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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.

TOPICS

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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.

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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.

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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.

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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."

1. VISION

"A trans-nationally competitive financial conglomerate of

significance to societies and Pride of India."

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W

hy isLICpolicytaken?

Advancements inHealthcare

Early Death

Best Option forSalaried Youth.

TaxConcessions

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This basics sectionis dedicated to exploring the three decisions

you will have to make when purchasing life insurance coverage.

TIPS FOR SELECTING A LIFE INSURANCE POLICY

Choosing abeneficiary.

Choosing the type ofpolicy best suited for

your needs.

Selecting the level ofcoverage.

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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 outwhen 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 attachedto a policy which modify thatpolicy 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.

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HOW TO CLAIM A POLICY?

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SPECIAL PLANS

Golden Jubilee Plan Health Plan

PENSION PLANS

Jeevan Nidhi New Jeevan Suraksha-I

INSURANCE PLANS

Children Plans Whole Life Plans

DIFFERENT TYPES OF PLANS

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INSURANCE PLAN-CHILDREN PLANS

BENEFITS OF JEEVAN ANURAG CHILDREN PLAN

LICs 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.

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INSURANCE PLANS-WHOLE LIFE PLANS

FEATURES OF JEEVAN ANANDWHOLE LIFE INSURANCE PLANS

Product summary:

This plan is a combination of Endowment Assurance andWhole 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 Corporations life insurance

business. It gets a share of the profits in the form of bonuses.

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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.

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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 Corporations

annuity / pension business.

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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.

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SPECIAL PLAN-HEALTH PLAN

SPECIAL PLANS-HEALTH PROTECTION

Health is a major concern on everybodys 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 LICs Health Protection Plus plan, a unique

long term health insurance plan that can combine health insurance covers for the

entire family.

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GOVERNMENT INSURANCE

COMPANY

PRIVATE INSURANCE

COMPANY

In India LIC is the only Government

Insurance company in India.

Private Insurance Company like State Bank of

India, HDFC, Bajaj Allianz etc. are the

developing Insurance company

Government Insurance company is ownedbyGovernment.

Private Insurance company are owned byprivate Individuals.

LIC gives highest claim settlement ratio. Private Insurance does not give higher claim

settlement.

LIC has highest number of assets than any

other private Insurance company.

Private Insurance company have assets less

than LIC.

LIC is 52 years old company and is the most

reliable company in India and anyone would

like to purchase as its History shows.

All other Private Insurance Company are just

10 years old.

DIFFERENCE BETWEEN GOVERNMENT INSURANCE COMPANY AND

PRIVATE INSURANCE COMPANY

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THANK YOU

GROUP MEMBERS ROLL NO.

Deval Shah 39

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