TOPICS 1. 8. 2. 7. . 5. 3. 4. Introduction History Objectives Vision & Mission Why is Life Insurance Policy taken? Tips for Selecting a life Insurance Policy How to take a Life Insurance Policy How to Claim a Policy Types Of Plans. 6. 9.

The contract is valid for payment of the insured amount during: (A)The date of maturity. . or (C)Unfortunate death. (B)Specified dates at periodic intervals. if it occurs earlier.INTRODUCTION 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. (B)That of living till old age without visible means of support. or Life insurance is concerned with two hazards that stand across the life-path of every person: (A)That of dying prematurely leaving a dependent family to fend for itself.

HISTORY Came into existence in September. . 1956 Oriental Life Insurance Company was started by Europeans. From then to now. 33 divisional offices and 212 branch offices.  It has set unprecedented performance records in various aspects of life insurance business. 1956 after the Life Insurance Corporation Act was passed by the Indian government in June. LIC has 5 zonal offices. LIC has crossed many milestones.

. Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.OBJECTIVES It came with objective of spreading life insurance. Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. Meets the various life insurance needs of the community that would arise in the changing social and economic environment. Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes.

and by distributing resources for economic development. MISSION "Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns." 2." . VISION "A trans-nationally competitive financial conglomerate of significance to societies and Pride of India.1.

Advancements in Healthcare Tax Concessions Why is LIC policy taken? Early Death Best Option for Salaried Youth. .

.TIPS FOR SELECTING A LIFE INSURANCE POLICY This basics section is dedicated to exploring the three decisions you will have to make when purchasing life insurance coverage. Choosing a beneficiary. Selecting the level of coverage. Choosing the type of policy best suited for your needs.

Clauses and exclusions are stipulations which are used by insurance companies to clearly states certain right that you might have. Take a look. That may be a crude way of putting it. the insurance company will want to know how long you're going to be around. Riders are "documents" that are often attached to a policy which modify that policy somewhat from what is normally offered by the company. the form that you'll be filling out when applying for your life insurance policy. but that's what the medical exam is for. In order to insure your life. as well as rights that the insurance company itself has the ability to invoke. Different insurers use different questions to begin judging the risk they'll be taking by insuring you. . but some general rules always apply.HOW TO TAKE A LIFE INSURANCE POLICY? The application process First up. let's look at the application itself. The medical exam A real biggie.

HOW TO CLAIM A POLICY? .

DIFFERENT TYPES OF PLANS INSURANCE PLANS Children Plans Whole Life Plans PENSION PLANS Jeevan Nidhi New Jeevan Suraksha-I SPECIAL PLANS Golden Jubilee Plan Health Plan .

. Benefits under the plan are payable at pre-specified 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. The plan can be taken by a parent on his or her own life. 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.INSURANCE PLAN-CHILDREN PLANS BENEFITS OF JEEVAN ANURAG CHILDREN PLAN LIC s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children.

half-yearly.INSURANCE PLANS-WHOLE LIFE PLANS FEATURES OF JEEVAN ANAND WHOLE LIFE INSURANCE PLANS Product summary: This plan is a combination of Endowment Assurance and Whole Life plans. It gets a share of the profits in the form of bonuses. 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. quarterly. Premium: Premiums are payable yearly. Bonuses: This is a with-profit plan and participates in the profits of the Corporation s life insurance business. . monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death.

PENSION PLAN-JEEVAN NIDHI BENEFITS OF JEEVAN NIDHI PLAN LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. The USP of the plan being the pension can commence at 40 years. The term of the policy the accumulated amount is used to generate a pension (annuity) for the policyholder. The premiums paid are exempt under Section 80CCC of Income Tax Act. . The plan also provides a risk cover during the deferment period.

PENSION PLAN-NEW JEEVAN SURAKSHA 1 FEATURES OF NEW JEEVAN SURAKSHA 1 Product summary: These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term. . monthly or through Salary deduction. as opted by you. Premiums: Premiums are payable yearly. quarterly. half-yearly. throughout the term of the policy or till earlier death. Tax Benefits: Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I Bonuses: These are with-profit plans and participate in the profits of the Corporation s annuity / pension business.

The plan are paid back during the policy term in instalments . The life insurance cover is available not only during the term but also during the extended term of the plan.SPECIAL PLANS-GOLDEN JUBLIE PLAN FEATURES OF NEW BIMA GOLD It is a plan where premiums paid over the term of plan. .

LIC has launched LIC s Health Protection Plus plan. the possibility of any illness leading to hospitalization or surgery is a constant source of anxiety unless the family has actively provided for funds to meet such an eventuality. . With sky rocketing medical expenses.  Most families rarely provide for healthcare.SPECIAL PLAN-HEALTH PLAN SPECIAL PLANS-HEALTH PROTECTION Health is a major concern on everybody s mind these days. and even if they do. Given this scenario. a unique long term health insurance plan that can combine health insurance covers for the entire family. it is grossly inadequate.

Private Insurance does not give higher claim settlement. LIC has highest number of assets than any other private Insurance company. Private Insurance company have assets less than LIC.DIFFERENCE BETWEEN GOVERNMENT INSURANCE COMPANY AND PRIVATE INSURANCE COMPANY GOVERNMENT INSURANCE COMPANY In India LIC is the only Government Insurance company in India. PRIVATE INSURANCE COMPANY Private Insurance Company like State Bank of India. HDFC. . LIC is 52 years old company and is the most reliable company in India and anyone would like to purchase as its History shows. All other Private Insurance Company are just 10 years old. Bajaj Allianz etc. LIC gives highest claim settlement ratio. are the developing Insurance company Private Insurance company are owned by private Individuals. Government Insurance company is owned by Government.

THANK YOU ‡ GROUP MEMBERS ‡ Deval Shah ‡ Bhavita Shah ‡ Abhishek Parekh ‡ Nitesh Patel ‡ Rushank Rajawat ROLL NO. 39 37 31 34 35 .

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