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LIC

The document provides an introduction to life insurance products offered by LIC in India. It defines life insurance and compares it to other savings products. It outlines the main types of life insurance policies including term assurance, whole life, endowment, money back, and ULIP policies. Specific LIC plans are detailed for each product type, including features like sum assured, premiums, death benefits, and maturity benefits. Finally, it discusses why LIC is a trusted choice, noting it is government owned, the market leader in India with the highest claims ratio, and has over 100 million customers.

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Charmi Joshi
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777 views8 pages

LIC

The document provides an introduction to life insurance products offered by LIC in India. It defines life insurance and compares it to other savings products. It outlines the main types of life insurance policies including term assurance, whole life, endowment, money back, and ULIP policies. Specific LIC plans are detailed for each product type, including features like sum assured, premiums, death benefits, and maturity benefits. Finally, it discusses why LIC is a trusted choice, noting it is government owned, the market leader in India with the highest claims ratio, and has over 100 million customers.

Uploaded by

Charmi Joshi
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Life Insurance : Introduction with focus on LIC Plans & Products

By Charmi Joshi

Presentation Flow
What is Life Insurance? Life Insurance Vs Other Savings Product Types of Life Insurance Products LIC Plans Product wise Why only LIC?

Zindagi Ke Saath Bhi, Zindagi ke Baad Bhi

Introduction to LIC
What is Life Insurance?
Life Insurance is a contract between insured and the insurer (insurance company) which provides that insurer is bound to pay a fixed amount to the insured in case of accident or any unfortunate event.

Zindagi Ke Saath Bhi, Zindagi ke Baad Bhi

Life Insurance Vs. Other Saving


Security Tool Risk Cover Sum Assured Concept Mortgaged & Transferred Loan against policy Tax Saving Instrument Financial Planning Money when you need Creditors cannot claim Life Insurance money

Zindagi Ke Saath Bhi, Zindagi ke Baad Bhi

Types of Insurance Products


Term Assurance Whole Life Policy Endowment Policy Money Back Policy ULIP Unit Linked Insurance Plan

Zindagi Ke Saath Bhi, Zindagi ke Baad Bhi

LIC Plans Product wise


Product Type Term Assurance Anmol Jeevan Rs. 5 Lacs 20 years Rs.1300 Rs. 5 Lacs Whole Life Plan Whole Life with Profits Rs. 5 Lacs Not App. Rs.11000 Rs. 5 Lac + Bonus Not App. Endowment Plan Endownment Plan Rs. 5 Lacs 20 years Rs.25000 Rs.5 Lacs + Bonus Rs.5 Lacs + Bonus Money Back Plan Money Back with Profit Rs. 5 Lacs 20 years Rs.32000 Rs. 5 Lacs + Bonus Rs. 9 Lacs ULIP

LIC Plan Sum Assured Term Premium* (p. a) Death Benefit

Money Plus Plan - I Rs. 5 Lacs 20 years Rs.100000 Higher of Rs. 5 Lac or FV Fund Value (FV)

Maturity Benefit

Nil

(All plans for individual of Age 25 years)


Zindagi Ke Saath Bhi, Zindagi ke Baad Bhi

*Premium Appx. Amt

Why only LIC?


The Name Inspires Trust Awarded as the Most Trusted Brand in India Top in Insurance Category by Brand Equity 2009, Economic Times Award Government Of India Ownership Sovereign Risk Market Leader Profit Making Insurance Company Best Claims Ratio
Total New Premium & New Policy Share (2008-09)*
120 96.71% 78.93% 80

Claims Paid (2008-09)*

100

29%

60

71%

40

20

LIC

Pvt Co.

LIC

Pvt Co.

Zindagi Ke Saath Bhi, Zindagi ke Baad Bhi

*Source IRDA Annual Report

Only 4 countries in the world have a population more than the customer base of LIC : China, America, Indonesia and of course India

THANK YOU

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