Basic life insurance policies of Lic of India are as follows

Family Economics And Consumer Education 3 (2+1)

Lesson 10 :Avenues for Savings and Investments

Basic life insurance policies of Lic of India are as follows

  1. Whole life Insurance
  2. Limited payment life Policy
  3. Endowment Policy
  4. Money back policy
  1. Whole life Policy: Under this policy the insured person has to pay premium through out his life time. This is considered as the cheapest form of policy. However, the insured has the burden of paying premium even after retirement when the regular salary income is reduced. Premium payment can be monthly, quarterly, half yearly or yearly.
  2. Limited payment life Policy: This is considered as the best form of life insurance policy for the family and individual. The insured is enabled to pay the entire premium during the ordinary and vigorous and productive years. The insured is returned a part or the whole of the assured sum later on in the life when they may become a burden.
  3. Endowment Policy: This is the most popular form of life insurance. It not only makes provision for the family of insured in the event of his premature death but also ensures a lump sum to the same person who had insured. The insured amount becomes payable at the end of endowment term which may vary from 5 years to 20 years or 50.
  4. Money back policy: This policy has the advantage of getting lumpsum money for the old age of the insured or his /her family or at periodic intervals. In use of other policies, the full amount insured is payable to the beneficiary only at the end of the endowment period. The Life Insurance Corporation has introduced some other policies from time to time. They are,
  • Jeevan Dhara
  • Jeevan Sathi
  • Jeevan Akshaya
  • Jeevan Mitra
  • Own your Home
  1. Jeevan Dhara: Ensures a regular post retirement income. It ensures savings and provides a good social security measure. A person can get some amount of money in between the insured period besides getting insurance coverage and a lumpsum amount at the end of the insured period.
  2. Jeevan Sathi: This plan covers both husband and wife. The sum assured together with bonus are payable in the event of survival to maturity of either or both.
  3. Jeevan Akshaya: This is a voluntary personal plan. It provides life long pension with attractive returns, absolute security guaranteed insured some, bonus and income tax relief. This plan suits self employed persons or persons working in private companies where there is no provision for pension.
  4. Jeevan Mitra: Under this plan, in the event of death of the insured, the basic life insurance protection shall be double the basic sum insured which otherwise shall be provided on maturity to the insured.

The family can evaluate the policies on the basis of merits and its needs endowment and money back policies are for insured who want to enjoy the benefits when are still alive. On the other hand whole life policy is preferable for those who want to provide protection to the family after their death.
Insurance works as a substitute for the uncertainly of life. It is a form of protection for the family against the financial loss arising from death of bread winner.
In case of any maturity like death of the insured person, the insurance company pays the amount to his nominee.
Advantages Of Life Insurance Savings:

Life insurance is considered a better form of saving compared to other form of savings because,

  1. Insurance encourages savings and thrifts
  2. Insurance is good for easy settlement and protection for the policy holders.
  3. Insurance policy is readily marketable or suitable for quick borrowing.
  4. Insurance provides tax relief.

Private insurance plans include all forms of health insurance that are not funded by the government.
Purpose
These plans are intended to protect their beneficiaries from the high costs that may be incurred for health care. Most private insurance plans in the United States are employment-based.
Top Ten Insurance Company

Below is a list of the Top 10 insurance companies in India and their contact details zone wise

Insurance Company

Products and Services

LIC Life Insurance Corporation of India

Insurance Policies -Jeevan Anurag
Unit Plans-
Samridhi Plus,Pension Plus
Special Plans-
Jeevan Madhur, Jeevan Mangal, Group Schemes

ICICI Prudential Life Insurance Co Ltd

Education insurance plans
Smart kid New Unit-Linked Regular Premium, Smart Kid Regular Premium
Savings (all ULIP)
-Life Time Super, Premier Life Gold,
Life Time Plus, Premium guarantee plans, Invest Shield Cash Back
protection plans (All Traditional plans)-

Life Guard
Save 'n' Protect
Home Assure
Health care plans

Crisis Cover
Diabetes Care/ Diabetes Care Plus
Cancer Care

Bajaj Allianz Life Insurance Co Ltd

Insurance Policies
iGain III
Max Advantage
Health care plans
Star Package
Personal Guard
Silver Health
Travel Insurance

Student Elite Plan
Brilliant Minds

SBI Life Insurance Co Ltd

Individual Plans
SBI Life - Unit Plus Super
SBI Life - Smart Wealth Assure
Group Plans

Group Micro Insurance Plans
Group Loan Protection Products

Reliance Life Insurance Co Ltd

Protection Plans
Reliance Life Insurance Money Multiplier Plan
Reliance Special Term Plan
Child Plan

Reliance Child Plan
Savings & Investment Plans

Reliance Life Insurance Pay Five Plan
Reliance Life Insurance Classic Plan - Limited Premium
Reliance Life Insurance Highest NAV Advantage Plan
Reliance Life Insurance Money Multiplier Plan
North Zone: Level - II, C 4-5,
Agrawal Cyber Plaza,Netaji
Subhash Place,DelhiDelhi,
110092 011-32229807

HDFC Standard Life Insurance Co Ltd

Protection Plans
HDFC Premium Guarantee Plan
Savings and Investment Plans

HDFC SL ProGrowth Flexi
ClassicAssure Insurance Plan
HDFC SL ProGrowth Maximiser

Birla Sun Life Insurance Co Ltd

Health and Wellness Solutions
BSLI Saral Health Plan
BSLI Bachat Money
Retirement Solutions
BSLI Dream Life Plan
BSLI Immediate income Plan
Rural Solutions

Birla Sun Life Insurance Bima Dhan Sanchay
Birla Sun Life Insurance Bima Kavach Yojana

Max New York Life Insurance Co Ltd

Life Plans
20 year Endowment
Max New York Life Platinum Protect
Life Gain™ Plus 25
Growth Plans

Max New York Life Flexi Fortune
Max New York Life Shubh Invest
Health Plans

LifeLine MediCash™ Plus
LifeLine Safety Net™

Kotak Mahindra Old Mutual Life Insurance Ltd

Protection Plans
Kotak eternal Life Plans
Saving and Investment Plans
Kotak ace investment Plan
Kotak surakshit Jeevan
Child Plans

Kotak headstart Child Assure

Aviva Life Insurance Company India Ltd

Protection Plans
Aviva LifeShield Platinum
Aviva LifeShield Advantage
Fund Management
Rural Plans

Aviva Anmol Suraksha
Aviva Grameen Suraksha
Savings

Aviva Dhan Vriddhi
Aviva LifeBond Advantage

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Last modified: Monday, 2 April 2012, 11:51 AM