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Life Insurance

SBI Life Insurance (Plans, Benefits, Claims & More)

SBI Life Protection Plans

SBI Life Insurance (Plans, Benefits, Claims & More)

SBI Life Insurance is a joint venture between the State Bank of India (SBI), the largest government-owned banking and financial services company in India, and BNP Paribas, a multinational financial services company headquartered in Paris, France.

The company was formed in March 2001, ever since it has had a far-reaching presence across the nation operating through 950+ offices, more than 17,000 employees, 16,000+ associated agents, and more than 28,000 partner branches.

SBI Life is committed to serving millions of families across India with its wide range of insurance products and services. it offers a broad variety of insurance plans catering to all types of customers and insurance buyers. The company provides numerous plans like pension, savings, term, unit-linked plans, etc for individuals, families, and groups at an affordable premium.

In this article, we will discuss the following

  • Company specifications
  • Plans offered by SBI Life Insurance
  • Awards received
  • Why choose SBI Life Insurance?
  • How to buy SBI Life Insurance plans?
  • SBI Life Insurance claim process

Company specifications

Claim settlement ratio

94.52%

Solvency ratio

234%

Branches

950+

Headquarters

Mumbai

Website

www.sbilife.co.in

Customer care

Toll free number : 1800 267 9090

Email ID

info@sbilife.co.in

Plans offered by SBI Life Insurance

SBI Life Savings Plans

Plan nameAbout the plan
SBI Life Smart Platina Assure PlanThis is an endowment assurance savings plan that offers lumpsum payouts on maturity period and also provides the benefit of a life cover.
SBI Life New Smart Samriddhi PlanThis plan offers a death benefit that provides a lumpsum payout in case of demise of the policyholder or provides a lumpsum payout along with any accrued bonus upon surviving the maturity period.
SBI Life Smart Future Choices PlanThis is a multi-layered plan offering several benefits like cash bonus, survival, or maturity benefit along with a life cover. It is available in two different variants Classic and Flexi Choice.
SBI Life Shubh Nivesh PlanThis non-linked, participating life insurance product offers a life cover, income, and savings components clubbed together in the same plan.
SBI Life Smart Bachat PlanThis endowment plan financially protects you and your family from the uncertainties of life. The plan offers maturity benefits in which the basic sum assured plus accrued bonus if any will be paid upon maturity period or the same shall be paid as a death benefit in case of death of the policyholder. This plan is available in two options A and B plan.
SBI Life Smart Hamsafar PlanThis is a savings cum life insurance plan that covers legally wedded couples. In this plan, a lump sum payout will be paid to the surviving policyholder in case of the death of any insured partner.

SBI Life Protection Plans

Plan nameAbout the plan
SBI Life eShield PlanThis is a term insurance plan that offers life cover to the policyholder. In this plan, the company will offer a sum assured to the nominees of the policy in case of the unfortunate death of the policyholder.
SBI Life Saral Jeevan Bima PolicyThis is an affordable life insurance plan that guarantees a payout of the base sum assured to the beneficiaries of the policy in case of the death of the insured individual.
SBI Life- Poorna Suraksha PlanThis term plan provides coverage against death and critical illnesses. It also waives any future premiums in case the policyholder is diagnosed with any of the listed illnesses defined in the policy.
SBI Life Sampoorn Cancer Suraksha PlanAs the name suggests, this plan by SBI protects against all stages of cancer. In this plan, the policyholder will receive lumpsum payments during minor, major and advanced stages of cancer. This plan is available in three variants: Standard, Classic, and Enhanced Plan.
SBI Life Corona Rakshak PolicyThis is a cash benefit plan that provides a lumpsum payout of 100% sum assured after the first diagnosis of COVID-19.
SBI Smart Swadhan+ PlanThis is a life insurance plan that offers a 100% return on premiums paid upon the maturity period.
SBI Life Grameen Bima PlanThis is a micro-insurance policy for the economically weaker sections of the society, under this plan guaranteed sum assured will be paid to the nominees in case of death of the policyholder.
SBI Life Smart Shield PlanThis is a regular term insurance plan that offers only life cover to the policyholder. There are no maturity benefits available under this plan.
SBI Life Saral Swadhan+ PlanSBI Swadhan + plan offers a death benefit and also returns 100% of premiums paid upon completion of 10 years of the policy period or 115% of the premium paid upon completion of 15 years of the policy period.

SBI Life Retirement Plans

Plan nameAbout the plan
SBI Life Retire Smart PlanThis is a unit-linked plan which provides a life cover and also pays back 100% of your premiums paid upon the maturity period.
SBI Life Annuity Plus PlanThis is an annuity plan that also offers bonus payouts. The premium for this policy has to be paid in a single lumpsum amount and the annuity begins instantly from the next month, six months, or a year as selected by the policyholder.
SBI Life Saral Pension PlanThis traditional pension plan takes care of your financial needs post-retirement. It offers a life cover and bonus payouts during the policy period.

SBI Life Unit- Linked Plans

Plan nameAbout the plan
SBI Life eWealth PlanThis plan is designed to offer dual benefits of a life cover and market-linked returns on investments growing your corpus. It is available in 2 types of variants.
SBI Life Smart InsureWealth PlusThis unit-linked plan offers life insurance cover and also increases higher fund value through market-linked returns. The plan provides 3 types of different investment strategies to invest in accordingly: Smart choice strategy, Auto asset allocation strategy, and Trigger strategy.
SBI Life Saral InsureWealth PlusThis is a unit-linked and non-participating life insurance plan that provides the advantage of life coverage along with monthly payout options
SBI Life Smart Wealth Builder PlanSmart Wealth Builder Plan offers life insurance cover and 11 types of investment funds to invest in to build a solid corpus for the policyholder and their loved ones.
SBI Life Smart Power Insurance PlanThis ULIP plan offers life insurance coverage in which the company will pay the death benefit to the nominee or a lumpsum amount of the fund value will be paid to the policyholder on surviving the policy tenure. The plan provides various fund options – Increasing and Level Cover Options to choose from.
SBI Life Smart Elite PlanLike most Unit-linked plans this plan also offers investment returns and life insurance cover, not only that this plan also offers accidental life coverage providing 360-degree protection.
SBI Life Smart Privelege PlanThis plan offers the policyholder 11 kinds of investment funds to invest in for creating a solid corpus along with the advantage of a life cover.
SBI Life Wealth Assure PlanThis unit-linked product offers a life insurance cover and market-linked returns with a one-time premium payment option.

SBI Child Insurance Plans

Plan nameAbout the plan
SBI Life Smart Champ InsuranceThis child insurance plan is intended to financially provide for the child’s future in the absence of the parents. It offers death and accidental disability coverage along with maturity benefits during the policy period.
SBI Life Smart ScholarThis ULIP plan offers a lump sum payout of the base sum assured or 105% of the total premiums paid, whichever is higher will be paid in case of the death of the insured parent. All future premiums will also be waived off and the accumulated fund value will be paid instantly in the absence of the insured parent.

Awards received

Below given are a few awards and recognitions won by SBI Life Insurance

  • ‘Best Life Insurance Company’ at ICC Emerging Asia Insurance Conclave awards 2019.
  • ‘SMART Award- Life Insurance in Large Category’ at ET Insurance Summit in Mumbai, 2019.
  • CCircle Award for 2020 under the category ‘Financial Services Company of the Year’
  • Winner of the ‘Golden Peacock Award’ for Risk Management in the year 2018.

Why choose SBI Life Insurance

Claim settlement ratio

SBI Life Insurance has a stellar track record when it comes to settling genuine claims of its customers. As per IRDA, the company has an ideal track record of 94.52% for Fy 2019-2020, indicating that the company is reliable and dedicated when it comes to settling claims of its customers and not depriving them of their rights.

Highest solvency ratio

According to IRDA, all life insurance companies must maintain an ideal solvency ratio of 1.5% in India. The solvency ratio is a parameter that estimates the financial reliability and trustworthiness of a company. SBI Life Insurance has the highest solvency ratio among all life insurance companies in India, indicating that the company has strong financial statements and is extremely reliable when it comes to meeting its long-term debts or obligations.

PAN India presence

The insurer operates with 950+ branches and offices all across the country providing access to all kinds of customers and insurance buyers to avail of their services.

Budget-friendly plans

The company offers highly comprehensive plans financially shielding the policyholder and their loved ones from uncertainties of life at an affordable premium.

Wide range of plans and products

The insurer provides a wide range of plans that cater to the needs and requirements of all kinds of customers and insurance buyers.

Trusted name

SBI Life is among the oldest insurance companies in the country and has grown tremendously, that today it contributes significantly towards the insurance industry and is one of the most trusted life insurance companies in India.

How to buy SBI Life Insurance plans?

You can easily buy a health plan with us on InsuranceLiya.com.

Step 1: Simply furnish us with your name, email, and mobile number.

Step 2: We will call you shortly and assist you with a suitable plan for you or your family.

SBI Life Insurance claim process

In case of the unfortunate death of the policyholder, the nominee or the claimant needs to follow these simple steps to claim the policy benefits.

Online process

Step 1– Inform the company about the event by visiting their official website and filling the claim form with the requested details.

You can also inform the insurer by writing to them on the email address i.e claims@sbilife.co.in or you can connect with them on their toll-free number 1800 267 9090.

Step 2– After you have informed the company about the same, you are requested to submit the following supporting documents to initiate the claim further.

Step 3– After you have submitted all the documents to the insurer, the insurer will thoroughly verify the claim along with the policy terms and conditions. After thorough verification, the company will approve the claim accordingly.

Step 4– Once the decision is taken, the claim amount will be released as per the terms and conditions of the policy.

Note: For any further queries regarding the claim you can write to info@sbilife.co.in.

Offline process

Follow these simple steps for the offline claim process with SBI Life Insurance

Step 1– Inform the insurer about the event on their toll-free number i.e 1800 267 9090 or by visiting the nearest SBI Life Insurance office or branch.

Step 2– Submit the following supporting documents to the company.

Step 3– The company will thoroughly verify the claim along with the policy terms and conditions and will approve the claim accordingly.

Documents to be submitted

  • Mandatory documents
  • Claim form
  • discharge/death summary
  • Nominees or claimants ID proof

Additional documents

  • Medical records, admission notes, test reports, etc.
  • Original death certificate
  • Cancelled cheque by the claimant
  • Copy of FIR
  • Tax residency certificate
  • Medical attendant’s certificate
  • Hospital treatment certificate

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance Corporation

How to take a loan against your LIC policy (Simple Guide)

How to take a loan against your LIC policy (Simple Guide)

Are you looking to take a loan against your LIC policy? This article will guide you on how you can do that in simple steps. There are a lot of times where you wish you could take a loan against your existing LIC policy, be it to pay for education expenses, unforeseen medical expenses, or anything else.

Some LIC policies offer their policyholders the flexibility to take a loan against their LIC policy, this could be a massive boon during challenging times for policyholders.

Further, it is also important to know if your LIC policy does offer you this benefit, in case the need arises.

This article will be touching base on the following important topics:

  • LIC policies that offer loans
  • The process to apply for a loan against LIC policy
  • Required documents
  • Eligibility for availing of a loan
  • Benefits of availing a loan against your LIC policy

LIC policies that offer loans against a policy

LIC offers quite a few policies that provide a loan facility. If you have one of the below-mentioned policies, you can avail for a loan by keeping your policy value as collateral. Let us find out which policies are eligible for this benefit:

Policy namePolicy type
LIC Jeevan UmangWhole life
LIC Jeevan PragatiEndowment
LIC Jeevan LabhEndowment
LIC New Endowment PlanEndowment
LIC Jeevan RakshakEndowment
LIC Jeevan LakshyaEndowment
LIC Aadhar StambhEndowment
LIC Single Premium Endowment PlanEndowment
LIC New Jeevan AnandEndowment
LIC Aadhar ShilaEndowment
LIC New Money Back Plan (20 years & 25 years)Money back
LIC New Bima BachatMoney back
LIC Bima ShreeMoney back
LIC Jeevan ShiromaniMoney back
LIC New Children’s Money Back PlanMoney back
LIC Jeevan TarunMoney back

You can avail of a loan against your policy if you have any of the above policies. That being said, loans are available after the policyholder has completed 1-3 premium paying years.

The process to apply for a loan against LIC policy

You can apply for a loan in 2 ways, offline and online. Let us lay down both loan application processes for you.

Online loan application

Step 1: Register or log in through LIC e-services portal

LIC account login
LIC e-services account

If you have not registered on LIC e-services, you can view our LIC registration and LIC login guide. They will show you how you can easily register and log in to your LIC e-services account.

Step 2: Check if your policy is eligible to receive a loan

Step 3: Check the interest rate of the loan

Step 4: Check the available loan amount

Step 5: Apply for the loan

Offline loan application

You can also visit your nearest LIC branch and apply for a loan. Upon visiting, you can request the office to hand over a loan application form. Kindly fill in the form and attach your KYC details. Once done, hand over the form to the officer. He will get back to you at your registered phone number.

Required documents

The following documents are required on your part if you wish to apply for a loan:

  • Original policy bond
  • Aadhar card
  • PAN card
  • Voters ID
  • Bank account statement
  • Driver’s license
  • Duly filled loan application form

Eligibility for availing of a loan

The following are the eligibility criteria for availing of a loan with LIC

  • The policyholder must be an Indian.
  • The policyholder must be over 18 years of age.
  • The policyholder must have a running LIC policy.
  • The policyholder must have paid policy premium for 1-3 years (certain policies provide a loan if the policyholder has paid the first year’s premium, certain policies require that the policyholder has paid at least 3 years premium)

Benefits of availing a loan against your LIC policy

No credit score: You will not require a credit score to avail a LIC loan. The loan value will simply depend on your policy surrender value. The higher the surrender value, the higher the loan you can avail of.

Comparatively low-interest rates: As LIC is a government organization and majorly exists for the welfare of Indians, the interest rates charged by LIC are comparatively lower compared to private and public sector banks. LIC usually charges a 9%-11% interest rate on their loans.

Fast and easy processing: The loan processing is generally done very quickly as LIC already has all the details that they need with them. Online and offline loan processing will be done swiftly.

Flexible loan repayment: You can repay your loans via flexible bite-sized EMIs.

Loan on 90% of surrender value: You can apply for a loan up to 90% of your policy’s surrender value.

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance

Max life Insurance (Plans, Benefits, Claims & More)

A recent Max Life Insurance commercial

Max life Insurance (Plans, Benefits, Claims & More)

Max Life Insurance was formed in the year 2000. It is a joint venture between Max financial services Ltd ( MFS), India’s largest non-banking private life insurance company, and Mitsui Sumitomo insurance company based in Japan. The company began its operations in 2001 since it has established a prominent name in the insurance sector.

Max Life Insurance is one of the leading names in India when it comes to life insurance and its services. The company offers a wide range of insurance plans ranging from term insurance, child plans, pensions, endowment, savings plans, and much more.

This insurer has a PAN India presence with more than 250+ branches across the nation and more than 15,000+ associated employees. Max Life serves millions of customers all around the year and has a robust claim settlement ratio of 99.35%.

The company has been awarded numerous awards such as ‘Life Insurance Provider of the Year’ and ‘Excellence in Claims Service’ to name a few.

In this article, we will discuss the following:

  • Company specifications
  • Awards received
  • Plans offered by Max Life Insurance
  • Why choose Max Life Insurance?
  • How to buy Max Life Insurance Plans?
  • Max Life Insurance claim process
  • Max Life Insurance plan renewal process

Important company details

Claim settlement ratio     

99.35%

Headquarters

New Delhi

Solvency Ratio

207%

Branches

250+

Website

www.maxlifeinsurance.com

Customer care

Toll free number: 1800 200 5577, 1860 120 5577

Awards received

Below given are a few awards and recognitions won by Max Life Insurance.

  • ‘Best Claims Service Leader award’ by CMO Asia Awards 2019.
  • Ranked 24th among ‘India’s top 100 companies to work in’ by great places to work institute.
  • Awarded ‘Best Term Plan company of the year’ by CMO Asia 2019.
  • ‘Life Insurance Provider of the year’.

Max Life Insurance plans

Max Life Insurance term plans

Plan nameAbout the plan
Max Life Smart Term PlanIt is a customizable term plan that offers a death benefit, protection from 40 critical illnesses, and a return of premium option. This is a long-term plan that provides coverage up to 85 years of age and returns 100% of the premiums paid upon surviving the maturity period.
Max Life Online Term PlanThis term insurance plan offers high life cover at an affordable premium. It offers a lump sum payout under death benefit to the beneficiary of the policy in case of the death of the policyholder. This plan is available in 3 variants: Basic Life Cover, Basic Life Cover + Monthly Income, and Basic Life Cover+ Increasing Monthly Plan.
Max Life Premium Return PlanAs the name suggests, this plan offers life coverage to the policyholder and the benefit of 100% of premium repayment on the maturity of the policy tenure.
Max Life Super Term PlanThis is a regular term insurance plan that only provides a life cover to the policyholder. It offers multiple payout option choices.
Max Life Smart Secure Plus PlanThis is an ideal plan to beat the rising cost of inflation as it offers a death benefit, and also increases the sum assured up to 5% annually up to a maximum of 200%.
Max Life Saral Jeevan Bima PlanThis term plan offers a life cover as low as Rs 5 Lakh to protect your family in your absence. This plan provides long-term coverage up to 70 years of age.
Max Life Short Term PlanThis plan offers a guaranteed payout on the maturity of the policy period or a lump sum death benefit in case of death of the policyholder, one of the two.

Max Life Insurance ULIP plans

Plan nameAbout the plan
Max Life Fast Track Super PlanThis plan offers the benefit of life coverage and the extra benefit of capital appreciation through the market invested returns.
Max Life Online Savings PlanThis plan offers a life cover and a wide range of market funds to invest in as per the investment style of the policyholder. This plan is available in 2 kinds of variants.
Max Life Shiksha Plus Super PlanThis is a child unit-linked insurance plan that is designed to secure your child’s future by generating a sound corpus through market-linked investments and also providing the benefit of life coverage.
Max Life Forever Young PlanThis unit-linked plan is intended to generate strong savings for your retirements through market returns and also providing the benefit of a life cover.

Max Life Insurance Savings and Income plan

Plan nameAbout the plan
Max Life Savings Advantage PlanThis plan offers a life insurance cover to the insured and partly guaranteed payment of the lump sum amount on policy maturity.
Max Life Monthly Income Advantage PlanAs the name suggests, this plan offers an assured monthly income payment up to 30 years after the completion of the premium payment tenure or provides a death benefit payout in case of the death of the insured.
Max Life Guaranteed Income PlanThis is a guaranteed income plan which gives the flexibility to choose the kind of payout you want. It gives an option of monthly income payout for 10 years or an immediate lumpsum payout in case of any sudden financial emergency.
Max Life Whole Life Super PlanThis is a whole life insurance plan that provides life coverage up to 110 years of age.
Max Life Assured Wealth PlanThis plan will provide a lump sum payout of the sum assured under death benefit or guaranteed lumpsum payout upon the maturity period.
Max Life POS Guaranteed Benefit PlanThis plan will offer lumpsum payment to the family members under death benefit or pay the entire amount if the policyholder survives the maturity period.
Max Life Wealth PlanThis plan is designed to offer financial protection to you and your loved ones. Max Life Smart Wealth Plan provides a death benefit and a guaranteed maturity benefit to boost your savings. It is available in 4 variants.

Max Life Insurance health plans

Plan nameAbout the plan
Cancer Insurance PlanThis plan offers comprehensive coverage against all stages of cancer. It offers a sum insured payout to the policyholder at diagnosis of each stage of cancer.
Critical Illness BenefitThis plan is designed to provide a lump sum payout in the event of any diagnosis of listed critical illnesses.
Individual Health Insurance PlanThis plan provides extensive coverage to the insured in the treatment of any illness or injury.
Family Floater Health PlanThis is a family floater health plan that covers the hospitalization expenses of immediate family members up to the sum insured in one single policy.
Group Health CoverThis is a group health plan that covers the hospitalization expenses of individuals working together in a company or an organization.

Max Life Insurance Child plans

Plan nameAbout the plan
Max Life Future Genius Education PlanThis plan assists young parents to create a corpus for their children’s education expenses in the future. The company will pay a lump sum payout in case of the death of the insured parent.
Max Life Siksha Super PlusThis is a unit-linked insurance product designed to secure your child’s future by generating a sound corpus through market-linked investments and while also providing the benefit of life coverage.

Max Life Group Insurance Plans

Plan nameAbout the plan
Max Life Group Super Life Premier PlanThis plan offers life coverage to the insured group members. It also provides surrender benefits in which if in case the employee exits the company the policy will continue to provide coverage until the end of the policy term.
Max Life Group Gratuity Premier PlanThis plan offers a death benefit, surrender benefit, and maturity that provides a lump sum amount on policy maturity.
Max Life Group Term Life Platinum Assurance PlanThis term plan provides a high sum assured coverage at an affordable premium.
Max Life Group Saral Suraksha Bima PlanThis plan is designed to protect against accidental death or any disablement suffered due to an accident.
Max Life Group Credit Life Premier PlanThis plan is designed to repay any loan obligations in case of the untimely demise of the policyholder. The sum assured can be utilized to pay off any loan or debt by the family members in the absence of the insured.

Why choose Max Life Insurance?

Claim settlement ratio

Max Life Insurance has built a great track record over the years when it comes to settling claims. The company has a staggering claim settlement ratio of 99.35% suggesting that the company is extremely reliable and committed when it comes to settling genuine claims not depriving its customers of their rights.

Solvency ratio

According to IRDA, all life insurance companies must maintain an ideal solvency ratio of 1.5% in India. The solvency ratio is a parameter that measures the financial reliability and trustworthiness of a company. Max Life has a strong solvency ratio of 2.07% which is much higher than the required ratio signifying that the company is reliable and capable when it comes to meeting its long-term obligations.

PAN India presence

The company has a widespread presence with more than 250+ branches all across the nation making it handy for people anywhere in India to avail of their services.

Customer support

The company has a 24/7 online customer service portal that assists its customers in matters about claims, renewals, or any other insurance-related queries.

Plethora of plans

The insurer provides a wide range of plans that cater to the needs and requirements of all kinds of customers and insurance buyers.

Tax benefit

You can avail of the benefit of tax exemption on your premiums paid towards your policy under U/S 80C and 10(10D) of The Income Tax Act.

Max Life Insurance plans benefits

High life cover

Multiple plans provided by the company offer a high life coverage from 18 years of age. You can avail the benefit of high life coverage overcoming the rising cost of inflation that will financially assist your loved ones in your absence.

Affordability

Plans offered by the company give the privilege of high life coverage at an affordable premium. Plans offered by the company provide a life coverage of sum assured of Rs 1 Crore at just Rs 500 per month.

Customizable payout

The company offers multiple payout options to select at the beginning of the policy period. The policyholder can choose yearly monthly or lumpsum payout as per the family’s financial requirements.

Premium waiver

Multiple plans offered by the company will waive off any future premiums in case the policyholder is met with any unfortunate event like accidents or critical illness. Max Life Waiver of Premium Plus rider is one plan that waives off all future premiums in such circumstances just at a nominal premium price.

Premium return benefit

In some plans, 100% of the premium paid will be provided back to the policyholder upon policy maturity. Max Life Premium Return Protection and Guaranteed Lifetime Income Plan are among such plans.

How to buy Max Life Insurance Plans?

You can easily buy a health plan with us on InsuranceLiya.com.

Step 1: Simply furnish us with your name, email, and mobile number.

Step 2: We will call you shortly and assist you with a suitable plan for you or your family.

Max Life Insurance claim process

In case of the unfortunate death of the policyholder, the nominee or the claimant needs to follow these simple steps to claim the policy benefits.

Step 1– Inform the company about the event on their toll-free number: 1800 200 5577 or email them at claims.support@maxlifeinsurance.com. You can also inform your agent advisor or visit the nearest branch to do the same.

Step 2– Visit the official website of the company and download the claim form available there. You can also get the form by visiting the nearest branch.

Step 3– Fill the form carefully and submit it to the company along with other relevant documents.

Step 4– The company with review the claim request along with the terms and conditions of the policy and will approve the claim respectively within 30 days of receipt of the claim.

Step 5– You will receive the claim amount as per the option that you have chosen at the time of submitting the claim documents.


Documents to be submitted to file a claim

  • Original policy documents
  • Original/attested copy of death certificate issued by a local municipal authority
  • NEFT mandate form attested by bank authorities along with a canceled cheque or bank account passbook
  • Nominee’s photo identity proof such as a copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.
  • Death claim form ( Form A)

Additional documents

In case of medical or natural death

  • Physician’s statement (Form ‘C’)
  • Medical records, admission notes, test reports, etc
  • discharge/death summary

In case of accidental or unnatural death

  • Copy of FIR ( First information report)
  • Report of post mortem
  • Autopsy or viscera report
  • Copy of the FPIR( Final police investigation report)

Max Life Insurance plan renewal process

It is imperative to renew your life insurance policies on time to avail of its continuous benefits. Follow these simple steps laid down by us to renew your Max Life Insurance policies online.

Online

Step 1– Visit the official website of the company i.e www.maxlifeinsurance.com and click on “Pay online”
Step 2– Enter the existing policy number, registered mobile number, and date of birth.
Step 3– Verify your premium details and make the premium online.
Step 4– The policy will be renewed within minutes. You will receive confirmation about the same along with a premium payment receipt on your registered email id.

Offline

You can also renew your life insurance policy by visiting the nearest branch you for the same.
You can also contact customer care on 1800 200 5577 or email them at online@maxlifeinsurance.com.

 

 

Are you looking for a new Max Life Insurance policy or a policy renewal? Reach out to us and let us assist you.

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Life Insurance Corporation

What are the best LIC Child Plans? (Best Plans & Their Benefits)

What are the Best LIC Child Plans? (Best Plans & Their Benefits)

Making provisions for securing the child’s future is the responsibility of parents. Taking up the right investment plans that can help the child to fulfill his long-term financial need is extremely important in today’s world when the expenses are increasing rapidly.

To serve this need, the leading and the most trusted name in the insurance industry of India, LIC offers various policies.

In this article, you’ll get to know about the Best LIC child plans that can help you plan better for your child’s future.

Given below are some of the Best LIC child plans:

1. LIC Jeevan Tarun

This plan is a participatory non-linked limited premium payment plan. It offers the combined benefit of savings and insurance for children. LIC Jeevan Tarun Plan is made to meet the educational and other financial needs of growing children. This plan can be taken by a parent or grandparent for a child between the age of 0-12 years of age. The age of maturity for this plan is 25 years. The premium payment term can be 10 years, 5 years or below 5 years.

The tenure of this plan is dependent on the age of maturity of the child. For example, if Sahil’s father takes the plan when he is 9 years old, the tenure of his policy will be 25-9=16 years

2. Survival Benefit

This plan offers an annual survival benefit from the ages of 20 to 24. A fixed percentage of the sum assured will be paid on each policy anniversary coinciding with or immediately following the completion of 20 years of age. Hence it will be paid for the next four policy anniversaries. The policyholder can choose the percentage of the sum assured they would like to receive as the survival benefit.
The options are given below:

Options

Percentage of Sum Assured to be Paid as Survival Benefit

Option 1

Nil

Option 2

5% each year

Option 3

10% each year

Option 4

15% each year

Maturity Benefit

If the policyholder survives during and past the tenure of the policy, a fixed percentage of the Sum Assured will be paid on maturity. The age of maturity is 25 years old. The fixed percentages can be chosen from the options given below:

Options

Percentage of Sum Assured to be Paid as Maturity Benefit at Maturity Age

Option 1

100%

Option 2

75%

Option 3

50%

Option 4

25%

Death Benefit

In case the life assured passes away, the death benefit is offered as:

  • If the Life Assured dies before the commencement of risk, the full amount of the premium paid till date excluding the taxes, extra premium (and rider premium, if any) will be paid to the beneficiary without interest.
  • If the Life Assured dies after the commencement of risk, the death benefit offered will be the total “sum assured on death”. It will also have the vested reversionary bonus and final additional bonus that will be paid to the beneficiary.

The Sum Assured on death is higher of:

  • 125% of the Total Sum Assured
  • 7 times the Annualized Premium

The death benefit that is offered to the beneficiary should be 105% of the total premium that is paid till date.

Sample Premium Rates

Given below are the rates according to the options in Rupees if the Sum Assured is Rs.50,000.

Age (in Years)

Option 1

Option 2

Option 3

Option 4

0

4480

4580

4680

4780

4

5595

5750

5900

6055

8

7565

7800

8040

8275

12

11,270

11,665

12,060

12460

3. LIC New Children’s Money Back Plan

This plan is one of the best LIC Child plans. It is a traditional money-back plan that is designed to fulfill the needs and requirements of the child when he/she grows up. These financial needs could be anything from educational needs to marriage. Along with survival benefits, this plan also offers risk cover for the life of the child throughout the policy period.
This plan can be bought by the parent or grandparent of the child aged between 0 to 12 years of age. The term of this plan is ‘age of maturity (25 years) – age of starting the policy’. The premium payment term can be 7 years, 10 years or a term below 5 years.
There is also an option of choosing the LIC Premium Waiver Benefit Rider. This means that if the proposer passes away, the rest of the premiums will be waived off.

Survival Benefit

The Life Assured will receive 20% of the Basic Sum Assured on policy anniversaries that are either coinciding or are followed by the completion of 18, 20, and 22 years of age.

Maturity Benefit

If the Life Assured survives the policy period, then he/she will receive 40% of the Sum Assured on maturity as maturity benefit. This maturity benefit will also include the Final Additional Bonus and Vested Simple Reversionary Bonuses.

Death Benefit

On the death of the Life Assured, the death benefit offered is:

  • If the child dies before the commencement of risk, all premiums paid will be returned to the nominee. Taxes and rider premiums will be excluded.
  • If the child dies after the commencement of risk, the nominee will be given the Sum Assured on Death along with the Simple Reversionary Bonus and Final Additional Bonus.

The Sum Assured on Death is equal to the higher of:

  • The basic Sum Assured that is mentioned in the policy
  • 10 times the Annualized Premium

Sample Premium Rates

Given below are the rates in Rupees if the Sum Assured is Rs.1 lakh, Rs. 2 lakhs and Rs. 5 lakhs.

Age (in Years)

1 Lakhs

2 Lakhs

5 Lakhs

0

4415

8830

22,075

5

5700

11,400

28,500

10

8060

16,120

40,300

12

9390

18,780

46,950

The plans mentioned above are some of the ongoing and best LIC Child plans. Child plans are effective in managing and preparing for the financial liability that comes with a child. As all the expenses associated with a child are increasing, it is necessary to consider buying a child insurance plan suitable for you while planning your finances.

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Life Insurance

The Life Insurance Council and its Functions

The Life Insurance Council and its Functions

The life insurance industry in India has seen significant growth over the years. Hundreds of new insurance companies have been set up since independence and thousands of people are purchasing new insurance policies every day. With the life insurance market seeing such a high inflow of investments, the need for a government organization that regulates all the transactions and monitors the life insurance policies of various companies was paramount.

Therefore the life insurance council was formed. It is the organization that maintains the smooth and efficient functioning of the insurance industry. Let’s now learn about the life insurance council in a little brief.

What is the Life Insurance Council?

The life insurance council is a regulatory body that governs all the transactions made regarding insurance policies. It monitors every new and old life insurance policy available in the market. It also safeguards the interests of the policyholders and protects them from any kind of exploitation. The council was formed under Section 64 of the Insurance Act 1938. All the life insurance companies in India function under the guidance of the life insurance council. There are a total of 24 Life insurance companies that work closely with the council to offer a variety of life insurance policies to the customers.

Missions of the life insurance council

  • To maintain high standards of service in the insurance industry.
  • To interact with the government and other financial bodies on policy matters.
  • To actively participate in spreading awareness in the masses about life insurance.
  • To further develop education and research in the insurance sector.
  • To implement global insurance practices into the Indian insurance industry for the betterment of the consumers.

Functions of the Life Insurance Council

  • The life insurance council is a platform that brings together many stakeholders in the insurance sector. It’s a place that addresses and resolves all concerns regarding life insurance policies.
  •  It initiates and regulates all the talks between the Government of India, regulatory boards, and the consumers regarding new insurance policies.
  •  It advises all insurance companies for maintaining and offering high standards of service to the customers.
  •  The life insurance council regularly hosts conferences that bring together the brightest minds in the insurance industry.
  •  It conducts multimedia campaigns that spread awareness and curbs misconceptions around insurance policies. These campaigns make the masses understand life insurance policies in a better way and also help them in better financial planning.
  •  The life insurance council takes active measures against any frauds or other faulty practices that might be detected in the market. It has imposed strict penalties for fraudsters and also spreads awareness regarding fraud on various social media platforms.
  •  It works towards increasing foreign Investments in the Indian insurance industry. The council also acts as a mediator for all the information which is to be exchanged with foreign insurance companies.

The life insurance council is counted amongst the most important financial institutions in the country. It ensures the proper functioning of the life insurance industry and also works to protect the interests of the policyholders. It overlooks the operations of insurance companies and ensures that they provide life insurance policies that meet global standards

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Life Insurance

How is GST on life insurance premiums calculated?

How is GST on life insurance premiums calculated?

The introduction and implication of the Goods and Services Tax has affected the various sectors of the Indian economy and the insurance sector is no different. From premiums to the maturity amount, GST has an impact on every aspect of an insurance policy. Let’s understand the effect of GST on Life Insurance Premiums through this article.

GST and life insurance

Before GST service taxes were levied on life insurance premiums. These service taxes amounted to 15% and included taxes like Basic Service Tax, Krishi Kaylan Cess and Swachh Bharat Cess. After GST was introduced, the amount of GST on life insurance premiums was set at 18%.

GST has helped in standardizing the taxes levied on life insurance plans which has increased the competition in the insurance sector compelling insurers to lower their premium rates. Low premium rates have made availing and taking up life insurance easier and more affordable.

How to calculate GST on life insurance premiums?

For different types of life insurance policies, there are different rates that are used to calculate the GST. The tax is levied on the premiums of the insurance policy. Given below are the various rates of GST which are calculated according to the value of service:

  • The gross premium is reduced by the amount allocated for savings or investment on the behalf of the policyholder.
  • For single premium annual policies, 10% of the single premium will be calculated and charged as GST.
  • In other plans, 25% of the premium will be charged for the first year, and 12.5% of the premium will be charged in the upcoming years as GST.
  • If the policyholder has paid the total premium paid towards the life insurance’s risk cover, such as in term insurance plans, then only 18% of the total premium will be calculated as the GST.

How has GST Affected Life Insurance Premiums?

If you compare the cost-of-service tax that was levied before GST to the GST that is levied now, you will see that there has been a simple jump from 15% to 18%. As this has been passed onto the consumers, the policyholders need to be careful while looking at the premiums mentioned on the policy. They should check whether the GST charges are included in the mentioned amount and then decide accordingly.

Both existing and new policyholders have to bear the additional cost. But still, the overall impact of GST isn’t that huge. As such, GST doesn’t have any impact on the assessment of the various life insurance policies because the important parameters are unchanged. Even the function of life insurance policies, which is to provide financial protection, is the same.

When you compare various life insurance premiums, especially for term plans, make sure to look out for the application of GST on life insurance premiums. As the GST impact is the same for all insurance providers, there aren’t any changes in the selection process. But it is important to follow a proper election process to get the right insurance plan that will fulfill your expectations and offer you maximum coverage.

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Life Insurance

When was the life insurance sector nationalized?

When was the life insurance sector nationalized?

The insurance industry is one of the most important sectors in the Indian Economy, it contributes greatly to the Indian economy by providing stability and growth. The insurance sector contributes to the Indian economy as a financial intermediary and also mitigates the risks effectively.

The nationalization of the Life insurance sector was implemented keeping in mind the smooth conduct of the insurance sector and the welfare of the general people of India.

In this article, we will talk about the following:

  • Why was the insurance sector nationalized in India?
  • When was the life insurance sector nationalized in India?
  • What were the aims and objectives of nationalizing the life insurance sector?

Why was the insurance sector nationalized?

  • The Oriental Life Insurance Company was the first-ever insurance company to be formed in India, in 1818.
  • It was started by the Europeans in Calcutta with the purpose of safeguarding the interests of the European community. This company only insured European lives. Indian natives were not being insured by such companies.
  • However, after the pre-independence era, there was an immediate need to change this biased system of discrimination between foreign and Indian Lives. The foreign companies started insuring Indian natives but they were charged heavy and unjustifiable premiums.
  • To combat this injustice, The Bombay Mutual Life Assurance Society (established in 1870) was the first Indian Insurance company formed In India that covered Indian lives at reasonable rates.
  • With the coming of the twentieth century, many Indian insurance companies were formed. In the year 1912, the Life Insurance Companies Act and The Provident Fund Act were passed to regulate the insurance sector. This act made it mandatory that the life insurance premium rates and periodic valuations of companies needed to be certified by an actuary.
  • To eradicate any disparities in form of discrimination between any Indian or foreign life insurance company, The Government of India issued an ordinance on the 19th of January, 1956 nationalizing the life insurance Sector In India.
  • With the nationalization of the life insurance sector, about 156 insurance companies, 16 non-Indian companies, and 75 provident societies were all absorbed together, giving birth to the Life Insurance Corporation of India (LIC).

When was the life insurance sector nationalized In India?

The Government of India passed an ordinance on 19th January, 1956 nationalizing the life insurance sector in India.

What were the objectives of Nationalizing the life insurance sector in India?

  • To regulate, control and nationalize the life insurance business in India.
  • For multinational growth and development of the economy.
  • To create the awareness of life insurance business in India.
  • To stretch out the insurance business in rural and social sectors of the economy.
  • To avoid any fraud/malpractices.
  • To provide security protection and complete transparency to the policyholders.
  • To steer clear of biased and unhealthy competition
  • For efficient conduct of insurance business in India.

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What is an endowment policy? (Meaning and types)

What is an endowment policy? (Meaning and types)

With so many types of life insurance products available in the market, we may tend to get confused. In this article, we will talk about what is an endowment policy? and the types of endowment policies.

What is an endowment policy?

An endowment policy is a life insurance policy with dual benefits. It provides you the benefit of a life insurance cover along with a savings plan. It helps the policyholder save regularly over a specified time so he/she can receive a lump sum amount on the maturity of the policy. However, in case the policyholder dies during this period, the insurance company will be liable to pay the sum assured as well as any accumulated bonus to the policy nominee.
An endowment policy is a well-suited plan for post-retirement.

Now, let us understand the various types of endowments policies

Types of endowment policies

Unit-linked endowment Plan (ULIP)

A unit-linked endowment plan is a policy that is a combination of life insurance and investment. In this plan, part of ur premium will be taken towards your life coverage and part will be systematically invested in equity/debt securities (based on the plan you choose). The return on your investment will depend on the performance of the fund.

Full/with profit endowment plan

As the name suggests, A full/with profit endowment plan provides the policyholder with the sum insured as well as any bonus accumulated with it on the maturity of the policy. In case of death of the insured, the nominee will receive the sum insured as well as the bonus amount. The final payout will be relatively higher than the sum insured as it is combined with profits generated from the bonus.

Low-cost endowment plan

Low-cost endowment plans have been specifically designed for individuals who want to save their funds (savings) and use them for a specific purpose after a certain period of time such as repayment of loans etc. If the policyholder dies, the nominee will receive the entire fund amount.

Endowment policy for child

A child endowment policy is specifically designed to protect and cater to the financial requirements of your child in the future. It offers protection, savings, and investment. The sum assured as well as return from the investments will be payable to your child as a lump sum when your child attains maturity between 18-22 years of age.

Non-profit endowment plan

Under this plan the sum assured will be paid to the policyholder on the maturity date of the policy or the nominee of the policy in case the policyholder passes away. As the name suggests, only the sum assured will be paid no additional bonus will be included.

Now lets us look into some benefits of an endowment policy and how they may help you.

Benefits of an endowment policy

  1. Insurance cover: An endowment policy provides life insurance coverage to the insured. In case the policyholder passes away, the nominee of the policy will receive the assured sum. This provides your loved ones financial stability.
  2. Dual purpose: It provides a dual purpose of life coverage as well as investment-related benefits.
  3. Additional bonuses: It gives the benefit of accumulated bonus and the sum assured leading to a relatively higher payout.
  4. Low risk investments: Endowment plans are safer investment options compared to other options in the market.
  5. A Long-term savings plan: It is a systematic long-term savings plan that helps you secure funds that you can use in the future.
  6. Tax benefit: You can get tax exemption on premium payments and final payment Under Sec 80 and Sec 100 of The Income Tax Act,1961.
  7. Rider benefit: If you choose so, you can add optional rider covers to your base policy. This will make your plan more customized to your needs.

Types of optional rider cover that can be applied are

  • Disability rider– This offers coverage in case the insured meets with a permanent or partial disability.
  • Accidental rider– This rider protects you from the financial losses incurred due to an accident. It provides compensation to the beneficiaries of the policy in case of accidental death of the policyholder.
  • Critical Illness rider– If at any point the policyholder has been diagnosed with a critical illness the insurance company provides them with financial assistance in a lumpsum amount.

 

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Pradhan Mantri Insurance Schemes (2 most important schemes)

Pradhan Mantri Insurance Schemes (2 most important schemes)

The Central Government has launched two social security schemes under its administration for the welfare and growth of the lower-income groups. In this article, we will cover two such prominent schemes.

  • Pradhan Mantri Jeevan Jyoti Bima Yojana
  • Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojna

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-supported life insurance scheme introduced in the 2015 budget speech by the then finance minister, Mr. Arun Jaitley.

PMJJBY is a renewable term insurance policy that provides life insurance coverage of Rs 2 Lakhs in case of death of the insured individual at a reasonable premium amount of Rs 330 per year. The beneficiaries will be provided the sum assured in case of the death of the policyholder.

This policy is obtainable by people between the age group of 18years- 50 years.

Let us go through the features of PMJJBY to understand it better.

Features of PMJJBY

Sum assured

Nominee of the policy will receive 2 Lakhs

Maturity benefit

Not applicable

Premium charge

Rs 330 per year/per individual

Policy tenure

1 year term. Policy can be renewed every year up to the age of 55 years

Eligibility

18 years up to 50 years

Maximum maturity age

55 years

payment method

Premium will be auto debited from policyholders savings bank account. Premium can be paid via a bank account only.

Tax benefit

Yes, under Section 80C of The Income Tax Act

Some Important points to note while opting for Pradhan Mantri Jeevan Bima Yojna (PMJJBY)

  1. Any individual having a savings bank account between the age of 18 years-50 years can avail of this scheme with their respective banks.
  2. You can avail of this scheme with only one savings account in that particular bank, irrespective of how many accounts you have.
  3. It is mandatory to link your Aadhar card to the participatory bank account.
  4. Individuals who want to opt for this scheme after the primary enrolment period ranging from 31st Aug 2015- 30th November 2015 will have to provide a self-attested medication certificate as proof that they do not have any preexisting illness mentioned in the policy declaration form.
  5. The premium will be debited from the linked bank account from the 25th of May to 31 May every year.
  6. If the savings account linked to the plan is closed, the policy shall also be canceled.
  7. If the policy gets terminated due to any mentioned reasons, it can be renewed by paying the total premium along with evidence that proves the healthy medical condition of the individual.

Pradhan Mantri Suraksha Bima Yojna

Pradhan Mantri Suraksha Bima Yojna (PMSBY) is a government-supported accidental insurance scheme in India.
It was introduced in the 2015 budget speech by then Finance Minister Arun Jaitley, and then formally introduced by Prime Minister Narendra Modi.

PMSBY offers to provide accidental coverage of Rs 2 Lakhs in case of accidental demise, coverage of Rs 1 Lakh in case of permanent partial disability, and Rs 2 Lakhs for total irrecoverable disability.

Individuals between the age of 18 years to 70 years can apply for this policy.

With just a premium charge of Rs 12 per annum, it is one of the most ideal and cost-effective insurance policies for the lower-income group.

What is covered under Pradhan Mantri Suraksha Bima Yojana(PMSBY)

  • PMSBY provides a sum insured of Rs 2 Lakhs in case of accidental death.
  • PMSBY provides a sum insured of Rs 1 Lakh in case of partial disability.
  • PMSBY provides a sum insured of Rs 2 lakhs in case of total irrecoverable disability or loss of both eyes, loss of both hands and feet, paralysis, etc.

Features of PMSBY

Features of PMSBY

 

Sum assured in case of accidental death

2 Lakhs given to the nominee

Sum assured in case pf partial disability

1 Lakh

Sum assured in case of total disability

2 Lakh

Eligibility

18 years-70 years

Tenure

One year, can be renewed annually

Payment method

Premium will be auto debited from policyholders savings bank account. Premium can be paid via a bank account only.

Tax benefit

Yes, under Section 80D of The I.T Act, and sum insured of Rs 1 Lakh is non-taxable under Section 10  (10D) of The Income Tax Act.

Premium charges

Rs 12 per year.

Major exclusion under the Pradhan Mantri Suraksha Bima Yojna (PMSBY)

  1. Suicide or attempted suicide
  2. Murder

Important Point to note

  • You can avail of this scheme with only one savings account in that particular bank, irrespective of how many accounts you have.
  • The policyholders can avail of the benefits of the policy up till all the annual premiums are paid until attaining 70 years of age as on the annual renewal date.
  • In the case of a joint account, all holders can avail of the scheme.
  • The renewal premium of the policy will be debited from the saving bank account from 25th May to 31st of May every year.
  • In case you wish to discontinue the policy, a cancellation form must be submitted to the bank before the 30th of April of the year.

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Post Office Life Insurance vs LIC (Understand the key differences)

Post Office Life Insurance vs LIC (Understand the key differences)

When you think about a government-backed life insurance scheme for yourself LIC and Post Office Life Insurance schemes stand out immediately.

Both LIC and PLI offer a wide range of insurance products to choose from. You may be wondering if you should opt for a LIC policy or a PLI policy. This article will give you clarity by highlighting the benefits, features, and distinctions between LIC and PLI policies. So, let us begin.

Lets us check out a few investigative differences between Post office Life insurance vs LIC schemes

Differences between Post Office Life Insurance vs LIC schemes

 Postal Life Insurance (PLI)Life Insurance Corporation of India (LIC)
Plan TypesPLI offers conventional life insurance schemes that provide assured sum + accrued bonus.LIC offers all kinds of insurance products and schemes, including market linked investment plans as well as retirement oriented plans and schemes.
EligibilityAll Indians are eligible for their plans.Provides policies to each and every citizen of India.
Maximum age limit for people opting for PLI’s policies is 55 years.Maximum age limit for people opting for LIC policies is 75 years.
Age limit
Health plansPLI does not provide health insurance plans.LIC offers various health insurance plans to its customers.
Plans such as LIC’s Cancer cover and Jeevan Arogya are just 2 of LIC’s many health plans.
Sum assuredPLI offers a maximum sum assured up to Rs 50 LakhsThere is no Limitation to the assured sum. The policyholder can decide on the coverage according to his needs.
Coverage customizationPLI do not have additional ridders that can customize a person’s insurance plan.LIC offers a vast range of optional add-on riders that can help you expand your coverage accordingly
Lic’s New Critical Illness Rider.
LIC’s Accidental Benefit Rider.
LIC’s Accidental Death and Disability
LIC’s New Term Assurance Rider
BonusAvailableAvailable
PremiumThe premium cost of PLI’s policies are lower when compared to LIC.The premium cost of LIC is slightly higher compared to PLI.
You also get a discount of 2% if you pay advance premium of 12 months
How to avail policy?You can only purchase the policies by visiting the post office branch directly.LIC policies can be bought by visiting their branches, online as well as through agents.
Premium payment modePremium payment can be done by visiting the Postal Office branch only.Premium payment can be done through visiting s LIC branch, LIC collection centers, and even online on their website.

Now, let us quickly dive into the plans and schemes offered by Postal Life Insurance (PLI) And Life Corporation of India (LIC).

Plans offered by PLI

Type of plan

Name of the plan

Whole life insurance plan

  • PLI Suvidha (convertible whole Life plan)
  • PLI Suraksha

Money back insurance plan

PLI Sumangal

Endowment insurance plan

PLI Santosh

Joint life insurance plan

PLI Yugal Suraksha

Child insurance plan

PLI Bal Jeevan Bima

Plans offered by LIC

Type of plan

Name of the plan

Whole insurance plan

 

LIC Jeevan Umang

Term life insurance plan

  • LIC Anmol Jeevan
  • LIC  Jeevan Amar

Endowment insurance plan

  • LIC Single Premium Endowment Plan
  • LIC Jeevan Rakshak
  • LIC Limited Premium Endowment Plan
  • LIC Jeevan Lakshya
  • LIC Jeevan Pragati
  • LIC Jeevan Labh
  • LIC Aadhar Shila
  • LIC Aadhar Stambh

 

Unit linked plan

LIC New Endowment Plan

Pension plans

  •  LIC New Jeevan Nidhi
  • Pradhan Mantri Vaya Vandana Yojana

Money back insurance plan

  • LIC New Money Back Plan – 20 years
  • LIC New Money Back Plan – 25 years
  • LIC New Children’s Money Back Plan
  • LIC Jeevan Tarun
  • LIC Bima Shree
  • LIC Jeevan Shiromani

 

 

What should you opt for?

The plan that would be best suitable for you would ultimately depend on your requirements and needs. However, we could give you some suggestions.

  • If you are eligible for Postal Life Insurance Plan and wish to opt for good coverage at nominal rates, you can opt for a PLI policy.
  • If you are interested in investing in a unit-linked plan, retirement, or a term insurance plan then LIC may be a prudent choice.
  • Further, If you want a policy that provides the highest coverage, you may consider a LIC policy, as the maximum coverage via PLI is Rs 50 Lakhs.
  • If you want a health plan, LIC also has you covered.

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