PRESENTATION ON LIFE INSURANCE OF INDIA

By Rohit jagtapSwapnil koli

Life Insurance Corporation of India (LIC) is the largest  insurance group  and investment company in India.

Its a state-owned where Government of India has 100% stake.

It has assets estimated of  13.25 trillion  It was founded in 1956 with the merger of 243 insurance companies and provident societies.

Headquartered in Mumbai. The slogan of LIC is "Your welfare is our

responsibility". The slogan is derived from the Ancient Hindu text, the Bhagavat Gita 9th Chapter,.

 

INTRODUCTION

Type State-owned

Industry Financial services

Founded 1 September 1956

Headquarters Mumbai, India

Key people D. K. Mehrotra, (Chairman)

Products Life and health insurance, investment management,

mutual fund Total assets

13.25 trillion (US$239.83 billion)(2010) Owner(s)

Government of India Employees

115,966 (2010) Website

www.licindia.in

Life insurance provides you with the opportunity to protect yourself and your family from personal risk exposures like repayment of debts after death, providing for a surviving spouse and children, fulfilling other economic goals, leaving a charitable legacy, paying for funeral expenses, etc.

Life insurance protection is also important if you are a business owner or a key person in someone else's business.

Why life insurance is important ?

LIC JEEVAN SARAL - BEST INSURANCE PLAN FROM LIC

DISTRIBUTION CHANNELS LIFE INSURANCE BUSSINESSAgents

Brokers

Corporate Agents

LIC JEEVAN SARAL 

Product Summary:This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. 

• The plan provides financial protection against death throughout the term of the plan. • The death benefit is directly related to the premiums paid. 

• Premiums:Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.

• Loyalty Additions:This is a with-profits plan and participates in the profits of the Corporation’s life insurance business.

•  It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. 

•  Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.

 

'JEEVAN SARAL' is a unique plan having good features of the conventional plans and the flexibility of unit-linked plans.

Salient Features Risk Coverage : First policy which provides 250 times of basic monthly

premium + Return of premiums + Loyalty Addition (if any). Children between age 1 to 12 years are eligible. Term Assurance Rider Option: An amount equal to the Term Assurance Sum

Assured is payable only on death of the policyholder during the policy term. Benefits Maturity Benefits: Maturity S.A. + Loyalty Additions, if the policy was in force

for a minimum of 10 policy years. Death Benefit: 250 times the monthly basic premium + return of premium paid

(excluding extra/rider premium and 1st year premium) + Loyalty additions, if any.

Surrender Value: Policy can be surrendered after a minimum 3 years premiums have been paid. Surrender Value will be more than Guaranteed Surrender Value.

Guaranteed Surrender Value: Guaranteed Surrender Value will be equal to 30% of the total premiums paid (excluding the 1st year premium + all the extra premiums + accident benefit + term rider premiums.

ADVANTEGS

Minimum Maximum

Sum Assured (in Rs.) 250 times Monthly Premium

Policy Term (in years) 10 35

Premium Payment Term (in years) 10 35

Entry Age of Policyholder 12 60

Age at Maturity - 70

Monthly Premium (in Rs.)

For Age 12 to 49 years: Rs.250/-

For Age 50 to 60 years: Rs.400/-

Rs. 10,000/-

Payment modes Yearly, Half-yearly, Quarterly, Monthly

       

Eligibility conditions in LIC Jeevan Saral Plan

Minimum Age at Entry : 12 years Maximum Age at Entry : 60 years Maximum Maturity Age : 70 years Minimum Term : 10 years Maximum Term : 35 years For Age 12 to 49 years : Minimum Premium is Rs.250/- p.m. For Age 50 to 60 years : Minimum Premium is Rs.400/- p.m. Maximum Premium : Rs. 10,000/- p.m. Mode of Premium : Yearly, Half-Yearly, Quarterly, Monthly Accident Benefit & Disability is allowed. Standard age proof required.

RESTRICTIONS

LIC JEEVAN SARAL - BEST INSURANCE PLAN FROM LIC

Invest for retirement, education, marriage, High returns.TERM INSURANCECAR INSURANCEHEALTH INSURANCE PERSONEL LOAN

Term Insurance is a form of Life Insurance which provides a stipulated cover for a certain period under contractual agreement. Simply put, Term Plan is financial cover in case if the insured dies; death claim is given to the beneficiary.

TERM INSURANCE

Car Insurance is the most valuable document that you buy to protect your car from bodily damage, accidental injury and also provide coverage against third party liabilit

Stress-free claim settlement. Easy & fast process to buy online

CAR INSURANCE

Health insurance is important for you and your family as it covers medical cost, cashless claims on best hospitals, hospitalization charges and also helps you to save on tax.

HEALTH INSURANCE

To meet with skyrocketing medical expenses.

To get treatment in the best hospital in your city.

Hospitalization benefits like ICU charges and surgery cost.

It helps your loved ones at the time of medical emergencies.

Why Health Insurance?

Compare personal loan offers in India with us and then get a personal loan to fulfill your dreams that may be marriage or a romantic holiday abroad. At the time of emergency also you can avail personal loan from us.

PERSONEL LOAN

OTHER TOP INSTITUTION PROVIDING LIFE INSURANCE

HDFC Life InsuranceMax- New YorkBajaj AllianzICICI Prudential

IN THE SERVICE OF THE NATION