Life Insurance Corporation of India Profile
Life Insurance Corporation of India (LIC) is the only public sector Life Insurance Company in India. Lic was established in September 1956. Head Quarters of Life Insurance Corporation of India is located at Mumbai. It is under taking by Government of India. Chairman of Life Insurance Corporation of India is S K Roy. LIC (Life Insurance Corporation) is the largest life insurance company in India with a huge presence in both rural and urban markets. It is the top most leading and famous public sector life insurance company in India. Official website of Lic of India is www.licindia.in.
For list of Lic Premium calculators click on Lic Premium Calculator
Life Insurance Corporation of India provides many life insurance plans. It provides plans under different categories such as Lic Term Insurance plans, Lic (Life Insurance Corporation of India) Whole Life Insurance, Lic Endowment Plans, Lic Child Plans, Lic Money Back Plans, Lic Pension Plans, Lic Health Insurance Plans and Lic Ulips (Unit Linked Plans).
LIC Term Insurance Plans
LIC Term insurance plan is the most basic LIC (Life Insurance Corporation of India) policy. It is the 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. You can also calculate your premium with lic term insurance plan premium calculator and can get the complete information about lic term insurance plan chart. 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.
Life Insurance Corporation of India Term Insurance Plans:
LIC (Life Insurance Corporation of India) Whole Life Insurance
LIC term insurance, 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. Here you can calculate your premium with lic whole life policy premium calculator.
As the name of the plan specifies, this plan covers an individual throughout their entire life.
LIC Whole Life Insurance plans
Yet to be Released
LIC Endowment Insurance
An LIC endowment insurance plan is basically a combination of a term insurance plan and a pure endowment plan. Lic new endowment plan offers death cover if the life insured dies during the policy term. It offers survival benefit if the life insured survives until the maturity of the policy.
Life Insurance Corporation of India Endowment Plans
- LIC Single Premium Endowment Plan
- LIC New Endowment Plan
- LIC New Jeevan Anand
- LIC Jeevan Rakshak
- Lic Limited Premium Endowment
LIC of India Child Insurance
LIC Child insurance plan 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.
LIC of India Child Plans
LIC Money Back Insurance
- Lic Money back policy combine the dual benefits of savings and insurance. They 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.
LIC Money Back Plans
- LIC NEW MONEY BACK PLAN – 20 YEARS
- LIC NEW MONEY BACK PLAN – 25 YEARS
- LIC NEW BIMA BACHAT
- LIC JEEVAN SHAGUN
LIC Pension Plans
Life Insurance Corporation of India pension plans 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. You can also calculate your premium with lic pension plans calculator.
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 (Life Insurance Corporation of India) Health Insurance
A LIC Health insurance plan is 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. Life Insurance Corporation of India 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 spouse in a single policy. You can also calculate your premium with Lic health insurance premium calculator.
LIC Health Insurance plans
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.