Life Insurance
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Looking for Investing in a Life Insurance product? But not sure exactly how it works?
Well this page is aimed to give you a complete understanding on how it works and what you need to understand to choose the products that suits you the best. As at every life stage, everyone has a set of primary needs that requires sufficient funds to fulfill them. This is where life insurance comes into the picture- as it offers tailor made products to cover every aspect at different stages of life.
There is no doubt that life insurance is a must have for everyone. Hence its very crucial to have a complete understanding of the value a life insurance policy can bring in to your life and that of your loved ones.
A life insurance policy is actually a contract with a insurance company. A lump sum amount is provided, in exchange for premium payments, known as the death benefits, to the nominees or beneficiaries upon the death of the insurer.
While choosing a life insurance, the advisor will help you to map it needs & goals. This will help you pick out the options that suits you the best.
Insurance has lot to offer in terms financial security and peace of mind. It ensures that your family is taken care of in your absence. It not only helps in providing coverage for all sorts of risks, but builds an opportunity to help you grow your investments. Life insurance is a long term investment tool that helps you meet future costs like children’s education expenses, retirement expenses etc.
There are plenty of life insurance plans available, depending on an individuals needs, many of these plans can also be customized to meet their likes.
Endowment Plans
| Sr. No. | Product Name | Plan No. | UIN No. |
| 1 | LIC’s Bima Jyoti | 860 | 512N339V02 |
| 2 | LIC’s Bima Ratna | 864 | 512N345V01 |
| 3 | LIC’s Dhan Sanchay | 865 | 512N346V01 |
| 4 | LIC’s Jeevan Azad | 868 | 512N348V01 |
| 5 | LIC’s New Endowment Plan | 914 | 512N277V02 |
| 6 | LIC’s New Jeevan Anand | 915 | 512N279V02 |
| 7 | LIC’s Single Premium Endowment Plan | 917 | 512N283V02 |
| 8 | LIC’s Jeevan Lakshya | 933 | 512N297V02 |
| 9 | LIC’s Jeevan Labh | 936 | 512N304V02 |
| 10 | LIC’s Aadhaar Stambh | 943 | 512N310V03 |
| 11 | LIC’s Aadhaar Shila | 944 | 512N309V03 |
Whole Life Plans
| Sr. No. | Product Name | Plan No. | UIN No. |
| 1 | LICs Jeevan Umang | 945 | 512N312V02 |
Money Back Plans
| Sr. No. | Product Name | Plan No. | UIN No. |
| 1 | LIC’s Dhan Rekha | 863 | 512N343V01 |
| 2 | LIC’s New Bima Bachat | 916 | 512N284V02 |
| 3 | LIC’s NEW MONEY BACK PLAN – 20 YEARS | 920 | 512N280V02 |
| 4 | LIC’s NEW MONEY BACK PLAN – 25 YEARS | 921 | 512N278V02 |
| 5 | LICs Jeevan Umang | 945 | 512N312V02 |
| 6 | LIC’s NEW CHILDREN’S MONEY BACK PLAN | 932 | 512N296V02 |
| 7 | LIC’s Jeevan Tarun | 934 | 512N299V02 |
| 8 | LIC’s Jeevan Shiromani | 947 | 512N315V02 |
| 9 | LIC’s Bima Shree | 948 | 512N316V02 |
Term Assurance Plans
| Sr. No. | Product Name | Plan No. | UIN No. |
| 1 | LIC’s New TECH TERM | 954 | 512N351V01 |
| 2 | LIC’s New Jeevan Amar | 955 | 512N350N01 |
| 3 | LIC’s Saral Jeevan Bima | 859 | 512N341V01 |
RIDER
| Sr. No. | Product Name | Plan No. | UIN No. |
| 1 | LIC’s Linked Accidental Death Benefit Rider | – | 512A211V02 |
| 2 | LIC’s Accidental Death and Disability Benefit Rider | – | 512B209V02 |
| 3 | LIC’s Accident Benefit Rider | – | 512B203V03 |
| 4 | LIC’s Premium Waiver Benefit Rider | – | 512B204V03 |
| 5 | LIC’s New Critical Illness Benefit Rider | – | 512A212V02 |
| 6 | LIC’s NEW TERM ASSURANCE RIDER | – | 512B210V01 |
| 7 | LIC’s Premium Waiver Benefit Rider (With Auto Cover) | – | 512B205V01 |
Life insurance offers many benefits, which is why is it considered to be one of the most important financial tools for an individual. It gives you a chance to build wealth and provides your loved ones with financial security in your absence. Life insurance also offers you different opportunities to invest while taking care of your retirement needs.
Term Insurance: Term insurance plans provide life cover to protect your loved ones at most affordable rates. This is the simplest form of life insurance. Term plans offer financial security to your loved ones’ future even in your absence.
ULIP: Unit linked insurance plans, better known as ULIPs, combines life insurance with financial investment. Unit-linked insurance plans offer a wide choice of fund options and portfolio strategies. ULIPs allow you to withdraw money regularly from your policy after 5 years lock-in.
Endowment Plan: Traditional savings insurance plans are risk-free investment plans that also offer insurance shield. Better known as endowment and money back policies, traditional plan returns are not linked to the stock market, and hence carry lower risk. Traditional insurance plans offer bonus, such as reversionary bonus and terminal bonus, for staying invested, which enhances the maturity sum.
Savings Plan: Savings Plans are life insurance plans that combine the benefits of a life insurance cover and investment. So, in addition to securing yourself and your family, you also create a corpus to meet your financial goals at every life stage. Most protection and savings plans usually offer you a fixed amount as Maturity Benefit when the policy ends, but some specific plans also help you create a regular stream of income throughout your policy duration
Whole Life Insurance Plan: Whole Life Insurance Plan cover you up till 99 years of age. They are different from ordinary insurance policies which have a defined term of say 10, 20 or 30 years, and are of use when you have financial dependents for a relatively long period, possibly your entire life.
Retirement and Pension Plan: Retirement insurance plans offer ways to build your own pension income. You can either choose to accumulate your retirement corpus as per your risk appetite, or get guaranteed immediate income for life by investing a lump sum.