Know About Your Life Insurance
Life insurance in India made its debut more than 100 years ago. India is one of the most populated countries in the world. In our country, the importance of insurance is not as widely understood as it should be. Therefore, an attempt is made to familiarize the readers with some concepts of life insurance, especially with reference to LIC. However, it should be clearly understood that the following content is by no means a complete description of the terms and conditions of LIC policies or its benefits or facilities. For further details, please contact me.
What Is Life Insurance?
- Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.
- The contract is valid for payment of the insured amount during:
- The date of maturity, or
- Specified dates at periodic intervals, or
- Unfortunate death, if it occurs earlier.
- Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates ‘risk’, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
- By and large, life insurance is civilisation’s partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:
- That of dying prematurely leaving a dependent family to fend for itself.
- That of living till old age without visible means of support.
Why We Need Insurance
Life insurance is a contact by which you can protect yourself against specific uncertainties by paying a premium over a period. Since each of us during our life faces with numerous risks-falling health, financial losses, accident and even fatalities.
LIC offer the solution of various life stage of financial goals through own product.
Which product of your needed ?
Family Protection
Family protection refers to financial and emotional security plans—such as insurance, savings, and emergency funds—to protect your loved ones from unexpected life events.
Financial Protection
Financial protection means having a safety net—such as insurance, savings, and emergency funds—to protect yourself and your family from unexpected financial losses.
Wealth Creation
- LIC's Index Plus
- LIC's SIIP
- LIC’s New Jeevan Amar
Wealth creation is the process of growing your money over time through savings, investments, and smart financial planning.
Children's Carrier Protection
- LIC’s Yuva Term
- LIC’s Yuva Credit Life plan
- LIC’s New Jeevan Amar
Education and career development are expensive. Proper planning ensures your child’s dreams are not affected by financial problems, emergencies, or loss of income in the family.
Savings Protection
- LIC’s Yuva Term
- LIC’s Yuva Credit Life plan
- LIC’s New Jeevan Amar
Without proper protection, savings can quickly reduce due to unexpected expenses, medical emergencies, inflation, or poor financial decisions.
Old Age Protection
- LIC’s Yuva Term
- LIC’s Yuva Credit Life plan
- LIC’s New Jeevan Amar
Old age security provides financial support after retirement when regular income stops. It helps cover daily expenses, healthcare costs, and emergencies.