There are so many Plans in Life Insurance but I am providing you brief detail of which type of Plans in L.I.C. |
| Endowment Plan: |
| This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Premiums are usually payable for the selected term of years or until Life if it occurs during the term period.
|
Endowment with whole Life Plan: |
| This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival. |
Whole Life Plan: |
| This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death. The premiums under the policy are payable up to age 80 years of the policyholder or for a term of 35 years whichever is later.
|
Term Insurance Plans: |
| This plan of assurance is designed to meet the needs of those who are initially unable to pay the larger premium required for a Whole Life or Endowment Assurance Policy, but hope to be able to pay for such a policy in the near future. 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. |
Children’s Plans: |
| In Children’s Plans there are so many plans which are specially design for Marriage, Higher Education and Career Oriented Plans.
|
Money Back Plan: |
| Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.
An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured. |
Joint Life Plan: |
| This is an Endowment Assurance Plan issued on the lives of husband and wife. The plan provides financial protection against death of both the lives. It pays the maturity amount on survival of one or both the lives to the end of the policy term. |
Special Plans for High worth Individuals: |
- This is an Endowment Assurance plan offering the choice of three premium paying terms. It provides financial protection against death throughout the term of the plan with the payment of maturity amount on survival to the end of the policy term.
- Some people, particularly the younger ones, want to have high cover at a low cost. Further, many of them do not want commitment to pay premiums for a longer duration. LIC's Jeevan Amrit is most suitable for such persons. Under this plan premium payment is limited to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums payable in subsequent years.
|
Special Money Back Plan for Women’s: |
| LIC’s Jeevan Bharati-I – is a plan exclusively for women. It is a with profit plan having special features considering the needs of women. The plan also provides for Accident Benefit, Critical Illness Benefit and Congenital Disability Benefit as optional Riders. |
Pension Plans: |
| Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life. |
| Unit Linked Plans: |
| Unit plans are investment plans for those who realise the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have consistent income. |
Endowment Plan: |
| This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Premiums are usually payable for the selected term of years or until Life if it occurs during the term period.
|
Endowment Plan: |
| This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Premiums are usually payable for the selected term of years or until Life if it occurs during the term period.
|
| |
| |
