Life Insurance Corporation of India
Frequently Asked Questions
Life insurance is a crucial financial tool that provides protection and peace of mind to individuals and their loved ones.
In the event of a policyholder’s untimely death, life insurance ensures that their family remains financially stable by providing a lump sum payout to cover outstanding debts, daily expenses, and future financial needs.
This monetary support can help prevent the surviving family members from facing financial hardships such as mortgage payments, education costs, or funeral expenses. Additionally, life insurance can also serve as an investment vehicle, allowing policyholders to build wealth over time through cash value accumulation.
A life fund is a portfolio which can be made up of stocks, bonds, cash and alternatives, into which policyholder’s life assurance premiums are paid into and claims are paid out of.
The Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai.
It is India’s largest insurance company as well as the largest institutional investor with total assets under management worth ₹52.52 trillion (US$610 billion) as of March 2024.
- Endowment plans: Include LIC’s New Endowment Plan, LIC’s New Jeevan Anand, LIC’s Jeevan Lakshya, and LIC’s Jeevan Labh Plan
- Whole life plans: Include LIC Jeevan Umang and LIC Jeevan Utsav
- Term insurance plans: Include LIC Amulya Jeevan – II, LIC Anmol Jeevan – II, LIC Bhagya Lakshmi, LIC e-Term, and LIC New Jeevan Mangal
- Pension plans: Include LIC New Pension Plus and LIC New Jeevan Shanti
- Riders: Include LIC’s Accident Benefit Rider, LIC’s Premium Waiver Benefit Rider, LIC’s Accidental Death & Disability Benefit Rider, and LIC’s New Term Assurance Rider
Many people often overlook the significance of having sound policies in place, assuming they aren’t necessary or believing that nothing will happen to them.
This mindset might make life insurance seem like an unnecessary expense, but a sudden accident can quickly fill us with anxiety about the future for ourselves and our loved ones.
Ultimately, everyone desires financial security and protection, and life insurance offers one of the best solutions available.
There are numerous benefits to securing a life insurance plan; let’s take a moment to explore them:
There is a wide array of insurance policies available in today’s market. Your Financial Advisor will assist you in selecting the most suitable policy based on your individual needs and requirements. It is essential to provide comprehensive details about your current financial situation, as well as your short-term and long-term goals, to ensure that your Advisor can make an informed decision on your behalf.
Some of the categories of insurance policies include Retirement plans, Money Back Plans, Child Protection Plans, Endowment plans, and more.
It is important to recognize that life insurance serves as a valuable tool for both protection and disciplined savings, ultimately leading to the accumulation of a substantial corpus. By working closely with your advisor to establish and align your goals with your financial objectives, you can enjoy a stress-free life and a financially secure future.
