Articles 2510 views February 28, 2020

LIC Jeevan Bima

Life Insurance Corporation (LIC) of India was established in 1956 and is the largest and oldest insurance company in India. It is owned by the Government of India and has a large customer base in the country.

LIC offers a wide range and variety of Life Insurance products which fulfil variant insurance needs of its customers. LIC’s insurance plans have attractive features and coverage benefits which are advantageous to the customers in various ways.

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LIC offers various types of life insurance plans with each having unique features to serve the financial needs of individuals. Types of Life Insurance plans include endowment insurance plans, term insurance plans, unit linked insurance plans, money back insurance plans, whole life plans, pension plans and health insurance plans. Let’s discuss each of them separately.

Types of LIC Jeevan Bima Policy

Term Insurance Plan

Term insurance policies are very popular insurance policies offered by LIC. A term insurance policy is a basic life insurance policy that covers death risk during the term of the policy for a certain amount of sum assured in the plan. If the policyholder dies during the selected policy term then the sum assured in the plan will be paid to the nominee of the plan and the plan will lapse and terminate.

Features of Term Insurance plans

Term insurance plans has following key features:

  1. Term insurance plans are pure protection insurance policy which offers only death benefit on death of the insured during policy tenure. However, some plans return the premiums paid might on maturity of the plan
  2. Term plans are traditional insurance plans that do not offer participation benefit.

LIC Term Insurance Plans

LIC offers three term insurance plans which are as follows:

  1. LIC Tech Term Plan
  2. LIC Jeevan Amar Plan
  3. LIC Anmol Jeevan II Plan

Endowment Insurance Plans

Endowment plan offers savings benefits along with life insurance coverage. This policy helps the individuals in savings on a regular basis over the certain period to enable them to accumulate a lump sum amount on the maturity of the plan on survival of insured till the end of the term of the policy.

Features of Endowment Plans

Endowment plans have following key features:

  1. Endowment plans offer different premium payment frequency to be selected by the policyholder. Payment can be made on yearly, monthly, quarterly, or semi-annual basis.
  2. These plans also offer participation benefits in the bonuses declared by the company.

LIC Endowment Plans

LIC offers eight endowment insurance plans which are as follows:

  1. LIC New Jeevan Anand
  2. LIC Jeevan Labh
  3. LIC New Endowment Plan
  4. LIC Single Premium Endowment Plan
  5. LIC New Bima Bachat
  6. LIC Jeevan Lakshya
  7. LIC Aadhaar Shila
  8. LIC Aadhaar Stambh

Money Back Plans

Money-back plans offer guaranteed money back benefits at regular intervals. The money-back benefit is a fixed percentage of the sum assured in the plan and is paid during the term of the plan tenure. The pay-outs are paid as survival benefits at fixed and pre decided intervals. On death of the insured during the term of the plan, the entire sum assured in the plan is paid to the nominee or the beneficiary of the plan irrespective of the survival benefits already paid.

Features of Money Back Plans

Money back plans have following key features:

  1. Money-back insurance policies are participating plans which offer bonuses which are paid along with maturity or death benefit.
  2. On maturity of the plan the remaining amount of the sum assured after deducting the survival benefits is paid to the insured

LIC Money Back Plans

LIC offers six money back insurance plans which are as follows:

  1. LIC New Money Back Plan- 20 years
  2. LIC New Money Back Plan- 25 years
  3. LIC New Children Money Back Plan
  4. LIC Jeevan Tarun Plan
  5. LIC Bima Shree
  6. LIC Jeevan Shiromani

Pension Plans

Pension Plans also called retirement plans helps the policyholder to contribute to a pool of funds which are set aside and accumulated for providing benefit in the future i.e. after retirement. This accumulated fund is invested and the returns on these investments help to generate income on the retirement of the policyholder.

Features of Pension Plans

Pension Plans have following key features:

  1. Pension plans are investment and savings tools which help the policyholder to serve their post retirement needs.
  2. These plans pay regular and steady income through annuity plans after retirement of the insured.

LIC Pension Plans

LIC offers two pension plans which are as follows:

  1. Pradhan Mantri Vaya Vandana Yojana
  2. LIC Jeevan Shanti

Health Insurance Plans

Health insurance policies cover medical as well as surgical expenses and cost of the insured individual. The insured may pay the cost and expenses and later receives the reimbursement or can ask the insurance provider to pay directly, depending upon the type of the health coverage. Health Insurance plans are suitable for people with higher risk and are available as both individual plans as well as family floater plans.

Features of Health Insurance Plans

Health Insurance Plans have following key features:

  1. These plans are offered as floater plans in which you can cover your spouse as well.
  2. These plans cover both pre and post hospitalisation expenses and some of the plans also cover critical illness.

LIC Health Insurance Plans

LIC offers two health insurance plans which are as follows:

  1. LIC Jeevan Arogya
  2. LIC Cancer Cover

Whole Life Plans

Whole life insurance plans provide a whole life cover until insured’s death or until the insured attains 99 years or 100 years of age. The plan remains in force as long as the insured is alive and pays the premiums of the plan. At the time of buying the policy the sum assured is decided and it is paid to the beneficiary of the policy on the death of the insured during the term of the plan. On the maturity of the plan that us if the insured lives 100 years the maturity endowment coverage is paid to the insured.

Features of Whole Life Plans

Whole Life Plans have following key features:

  1. Pension plans are investment and savings tools which help the policyholder to serve their post retirement needs.
  2. These plans pay regular and steady income through annuity plans after retirement of the insured.

LIC Whole Life Plans

LIC offers only one whole life insurance plan:

  1. LIC Jeevan Umang

Unit Plans

Unit linked insurance plans offer a combination of life insurance coverage and investment. The premiums paid by the holder of the policy are partly used as insurance risk cover and partly investment in the funds. These plans offer the policyholder to invest in different types of funds offered as per the risk they are willing to take. The investments are made in the capital market.

Features of Unit Plans

Unit Linked Insurance Plans have following key features:

  1. It invest money as per the risk appetite of the holder of the policy and offers to choose to invest in equity funds, debt funds or both
  2. These plans has long term investment options with flexibility to invest and earn assured returns

LIC Unit Plans

LIC offers only one Unit Plan:

  1. LIC New Endowment Plus

Conclusion

There are many LIC Jeevan Bima plans and each plan has unique benefits and advantages. Life insurance plans are a must to secure yourself and your family in any unfortunate future event. Hence you can choose a LIC Jeevan Bima as per your needs and requirements and purchase one.

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