Types of Insurance Business are:-
Life Insurance or Personal Insurance.
Property Insurance.
Marine Insurance.
Fire Insurance.
Liability Insurance.
Guarantee Insurance.
Social Insurance.
Life Insurance is a shield of faith against the financial crisis to your family in your absence. Even nowadays Life Insurance became one of the top investment tool, where can get good money returns with Life Cover.
More than half of people are not aware of Types of Life Insurance are present in LIC. Know about the policies and opt for the one which is suitable for you.
Types of LIC Life Insurance:
Endowment plan
Money Back policy
Pension Plan
Term Insurance
ULIP Plan
Group Plan
1. Endowment plan:
Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and maturity benefit. In case of uncertain death of the policyholder, LIC offers financial protection to the family of the insured. Moreover, at the time of maturity, a lump-sum amount is paid under this plan.
In this policy declare a bonus every year. The bonus declared is not payable immediately. The bonus is payable only when the policy matures or in case the policyholder dies.
LIC of India, endowment policies still plays a major role in the insurance policies it sells.
2. Money Back policy:
The money-back policy is a popular insurance policy. It provides live coverage during the period of the policy and the maturity benefits are paid in installments by way of survival benefits at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity.
In this policy declare a bonus every year. The bonus declared is not payable immediately. The bonus is payable only when the policy matures or in case the policyholder dies. The bonus is also calculated on the full sum assured.
3. Pension Plan:
LIC Pension Plan is most suited for senior citizens and those planning a secure future so that you never give up on the best things in life.
This pension plan helps the individual to save money for the future so that life can be secured after retirement.
4. Term Insurance:
Term Insurance is protection and traditional plan which provides financial protection to the insured’s family in case of unfortunate demise with very low investment.
It is a pure life cover policy. Under this policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the sum assured in event of your premature death during the policy term. However, if you survive until the end of the policy term, nothing is payable to you.
5. ULIP Plan:
Unit Linked Insurance Plan (ULIP) is a combination of insurance as well as investment. In ULIP returns are depends on investment performance. These ULIP plans are more costly than Term and Endowment plan. A part of the premium paid is assigned towards the life cover, while the remaining portion is invested in various equity and debt schemes. The way ULIP is performs just like Mutual Funds.
6. Group Plan:
The Group plan is a protection to groups of people. This scheme is ideal for employers, associations, societies etc. and allows you to enjoy group benefits at really very low costs.
