LIC is Life Insurance Corporation, the largest Government owned Life Insurance Company in India. It has over 2,000 branches around the country and literally hundreds of thousands of agents. Life insurance is the core of every financial plan. The company was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Today LIC functions with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satallite offices and the corporate office with about 11.72 lakh individual agents. It has highest claim settlement ratio due to very less claim rejection.
There are various types of plan available these days but it’s important to understand them properly to be able to decide which one is most suitable to your needs.
- LIC New Jeevan Anand : This plan provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lump sum at the end of the selected policy term in case of his or her survival.
- LIC’s Jeevan Tarun : This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years.
- Jeevan Akshay Plan VI : This is an immediate annuity plan that can be bought by paying a lump-sum as Single Premium. Pension will start immediately after buying the policy.Various options are available for the type and mode of payment of annuities. But once chosen, it can not be changed.
- LIC Jeevan Labh : This is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
- LIC’s Jeevan Lakshya Plan : This is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder.