Life Insurance
Looking for Investing in a Life Insurance product? But not sure exactly how it works?
Well this page is aimed to give you a complete understanding on how it works and what you need to understand to choose the products that suits you the best. As at every life stage, everyone has a set of primary needs that requires sufficient funds to fulfil them. This is where life insurance comes into the picture- as it offers tailor made products to cover every aspect at different stages of life.
There is no doubt that life insurance is a must have for everyone. Hence its very crucial to have a complete understanding of the value a life insurance policy can bring in to your life and that of your loved ones. A life insurance policy is actually a contract with a insurance company. A lump sum amount is provided, in exchange for premium payments, known as the death benefits, to the nominees or beneficiaries upon the death of the insurer. While choosing a life insurance, the advisor will help you to map it needs & goals. This will help you pick out the options that suits you the best.
There is no doubt that life insurance is a must have for everyone. Hence its very crucial to have a complete understanding of the value a life insurance policy can bring in to your life and that of your loved ones. A life insurance policy is actually a contract with a insurance company. A lump sum amount is provided, in exchange for premium payments, known as the death benefits, to the nominees or beneficiaries upon the death of the insurer. While choosing a life insurance, the advisor will help you to map it needs & goals. This will help you pick out the options that suits you the best.
Unmatched plan from most trusted brand Life Insurance Corporation of India
A) Whole life & Pension Plan
1) Jeevan Utsav
- This is the ideal plan for savings & Retirement Planning with life time income of 10% guaranteed tax-free Income of Sum Assured.
- It has 2 option one pension amount will be credited to your account and on option 2 you will get 5.5 % compounded interest yearly of your accumulate amount and option to withdraw 75% of accumulated amount every year
- It offers Life cover for life time which give good corpus for your spouse or for next generation. This plan is also work as E property plan.
- This plan has an option of choosing the Accidental Life cover, Disability Benefit Term Rider& Critical illness cover.
- In case of a minor, this plan also has the premium waiver benefit in case of death of the parent.
- loan is also available to the policyholder after the completion of 1 year of the policy
- A grand parent can gift to their grand children
2) Jeevan Umang
- This is the ideal plan for savings & Retirement Planning with life time income of 8% guaranteed tax-free Income of Sum Assured.
- It offers the increasing life cover for life time which give good corpus for your spouse or for next generation. This plan is also work as E property plan.
- This plan has an option of choosing the Accidental Life cover, Disability Benefit Term Rider& Critical illness cover.
- In case of a minor, this plan also has the premium waiver benefit in case of death of the parent.
- The loan is also available to the policyholder after the completion of 1 year of the policy
3) Jeevan Anand
- LICNew Jeevan Anand plan is a combination of protection, savings & Insurance Cover for lifetime
- This plan offers the Guaranteed risk coverage of 125% of basic sum assured from Day 1 and the risk coverage enhances every year as LIC declares the yearly bonus
- The customer gets two tax-free maturities under this plan first maturity which includes the bonus also along with Sum Assured and second with other Same Sum Insured to spouse or next Generation. If policy holder dies before age of 100 years.
- In this plan, LIC offer the life cover up to the age of 100 years and if policy holder is alive at age of 100 years he will get one more Sum Insured as second maturity.
- The policy holder has option to surrender above second Maturity amount after first Maturity but with reduce amount.
- This plan has an option of choosing the Accidental Life cover, Disability Benefit term rider& Critical illness cover.
- The loan is also available to the policyholder after the completion of 1 years of the policy
B) Endowment
1) Jeevan Labh
- Jeevan Labh is a life assurance savings plan with limited payment option for those who want to pay the premium for a shorter period to create corpus for retirement or child higher education fund
- The risk coverage under this plan enhances every year as LIC declared the bonuses. However, the premium does not change
- The customer gets the tax-free maturity under this plan which includes the bonus also along with Sum Assured
- This plan has an option of choosing the Accidental Life cover, Disability Benefit Term Rider& Critical illness cover
- The loan is also available to the policy holder after the completion of 1 years of the policy
2) New Endowment Plan
- LIC’s new endowment plan which gives the individual, life assurance along with savings
- The risk coverage under this plan enhances every year as LIC declared the bonuses. However, the premium does not change
- The customer gets the tax-free maturity under this plan which includes the bonus also along with Sum Assured.
- This plan has an option of choosing the Accidental Life cover, Disability Benefit, Term Rider & Critical illness cover.
- The loan is also available to the policyholder after the completion of 1 years of the policy.
3) Single premium endowment
- LICSingle Payment Endowment plan is a combination of Protection, Savings and Life Cover
- A grand parent can gift to their grand child
- This plan offers the guaranteed risk cover of 125% of Sum Assured from Day 1 which increases every year as LIC declared the yearly bonus
- You will get the Sum Assured along with Yearly bonus and final bonus on Maturity
- This plan has an option of choosing the Accidental Life cover & Disability Benefit
- LIC offer the discount in premium in case of high Sum Assured
- The loan is also available to the policyholder after the completion of 1 year of the policy
C) Child Plan
1) Jeevan Tarun
- This plan has been specially designed to meet the career needs of your child
- You have the option to choose the nature of pay-outs to match the need of your child. The plan offers the benefit in instalments or lump sum as chosen by the customer
- This plan also has the premium waiver benefit where the premium is paid by the LIC in case of any unfortunate event of family head
- The premium is payable only for a limited period under this plan
2)Jeevan Lakshya
- Jeevan Lakshya is the ideal plan to protect your goals & needs as this plan offers the regular income to the family in case of an unfortunate event and to create corpus child higher education fund
- In case of any unfortunate event premium ceases & Annual Income Benefit is paid to the family every year till maturity which is 10% of Sum Assured. On Maturity, 110% of Sum Assured is paid along with vested Bonus & final bonus, if any
- The benefits under this plan are tax-free
- This plan has an option of choosing the Accidental Life cover, Disability Benefit Term Rider & Critical illness cover
- The loan is also available to the policyholder after the completion of 1 years of the policy
D) Money Black Plan
1) New Money Back Plan Term 20
- This plan offers guaranteed tax-free 20% of Sum Assured in 5th, 10th & 15th Year of the policy. The premium payment term in this plan is 15 years.
- This plan offers the Guaranteed risk cover of 125% of Sum Assured from Day 1
- On Maturity you will get tax-free Guaranteed 40% of Sum Assured along with vested reversionary bonus. LIC declared the bonus every year
- This plan has an option of choosing the Accidental Life cover, Disability Benefit & Critical illness cover.
- The loan is also available to the policyholder after the completion of 1 years of the policy
2) New Money Back Plan Term 25
- This plan offers guaranteed tax-free 15% of Sum Assured in 5th, 10th, 15th & 20th Year of the policy. The premium payment term in this plan is 20 years.
- This plan offers the Guaranteed risk cover of 125% of Sum Assured from Day 1
- On Maturity you will get tax-free Guaranteed 40% of Sum Assured along with vested reversionary bonus. LIC declared the bonus every year
- This plan has an option of choosing the Accidental Life cover, Disability Benefit & Critical illness cover.
- The loan is also available to the policyholder after the completion of 2 years of the policy
- Settlement option available on Maturity and Death in Instalments of 5,10 or 15 Years
3) Bima Shree
- Bima Shree is a limited payment plan with money back at regular intervals
- It offers the guaranteed bonus ranging from 5% to 5.5% of Sum Assured along with loyalty bonus as declared by LIC
- It also offers the guaranteed risk coverage of 125% of Sum Assured from Day 1
- The policy-holder gets regular guaranteed pay-outs at regular intervals
- This plan has an option of choosing the Accidental Life cover, Disability Benefit & Critical illness cover.
- In case of a minor, this plan also has the premium waiver benefit in case of death of the parent
- The loan is also available to the policyholder after the completion of 1 years of the policy
E) Term Plan
1) New Jeevan Amar
- Amar Jeevan is an exclusive pure protection plan with regular, limited payment & single payment option
- It is best plan for life protection with lowest premium.
- In this plan, the life assure gets the life cover till the age of 80 years.
- The discount in premium is available for non-smokers.
- Guaranteed increase of 10% in sum assured every year.
- Single premium payment option under this is also available.
2) Yuva Term
- Amar Jeevan is an exclusive pure protection plan with regular, limited payment & single payment option
- It is best plan for life protection with lowest premium for Age group of 18 to 45 years which annual income is minimum Rs 8 Lakh
- In this plan, the life assure gets the life cover till the age of 75 years.
- The discount in premium is available for non-smokers.
- Guaranteed increase of 10% in sum assured every year.
- Single premium payment option under this is also available
- Surrender value is available for Limited and Single premium option
F) Annuity Plan
1) New Jeevan Shanti
- Pay Single Premium and get Guaranteed pension for Lifetime
- Loan availability after completion of 1 year
- Tax Benefit on premiums paid u/s 80C
- It has multiple options of taking pension from joint life pension for lifetime or increasing pension every year
- The pension can be commenced immediately, or it can also be deferred
- The loan is available after the completion of 1 Year
- The NPS subscribers can also opt for this pension plan
- Death benefit can be availed in lumpsum or in instalments
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1. Immediate pension or deferred pension options.
2. Joint life pension or increasing income every year.
3. Death benefit in lumpsum or in yearlyinstalments.
2) Jeevan Akshay- VII
- Jeevan Akshay is a single Premium Annuity Plan giving Immediate Annuity for Life time.
- You can opt for Joint Life option
- NPS subscribers can also opt for this pension plan
- Death Benefit can be obtained in Lump sum or in the form of Annuity
- Policy holder will get Tax Benefit under sec 80C.
G) ULIP Plan
1) SIIP Plan
- IP is an exclusive Market linked plan which has the combination of protection & investments.
- It is the ideal plan to achieve your Goals.
- It has the option of investing your premium in a Debt or equity market in proportion chosen by you.
- This plan offers the risk cover equal to 10 times of annualized premium.
- It offers the Guaranteed Additions at regular intervals.
- It also offers the accidental cover up to 1 crore.
- It has the 4 different investment options.
- It has the facility of partial withdrawal in case of any financial crisis.
2) Index Plus Plan
Refund of mortality charges in respect of life insurance cover excluding any extra amount chargeable under the policy due to underwriting decision and tax charges levied on the mortality charges on survival till maturity as specified in Para 2 below.
Guaranteed Additions as a percentage of Annual Premium shall be added to the Unit Fund at the end of specified policy durations and shall be utilized to purchase units.
Guaranteed Additions as a percentage of Annual Premium shall be added to the Unit Fund at the end of specified policy durations and shall be utilized to purchase units.
- Option to enhance coverage by opting for LIC’s Linked Accident Benefit Ride
- Partial withdrawals allowed to take care of liquidity needs as specified in Para 4 below.
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Flexibility to choose:
Type of investment fund to invest the premiums as per your risk appetite.
Basic Sum Assured as 7 or 10 times of Annualized Premium subject to Age at entry as specified in Para 1 below.
Amount of Premium payable, Policy Term subject to minimum and maximum limits of Premium, Policy Term and Maturity Age as specified in Para 1 below. Method of settlement of death benefits either in lump sum or in instalments.