The Government caused a great transformation inside insurance sector. LIC Online is the only player dominating the entire world of life insurance until the entry of private term life insurance companies. With private companies entering the foray, your entire sector has become very competitive.
Understanding LIC Online Insurance Services:
Uncertainties can not be ruled out in a person’s life, yet risks in a person’s everyday living can be covered to a certain extent. Life insurance in plain terms means cover these risks in daily life. Insurance policy shields us from eventualities in everyday life that could affect everyone of a sudden. Life insurance can be an agreement between two parties the insurer (insurance carrier) along with the insured (person who pays the premium/insured individual). The insurer pays the insured a quantity assured in the case of any eventualities even though the insured needs to pay the premium at stipulated time intervals. These unforeseen eventualities are called as risk cover.
In general everyone has a wrong notion that life insurance coverage policy helps only after having a person’s demise. In reality life insurance acts just as one investment for the secure way forward for one’s family. Earnings of an person might not remain steady all through his/her life; this is when a life insurance coverage policy can bail your self out by providing a steady income to the rest of your lives.
Types of LIC Online Life Insurance Policies
Risk is covered for a specific period, at the end of the period, the sum assured combined with the accumulated bonus is paid returning to the policyholder. This policy pays back the face value of the total amount on the insured person’s death, after a stipulated years after premium payment, or with a specified age of the policyholder.
Group insurance policy:
Group insurance policies are suitable for specific group, employee, employer, weaver sections, co-operatives, etc. Premium paid under group insurance policies are much lesser than individual premium payments. Group insurance policies have been specifically made for certain chapters of people like doctors, lawyers, chartered accountants, etc.
Joint life policy:
They are just like endowment policies since they offer maturity benefits while covering risks. This policy is different as it covers two lives and is particularly well suited for married couple, business partners, etc. The sum assured through the term in the policy is payable about the event with the first death and again throughout the death of the survivor. Accumulated bonus will probably be paid on the event of death in the survivor or on the policy maturity date if either from the policy holders survives prior to the maturity date. Premiums have to be paid before first death or up to the completion in the term, whichever is earlier.
Loan cover term assurance policy:
This policy covers the property loan amount with the policyholder in the event of any eventuality. Policy cover reduces with the EMI as the amount borrowed reduces with every EMI paid. In case of death, the complete loan amount will be paid, if the complete amount of the loan has been paid and no amount will probably be received by the policyholder following the term. This is purely a risk coverage policy with nil returns at end in the term.
This policy repays survival benefits from time to time in parts in the term with the policy. This policy differs from the endowment policy since it pays advantages of time to time when it’s in endowment policy benefits are paid only towards the end from the policy term. If the policyholder expires in the term in the policy, the whole sum assured is paid without deducting the already paid survival benefit amount. Besides the bonus is calculated on the entire sum assured. This is the major benefit of money-back policies.
Pension plan or annuities:
This plan is a retirement solution plan and doesn’t cover life insurance. A lump sum amount or money in installments is paid for the certain period. On finishing this period, a great amount of money is received every month, every half-year, or each year. This amount is paid through the entire life or for a certain period depending around the plan.
Term life policy:
In your plan, risk is roofed only for any specified term. These policies may be used by those who cannot afford to cover a lump sum payment amount on endowment assurance policy or expereince of living policy. Premium has got to be paid promptly else the complete policy will lapse without gaining the paid-up value.
Unit linked insurance policy:
ULIP is primarily designed for flexibility and safety of the investment. The sum invested is denoted in units and its particular value is represented by Net Asset Value (NAV). NAV keeps varying in accordance with the current worth of the underlying assets. ULIP offers various benefits to the consumer like .
Options to consider additional cover against.
Adjustable life cover.
Investments and savings.
Death because of accidents.
Whole life plan:
This policy exists until the policyholder is alive. Risk is covered for the complete life in the policy holder thus your plan is named as entire life policy. Regular premiums ought to paid through the policy holder all over his/her life, the huge benefits are payable for the nominee from the beneficiary upon the demise from the policy holder. No survival benefits are applicable because policy holder just isn’t eligible to have any money while he/she is alive.
Existing players within the field of insurance coverage:
IRDA has granted license for one public sector and twelve private life insurance coverage companies in India.
Life Insurance Corporation of India (LIC)
HDFC standard life insurance Co. limited
Allianz bajaj life insurance coverage company limited
ICICI prudential insurance coverage Co. limited
Max New York life insurance Co. limited
Birla sun-insurance coverage company limited
Om kotak mahindra insurance coverage Co. limited
ING vysya insurance coverage company limited
MetLife insurance carrier limited
SBI life insurance coverage company limited
Reliance term life insurance company limited
Dabur CGU insurance coverage Co. private limited
TATA AIG term life insurance company limited
Benefits of LIC Online life insurance policies
Life insurance is surely an investment for that future:
Life insurance schemes yield better in comparison to other investment alternatives. Most of the lic online life insurance schemes offer bonuses that few other investment scheme may offer. The money invested in term life insurance is safe cover up risks; no other investment option gives this cover. The money invested will fetch good returns and will likely be returned fully as sum assured either after the completion with the term or after the demise in the insured. Both ways the amount of money invested as well as the returns are safely reimbursed.
Life insurance coverage is the best method to pay risk in your life:
Investing in life insurance gives your family a secure future. In case of any untoward happening on the insured, the insurer pays up the complete amount i.e. the sum assured in addition to the bonus towards the bereaved family. Life insurance also safeguards the interest of people who have diminishing incomes with advancing age, people who meet with accidents and for retired people. There are numerous lic online policies available and you can choose the policy that will are perfect for your requirements.
Life insurance as a tax saver:
Life insurance plans are the best approach for tax planning/saving. The Indian government has declared tax incentives for insurance coverage products. Tax incentives might be availed under Sec 88 in the Income tax Act, 1961. Any individual can claim a rebate of 20% for the annual premium paid towards term life insurance for his/her life and for his/her children or adult children. This tax rebate is deductible from tax payable by the individual or even a Hindu undivided family. A maximum of Rs. 12,000 could be claimed as rebate to have an annual premium of Rs. 60,000, exactly the same rebate amount can be applied for annual premium around Rs. 10 Lakhs.
LIC Online life insurance plans
Life insurance agencies are now individuals lower-middle class and offer low premium life insurance policies too. To secure the way ahead for your child, you can opt for child insurance coverage policy. LIC online policy covers the child’s education, marriage and then any other major events in life. There are policies to accommodate the need of older folks; low priced policies with low premiums suit them the best. Whole life LIC online policies suit those who wish secure the life of their immediate dependent.