Lic 1234

TOPICS
1. Introduction
2. History
3. Objectives
4. Vision & Mission
5. Why is Life Insurance Policy taken?
6. Tips for Selecting a life Insurance Policy
7. How to take a Life Insurance Policy
8. How to Claim a Policy
9. Types Of Plans.
INTRODUCTION
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.
(B)Specified dates at periodic intervals, or
(C)Unfortunate death, if it occurs earlier.
The contract is valid for payment of the insured amount during:
(A)The date of maturity, or
Life insurance is concerned with two hazards that stand across the life-path of
every person:
(A)That of dying prematurely leaving a dependent family to fend for
itself.
(B)That of living till old age without visible means of support.
HISTORY
Came into existence in September, 1956 after the Life Insurance

Corporation Act was passed by the Indian government in June, 1956
Oriental Life Insurance Company was started by Europeans.
 It has set unprecedented performance records in various aspects of life

insurance business.
LIC has 5 zonal offices, 33 divisional offices and 212 branch offices.
From then to now, LIC has crossed many milestones.

OBJECTIVES
It came with objective of spreading life insurance.
Spread Life Insurance widely and in particular to the rural areas and to
the socially and economically backward classes.
Maximize mobilization of people's savings by making insurance-linked

savings adequately attractive.
Meets the various life insurance needs of the community that would
arise in the changing social and economic environment.
Conduct business with utmost economy and with the full realization that
the moneys belong to the policyholders.
1. VISION
"A trans-nationally competitive financial conglomerate of
significance to societies and Pride of India."
2. MISSION
"Explore and enhance the quality of life of people through
financial security by providing products and services of aspired
attributes with competitive returns, and by distributing
resources for economic development."
TIPS FOR SELECTING A LIFE INSURANCE POLICY
This basics section is dedicated to exploring the three decisions

you will have to make when purchasing life insurance coverage.

HOW TO TAKE A LIFE INSURANCE POLICY?
The application process

First up, let's look at the application itself, the form that you'll be filling out
when applying for your life insurance policy.
Different insurers use different questions to begin judging the risk they'll be
taking by insuring you, but some general rules always apply. Take a look.
Riders are "documents" that are often attached to a policy which modify that
policy somewhat from what is normally offered by the company.
Clauses and exclusions are stipulations which are used by insurance

companies to clearly states certain right that you might have, as well as rights
that the insurance company itself has the ability to invoke.
The medical exam

A real biggie. In order to insure your life, the insurance company will want to
know how long you're going to be around. That may be a crude way of
putting it, but that's what the medical exam is for.
HOW TO CLAIM A POLICY?
DIFFERENT TYPES OF PLANS
INSURANCE PLAN-CHILDREN PLANS
BENEFITS OF JEEVAN ANURAG CHILDREN PLAN
LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the
educational needs of children.
The plan can be taken by a parent on his or her own life. Benefits under the plan
are payable at pre-specified durations irrespective of whether the Life Assured
survives to the end of the policy term or dies during the term of the policy.
In addition, this plan also provides for an immediate payment of Basic Sum Assured
amount on death of the Life Assured during the term of the policy.
INSURANCE PLANS-WHOLE LIFE PLANS
FEATURES OF JEEVAN ANAND WHOLE LIFE INSURANCE PLANS

Product summary:
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.
Premium:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as
opted by you throughout the selected term of the policy or till earlier death.
Bonuses:
This is a with-profit plan and participates in the profits of the Corporation’s life insurance
business. It gets a share of the profits in the form of bonuses.
PENSION PLAN-JEEVAN NIDHI
BENEFITS OF JEEVAN NIDHI PLAN
LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan.
The term of the policy the accumulated amount is used to generate a pension
(annuity) for the policyholder.
The plan also provides a risk cover during the deferment period.
The USP of the plan being the pension can commence at 40 years.
The premiums paid are exempt under Section 80CCC of Income Tax Act.
PENSION PLAN-NEW JEEVAN SURAKSHA 1
FEATURES OF NEW JEEVAN SURAKSHA 1
Product summary:
These are Deferred Annuity plans that allow the policyholder to make provision
for regular income after the selected term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary
deduction, as opted by you, throughout the term of the policy or till earlier death.
Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan
Suraksha I
Bonuses:
These are with-profit plans and participate in the profits of the Corporation’s
annuity / pension business.
SPECIAL PLANS-GOLDEN JUBLIE PLAN
FEATURES OF NEW BIMA GOLD
It is a plan where premiums paid over the term of plan.
The plan are paid back during the policy term in instalments .
The life insurance cover is available not only during the term but also during the
extended term of the plan.

SPECIAL PLAN-HEALTH PLAN
SPECIAL PLANS-HEALTH PROTECTION
Health is a major concern on everybody’s mind these days. With sky rocketing
medical expenses, the possibility of any illness leading to hospitalization or surgery
is a constant source of anxiety unless the family has actively provided for funds to
meet such an eventuality.
 Most families rarely provide for healthcare, and even if they do, it is grossly
inadequate.
Given this scenario, LIC has launched LIC’s Health Protection Plus plan, a unique
long term health insurance plan that can combine health insurance covers for the
entire family.
DIFFERENCE BETWEEN GOVERNMENT INSURANCE COMPANY AND
PRIVATE INSURANCE COMPANY
THANK YOU
• GROUP MEMBERS ROLL NO.
• Deval Shah 39
• Bhavita Shah 37
• Abhishek Parekh 31
• Nitesh Patel 34
• Rushank Rajawat 35

Lic 1234

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TOPICS

Came into existence in September, 1956 after the Life Insurance

Oriental Life Insurance Company was started by Europeans.

 It has set unprecedented performance records in various aspects of life

From then to now, LIC has crossed many milestones.

Maximize mobilization of people's savings by making insurance-linked

This basics section is dedicated to exploring the three decisions

The application process

Clauses and exclusions are stipulations which are used by insurance

The medical exam

BENEFITS OF JEEVAN ANURAG CHILDREN PLAN

educational needs of children.

are payable at pre-specified durations irrespective of whether the Life Assured

FEATURES OF JEEVAN ANAND WHOLE LIFE INSURANCE PLANS

BENEFITS OF JEEVAN NIDHI PLAN

LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan.

(annuity) for the policyholder.

FEATURES OF NEW BIMA GOLD

It is a plan where premiums paid over the term of plan.

extended term of the plan.

SPECIAL PLANS-HEALTH PROTECTION

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