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LIC Policy – Term Insurance
LIC Term insurance plan is the most basic LIC policy and simplest form of insurance plan offered by the life insurance Corporation. In this Term insurance plan the life insurance company promises to pay a specified amount that is (sum insured or death benefit ) if the insured dies during the term of the plan. If the life insured survives during the entire period of the plan then they will not be allowed to anything, that means 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.
LIC Policy Plans Under LIC Term Insurance:-
LIC Policy – Whole Life Insurance
LIC term insurance in LIC policy , with an unspecified period is called a whole life insurance plan. Some plans also have savings element. The insurance company declares bonuses for these plans based on the returns earned on investments.
As the name of the plan specifies, this plan covers an individual throughout their entire life.
LIC policy Plans Under LIC Whole Life Insurance
Yet to be Released
LIC Policy – Endowment Insurance
An LIC 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 LIC Endowment Insurance
LIC Policy – Child Insurance
LIC 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 LIC Child Insurance
Yet to be Released
LIC Policy – 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 LIC Money Back Insurance
- LIC NEW MONEY BACK PLAN – 20 YEARS
- LIC NEW MONEY BACK PLAN – 25 YEARS
- LIC NEW BIMA BACHAT
- LIC JEEVAN SHAGUN
LIC Policy – Pension Plans
A LIC pension 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 instalment 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
LIC Pension Plan Under LIC Policy
LIC Policy – Health Insurance
A LIC Health insurance plan is a LIC Policy which is very mandatory for everyone in this present situation of the world. Now a days one of the highest expense of any individual is medical and hospital bills. LIC has released health insurance plans by paying little amount of 2000 to 3000 per Annum and he can cover his life. Main difference between general insurance health plans and lic health plan is ,In lic health plans you can include your parents,grandparents, children,and wife too in a single policy
LIC Health Insurance plan LIC Policy
LIC Policy – ULIPS
The ULIP is a LIC Policy 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 LIC ULIPS