth in insurance business. LIC had 5 zonal offices. From 44 companies with total business-in-force as Rs. that life insurance in India was nationalized.established in 1906. apart from its corporate office in the year 1956. The Indian Mercantile. it rose to 176 companies with total business-in-force as Rs. and later. 33 divisional offices and 212 branch offices. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. Since life insurance contracts are long term . 16 nonIndian companies and 75 provident were operating in India at the time of nationalization. General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably.22. and the Life Insurance Corporation of India was created on 1st September. Prior to 1912 India had no legislation to regulate insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. putting the Indian companies at a disadvantage. initially the management of the companies was taken over by means of an Ordinance. 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. In 1907. Nationalization was accomplished in two stages. the Life Insurance Companies Act. About 154 Indian insurance companies.44 crore.298 crore in 1938. Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko. 1956.

32. Info Centers have been commissioned at Mumbai. Chennai.00 crore Sum Assured on new policies. As a result of re-organization servicing functions were transferred to the branches. New Delhi. .955 new policies by 15th Oct. and branches were made accounting units. The satellite offices are smaller.00 crores of New Business in 1957 the corporation crossed 1000. 7 zonal offices and the corporate office.00 crores only in the year 1969-70. LIC has launched its SATELLITE SAMPARK offices. With a vision of providing easy access to its policyholders. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families. Re-organization of LIC took place and large numbers of new branch offices were opened. and it took another 10 years for LIC to cross 2000. LIC has issued over one crore policies during the current year. 100 divisional offices. LIC’s ECS and ATM premium payment facility is an addition to customer convenience. Kolkata. LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. From then to now. Today LIC functions with 2048 fully computerized branch offices. leaner and closer to the customer. But with re-organization happening in the early eighties. 2005. It worked wonders with the performance of the corporation. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. It may be seen that from about 200. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records.01.67% over the corresponding period of the previous year. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. Pune and many other cities. posting a healthy growth rate of 16. It has crossed the milestone of issuing 1. by 1985-86 LIC had already crossed 7000. Ahmedabad. Bangalore.contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter.00 crore mark of new business. Apart from on-line Kiosks and IVRS. Hyderabad. LIC’s Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network.

. 5 crore from the Government of India. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. the first general insurance company established in the year 1850 in Calcutta by the British.Some of the important milestones in the life insurance business in India are: 1818: Oriental Life Insurance Company. set up. 1957: General Insurance Council. LIC formed by an Act of Parliament. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. viz. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. LIC Act. Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd.. the first company to transact all classes of general insurance business. The General insurance business in India. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. the first Indian life insurance company started its business. with a capital contribution of Rs. on the other hand. 1870: Bombay Mutual Life Assurance Society. the first life insurance company on Indian soil started functioning. frames a code of conduct for ensuring fair conduct and sound business practices. a wing of the Insurance Association of India. 1956. can trace its roots to the Triton Insurance Company Ltd.

the LIC Act provides for setting up subsidiaries through policy holders fund. LIC Lanka. providing an enhanced set of diversified services to its customers.1972: The General Insurance Business (Nationalization) Act. GIC incorporated as a company. Nepal. the Oriental Insurance Company Ltd. LIC Housing Finance and LIC Mutual Fund. LIC NEPAL A joint venture company formed in 2001 with the Vishal Group of Industries. 1989 with the objectives of offering US$ denominated policies to cater to the insurance needs of NRIs and providing insurance services to holders of LIC policies currently residing in the Gulf. LIC LANKA A joint venture company formed in 2003 with the Bartleet Group of Companies. LIC Nepal. LIC INERNATIONAL This is a joint venture offshore company promoted by LIC which commenced operations in July. 107 insurers amalgamated and grouped into four companies’ viz. the National Insurance Company Ltd. the New India Assurance Company Ltd. LIC International operates in all GCC countries. . LIC SUBSIDIARIES Unlike provisions for private players in the insurance sector.. It is due to the LIC act that LIC of India has a number of subsidiaries which help it in leveraging its potential to the maximum. and the United India Insurance Company Ltd. These subsidiaries include LIC International. Sri Lanka.. 1972 nationalized the general insurance business in India with effect from 1st January 1973.

LIC HOUSING FINANCE LTD.
The Company is recognized by National Housing Bank and listed on the National Stock Exchange (NSE) & Bombay Stock Exchange Limited (BSE). LIC Housing Finance Ltd. is one of the largest Housing Finance Company in India. Incorporated on 19th June 1989 under the Companies Act, 1956, the company was promoted by LIC of India and went public in the year 1994. Its main objective is to provide long term finance for construction or purchase of houses or apartments. It has a Dubai office.

LIC MUTUL FUND LTD.
Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989 and contributed Rs. 2 Crores towards the corpus of the Fund. LIC Mutual Fund was constituted as a Trust in accordance with the provisions of the Indian Trust Act, 1882. There are some other subsidiaries of LIC which are

1. LIC Mutual Fund Asset Management Company Ltd. 2. LIC HFL Care Homes Ltd. 3. LICHFL Asset Management Company Private Limited. 4. LICHFL Trustee Company Private Limited. 5. LICHFL Financial Services Limited, etc.

WHAT IS LIFE INSURANCE?
Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during:
• • •

The date of maturity, or Specified dates at periodic intervals, or Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilization’s partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person: 1. 2. That of dying prematurely leaves a dependent family to fend for itself. That of living till old age without visible means of support.

Life Insurance Vs. Other Savings
Contract of Insurance:
A contract of insurance is a contract of utmost good faith technically known as

uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance. At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid to Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy installment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly). For example: The Salary Saving Scheme popularly known as SSS provides a convenient method of paying premium each month by deduction from one's salary. In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force. Assesses can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

to facilitate greater spread of insurance and also to avoid . While underwriting proposals. certain factors such as the policyholder’s state of health. policy money can be made available at the time of one's retirement from service and used for any specific purpose. on the life of one's spouse or children. However. many private insurance companies would offer insurance to female lives with some extra premium or on restrictive conditions. Who Can Buy A Policy? Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. a restrictive clause is imposed. Alternatively. Policies can also be taken. Insurance For Women Prior to nationalization (1956). such as. Medical And Non-Medical Schemes Life insurance is normally offered after a medical examination of the life to be assured. Also. start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies. Children's education. loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions). subject to certain conditions. However. the proponent's income and other relevant factors are considered by the Corporation. At present. purchase of a house or for other investments. only if the age of the female is up to 30 years and if she does not have an income attracting Income Tax. the terms under which life insurance is granted to female lives have been reviewed from time-to-time. In other cases. women who work and earn an income are treated at par with men.Money When You Need It: A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time. after nationalization of life insurance.

LIC has been extending insurance cover without any medical examination.inconvenience. subject to certain conditions. In the former. Keyman Insurance Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses. after periodical valuations are allotted to the policy and are payable along with the contracted amount. if any. In 'without' profit plan the contracted amount is paid without any addition. With Profit And Without Profit Plans An insurance policy can be 'with' or 'without' profit. bonuses disclosed. . The premium rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy. which may occur due to the premature demise of the Keyman.

whose money it holds in trust. • Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy. the funds to be deployed to the best advantage of the investors as well as the community as a whole. • Act as trustees of the insured public in their individual and collective capacities. • Bear in mind. . without losing sight of the interest of the community as a whole. • Meet the various life insurance needs of the community that would arise in the changing social and economic environment. in the investment of funds. keeping in view national priorities and obligations of attractive return. • Maximize mobilization of people's savings by making insurance-linked savings adequately attractive. • Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.OBJECTIVES OF LIC • Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. the primary obligation to its policyholders.

MISSION/VISSION MISSION "Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns.• Promote amongst all agents and employees of the Corporation a sense of participation." . pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective. and by rendering resources for economic development." VISSION "A trans-nationally competitive financial conglomerate of significance to societies and Pride of India.

Dasgupta 5. Chairman: Shri. Finance Secretary: Shri. 4. Chairman & Managing Director: Shri. Thomas Mathew T.S. Vijayan 2. Ministry of Finance. Managing Director: Shri. Govt. Sooranad Rajashekhran 10. of India. of India) 6. Ashok Chawla (Ministry of Finance. D.K. Chairman cum Managing Director: Shri. Managing Director: Shri. Shri.) 7. Chaturvedi (Department of Financial Services. Kidwai . T. Dr. Managing Director: Shri. Additional Secretary: Shri. Govt.C. Venkat Subramanian (Export Import Bank of India) 9.C. Mehrotra 3. Yogesh Lohiya (GIC of India) 8. T.BOARD OF DIRECTORS Members on the Board of the Corporation 1. A.K. Monis R. G.

2009 Readers Digest Trusted Brand Award 2009 in the Platinum category .AWARDS AND ACHIVEMENTS Brand Equity Most Trusted Brand Golden Peacock Innovative Product / 2009 Top in Insurance Category Service Award – 2009 Loyalty Awards .

CNBC Awaaz Consumer Awards 2008 NDTV Profit Business Leadership Award 2008 INDY's Silver Award for Best INDY's Silver Award for Best in House Magazine Corporate Film IT USER 2008 NASCOM Selected Business Super brand India 2008 .

Insurance SKOCH Challengers Award 2008 for Sector Jeevan Madhur Readers Digest Trusted Brand Award Golden Peacock Award for Excellence 2008 in the Platinum category.ASIA BRAND CONGRESS BRAND Pitch Award -" Rank 1 " India's Top LEADERSHIP AWARD 2008 50 service Brands Loyalty Awards 2008 . in Corporate Governance .

Web 18 Genius of the web awards 2007 CHAPTER-3 .

Purpose is to study the products and their benefits to customers. OBJECTIVES OF THE STUDY . This gives a brief idea of the nature of products of the company.RESEARCH METHODOLOGY PURPOSE OF THE STUDY The purpose behind the study of LIFE INSURANCE CORPORATION OF INDIA is to understand the companies’ background as well as the nature of the various products offered over many years in India.

. 2. To aware the readers about the different plans and policies provided by LIC. there value and benefits to its customers. To impart knowledge about the history and objectives of the company and also its different subsidiaries.The objectives behind the study of the plans and policies of LIFE INSURANCE CORPORATION OF INDIA are: 1.

Other tools used in the study which are used in the preparation of the project after collecting information are: 1. STATICAL TOOLS: Secondary resources used in the study for information collection is internet and magazines. No survey has been conducted to collect information for the study. Magazines & websites have been used and the information retrieved from these sources is then gathered in this project. MS Word MS Excel .METHODOLOGY DATA COLLECTION: All the information provided on LIFE INSURANCE CORPORATION OF INDIA in the project report has been collected through secondary resources. 2. Therefore only secondary data is used in the study.

Unit Plans 4. Pension Plans 3. Insurance Plans 2. LIC differentiated their policies into five different types which are: 1. Jeevan Anurag Komal Jeevan . Special Plans 5.CHAPTER-4 POLICIES POLICIES (SCHEMES) Life Insurance Corporation of India provides number of products to its costumers. Each individual’s insurance needs and requirements are different from that of the others. LICs Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement. Group Scheme INSURANCE PLANS As individuals it is inherent to differ.

I The Whole Life Policy The Whole Life Policy.Limited Payment The Whole Life Policy.CDA Endowment Vesting At 21 CDA Endowment Vesting At 18 Jeevan Kishore Child Career Plan Child Fortune Plus Jeevan Aadhar Jeevan Vishwas Marriage Endowment Or Educational Annuity Plan Jeevan Chhaya Child Future Plan The Endowment Assurance Policy The Endowment Assurance Policy-Limited Payment Jeevan Mitra(Double Cover Endowment Plan) Jeevan Mitra(Triple Cover Endowment Plan) Jeevan Anand New Janaraksha Plan Jeevan Amrit Jeevan Shree-I Jeevan Pramukh The Money Back Policy-20 Years The Money Back Policy-25 Years Jeevan Surabhi-15 Years Jeevan Surabhi-20 Years Jeevan Surabhi-25 Years Bima Bachat Jeevan Bharati .Single Premium Jeevan Anand Jeevan Tarang Two Year Temporary Assurance Policy The Convertible Term Assurance Policy Anmol Jeevan-I Amulya Jeevan-I Jeevan Saathi Plus Jeevan Saathi .

These plans are a perfect blend of insurance. so that you never give up on the best things in life. investment and a lifetime of happiness! New Bima Gold . 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 Child Fortune Plus SPCIAL PLANS LIC’s Special Plans are not plans but opportunities that knock on your door once in a lifetime. Jeevan Nidhi Jeevan Akshay-VI New Jeevan Dhara-I New Jeevan Suraksha-I UNIT PLANS Unit plans are investment plans for those who realize the worth of hard-earned money.Mortgage Redemption PENSION PLANS 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.

Health Protection Plus Health Plus Bima Nivesh 2005 Jeevan Saral Jeevan Madhur Jeevan Mangal GROUP SCHEME Group Insurance Scheme is life insurance protection to groups of people. This scheme is ideal for employers. societies etc. associations. and allows you to enjoy group benefits at really low costs. Group LIC's Superannuation Plus 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 JanaShree Bima Yojana (JBY) Shiksha Sahayog Yojana Aam Admi Bima Yojana .

. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival. half-yearly. monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death. quarterly. Jeevan Anand Features Product summary: This plan is a combination of Endowment Assurance and Whole Life plans. Premium: Premiums are payable yearly.PRODUCTS BY LIC INSURANCE PLANS 1.

It gets a share of the profits in the form of bonuses. surrender values are available on the plan on earlier termination of the contract. Benefits in case of survival to the end of selected term: The Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term.Bonuses: This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. Accident Benefit: An additional Sum Assured (subject to a limit of Rs. An additional Sum Assured is payable on death thereafter. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in installments. However. The benefit payable on . An additional premium is required to be paid for these benefits. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. they form part of the guaranteed benefits of the plan.5 lakh) is payable in a lump sum on death due to accident up to age 70 of life assured. Bonuses will be added during the selected term or till death. Supplementary/Extra Benefits: These are the optional benefits that can be added to your basic plan for extra protection/option. the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. Once declared. Guaranteed Surrender Value: The policy may be surrendered after it has been in force for 3 years or more. if it occurs earlier. Surrender Value: Buying a life insurance contract is a long-term commitment. Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period Benefits Benefits in case of death during the selected term: The Sum Assured along with the vested bonuses is payable on death in a lump sum. Any extra premium(s) paid and premium(s) towards Accident Benefit are also excluded. Corporation’s policy on surrenders: In practice.

It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term. throughout the premium paying term or till earlier death. they will form part of the guaranteed benefits of the plan. Alternatively premium may be paid in one lump sum (Single premium). Bonuses: The policy participates in the profits of the Corporation’s life insurance business from the 6th year onwards. Simple Reversionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year. half-yearly. as opted by you. It will get a share of the profits in the form of bonuses. The Guaranteed Additions are payable along with the Basic Sum Assured at the time of claim. . Jeevan Shree-I Product summary: This is an Endowment Assurance plan offering the choice of many convenient premiums paying terms. In some circumstances. quarterly or through Salary deductions. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. in case of early termination of the policy. Premiums: Premiums are payable yearly. 2. the surrender value payable may be less than the total premium paid. Benefits Death Benefit: The Sum Assured along with guaranteed additions and vested bonuses. Once declared.surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. 50/.per thousand Sum Assured for each completed year for first five years of the policy. is payable in a lump sum on death of the life assured during the policy term. Guaranteed Additions: The policy provides for the Guaranteed Additions at the rate of Rs. if any.

Surrender Value: Buying a life insurance contract is a long-term commitment. . However. Bima Bachat requires the policy holder to pay only one premium. An additional premium is required to be paid for these benefits. if any is payable in a lump sum on survival to the end of the policy term. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. 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. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium. Guaranteed Surrender Value: The policy may be surrendered after it has been in force for 3 years or more. Corporation’s policy on surrenders: In practice. the surrender value payable may be less than the total premium paid. in case of early termination of the policy. In some circumstances. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. 3. the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value.Maturity Benefit: The Sum Assured along with guaranteed additions and reversionary bonuses. surrender value is available on the plan on earlier termination of the contract. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. Supplementary/Extra Benefits: These are the optional benefits that can be added to your basic plan for extra protection/option.

at the time of maturity.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. 6th. For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd. if any. What additional benefits do I get upon maturity? If the policy holder outlives the duration of the policy. . For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd. 9th and 12th policy year. 6th and 9th policy year. a single premium payment (excluding extra premium) is made along with loyalty additions.

How much insurance do I get? The policy holder is insured for an amount equal to the sum assured. Premium payment Single Premium The sample premium rates are as under: Age Annual Premium per 1000 SA 9 12 15 . 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 policy: · The person applying for the policy should have completed 15 years and should not be older than 66 years.only. · It is important to note that the sum assured should be in multiples of Rs 5000/. Presently the rate of interest is 9% p. This value is equal to 90 % of the single premium paid (excluding extra premium). · The policy will mature when the person is 75 years old.and there is no limit on the amount that can be assured. 12 and 15 years) for the policy depending on the age and requirement of the applicant. What about the installment received already? The insurance cover is irrespective of the installments received. · There is a choice of three terms to choose from (9. · The policy requires the holder to pay a single premium. What other benefits does this insurance cover offer? Bima Bachat is the only money-back policy that offers a loan facility.a. grace period and revival. The rate of interest for this will be determined from time to time by the corporation.000/. It also offers other benefits like the 15 day cooling off period. · The minimum sum that needs to be assured is Rs 20. payable half-yearly. When am I eligible for the guaranteed surrender value? The guaranteed surrender value is available only after completion of at least one policy year.

65 784.13 only.95 831.15 20 25 30 35 40 45 50 55 60 65 716.80 816. Policy holders get an option of converting an policy into endowment assurance or .30 - 804.95 819.95 841.25 773.40 804.90 811.75 780.25 787.40 717. If the sum assured is Rs 45.35 - What incentives do I get for a higher sum assured? Let’s take an example of a 30 year old with a Bima Bachat policy for 12 years.00 804.80 734.95 806.45 721.000 he will have to pay a premium of Rs 36734.35 775.75.35 771.60 762.60 828.10 746.55 812. 50.2 lakh Rs. 50.75 859.000 and Less than Rs. perhaps a better choice could be made.000 then he has to pay a premium of Rs 34800. but hope to be able to pay for such a policy in the near future. The Convertible Term Assurance Policy Features 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.10 808.05 725. Refer to the table below for other rebate percentages: Less than Rs. But for a sum assured amount of Rs 50. thus getting a 5% rebate in premium.55 718. 2 lakh and above NIL 5% 7% 8% 4. 1 lakh and Less than Rs.20 717.25 771.000 Rs.60 797. 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.1 lakh Rs.85 772.

00. Half-yearly.00. Plan parameters Minimum Entry age Sum assured (Rs.limited payment whole life assurance. basically Standard and sub-Standard lives attracting EMR classes I and II.000 5 Maximum 50 1. New Jeevan Dhara-I Features . Benefits Survival Benefit Not Applicable Death Benefit the sum assured is payable only in the event of death of the Life Assured before the expiry of the specified term. Suitable For: For all people with earned income under Category I and unearned incomes under Category II. Saving Maximum premium paying period Policy loan available 55 years No PENSION PLANS 1.) Term (years) 20 (nearer birthday) 50.000 7 Mode of Payment Yearly. Salary Scheme Monthly. Quarterly.

throughout the term of the policy or till earlier death. Premiums: Premiums are payable yearly. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period. as opted by you. half-yearly. The annuity options available are: . Once declared. the premium may be paid in one lump sum (single premium). quarterly. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Alternatively. monthly or through Salary deduction. Policies get a share of the profits in the form of bonuses.147). Benefits Death Benefit: On death of the Life Assured during the term of the policy the basic premiums paid. they form part of the guaranteed benefits of the plan. Maturity Benefit: At maturity the policyholder can encash up to a maximum 25% of the maturity proceeds as a tax-free lump sum. excluding any rider premiums or extra premiums. the interest rate is 3%. The premiums paid under New Jeevan Dhara I (Table No. 20 years or thereafter respectively. The policyholder has the choice of opting for any one of 5 annuity options. 4% or 5 % if the death occurs within the first 10 years. The balance should be compulsorily converted to an annuity at the rates applicable at the time of maturity of the policy. up to the date of death accumulated with interest at such rates as decided by the Corporation will be payable to the nominee. Tax Benefits: Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No. Bonuses: These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business.148) qualify for tax relief under Section 88.Product summary: These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term. Currently.

Guaranteed Surrender Value: The policy may be surrendered after it has been in force for 2 years or more but before the vesting date. UNIT PLANS-I 1. Surrender Value: Buying a life insurance contract is a long-term commitment. the surrender value payable may be less than the total premium paid. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. surrender value is available on the plan on earlier termination of the contract. The guaranteed surrender value is 90% of the basic premiums paid excluding the first year’s premium.(i) annuity payable for remainder of life (ii) annuity payable for life with guaranteed period of 5. in case of early termination of the policy. An additional premium is required to be paid for these benefits. the company will pay a Special Surrender Value – which is equal to or higher than the Guaranteed Surrender Value. Corporation’s policy on surrenders: In practice. 10. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. 15 or 20 years (iii) Joint life and last survivor annuity to the annuitant and his/ her spouse under which annuity payable to the spouse on death of the purchaser will be 50% of that payable to the annuitant (iv) Life annuity with a return of purchase price on death of the annuitant (v) Life annuity increasing at a simple rate of 3% per annum Supplementary/Extra Benefits: These are the optional benefits that can be added to your basic plan for extra protection/option. In some circumstances. In case of a single premium policy the guaranteed surrender value is allowed after 2 years from the date of commencement of the policy. Market plus-I . However.

Secured. subject to the minimum limits. Four types of investment Funds namely Bond. REVIVAL An attractive feature of the plan is that provided the premiums have been paid for a minimum period of three years. if premiums have been paid for a minimum period of three years. B) On Death: In event of the unfortunate death of the policy holder the Fund Value along with the Riders. if any. the Fund Value will be utilized to provide a pension based on the then prevailing Annuity rates. viz. The quantum of the risk covers can also be reduced. OPTIONS Three attractive benefits. Life option is available within certain limits depending on the age at entry of the life assured. The other options are available to all proposers who have opted for Life Cover. Further. This period of two years is called the “Revival Period”.On Vesting: On vesting of the policy. the plan has many attractive features and options which make it an ideal Retirement solution for the future.This is a unit linked pension plan wherein the pension is payable after a specified period. within the Revival Period. PAYMENT OF PREMIUMS . revival can be effected merely by paying the arrears of premium. Though primarily a Pension product. An option to commute up to one third of the payable benefit in a lump sum is available. Balanced and Growth Fund are offered. . all the riders under the policy will continue for a period of two years from the due date of first unpaid premium by deduction of relevant charges from the policy fund. Accident Benefit and Critical Illness Benefit are available as options or riders.Life Cover. A policy can be taken without any of the riders also. BENEFITS A) . once a year. will be payable in a lump sum or as a pension.

. This is the revised version of our popular Bima Nivesh Plan 2004 and is introduced to meet the overwhelming demand for a single premium plan from our customers.1. ideal investment plan for those who have no regular income but good periodical income. quarterly. It is a single premium. Bima Nivesh Features Bima Nivesh 2005 is a plan with compound rate of guaranteed additions and loyalty additions. Term Assurance Rider is also available by payment of a single premium at the option of the proposer.Premiums can be paid in a lump sum (single premium) and also by monthly (ECS). CHANGE IN FUND TYPE (SWITCH) The plan also allows a policy holder to switch from one type of fund to another up to four times a year. The guaranteed surrender value is payable after the policy has run for at least one year. OTHER FEAUTRES There will be no spread between the Bid and Offer price. The Net Asset Value (NAV) will be declared on a daily basis. half-yearly and yearly modes. Bima Nivesh 2005 is available for terms 5 and 10 years. SPECIAL PLANS 1. free of charge. Additional premium in multiples of Rs. Benefits  Guaranteed Additions: Guaranteed additions at the compound rate of Rs.55 per thousand Sum Assured per annum for the policy with term of 10 years.000 can be paid without any limit at anytime during the term of policy.50 per thousand Sum Assured per annum for the policy with term of 5 years and at the compound rate of Rs.

The Term Rider Premium depends on the age nearer birthday and the term of the policy. – No to the basic Sum Assured for Term Assurance subject to a maximum of Rs.50.000/Max. Age at entry Max. Max. Sum Assured along with the accrued guaranteed additions will be payable.995 for 5 years term and Rs. Loyalty addition. REBATES 1% of basic premium on the premium in excess of Rs. may be declared by the corporation and paid on maturity.An amount up Rs.25 lakh overall Option limit.000. Sum Assured Maximum limit. Payment on death: In case of the unfortunate death of the Life Assured during the term of the policy.000. Sum Assured . Sum Assured . if any. Premium Rates: Single Premium rates for Rs. Loyalty addition. Maturity Age 75 years . Maturity Benefit: The Basic Sum Assured along with compounded Guaranteed Additions will be payable. Eligibility conditions and other restrictions For the Main Plan Min.00. if any. under all policies of the life assured. and 10 yrs Term Assurance Option 18 years completed 50 years 60 years Same as main plan Min.Rs. Surrender Value: Surrender value is payable after the policy has run at least for one year. will also be added to this benefit. Riders: Term Assurance rider is available. Age at entry Policy Term 13 years completed 70 years 5 yrs.1000 Sum Assured are Rs.25.1. interest and expenses and based on term of the policy. 976 for 10 years term.Loyalty Addition: Depending upon the Corporation's experience with regard to mortality.

Under Group (Term) Insurance Scheme.Rs. D) General Features of various Group Insurance Schemes: 1. Scheme offers covers only on death and there is no maturity value at the end of the term.000. The schemes may have add-ons like Double Accident Benefit. Disability benefit etc. The Scheme may provide for a uniform cover to all members of the group or graded covers for different categories of members.00. life cover to supplement pension or PF benefits in case of death). Critical Illness Benefit. PREMIUM: The premium under such scheme may be wholly paid by the employer or the Nodal .. Administration of the scheme is on group basis and cost is low.g. or some other benefits (e. C) Different Schemes: Group (term) Insurance Scheme has a number of varieties. B) Premium Chargeable: Group (Term) Insurance Scheme is at present offered under One Year Renewable Group term assurance plan (OYRGTA). LOAN Loan will be available to the policyholders under this plan within the Surrender Value.500 plus 1.1.5% of basic premium on the premium in excess of Rs. Group Term Insurance Scheme A) Nature of the Scheme: Group (term) Insurance Scheme is meant to provide life insurance protection to groups of people. Every year on Annual Renewal date LIC charges the premium depending upon the changes in size and age distribution of the age group. GROUP SCHEME 1. life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence. cover for all amounts of outstanding housing loans or vehicle advances.

4. the scheme may be contributory i.Agency. 3. DOUBLE ACCIDENT BENEFIT: Double Accident Benefit. the Group Policyholder will have to send all the member's data (and particulars of the new entrants from time to time) to the P & GS unit of LIC. *Below or marginally above poverty line *A member of any of the approved vocation/occupation groups NODAL AGENCY: A State Government Department which is concerned with the welfare of any such .e. However. 2. ELIGIBILITY: A person who is *Aged between 18 and 59 years. ELIGIBILITY: For Group Insurance Scheme in lieu of EDLIS the insurability condition is that should be a member of the Provident Fund Scheme of the employer. For all non-employeremployee Group Schemes the basic insurability condition is that the member should be in good health on the date of entry. For other GI Schemes of employer-employee groups the insurability condition is that the member should not be absent on ground of sickness on the entry date.e. payment of double the sum assured on death due to accident (without permanent disability benefit). Detailed OYRGTA premium calculation will be made on each Annual Renewal Date. the members may also contribute. Janashree Bima Yojana (JBY) Features The objective of the scheme is to provide life insurance protection to the rural and urban poor persons below poverty line and marginally above the poverty line. i. ADMINISTRATION OF THE SCHEME: At the commencement and thereafter on each Annual Renewal Date. may be allowed under Group Insurance Schemes for an extra premium. 2.

vocation/occupation group. Village Panchayat. PREMIUM: *The premium under the scheme is Rs. List of students eligible for scholarship under Shiksha Sahayog Yojana (Proforma B) 4. *Balance 50% will be borne by the Social Security Fund. due to accident. due to accident. MINIMUM MEMBERSHIP SIZE: Twenty five. an amount of Rs.30.SelfHelp Group. Claim form & discharge receipt under JBY (Annexure A) 2.200/-per annum per member.500/.will be contributed by the member and/or Nodal Agency/State Government. *Permanent partial disability. Certificate of utilization ( Proforma C ) Benefits In the events of *Death (other than by accident) of the member.e. *death/total permanent disability. APPROVED VOCATION & OCCUPATIONAL GROUPS: A) The group that can be covered are like workers in (i) Foodstuffs like khandsari (ii) Textile (iii) Manufacture of wood products (iv) Manufacture of paper products (v) Manufacture of leather products . Application for scholarship under Shiksha Sahayog Yojana (Proforma A) 3.100/.is payable.etc. Rs. an amount of Rs. *50% of the premium i. a Welfare Fund/ Society.000/-is payable. FORMS FOR JANASHREE BIMA YOJANA 1.37.75.000/.NGO. an amount of Rs.is payable.

Employed Persons. Rickshaw Pullers/ Auto Drivers. Handloom and Khadi Weavers. Primary Milk Producers. Forest Workers. Safai Karmacharis.Carpenters. Scheme for the Urban Poor. Lady Tailors. Physically Handicapped self. Fisherman. PLAN’S NAV The net asset value of different schemes of life insurance Corporation of India for the insured’s is as follows: NAV TABLE . Leather and Tannery Workers.(vi) Printing (vii) Rubber and coal products (viii) Chemical products like candle manufacture (ix) Mineral products like earthen toys manufacture (x) Fire cracker's workers (xi)Construction workers (xii)Other related cottage industries to be identified by Nodal Agencies and other groups as identified by the Nodal Agency and approved by LIC. Sericulture. Powerloom Workers. Tendu Leaf Collectors. Salt Growers. Papad Workers attached to 'SEWA'. Hamals. Handloom Weavers. Handicraft Artisans. Toddy Tappers. Scheme for Women in Remote Rural Hilly Areas. Brick Kiln Workers(Jalandhar). Cobblers. B) The occupational groups are : Beedi workers.

6570 10.9723 13.2874 25.1729 13.6570 10.6993 12.6570 10.5666 13.6018 19.1779 15.07.2006 10 10 10 10 DATE OF LAUNCH 05.6167 18.6993 12.3119 13.2001 10 10 10 DATE OF LAUNCH 04.0405 15.1556 13.6018 19.5666 13.6167 18.9723 .5608 12.1060 32.4484 11.8744 12.3939 12.12.2009 EFFECTIVE FOR 21.7507 30.1779 15.02.2005 10 10 10 10 DATE OF LAUNCH 20.3119 13.0405 15.2006 10 10 10 10 21.4484 11.4856 44.0405 15.6993 12.08.1556 12.1729 13.4484 11.2005 10 10 10 10 DATE OF LAUNCH 18.1729 13.8804 11.6167 18.8804 11.4856 44.0730 27.10.8744 12.08.2009 SALE VALUE NAV AS ON REPURCHASE DATE VALUE 27.03.3119 13.8804 11.3939 12.5666 13.NAV'S AS ON DATE BASIC UNIT VALUE DATE OF BIMA PLUS (140) SECURED FUND BALANCED FUND RISK FUND FUTURE PLUS (172) BOND FUND INCOME FUND BALANCED FUND GROWTH FUND JEEVAN PLUS (173) BOND FUND SECURED FUND BALANCED FUND GROWTH FUND MONEY PLUS (180) BOND FUND SECURED FUND BALANCED FUND GROWTH FUND MARKET PLUS (181) BOND FUND SECURED FUND BALANCED FUND GROWTH FUND LAUNCH 02.8744 12.6018 19.5608 12.3939 13.1556 13.5608 12.1060 32.9723 13.2874 13.8613 42.1779 15.

0380 11.1 Lakh.9187 MARKET PLUS-I (191) LAUNCH All the benefits payable under a Life Insurance policy are tax free.8430 the payment of annuity is eligible for deduction.0738 should not be in 10 excess of 20% of 12.8276 12.9779 BALANCED FUND 10 11.2628 The insurance FUND paid 10 a policy 13.4845 capital sum 12.6842 10.3512 11.0311 10.3512 11.3897 paid excess of premiums will be taxable.1823 Plans: 12.3897 key man Insurance from a SECURED FUND 10 11.9779 12.05.0021 3) JeevanFUND Plan & New Jeevan Suraksha .1676 BENEFITS 12.6514 10.2509 11.5292 12.FORTUNE PLUS (187) LAUNCH 23.2009 10 GRATUITY PLUS BOND FUND LAUNCH (a) INCOME FUND 10 13.0738 for deduction.3170 13.3288 10.2628 13.2008 HEALTH PLUS FUND 10 10. exceed Rs.0599 12.5772 11.08.2592 10.6842 10.4845 assured.5772 11.4845 Life Insurance 12.2509 The aggregate amount of deduction under all the relevant sections viz. The premium paid premia for is eligible BALANCED 13.3897 11.0311 section 80CCC and section 80CCD shall not.8276 12.6842 11. DATE OF 10.3288 10.0021 12.8430 (c) Contribution to MONEY PLUS . 16. However in cases the premium paid in excess17.9779 12.0380 11.8276 12. provided such contract does not contain a HEALTH paid (901) LAUNCH provision to exercise an option by the insured to received a cash payment in lieu of 04. 80CCC) Amounts paid from the taxable income to premiums of the above CHILD FORTUNE PLUS (194) BOND FUND SECURED FUND BALANCED FUND .0380 11.08.02. DATE OF 1) Deduction from Income for payment of Premium (Sec. The benefits 11.0599 12.11.3288 10.2592 10.3170 13.5292 12. benefits of 20% of BOND FUND 10 11. BOND FUND 10 SECURED FUND GROWTH FUND Section 10(10D) 10 10 DATE OF Pension/Annuity 12.5292 12.I (193) LAUNCH qualified for rebate under this section. BALANCED FUND 10 DATE OF LAUNCH 10 10 10 01.7382 premia: 12.06.0738 13.2628 13.6514 10.I Plan (U/s.1823 12.7382 12. section 80C.3512 policy and any sum received under Sec 80DD. 80C).06.2592 10.2509 11.2007 BOND FUND SECURED FUND BALANCED FUND GROWTH FUND PROFIT PLUS (188) BOND FUND SECURED FUND 10 10 10 10 DATE OF LAUNCH 23.9187 12.2007 10 TAX 10 12.1676 12.1676 12.7382 (b) Contribution DATE Deferred to OF Annuity Plans: The premiaPLUSfor a Deferred Annuity.3170 13.0021 12.0311 10.1823 Contribution to New Jeevan Dhara-I and New Jeevan Akshay-V Schemes of LIC are 22. GROWTH FUND 10 10.6514 10. GROWTH FUND 12.5772 GROWTH Nidhi 10 12. Sub-section (3) are also taxable.8430 10.2008 2) Income tax exemption on Maturity/Death Claims proceeds under BALANCED FUND 10 12.0599 12.2008 10.2008 the capital sum assured within a year.9187 12.

2009 10 DATE OF 13.0091 10.1429 10.000 and to the extent of Rs.000/. Section # Subject 80D alsoto Market paymentguaranteed covers risk . 6) Exemption in respect of commutation of pension under Jeevan Suraksha & Jeevan Nidhi Plans. 15000 for an .0376 10. If any one or both of the parents are Senior citizens. A separate exemption BOND FUND 10 10 10.2009 Insurance policy is deductible to the extent of Rs.0091 GROWTH FUND 10 10. 15.0152 10.Medical Premium paid for a Health under section 80D JEEVAN PLUS (197) 29.75.3527 annuity are deductible. 20.04.GROWTH FUND HEALTH PROTECTION (902) HEALTH PROTECTION 10 DATE OF PLUS LAUNCH 29.0376 10.1429 4) Deduction SAATHI LAUNCH.80DD) Premium paid for LIC’s Jeevan Aadhar Plan (for the maintenance of an handicapped dependent) is eligible for deduction from the total income to the extent of Rs.0439 10.000 for premiums paid for an assessee’s parent is also available.0152 to the extent of Rs. BALANCED FUND 10 10.where handicapped dependent is suffering from specified severe disability.06.3527 13.000 is available.0152 10.3527 13.0091 10. (Section 10(10A): A payment received by way of commutation of pension from Jeevan Suraksha & Jeevan Nidhi Annuity plans is exempt from tax . PLUS FUND 10. Not of premium exclusively for Critical Illness # Past performance may not indicate future performance SECURED FUND Rider.0439 10.0376 10.50.0439 then an enhanced exemption limit of Rs. 5) Jeevan Aadhar Plan (Sec. assessee and/or his family members’ policy/s.1429 10.

CHAPTER-5 FINDINGS .

LIC entered the market with aggressive marketing and supported by after sale services with the help of technology. It has one of the single distribution networks amongst government insurance players.FINDINGS Findings: After completing the study following points can be drawn: 1. All LIC Plans come with Sovereign Guarantee i. Infact. 4.. Government of India Guarantee regarding repayment. 2. only LIC plans enjoy this Government Guarantee. . 3. LIC has many numbers of insurance policies and plans having flexible to meet the customers’ requirement and expectation. as of now.e.

CHAPTER-6 CONCLSION .

This lead to increase in the satisfaction level of its customer that is why LIC has more than 200 million policyholders which is equal to the fourth largest country in world. . The most important benefit it provides to its customers is that it is a government owned company. flexible in nature. Therefore it is not only beneficial but better than other insurance companies not only regarding its product but also its services.CONCLUSION After completing the project it is concluded that LIC develop its various plans and policies. according to the requirements of its targeted market or customers and is thus beneficial to its customers in various ways.

wikipedia.com 3.reportbuyer.com 6.com 2. 09 September 2009 7.lichousing.licindia.BIBLIOGRAPHY Information and data used in the project has been collected from the following sources:- 1. www. www. September 2009 . www. Money Today Magazine 11 June 2009.org 5. Outlook Money Magazine 12th August 2009.com 4. www.licmutual. www.

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