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LIC and its Function, Objective & Importance

LIC (Life Insurance Corporation)

LIC Jeevan Labh stands for life Insurance Corporation of India. it’s one  the most largest monetary institutions in India country. It have been over 200000 crores. The headquarters of LIC is in  Maharashtra.

Functions of LIC

There are some functions of LIC are below:-
1)Collect people’s savings in exchange for insurance policy and promote savings within the country.
2)Protect the capital of the people by investment funds into government securities.
3)Issue insurance policies at reasonable rates
Provide many loans like direct loans to industries, housing loans, loans to varied national comes at cheap interest rates.

Objective of LIC

1)   It aims to meet many life insurance wants of the community people that are  subject to change with the dynamic social and economic environment.

2) It aims to conduct business economically whereas taking into thought that money belongs to the policyholders.

3) It aims to maximise the quality of people’s savings through attractive insurance-linked savings.

4) It aims to deploy the funds to the simplest advantage of the investors and therefore the community as well.

Types of LIC (life insurance Plans)

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LIC provides various schemes to its policy holders. It offers totally different schemes for various class and segments of the Indian economy. it’s the most important policy company in terms of the amount of policies it’s issue up to now. A number of the policies are as follows:-
1) LIC’s Jeevan Pragati
2)LIC’s Jeevan Labh
3)LIC’s Single Premium Endowment arrange
4)LIC’S Jeevan Lakshya
5)LIC’s Jeevan Tarun

LIC Jeevan Pragati

The plan of lic automatic increase the life insured’s risk covered when each five years. LIC of India’s Jeevan Pragati arrange could be a non-linked, with profits arrange providing a mix of investment and savings. LIC Jeevan Pragati is a perfect selection for people wanting to create a healthy retirement. Whereas also enjoying the insurance cover against accident and death.

Benefits of LIC Jeevan Pragati

Death benefit: just in case of the death of the client, the political leader given the sum  assure together with the bonuses. 100 percent of the basic sum  Assure in the initial five policy years, one hundred and twenty five present of the basic sum Assure during  sixth to tenth policy years, 150, of the basic sum Assure during  eleventh to fifteenth policy years and therefore  two hundredth of the basic summed Assure.

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Maturity benefit are assure together with bonus paid to the client on survival until the top of the policy, provide all the premiums are paid.

Bonuses: depending on the profits created by the life insurance Corporation, the LIC Jeevan Pragati arrange holder is entitled to receive a simple interest bonuses that are declared on the basic sum assure.

Optional rider: LIC Jeevan Pragati arrange will be increase by availing the LIC’s Accidental Death and benefit Rider, the add assured of that cannot exceed the bacissum assured.
Features of LIC Jeevan Pragati Plan:

Entry age: The policy will be available by people age 12 years-45 years.

Policy amount: Term period of 12 years to 20 years is obtainable.
Maximum age at maturity: sixty five years
Minimum and most add assured:1,50,000-no limit

Tax benefit: Premium paid is eligible for tax write-off beneath Section 80C and maturity quantity received is exempted from taxes beneath Section 10(10D).

LIC Jeevan Labh:

LIC of India’s LIC Jeevan Labh could be a non-link, restrict premium paying with-profits endowment plan  that provides a combination of protection and savings. A payment quantity is given to the client on maturity or is given to the political leader just in case of the death of the client throughout the term of the policy. Loans will be availed against this kind of plan.

Benefits of LIC Jeevan Labh

Death benefit: just in case of death of the customer throughout the term of the policy. The nominee is paid the total assured with the simple revisionary and final bonuses. benefit is paid given that the premiums are paid.

Maturity benefit: On survival until the top of the policy, maturity profit i.e. the total assured given to the customer  with simple revisionary and final bonuses, if any.

Features of LIC Jeevan Labh:
Minimum and  entry age: eight – fifty nine years
Policy term: the plan includes a policy term of 16/21/25 years.

Mode of payment: Premium will be paid on a yearly, half-yearly and quarterly basis. A grace amount of thirty days is provided for this mode of payment. The grace amount of fifteen days is provide just in case of monthly paying term.

Maturity age: seventy five years
LIC Single Premium Endowment plan
LIC of India’s Single Premium Endowment plan  could be a taking part. Non-link endowment plan. this is often a standard endowment plan giving each death and maturity benefits along with bonuses.

Single premium endowment plan

Benefits of LIC single premium endowment plan

Maturity benefit: The policy terminates if the customer survives the term. sum assured with simple revisionary and final further bonus given.

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Death benefit: If the life insured dies before the commencement of the chance, solely the only premium comes. when the commencement of the chance, total assure in along with the bonus paid.

Features of LIC single premium endowment plan

Minimum and most entry age: ninety days and sixty five years
Maturity age: 18-75 years.
Premium paying mode: One-time
Sum assured: 50,000-no limit

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LIC New Jeevan Anand plan

Simple stake bonuses

The LIC New Jeevan Anand plan participates within the profits of the corporation, accumulating simple revisionary bonuses that given to the customer at the top of the policy term.

This bonus is given to provide all the premiums are paid The final additional bonus is given under the plan within the year once the policy leads to a death claim or on the maturity of the policy.

Death benefit: If the customer dies throughout the term of the policy. The benefit is given to the nominee within the kind of total assure on Death that is higher of 125 present of Basic total Assure or ten times of annualizing premium in along with bonuses. On the death of a customer at any time when policy term Basic total Assure is paid.

Maturity benefit: If all due premiums is paid, the customer is entitl to receive maturity edges. Basic total assures in along with simple stake Bonuses and Final further Bonus is additionally given if any.

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LIC of India’s New Jeevan Anand may well be a mix of every savings and protection. The set up provides protection till the death of the insure, even once its maturity term. Therefore. This plan is good for investors searching  for a savings tool additional as getting the required protection.

Features of LIC New Jeevan Anand plan
Entry age: 18-50 years
Policy term: 15-35 years

LIC’s Jeevan Rakshak

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LIC of India’s Jeevan Rakshak could be a taking part endowment plan with death and maturity profit, providing a right combination of protection and savings. The premium for this sort of plan should be paid until the top of the policy.

Benefits of LIC Jeevan Rakshak

The policy participates within the profits of the life corporation, the Loyalty Addition that given when completion of 5 policy years or death or at the top of the policy term.

Maturity benefit: The policy terminates on its maturity and also the insured given the total assure and also the Loyalty Addition.

Death benefit: If the customer dies when five years from the date of the policy. Solely then the benefit within the kind of total assure and Loyalty Additions is given to the nominee.

Features of LIC Jeevan Rakshak
Minimum and most age: 8-55 years

Maturity age: seventy years
Minimum and total assured: 75,000-Rs. 2, 00,000

LIC’s restricted Premium Endowment plan

LIC of India’s restricted Premium Endowment plan could be a simple taking part endowment plan providing death and maturity profit in along with the choice to pick riders.

Benefits of LIC single premium endowment plan

Maturity benefit: The policy terminates if the client survives the term. total assure with simple revisionary and final additional bonus given.

Death benefit: If the life insured dies before the commencement of the prospect, only the sole premium is came.

Features of LIC single premium endowment plan Minimum and most entry age: ninety days and 65 years
Maturity age: 18-75 years.
Premium paying mode: One-time
Sum assured: 50,000-no limit

LIC’s New Endowment

The plan pays a payment amount on the survival of the policy and provides cash protection to the family. Simply just in case of death of the client before the completion of the term. To boot, loan are taken against this plan.

Benefits of LIC New Endowment plan.

Maturity benefits: Basic total assure is paid in along side the bonus, on the survival of the term of the policy.

Death benefit: If the client dies before the completion of the policy term. The full assure is paid in along side the bonus. Under this sort of endowment plan,
Features of LIC New Endowment plan
Minimum and most entry age: 8and 55 years
Maturity age:75 years
Sum assured: 100,000-no limit

Author- Ankita Maurya

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