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Life Insurance
  Life Insurance
   
 
Life insurance is an inevitable element for your personal safety net, especially if you have financial dependants. Life insurance is a must for all of us and evaluating it thus become a significant part of your financial planning.
 
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.
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    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 pre-maturely leaving a dependent family to fend for itself.
  • That of living till old age without visible means of support.
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    A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time.
     
    Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.
     
    Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats.
      INSURANCE PLANS
     
    As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LICs Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
       
     
      Term Insurance plan :
     
    This is a Term Assurance Plan.. Term Insurance - now, still more economical way to protect your family . On maturity no amount will be paid. On death of the policy holder during the policy term sum assured will be paid to the nominee. Min.SA is 5 lakhs and Maximum is 24 lakhs.
     
    LIC's Anmol Jeevan - II is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
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      Term Insurance plan 1 :
     
    This is also a pure Term Insurance Plan. Term Insurance now, still more economical way to protect your family. On maturity no amount will be paid. On death of the policy holder during the policy term sum assured will be paid to the nominee. In this plan min, S.A is 25 lakhs and Max. S.A No limit.
     
    LIC's Amulya Jeevan - II is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
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      JEEVAN LAKSHYA :
     
    Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to ful fill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder.
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      SINGLE PREMIUM ENDOWMENT:
     
    LIC's Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lump sum at the end of the selected policy term in case of his/her survival.
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      NEW ENDOWMENT PLAN :
     
    Lic's New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family.
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      LIC's LIMITED ENDOWMENT PLAN :
     
    LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility More.
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      LIFE TIME PROTECTION :
     
    lic's New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lump sum at the end of the selected policy term in case of his/her survival.
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      JEEVAN RAKSHAK :
     
    Lic's Jeevan Rakshak Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
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      LIMITED PREMIUM ENDOWMENT PLAN :
     
    LIC's Limited Premium Endowment Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
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      New Endowment Plus - Savings, Investment and Insurance :
     
    This is a Unit linked Endowment plan, specially designed as per the recent guidelines of IRDA and aims to give best return for your long and short term financial needs.
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      Money Back Plan-20 -25 years :
     
    LIC's Money Back plan is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This plan also takes care of liquidity needs through its loan facility.
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      Endowment Plus :
     
    This is a unit linked Endowment plan which offers investment cum insurance cover during the term of the policy. You can choose the level of insurance cover within the limits, which will depend on the mode and level of premium you agree to pay. You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy. Alternatively, a Single premium can be paid.
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      JEEVAN LABH :
     
    LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
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      JEEVAN PRAGATI :
     
    LIC's Jeevan Pragati Plan is a non-linked, with - profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility. Best suited for the person aged between 12 years to 45 years.
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      BIMA SHREE:
     
    A non-linked, with-profit, limited premium payment money back life insurance plan. This plan offers a combination of protection and savings…. .
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      JEEVAN SHIROMANI:
     
    This plan is specially designed for High Net-worth Individuals.  Periodic payments shall also be made on survival of the policyholder at specified durations during the policy term and a lump sum payment to the surviving policyholder at the time of maturity. In addition, this plan also provides for payment of a lump sum amount equal to 10% of the chosen Basic Sum Assured on diagnosis of any of the specified Critical Illnesses….
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      AADHAAR SHILA:
     
    Exclusive endowment insurance plan specially designed for FEMALE lives having  Aadhar Card without any medical test. Ideal for Regular savings & Life cover with lowest premium in its category. Loan is available after 2 completing years…. .
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      AADHAAR STUMBH:
     
    Exclusive endowment insurance plan specially designed for MALE lives without any Medical test. Ideal for Regular savings & Life cover with lowest premium in its category. Premium paid are eligible for Tax Saving u/s 80C and Maturity I fully Tax Free.
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