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Knowledge Base Life Insurance Basics LIC-Life Insurance Corporation Of India
Friday, 28 January 2011 13:15

LIC-Life Insurance Corporation Of India

Written by  Yashish Dahiya
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Life Insurance Corporation of India (LIC)


Life Insurance Corporation (LIC) is the largest life insurance company in India fully owned by the government. Established in 1956 by the Life Insurance of India Act, LIC is headquartered in Mumbai and is the country’s largest investor. Its subsidiaries include Life Insurance Corporation of India International, LIC Nepal, LIC Lanka, LIC Housing Finance and LICHFL Care Homes.

Product Portfolio:


LIC has enormous range of products.

Retirement Plan: With rising inflation, it’s absolutely necessary to make provisions for the future which makes retirement plan an important financial decision. Better known as Pension plan, this plan takes care of financial needs after retirement by investing a part of your savings for limited period. Pension plan provides steady income after retirement and takes care of daily needs. The pension plans offered by LIC are Pension Plus, Jeevan Nidhi, Jeevan Akshay- VI, New Jeevan Dhara- I and New Jeevan Suraksha- I.

Child Plan: Parenthood brings responsibilities and no one is better judge of that than you. Child Plan is a plan specifically designed to take care of financial needs of your child. Child plan provides with necessary funds that will take care of child’s education, marriage etc. By investing small portion of your savings you secure the financial end of your child. Child plans of LIC are called Jeevan Anurag, CDA Endowment Vesting at 21, CDA Endowment Vesting at 18, Jeevan Kishore, Child Career Plan, Child Fortune Plus, Komal Jeevan, Jeevan Chaya, Child Future Plan and Marriage Endowment Or Educational Annuity Plan.

Term Plan: A risk plan which provides comprehensive cover for your family in the unfortunate event of untimely demise. A term life insurance plan provides good cover at relatively nominal cost and has no survival benefits. LIC term plans are Amulya Jeevan- I, Two Year Temporary Assurance Plan, The Convertible Term Assurance Plan, Anmol Jeeval- I and Mortgage Redemption.

Investment Plan: Popularly known as ULIP, an investment plan invests part of your savings in equity or debt market as per your preference. The objective of investment plan is to give you returns which easily beat the rising costs since the usual returns in a bank are extremely low. ULIP’s offered by LIC are The Money Back Policy- 20 years, The Money Back Policy- 25 years, Jeevan Surabhi- 15 Years, Jeevan Surabhi-20 Years, Jeevan Surabhi- 25 Year, Bima Bachat, Jeevan Shree- I, Jeevan Pramukh, The Endowment Assurance Policy, The Endowment Assurance Policy- Limited Payment, Jeevan Mitra (Double Cover Endowment Plan), Jeevan Mitra (Triple Cover Endowment Plan), Jeevan Anand, New Janaraksha Plan, Jeevan Amrit, Endowment Plus, The Whole Life Policy, The Whole Life Policy- Limited Payment, The Whole Life Policy- Single Premium, Jeevan Tarang, Jeevan Bharati-I, Jeevan Aadhar, Jeevan Vishwas, New Bima Gold, Bima Nivesh 2005, Jeevan Saral, Jeevan Madhur and Jeevan Mangal.

Health Plan: Slightly different from health insurance, health plan provides cover for surgery costs, critical illness. A lump sum is paid irrespective of actual hospital bill. Health Protection Plus and Jeevan Arogya are LIC health plans.

Distribution Network:


LIC has the most formidable distribution network among all insurance companies. Today LIC functions with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satellite offices and the corporate office. LIC’s Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities.

Financial Information:


The total premium earned for the half year ended September 30, 2010 was Rs 896,466 million. The profit after tax for the same period is Rs 112 million.

Marketing Campaigns:


LIC has long history of campaign and has been more active after the government legislation of privatization of insurance industry. LIC has always engaged on social themes like prevention of pollution, water is precious, preserve the wild through its advertisements. LIC recent ad campaign “Jeevan Bima- Zindagi ke saath bhi, Zindagi ke baad bhi” was quite a success. LIC usually goes with 360 degree campaign to create awareness and promote products.

Distinctions:


  • CNBC Awaaz Consumer awards 2010
  • Reader Digest Trusted Brand Insurance category 2010
  • OUTLOOK MONEY -- NDTV PROFIT AWARD 2009 in  "BEST LIFE INSURER CATEGORY"
  • World Brand Congress Award
  • Golden Peacock Innovative Product / Service Award - 2009
  • ASIA PACIFIC HRM Congress, 2009 Award for INNOVATIVE HR PRACTICES
  • NDTV Profit Business Leadership Award 2008

Management:


DK Mehrotra is the MD of LIC.

Thomas Mathew is the MD of LIC.
AK Das Gupta is the MD of LIC.
T Bhargava is the Appointed Actuary of LIC.

Reach LIC:


Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Telephone: STD code of IVRS centre + (1251)

LIC Product Table:


 

Retirement/Pension Plan

Pension Plus (withdrawn)

Retirement/Pension Plan

Jeevan Nidhi (withdrawn)

Retirement/Pension Plan

Jeevan Akshay- VI

Retirement/Pension Plan

New Jeevan Dhara- I

Child Plan

New Jeevan Suraksha- I

Child Plan

Jeevan Anurag

Child Plan

CDA Endowment Vesting at 21

Child Plan

CDA Endowment Vesting at 18

Child Plan

Jeevan Kishore

Child Plan

Child Career Plan

Child Plan

Child Fortune Plus

Child Plan

Komal Jeevan

Child Plan

Jeevan Chaya

Child Plan

Child Future Plan

Term Plan

Marriage Endowment Or Educational Annuity Plan

Term plan

Two Year Temporary Assurance Plan

Term Plan

The Convertible Term Assurance Plan

Term Plan

Anmol Jeeval- I

Term Plan

Amulya Jeevan- I

Savings & Investment Plan

Mortgage Redemption

Savings & Investment Plan

The Money Back Policy- 20 years

Savings & Investment Plan

The Money Back Policy- 25 years

Savings & Investment Plan

Jeevan Surabhi- 15 Years

Savings & Investment Plan

Jeevan Surabhi-20 Years

Savings & Investment Plan

Jeevan Surabhi- 25 Year

Savings & Investment Plan

Bima Bachat

Savings & Investment Plan

Jeevan Shree- I

Savings & Investment Plan

Jeevan Pramukh

Savings & Investment Plan

The Endowment Assurance Policy

Savings & Investment Plan

The Endowment Assurance Policy- Limited Payment

Savings & Investment Plan

Jeevan Mitra (Double Cover Endowment Plan)

Savings & Investment Plan

Jeevan Mitra (Triple Cover Endowment Plan)

Savings & Investment Plan

Jeevan Anand

Savings & Investment Plan

New Janaraksha Plan

Savings & Investment Plan

Jeevan Amrit

Savings & Investment Plan

Endowment Plus

Savings & Investment Plan

The Whole Life Policy

Savings & Investment Plan

The Whole Life Policy- Limited Payment

Savings & Investment Plan

The Whole Life Policy- Single Premium

Savings & Investment Plan

Jeevan Anand

Savings & Investment Plan

Jeevan Tarang

Savings & Investment Plan

Jeevan Bharati-I

Savings & Investment Plan

Jeevan Aadhar

Savings & Investment Plan

Jeevan Vishwas

Savings & Investment Plan

New Bima Gold

Savings & Investment Plan

Bima Nivesh 2005

Savings & Investment Plan

Jeevan Saral

Savings & Investment Plan

Jeevan Madhur

Savings & Investment Plan

Jeevan Mangal

Health Plan

Health Protection Plus

 

Sources:


LIC Website

Wikipedia- Life Insurance Corporation of India

 

Compare Life Insurance Plans from All Insurance Companies

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2 comments
  • Comment Link BABU RATHOD Thursday, 17 March 2011 03:39 posted by BABU RATHOD

    I AM A GOVERNMENT LABOUR. BORN ON 21-12-1991. I AM CONFUSED WITH THE VARIOUS RETIREMENT PLANS... I WANTED TO KNOW THE BEST PLAN FOR ME AS PER MY AGE AMONST THE FOLLOWING: Pension Plus Jeevan Nidhi Jeevan Akshay- VI New Jeevan Dhara- I

  • Comment Link Administrator Friday, 18 March 2011 16:26 posted by Administrator

    Dear Mr. Rathod
    Pension Plus Plus is very low risk product and provides you with guaranteed returns.However there is no life cover.

    But if you are looking for insurance cover attached with pension plan, you should go with Jeevan Nidhi which not only provides life cover but also offers guaranteed additions and bonuses which are based as per company's performance.

    Both are good products and Jeevan Nidhi has lower premium than Pension Plus. You can read more about them in our Life Insurance Section.

    For any more information, you can contact us at 0124-4576777 or email at custcare@policybazaar.com

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