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An Introduction To Lic (Life Insurance Corporation of India)

This document provides an introduction to the Life Insurance Corporation of India (LIC). It discusses the history and founding of LIC in 1956 and outlines some of the major types of insurance plans offered, including term plans, money back plans, unit linked insurance plans (ULIPs), endowment plans, whole life plans, children's plans, and pension plans. Specific LIC products highlighted include Money Back Plan (20 yrs), Jeevan Surabhi, New Bima Gold, Jeevan Bharati, Bima Bachat, Profit Plus, Child Fortune Plus, Endowment Policy, Double Cover Endowment, Jeevan Sathi, Whole Life policy, Komal Jeevan, Jeevan Ak

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283 views34 pages

An Introduction To Lic (Life Insurance Corporation of India)

This document provides an introduction to the Life Insurance Corporation of India (LIC). It discusses the history and founding of LIC in 1956 and outlines some of the major types of insurance plans offered, including term plans, money back plans, unit linked insurance plans (ULIPs), endowment plans, whole life plans, children's plans, and pension plans. Specific LIC products highlighted include Money Back Plan (20 yrs), Jeevan Surabhi, New Bima Gold, Jeevan Bharati, Bima Bachat, Profit Plus, Child Fortune Plus, Endowment Policy, Double Cover Endowment, Jeevan Sathi, Whole Life policy, Komal Jeevan, Jeevan Ak

Uploaded by

mrmnsh
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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AN INTRODUCTION TO LIC

(Life Insurance Corporation Of India)

BY:-
ANAND SHARMA
CENTRAL UNIVERSITY OF RAJASTHAN
LIFE INSUARANCE

•Life Insurance is a contract between insurer and


insured.
• Insurer is promises to compensate the loss or
it is consideration the life assured
CONTRACT MEANS AGREEMENT

Offer:-In Agreement it will give the offer and he


will acceptence this term as called as
consideration Both are agree for the same.
History Of LIC

•In India ,insurance began in 1818 with life insurance being


transacted by an english company the oriental life
insurance co. Ltd.
• The First indian insurance company was Bombay mutual
assurance society ltd. Formed in 1870 in mumbai.
•Bharat insurance co. in 1896 in Delhi. Empire of india in
1897 in mumbai, the united india in chennai.
•By the year 1956, when the life insurance business was
nationalised and the life insurance corporation of india was
formed on 1 september 1956.
PREMIUM

•Consideration amount is called the premium.


•Insurable pay the amount to insurer is called the
premium.
Keyword of Insurance

•Sum assured
•Maturity
•DAB
•Survival Benefit
•Surrender value
•Assignment value
•PWB
•ETC….
Life Insurance plan
Term plan

•A life insurance policy which provides a stated


benefit upon the holder's death, provided that the
death occurs within a certain specified time
period. However, the policy does not provide any
returns beyond the stated benefit, unlike an
insurance policy which allows investors to share
in returns from the insurance company's
investment portfolio.
Term plan product
Temp assurance plan
Amulya Jeevan - First
Money Back Plan

•Money back policy from LIC is a popular insurance policy,


as it provides life coverage during the term of the policy
and the maturity benefits are paid in installments by way
of survival benefits in every 5 years. The plan is available
with 20 years and 25 years term. In true sense, we do not
think of unfortunate death when we are choosing Money
back plan, but we like to consider this plan as a savings
instrument that takes care of your insurance needs also
and therefore, it also acts as a tax-savings tool.
Money Back Product

Money Back Product

Money Back Plan(20/25 Jeevan Surabhi(15/20/25


Yrs) Yrs)

Bima Bachat Product New Bima Gold

Jeevan Bharati Jeevan Tarang plan


Money Back Plan (20 Yrs)
Jeevan Surabhi Policy (15/20/25)
New Bima Gold
Jeevan Bharati Policy
Bima Bachat Policy
Money Back +Whole Life Plan
ULIP

•ULIP stands for Unit Linked Insurance Plans. As we know


that insurance is for protecting our life from the any
uncertain events like death or accident. The purpose of the
normal insurance plan is just protecting the life but not
ensuring any savings for the future. Many people wanted
plan which gives protection also gives the returns for their
investment. So, insurance companies come up with the
ULIP plan where the premium about is invested in the
share market and returns better income on the maturity
period.
ULIP Product

ULIP Product

Profit Plus Money Plus First

Health protection
Child Fortune plus
plan
Profit Plus
Child Fortune plus
Endowment

Endowment policies cover the risk for a specified period at the end of which
the sum assured is paid back to the policyholder along with all the bonus
accumulated during the term of the policy. It is this feature - the payment of
the endowment to the policyholder upon the completion of the policy’s term
- which rightly accounts for the popularity of endowment policies.
Typically, one’s responsibility for the financial protection of the family
reduces significantly once the children are grown up and independently
settled. The focus then shifts to managing a smaller family - perhaps only
oneself and one’s spouse - after retirement. This is where the endowment -
the original sum assured and the accumulated bonus - received back comes
handy. You can either use the endowment amount for buying an annuity
policy to generate a monthly pension for the whole life, or put it in any other
suitable investment of your choice. This is the major benefit of an
endowment policy over a whole life one.
Endowment Policy
Double Cover Endowment plan

Double
Endowment
Product

Jeevan sathi Jeevan Mitra


Jeevan Mitra
Whole Life Policy

•A whole life insurance policy covers you for your


entire life, not just for a specific period such as
term insurance. Your death benefit and premium
in most cases will remain the same. Whole life
insurance also builds cash value, which is a return
on a portion of your premiums that the insurance
company invests. Your cash value is tax-deferred
until you withdraw it and you can borrow against
it.
Whole Life policy
Whole Life policy
Plan For Children

Children Plan

Marriage
Komal Jeevan
Endowment

Jeevan Chaya/Jeevan
Jeevan Kishore
Anurag
Komal Jeevan
Pension Plan

Pension Plan

Jeevan Akshya -6 Bima Nivesh

New Jeevan
New Jeevan Dhara-1
Suraksha-1
THANKS
QUESTION & ANSWER SESSION

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