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List of LIC policies

LIC policies provides you Money Back plan, Children Plan, Term Assurance Plan. If you are looking for Lic Investment plan, Life Insurance, Lic Term policy, New Bima Gold - Money back plan with difference. Compare various good lic policies Price, Features and Ratings; buy best lic policy in HYD.

 Best LIC tax saving policy with good benefits ... LIC Insurance plans to guarantee education of your children. ... Endowment with ProfitEndowment with Profit Term Assurance Policy Term Assurance Policy Money Back Policy Money Back Policy.

Pension Plans, Children's Plans, Investment Plans, Money Back Plans, Whole life ... Compare all LIC Life insurance policies before you apply. Find LIC life insurance policy best insurance life quote. ... Endowment Policy, Term Policy, Money Back Policy, Joint Life Policy, Children's Policy

Lic Jeevan anand: LIC Jeevan Anand is a good whole life plan. It has the wonderful returns and extremely helpful plan. Entire Life Plan + Endowment guaranteed Plan.

Lic Jeevan saral: LIC's New Jeevan Saral Monthly Recurring Scheme Jeevan Saral ATM Plan Table No 165. Jeevan saral policy by Lic of India which is also called ATM plan. Jeevan Saral offers insurance with money liquidity and tax saving. Awarded best innovative Insurance product from IRDA (Golden Peacock Award Winner Policy international award)

Lic new bima gold Policy:  Table-179 It is a plan where premiums paid over the term of plan are paid back during the policy term in installments and life insurance cover is available not only during the term but also during the extended term of the plan.

LIC Jeevan Tarang: Table 178 this is a with-profits whole of life plan which provides for annual survival benefit at a rate of 5½ % of the Sum Assured after the chosen Accumulation Period. The vested bonuses in a lump sum are payable on survival to the end of the Accumulation Period or on earlier death. Further, the Sum Assured, along with Loyalty Additions, if any, is payable on survival to age 100 years or on earlier death.

Jeevan Mitra(Triple Cover Endowment Plan): This is an Endowment Assurance plan that provides greater financial protection against death throughout the term of plan. It pays the maturity amount on survival to the end of the policy term.

Jeevan Shree-I: This is an Endowment Assurance plan offering the choice of many convenient premium paying terms. 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.

Lic Endowment Plus: This is a unit linked Endowment plan which offers investment cum insurance cover during the term of the policy. You can choose the level of insurance cover within the limits, which will depend on the mode and level of premium you agree to pay. 

Lic Pension Plan Pension Plus: LIC’s Pension Plus is a unit linked deferred pension plan, which provides you a minimum guarantee on the gross premiums paid. The plan is without any life cover. 

Lic Pension Plan Jeevan Nidhi: LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. 

Lic Pension Plan Jeevan Akshay VI: It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

Lic Pension Plan New Jeevan Dhara-I: These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.

Lic Pension Plan New Jeevan Suraksha-I: These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.

Lic Tarm Policy Amulya Jeevan – I: Death Benefit: In case of unfortunate death of the Life Assured during the term of the policy, Sum Assured is payable, provided the policy is kept in force.

Lic Tarm Policy Anmol Jeevan-I: On Death during the Term of the Policy, Sum Assured.

Lic Children plans Child Career Plan: This plan is specially designed to meet the increasing educational and other needs of growing children.

Lic Children plans Child Future Plan: This plan is specially designed to meet the increasing educational, marriage and other needs of growing children.

Lic Children plans Marriage Endowment or Educational Annuity Plan: This is an Endowment Assurance plan that provides for benefits on or from the selected maturity date to meet the Marriage/Educational expenses of the named child.

Lic Children plans Jeevan Kishore: This is an Endowment Assurance Plan available for children of less than 12 years of age. The policy may be purchased by any of the parent/grand parent.

Lic Children plans Komal Jeevan: This is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.

Lic Children plans Jeevan Anurag: Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children.

Lic Children plans Jeevan Chhaya: This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.

Tax Savings - buy life insurance is to avail tax benefits under section 80C up to the limit of Rs. 1,00,000 annually

JEEVAN ANAND LIFE INSURANCE POLICY BY LIC (table: 149)

Features of Jeevan Anand plan Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented. Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra. BENEFITS  Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT) Death benefit: If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No bonus is paid on death after the premium paying term. Accident benefit: The double accident benefit is available during the premium paying term and thereafter up to age 70. the premium for this has been built into the tabular premium rate. Example: Mr. Sharad Pawar 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1 Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Sharad Pawar will get Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become 43 x 100 x 20 = 86,000/-). Even after the premium paying term is over, risk cover continues till the death of Mr. Sharad Pawar. But if, Mr. Sharad Pawar dies at the age of 65 years his nominee will get an additional amount equal to the S.A. i. e. Rs.1 Lac in cash, Mr. Sharad Pawar dies during premium paying term his nominee will receive Rs. 1Lac + accumulated Bonus

JEEVAN SARAL LIFE INSURANCE POLICY BY LIC (Suitable for all ages)

Feature of Jeevan Saral plan: 

Lic Jeevan Saral is the most sold plan by Life Insurance Corporation of India. Jeevan Saral is a very flexible plan designed by keeping in mind the ever changing demand of customer's. Jeevan saral is a kind of endowment plan which can be taken for a maximum period of 35 years. One can start with yearly, half yearly, quatertly, ECS or monthly payment option from as little as Rs.250 per month and there is no upper limit. Ideally in Mumbai one should at least take Rs.3060 per month Jeevan saral policy as it will give you and your family a highly secure and safe invesment option. You will be covered for 250 times for death risk and 500 times for accidental death risk.

In simple terms
a)3000 X 250 = 7,50,000/- (Death Risk paid to the nominee)
b)3000 X 500 = 15, 00,000/- (Death Risk paid to the nominee)
c)Maturity paid to survior Appox Rs. 1,10,13,305/-
(Term 35 years projected @10% Loyalty Addition)

However please note that this is not a gauranteed plan and hence the returns shown above can fluctuate depending upon the loyalty addition declared by Lic of India.

This plan contains good feature of the conventional plans and the flexibility of endowment plans. It provides higher cover, smooth return, liquidity and considerable flexibility. In this plan one has to choose the premium he wants to pay whereas in normal plans one chooses the S.A. under this plan death cover will be same irrespective of age at entry and term. The sum payable at maturity however differs for different entry age and terms. This plan is very appropriate for employees seeking life cover through salary savings schemes.

Surrender value: the policy can be surrender after it has been in force for at least 3 full years. The surrender value will be the greater then guaranteed surrender value or special surrender value as given below:

Guaranteed surrender value (GSV): the GSV will be equal to the 30% of the total amount of premium paid excluding the premium for the first year and all the extra premiums and premium for accident / term riders.

Special surrender value (SSV): the special surrender value under the policy shall be paid as the sum of (a) and (b) gives as under:

Discounted value or accumulated value, as the case may be, of the following: 80% of maturity S.A. if 4 years premium have been paid, 90% of the maturity S.A. if or more years but less then 5 years premiums have been paid and 100% of the maturity S.A. if 5 or more years premium have been paid.
The loyalty additions, if any as announced while declaring the results of the corporation's valuation as on 31st march, immediately preceding the date of surrender.
Auto cover: the plan offers auto cover of 12 month after the policy has been in force for a period of 3 years or more.

Flexible term: the policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss.

Partial surrenders: the plan will allow partial surrender from 4th year onwards subject to certain conditions for which please refer to policy document. Due to existence of the flexible term and partial surrender the policyholder will enjoy a lot of liquidity under the plan. The plan also provides for 15 days free look period".

Optional rider: term assurance rider, accidental death and disability benefit rider is available by the payment of an addition premium.

Maturity sum assured (MSA): has to be calculated on the basic premium only, before mode rebate & death accident benefit.

Death benefit S.A. will be 250 times the monthly basic premium. To arrive at DAB we have to calculate death benefit S.A. e.g. if yearly premium is Rs.6000

The death benefit S.A. = 6000/12 x 250 = 1,25,000 for this DAB will be @ Re.1per thousand which come out to be Rs.125

Why a person need life insurance

Most people recognize that if they die from a cause other than old age, their death could have negative economic consequences for others.  Although there’s no way to replace the personal value of a life, life insurance does serve as a way to provide for our loved ones and/or pay our debts after we die.

I can think of at least six reasons that a person might need life insurance:

To replace one’s ability to earn income 

If your income is needed to support family members (particularly minor children), your death causes an economic shortfall.  Unless your family has significant surplus financial resources and/or other extended family can provide support, you probably need some life insurance. 

    To replace one’s ability to care for others 

If you’re involved in the daily care of a household, your contributions have an economic value and your death would cause an immediate need for replacement care.  Again, the presence of young children in a household means that the loss of a caregiver (usually a mother) has economic consequences.  If the Mom Salary Wizard at Salary.com is correct, a stay-at-home mom with two school-age children does work with a salary value ranging from $64K to 174K, depending on where the family lives.  Alternatively, if you’re responsible for the care of an elderly relative or an older child with special needs, life insurance could be needed to provide continued care in the event of your death.

  To pay for expenses arising as a result of death 

This could include anything from the cost of burial to the payment of estate taxes or the repayment of your debts.

   To provide for special business needs 

If your contribution is critical to the success of a business (especially a small business), there would be serious consequences if you die suddenly.  Banks sometimes require life insurance on a key person in a business as a condition of extending business credit.  Life insurance may be needed to enable the business to survive the transition when a principal dies, or there may be a need for ready cash to enable the remaining partners in a business to buy out the heirs of a deceased partner.

   To fund a charitable interest 

If you desire to support a charity, life insurance can be a way to make gradual payments that eventually result in the provision of a significant charitable gift.

     To provide supplemental income later in life 

Some types of insurance policies are considered permanent insurance (in contrast with term insurance, which has a specified duration).  Such policies, in addition to providing for a death settlement, have a cash value which can be used in various ways.  In some instances it may make sense to fund a policy so that it contains an excess of cash value that can subsequently be withdrawn or borrowed during retirement.  Using an insurance policy for this goal requires particularly careful planning.  This use of insurance will not apply to most people, since there are several other tax-advantaged ways to provide  for retirement income.

It should also be evident that buying life insurance requires an analysis of a household’s total financial situation in order to determine the amount of insurance needed.  It’s wasteful to buy more than you need.  If your goal is to replace lost income, you need to estimate the actual economic impact of a death rather than buying what sounds like a good number or using a “rule of thumb.” $500,000 of coverage might be a lot more life insurance than you need, or it might be far short of being sufficient

Types of Life Insurance products in India

Types of Life Insurance

Taking out a life insurance policy covers the risk of dying early, by providing for your family in the event of your death. It also manages the risk of retirement – providing an income for you in non-earning years. Choosing the right policy type with the coverage that is right for you therefore becomes critical.

There are a variety of policies available in the market, ranging from Term Endowment and Whole Life Insurance, to Money Back Policies, ULIPs, and Pension plans. Let's see what each of these is about, so that you can consider the one that best suits you.

Term Insurance

Term Insurance, as the name implies, is for a specific period, and has the lowest possible premium among all insurance plans. You can select the length of the term for which you would like coverage, up to 35 years.

Payments are fixed and do not increase during your term period. In case of an untimely death, your dependents will receive the benefit amount specified in the term life insurance agreement.

You can customise Term life insurance with the addition of riders, such as Child, Waiver of Premium, or Accidental Death.

Endowment Insurance

Endowment Insurance is ideal if you have a short career path, and hope to enjoy the benefits of the plan (the original sum and the accumulated bonus) in your life time.

Endowment plans are especially useful when you retire; by buying an annuity policy with the sum received, it generates a monthly pension for the rest of your life.

Whole Life Insurance

Whole Life Policies have no fixed end date for the policy; only the death benefit exists and is paid to the named beneficiary. The policy holder is not entitled to any money during his or her own lifetime, i.e., there is no survival benefit. This plan is ideal in the case of leaving behind an estate.

Primary advantages of Whole Life Insurance are guaranteed death benefits, guaranteed cash values, and fixed and known annual premiums.

Money-Back Plan

In a Money-Back plan, you regularly receive a percentage of the sum assured during the lifetime of the policy. Money-Back plans are ideal for those who are looking for a product that provides both - insurance cover and savings.

It creates a long-term savings opportunity with a reasonable rate of return, especially since the payout is considered exempt from tax except under specified situations.

ULIP

Unit-linked Insurance Plans (ULIPs), introduced by the private players, are hugely popular, because they combine the benefits of life insurance policies with mutual funds. A certain part of the premium is invested in listed equities/debt funds/bonds, and the balance is used to provide for life insurance and fund management expenses.

Pension Plan

Insurance companies offer two kinds of pension plans - endowment and unit linked. Endowment plans invest in fixed income products, so the rates of return are very low.

Unit-linked plans are more flexible. You can stop contributing after 10 years and the fund will keep compounding your corpus till the vesting date. You can opt for higher exposure in the stock market for your plan if your risk appetite allows it. Lower risk options like balanced funds are also offered.

Product's offered to customer by LIC

Children's Policy

Komal Jeevan - Plan No. 159

Children Deferred - Plan no.41, Jeevan Kishore – Plan no.102

Jeevan Chhaya - Plan no.103

Marriage Endowment/Educational Annuity - Plan No. 90

Jeevan Anurag - Plan no.168

Jeevan Ankur 

Endowment Policy

Endowment with Profits - Plan no.14 Limited Payment Endowment withProfits - Plan no.48,  Jeevan Mitra - Plan no.88

New JanaRaksha Policy - Plan no.91, Jeevan Anand Plan no. 149

Jeevan Mitra Triple Cover - Plan no.133

Group Insurance Policy

Janashree Bima Yojana

Group Insurance Scheme in lieu of EDLI

Group (Term) Insurance Scheme

Group Savings Linked Insurance Scheme, Group Superannuation Scheme

Group Mortgage Redemption Assurance Scheme

Joint Life Policy

Jeevan Saathi - Plan no.89

Money Back Policy

Money Back with Profit - Plan no.75, New Money Back - Plan no.93

Jeevan Surabhi 15 yrs - Plan no.106, Jeevan Surabhi 20 yrs - Plan no.107

Jeevan Surabhi 25 yrs - Plan no.108, Jeevan Bharati Plan No 160

Jeevan Samriddhi Plan No 154, 155, 156 157

Bima Bachat- Plan no.175

Pension Plans or Annuities

New Jeevan Dhara - Plan no.148, New Jeevan Suraksha Plan no. 147

Jeevan Akshay II Plan no. 163, Jeevan Nidhi Plan no. 169

Jeevan Akshay V Plan no. 183

Special Plans

Term Assurance - Plan no.43, Mortgage Redemption - Plan no.52

Jeevan Aadhar - Plan no.114, Market Plus - Plan No 181

Jeevan Vishwas Plan No. 136, Jeevan Saral Plan No. 165

Jeevan Pramukh Plan No. 167, Bima Nivesh 2005 Plan No 171

Money Plus-Plan No 180

Term Policy

Convertible Term Assurance - Plan no.58

New Bima Kiran

Term Assurance

Anmol Jeevan I Plan No- 164

Amulya Jeevan-Plan No-177

Introduction to LIC of india

Life Insurance Corporation of India (LIC) (Hindi: भारतीय जीवन बीमा निगम) is the largest insurance group and investment companyin India. Its a state-owned where Government of India has 100% stake. LIC also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 13.25 trillion (US$250.43 billion).^[1] It was founded in 1956 with the merger of 243 insurance companies and provident societies.

Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 113 divisional offices located in different parts of India, around 3500 servicing offices including 2048 branches, 54 Customer Zones, 25 Metro Area Service Hubs and a number of Satellite Offices located in different cities and towns of India and has a network of 13,37,064 individual agents, 242 Corporate Agents, 79 Referral Agents, 98 Brokers and 42 Banks (as on 31.3.2011) for soliciting life insurance business from the public.

History

•Life insurance in its modern form came to India from England in the year 1818.
•Oriental life Insurance company, started by Europeans In Calcutta was the first life Insurance company on Indian soil.
•Before 1912 India had no Legislation to Regulate Insurance Business.
In the year 1912, the life insurance companies act the provident fund act were passed
LIC’s  wide area network covers 100 divisional offices & connects all the branches through a metro area network with satellite offices attached to about  some 50 branches.
And has a network of around 1.2 million agents for soliciting life insurance from the public.
It has crossed the milestone of issuing 1,01,32,955.
New policies by 15th oct,2005-growth of 67% of previous year

MISSION

• “Explore and enhance the quality of life of people through financial security by Providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.”
• Vision
• “A trans-nationally competitive financial conglomerate of significance to societies and Pride of India.”

Objective

• 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.
• Maximize mobilisation of people’ savings by making insurance-linked savings Adequately attractive..
• Conduct business with utmost economy and with the full realisation that moneys belong to the policyholders.
• Act as trustees of the insured public in their individual  and collective capacities.
• Promote amongst all agent and employees of the corporation a sense of participation, pride and job  satisfaction towards achievement of corporate objective.
• INTERNATIONAL OPERATIONS..
• LIC has always acknowledged the need to expand. our expanding efforts have been consistent & are evident through our associations.