AN INTRODUCTION TO LIC (Life Insurance Corporation Of India

)

BY:ANAND SHARMA CENTRAL UNIVERSITY OF RAJASTHAN

LIFE INSUARANCE

•Life Insurance is a contract between insurer and

insured. • Insurer is promises to compensate the loss or it is consideration the life assured

CONTRACT MEANS AGREEMENT

Offer:-In Agreement it will give the offer and he will acceptence this term as called as consideration Both are agree for the same.

History Of LIC
•In India ,insurance began in 1818 with life insurance being

transacted by an english company the oriental life insurance co. Ltd. • The First indian insurance company was Bombay mutual assurance society ltd. Formed in 1870 in mumbai. •Bharat insurance co. in 1896 in Delhi. Empire of india in 1897 in mumbai, the united india in chennai. •By the year 1956, when the life insurance business was nationalised and the life insurance corporation of india was formed on 1 september 1956.

PREMIUM

•Consideration amount is called the premium. •Insurable pay the amount to insurer is called the

premium.

Keyword of Insurance

•Sum assured •Maturity •DAB •Survival Benefit •Surrender value •Assignment value •PWB •ETC….

Life Insurance plan

Term plan

•A life insurance policy which provides a stated

benefit upon the holder's death, provided that the death occurs within a certain specified time period. However, the policy does not provide any returns beyond the stated benefit, unlike an insurance policy which allows investors to share in returns from the insurance company's investment portfolio.

Term plan product

Temp assurance plan

Amulya Jeevan - First

Money Back Plan
•Money back policy from LIC is a popular insurance policy,

as it provides life coverage during the term of the policy and the maturity benefits are paid in installments by way of survival benefits in every 5 years. The plan is available with 20 years and 25 years term. In true sense, we do not think of unfortunate death when we are choosing Money back plan, but we like to consider this plan as a savings instrument that takes care of your insurance needs also and therefore, it also acts as a tax-savings tool.

Money Back Product

Money Back Product

Money Back Plan(20/25 Yrs)

Jeevan Surabhi(15/20/25 Yrs)

Bima Bachat Product

New Bima Gold

Jeevan Bharati

Jeevan Tarang plan

Money Back Plan (20 Yrs)

Jeevan Surabhi Policy (15/20/25)

New Bima Gold

Jeevan Bharati Policy

Bima Bachat Policy

Money Back +Whole Life Plan

ULIP
•ULIP stands for Unit Linked Insurance Plans. As we know

that insurance is for protecting our life from the any uncertain events like death or accident. The purpose of the normal insurance plan is just protecting the life but not ensuring any savings for the future. Many people wanted plan which gives protection also gives the returns for their investment. So, insurance companies come up with the ULIP plan where the premium about is invested in the share market and returns better income on the maturity period.

ULIP Product

ULIP Product

Profit Plus

Money Plus First

Child Fortune plus

Health protection plan

Profit Plus

Child Fortune plus

Endowment
Endowment policies cover the risk for a specified period at the end of which the sum assured is paid back to the policyholder along with all the bonus accumulated during the term of the policy. It is this feature - the payment of the endowment to the policyholder upon the completion of the policy’s term - which rightly accounts for the popularity of endowment policies. Typically, one’s responsibility for the financial protection of the family reduces significantly once the children are grown up and independently settled. The focus then shifts to managing a smaller family - perhaps only oneself and one’s spouse - after retirement. This is where the endowment the original sum assured and the accumulated bonus - received back comes handy. You can either use the endowment amount for buying an annuity policy to generate a monthly pension for the whole life, or put it in any other suitable investment of your choice. This is the major benefit of an endowment policy over a whole life one.

Endowment Policy

Double Cover Endowment plan

Double Endowment Product

Jeevan sathi

Jeevan Mitra

Jeevan Mitra

Whole Life Policy

•A whole life insurance policy covers you for your

entire life, not just for a specific period such as term insurance. Your death benefit and premium in most cases will remain the same. Whole life insurance also builds cash value, which is a return on a portion of your premiums that the insurance company invests. Your cash value is tax-deferred until you withdraw it and you can borrow against it.

Whole Life policy

Whole Life policy

Plan For Children

Children Plan

Komal Jeevan

Marriage Endowment Jeevan Chaya/Jeevan Anurag

Jeevan Kishore

Komal Jeevan

Pension Plan

Pension Plan

Jeevan Akshya -6

Bima Nivesh

New Jeevan Suraksha-1

New Jeevan Dhara-1

THANKS
QUESTION & ANSWER SESSION