Lic products and policies

Invest Inn

Products and Policies
As individuals it is inherent to differ. Each individual's insurance needs and
requirements are different from that of the others. LIC's Insurance Plans are
policies that talk to you individually and give you the most suitable options that can
fit your requirement.

Bima Account 1
Bima Account 2

Endowment Plus

Jeevan Anurag Komal Jeevan
CDA Endowment Vesting At 21 Marriage Endowment Or
CDA Endowment Vesting At 18 Educational Annuity Plan
Jeevan Kishore Jeevan Chhaya
Child Career Plan Child Future Plan
Child Fortune Plus

Jeevan Aadhar
Jeevan Vishwas

The Endowment Assurance Policy
The Endowment Assurance Policy-Limited Payment
Jeevan Mitra(Double Cover Endowment Plan)
Jeevan Mitra(Triple Cover Endowment Plan)
Jeevan Anand
New Janaraksha Plan
Jeevan Amrit

Invest Inn Pune Blog: http://investinn.blogspot.com

Email: money_insurance@yahoo.com Web: http://investinn.tripod.com

Invest Inn

Jeevan Shree-I
Jeevan Pramukh

The Money Back Policy-20 Years
The Money Back Policy-25 Years
Jeevan Surabhi-15 Years
Bima Bachat

Jeevan Bharati - I

The Whole Life Policy
The Whole Life Policy- Limited Payment
The Whole Life Policy- Single Premium
Jeevan Anand
Jeevan Tarang

Two Year Temporary Assurance Policy
The Convertible Term Assurance Policy
Anmol Jeevan-I
Amulya Jeevan-I

Jeevan Saathi Plus
Jeevan Saathi

Life Insurance


Invest Inn
Life insurance is a contract that pledges payment of an amount to the person assured (or
his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

• The date of maturity, or
• Specified dates at periodic intervals, or
• Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically
to the Corporation by the policyholder. Life insurance is universally acknowledged to be
an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to
the timely aid of the family in the unfortunate event of death of the breadwinner. By and
large, life insurance is civilisation's partial solution to the problems caused by death. Life
insurance, in short, is concerned with two hazards that stand across the life-path of every
person:

• That of dying prematurely leaving a dependent family to fend for itself.
• That of living till old age without visible means of support.

Life Insurance Vs. Other Savings

Contract Of Insurance

A contract of insurance is a contract of utmost good faith technically known as uberrima
fides. The doctrine of disclosing all material facts is embodied in this important principle,
which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the
proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in
any document leading to the acceptance of the risk would render the insurance contract
null and void.

Protection

Savings through life insurance guarantee full protection against risk of death of the saver.
Also, in case of demise, life insurance assures payment of the entire amount assured (with
bonuses wherever applicable) whereas in other savings schemes, only the amount saved
(with interest) is payable.

Aid To Thrift

Life insurance encourages 'thrift'. It allows long-term savings since payments can be
made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium
payment for insurance is either monthly, quarterly, half yearly or yearly).



Invest Inn
For example: The Salary Saving Scheme popularly known as SSS, provides a convenient
method of paying premium each month by deduction from one's salary.

In this case the employer directly pays the deducted premium to LIC. The Salary Saving
Scheme is ideal for any institution or establishment subject to specified terms and
conditions.

Liquidity

In case of insurance, it is easy to acquire loans on the sole security of any policy that has
acquired loan value. Besides, a life insurance policy is also generally accepted as
security, even for a commercial loan.

Tax Relief

Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This
is available for amounts paid by way of premium for life insurance subject to income tax
rates in force.

Assessees can also avail of provisions in the law for tax relief. In such cases the assured
in effect pays a lower premium for insurance than otherwise.

Money When You Need It

A policy that has a suitable insurance plan or a combination of different plans can be
effectively used to meet certain monetary needs that may arise from time-to-time.

Children's education, start-in-life or marriage provision or even periodical needs for cash
over a stretch of time can be less stressful with the help of these policies.

Alternatively, policy money can be made available at the time of one's retirement from
service and used for any specific purpose, such as, purchase of a house or for other
investments. Also, loans are granted to policyholders for house building or for purchase
of flats (subject to certain conditions).

Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid contract can
insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one's spouse or
children. While underwriting proposals, certain factors such as the policyholder’s state of
health, the proponent's income and other relevant factors are considered by the
Corporation.

Insurance For Women


Invest Inn
Prior to nationalisation (1956), many private insurance companies would offer insurance
to female lives with some extra premium or on restrictive conditions. However, after
nationalisation of life insurance, the terms under which life insurance is granted to female
lives have been reviewed from time-to-time.

At present, women who work and earn an income are treated at par with men. In other
cases, a restrictive clause is imposed, only if the age of the female is up to 30 years and if
she does not have an income attracting Income Tax.

Medical And Non-Medical Schemes

Life insurance is normally offered after a medical examination of the life to be assured.
However, to facilitate greater spread of insurance and also to avoid inconvenience, LIC
has been extending insurance cover without any medical examination, subject to certain
conditions.

With Profit And Without Profit Plans

An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if
any, after periodical valuations are allotted to the policy and are payable along with the
contracted amount.

In 'without' profit plan the contracted amount is paid without any addition. The premium
rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.

Keyman Insurance

Keyman insurance is taken by a business firm on the life of key employee(s) to protect
the firm against financial losses, which may occur due to the premature demise of the
Keyman.

Which organizations are authorised to collect LIC premiums through their net-
banking/phone-banking facility?

• Authorised Banks:-
o HDFC Bank, ICICI Bank, Bank of Punjab, UTI Bank, Federal Bank,
Corporation Bank, and Citibank
• Authorised Service Providers (available only in select cities) :-


Invest Inn
o BillJunction.com, Timesofmoney.com, and BillDesk.com.

Who can register with the authorised banks?

• You as our policyholder having a bank account with any of the above-mentioned
authorized banks in any of its branches in India.
• You should have opted for the net-banking facility with the respective bank.
Details of the same can be obtained from the respective bank through its web-site.
Downloadable forms are also available for new customers.
• You should be able to access the net-banking account with the login & password
provided by the bank.
• For more details about net-banking, you may log on to the respective bank’s
website.

Who can register with the authorised service providers?

• You as our policyholder having a bank account in any bank in the select cities
where the above-mentioned service providers have their operations.
• On being approached, the service provider obtains a written mandate from you,
authorising him to realise the billed amount directly from your bank account. You
may have to give the bank account details and other requisite details as required
by the service provider.

In which cities do the authorised service providers operate from?

• BillJunction.com has its operations in Mumbai, Delhi, Kolkata, Chennai,
Bangalore, Hyderabad, Ahmadabad & Pune.
• TimesofMoney.com has its operations in Mumbai, Delhi, & Bangalore.
• BillDesk.com has its operations in Mumbai, Delhi, Kolkata, Chennai, Bangalore,
Ahmadabad, Pune, Baroda & Surat. They also have tie-ups with their partner
banks viz. Bank of Baroda, IDBI Bank, ABN-AMRO Bank.

How to add the policy details at the authorised bank/service provider’s web-site?

• Using the login & password provided by the bank/service provider, you can log
on to your account page at the bank/service provider’s website
• You have to add LIC as biller with the policy details and other requisite
information. In general, you would have to enter the policy number, the
installment premium, email-id and any other information. This is a one-time
process for each policy.
• Some of the service providers/banks’ web-sites have a demo page showing the
process of adding the billers.

How does LIC acknowledge the registered policy details?



Invest Inn
• The bank/service provider sends these details to LIC for validation &
confirmation of the registration data at pre-determined intervals.
• LIC validates the registration data and informs the bank/service provider about
the registration status. Since LIC’s database is de-centralized, generally it takes a
week’s time for confirmation of registration data.
• A consolidated database of registered policies is maintained by LIC. This
database is updated at regular intervals on the basis of changes received from the
original servicing branches.
• LIC also sends auto-mailers to the registered policyholders informing the
registration status.

When can I pay the insurance premiums?

• On confirmation of the registration, LIC will regularly send the bills/invoices
mentioning the due dates, premium amount, late fees, validity date, etc to the
service provider/bank.
• As and when premium becomes payable under the registered policy, LIC sends
the bills to the bank/service provider, and the information will be displayed by the
bank/service provider in your net-banking account page.



Lic products and policies

Recommended

Recommended

More Related Content

What's hot

What's hot (19)

Similar to Lic products and policies

Similar to Lic products and policies (20)

Recently uploaded

Recently uploaded (20)

Lic products and policies