LIC

Life Insurance Corporation ( LIC ) of India is the only public sector Life Insurance Company in India. The company was formed in September 1956.

LICis the most trusted brands in India providing insurance solutions to even the remotest corners of India through their huge network of agents and distributors.

The insurance products of LIC are often the most simple and consumer friendly and it is displayed by the enormous response it gets to the launch of any new product. LIC has an insurance product for almost any need - from protection, savings and investments, micro-insurance plans to special plans for women and even for handicapped individuals

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QUE: What is Premium waiver benefit? ..Shalini, Noida

Ans: As name suggests this rider, waives payment of future premiums for a specific term, subject to certain conditions.

A Waiver of Premium rider opted along with a children’s plan ensures the policy stays in force to accumulate wealth for the child’s future, and earns returns or benefits on the investment made in the policy. So even in the event of any death or disability, your policy is taken care of. It works its way towards building a corpus for your child’s education or marriage, making it available at the time when it is actually required. Most children’s plans offered by insurance companies come with an inbuilt waiver of premium rider, if not they, could be individually opted for too.

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QUE: What is right amount of Insurance? ..Rohit, Gurgaon

Ans: Life insurance is a necessity to ensure loved ones are entitled to a financially secure life in case of any unforeseen happening to the bread winner of the family. However most often people carry a very careless attitude towards this.

A general thumb rule is that one should be covered up to 10 times his annual expense.

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QUE: What is best form of LIC Insurance - Endowment, Moneyback,ULIP or term policy? ..Vivek, Delhi

Ans: Term Policy is best plan as it gives maximum cover at minimum premium. This is pure insurance.

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QUE: Which is best LIC Insurance? ..Ritesh, Delhi

Ans: LIC Jeevan Saral is best plan.JEEVAN SARAL is awarded by GOLDEN PEACOCK best innovative product from all the products among all the Insurance Companies in the World.

- Jeevan Saral is one and only Policy which gives you all the benefits and any time maturity.

- This is like a Post office or Recurring Deposit scheme. You can deposit Yearly, Hly, Qly and Monthly (ECS) in this scheme.

- Maturity received in LIC scheme is Tax free under section 10-10d of Income Tax act.

- Partial surrenders will allow from 4th year onwards subject to certain conditions.

- You can withdraw full amount if necessary after 10 years.

- The amount deposited in LIC is exempted under section 80C of income Tax Act.

- You can continue LIC scheme after 10 years.

- In case of death, 250 times of monthly premium + Total premium paid + LA if any payable to nominee.

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QUE: How to know my LIC Policy Status/Loan Amount/Premium due/Revival/Maturity ? ..Raj, Gurgaon

Ans: Policyholders can view policy related informations online. And all New customers required to go through a Registration procedure online .

Login facility is provided on the Home Page of LIC official website for the use of registered users. http://www.licindia.in/

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QUE: What is Childrens Plan? ..Abhay, Faridabad

Ans: Childrens Plan is a type of life insurance plan. They are specially designed to meet the increasing educational, marriage and other financial needs of your childs. This is a participating plan which gives your children the freedom to make their dreams come true. This insurance policy provides risk cover on the life of child.Children's Plan is ideal for parents as it encourages you to save systematically and create a sufficiently large corpus for your child’s dream, be it higher education, set up a business or wedding.

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QUE: Which is Best Child Plan? ..Sameer, Delhi

Ans: LIC Komal Jeevan is best Child plan

- This is a money back plan with guaranteed addition

- Payment of premiums ceases on the policy anniversary immediately after the child attains 18 years of age.

- This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.

- For more details please visit here

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