About Insurance

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 and that of living to old age without visible means of support.

Why it is superior to other forms of saving :-

• Protection : Saving through Life Insurance guarantees full protection against death of the saver. In Life Insurance full sum assured is payable with bonus whereas in other saving schemes, only the amount saved (with Interest) is payable.

• Aid to Thrift : LIC encourages 'thrift'. Long term saving can be made in a relatively painless manner because of 'easy installment' facility built into scheme (Premium can be paid through monthly, Quarterly, Half-Yearly or Yearly installments).

• Liquidity: Loans can be raised on the sole security of a policy which has acquired loan values. Besides, a Life Insurance Policy is also generally accepted as security for even a Commercial Loan.

• Tax Relief : Tax Relief in Income Tax and Wealth Tax is available for the amount paid by way of premium for life insurance subject to the Income Tax rates in force.

• Money when you need it :A suitable insurance plan or a combination of plans can be taken out meet specific needs that are likely to arise in future , such as children's education ,start -in- life or marriage provisions or even periodical needs for cash over a stretch over a time. Alternatively, policy money can be so arranged to be made available at the time of one's retirement from the service to be used for any specific purpose, such as for the purchase of a house or for other investments. Subject to certain conditions, loans are granted to policy holders for house building or for purchase of flats .

Who can buy a Life Insurance policy :

Any Person who has attained majority and is eligible to enter into a valid contract can take a Life Insurance policy for himself / herself and on those in whom he / she insurable interest.

LIC's Various Plans:-

LIC has a family of schemes for you and your family to meet various needs. Here some those plans have shown.

1. Basic Life Insurance Plan
   • Endowment Assurance Plan : Under this Plan the Sum assured is payable on maturity or on death of the life assured, if earlier.

2. Term Assurance Plan  
   • Anmol Jeevan
   • Amulya Jeevan -1

3. Plans for Children:
   Various Children's Deferred Assurance Plans are available , Jeevan Kishore , Komal Jeevan, Child Career Plan, Child Future Plan are specially designed to provide for children's higher education expenses with added attractions of Guaranteed Additions , Loyalty Additions and optional family Benefit.

4. Pension Plans :
   These plans provide for either immediate or deferred pension for life. The pension payment are made till the death of the annuitant.                                  1.New Jeevan Suraksha : This is a new pension plan which will fulfill one's financial needs during old age. Income Tax relief under 80ccc(i) is also available.                                                                                                                                  2.New Jeevan Dhara 3.New Akshay Plan 4. Jeevan Nidhi

5. Special Plans to meet Special needs
   • New Jan Raksha Plan : Ideal for people with no regular income. It provides for death cover for a period of 3 years from the first unpaid premium, provided at least 2 full year's premiums have been paid.
   • Fixed Term (Marriage) Endowment /Educational Annuity : A Plan suitable for making provision for start in life, marriage or education of Children.
   • Money Back Plan : Besides providing life cover during the term of the policy, the maturity benefits are paid in in installments by way of survival benefits.
   • Jeevan Surbhi : Improved version of money back plan where premiums are payable for a limited period with an added attractions of periodical increase in insurance cover.
   • Jeevan Sathi : This is a double cover Joint Life Endowment Assurance plan with profits for husband and wife
   • Jeevan Chhaya : The Ideal plan to provide for your child's higher educations.
   • Jeevan MItra : Basically an endowment assurance plan with payment of an additional sum assured on the death of the life assured during the term of the policy.
   • Jeevan Anand :This plan is combination of Endowment Plan and whole life plan.
   • Jeevan Bhariti for females :This plan prepared specially for woman . This is basically a money back type plan which does not participate in profits but comes with Guaranteed Addition and Loyalty additions.
   • New Jeevan Shree (I)
   • Bima Nivesh
   • Jeevan Saral
   • Profit Plus
   • Fortune Plus
   • Market Plus
   • Health Plus

       [Full Details of all the plans can be ascertained from Sanjeev Mathur]