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Term Insurance 4874 views February 28, 2020
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.
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.
Table of Contents
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.
Term insurance plans has following key features:
LIC offers three term insurance plans which are as follows:
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.
Endowment plans have following key features:
LIC offers eight endowment insurance plans which are as follows:
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.
Money back plans have following key features:
LIC offers six money back insurance plans which are as follows:
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.
Pension Plans have following key features:
LIC offers two pension plans which are as follows:
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.
Health Insurance Plans have following key features:
LIC offers two health insurance plans which are as follows:
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.
Whole Life Plans have following key features:
LIC offers only one whole life insurance plan:
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.
Unit Linked Insurance Plans have following key features:
LIC offers only one Unit Plan:
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.