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Term insurance plan is the most basic plan and simplest form of insurance offered by the life insurance industry. In this Term insurance plan the life insurance company promises to pay a specified amount (sum insured or death benefit ) if the insured dies during the Term of the plan. If the life insured survives he entire duration of the plan then they will not be entitled to anything, meaning that there is no maturity benefit with such policies.
So in short, Term insurance plan offers only death cover in the event of the death of the life insured during the period of the plan.
Plans Under Term Insurance:-
Whole Life Insurance
A term insurance plan with an unspecified period is called a whole life plan. Some plans also have a savings element to them. The insurance company declared bonuses for these plans based on the returns earned on investments.
As the name of the plan specifies, this plan covers the individual throughout their entire life.
Plans Under Whole Life Insurance
Yet to be Released
An endowment insurance plan is basically a combination of a term insurance plan and a pure endowment plan. It offers death cover if the life insured dies during the term of the policy or survival benefit if the life insured survives until the maturity of the policy.
Plans Under Endowment Insurance
Child insurance plans help parents to save for their Children’s Future Financial needs such as education, marriage etc.
Child insurance plans offer the dual benefit of savings along with insurance.
Plans Under Child Insurance
Yet to be Released
Money Back Insurance
- Money back insurance plans combine the dual benefits of savings and insurance, and are somewhat similar to endowment plans in terms of features.
- In endowment plan, the policyholder receives the maturity benefit at the end of the policy term.
- However, in money back insurance plans/policies ‘partial survival benefits’ are paid to the policyholder during the term of the policy at specific intervals.
Plans Under Money Back Insurance
- LIC NEW MONEY BACK PLAN – 20 YEARS
- LIC NEW MONEY BACK PLAN – 25 YEARS
- LIC NEW BIMA BACHAT
- LIC JEEVAN SHAGUN
An annuity is a series of regular payments from an annuity provider (insurance company) to an individual (called the annuitant) in return for a lump sum (purchase price) or installment premiums for a specified number of years.
According to the manner in which the purchase price is paid, annuities can be either:
- An immediate annuity
- A deferred annuity
Plans Under Pension Plan
A Health insurance plan is mandatory for everyone in this present world. Present days one of the highest expense of individual is medical and hospital bills. Lic released health insurance plans by paying little amount of 2000 to 3000 he can cover his life. main difference between general insurance health plans and lic health plan is in lic health plans in single policy you can include your parents,grandparents, children,wife.
Plans Under Health Insurance
The ULIP is a type of insurance plan where the cash value of a policy varies according to the current NAV of underlying investment assets.
ULIPS Separate the two element viz., Savings and Insurance within the same product and manage them separately.
Plans Under ULIPS
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