V V S P Chandra Mohan

 Life Insurance can be termed as an

agreement between the policy owner and
the insurer, where the insurer for a
consideration agrees to pay a sum of
money upon the occurrence of the
insured individual's or individuals' death
or other event, such as terminal illness,
critical illness or maturity of the policy.

V V S P Chandra Mohan
 Protection
 Liquidity
 Tax Relief
 Money when you need it

V V S P Chandra Mohan
Benefits of Life Insurance Policy

Life Risk Cover

Return On Investment
Tax Benefits
Loan Options
Life Stage Planning
Assured Income Benefits
Riders
Death Benefit

V V S P Chandra Mohan
V V S P Chandra Mohan
V V S P Chandra Mohan
Life Insurance Vs. Other Savings
Contract Of Insurance:
A contract of insurance is a contract of utmost good faith.
Protection:
Savings through life insurance guarantee full protection against risk of
death of the saver. Also, in case of demise, life insurance assures
payment of the entire amount assured (with bonuses wherever
applicable) whereas in other savings schemes, only the amount saved
(with interest) is payable.
Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since
payments can be made effortlessly because of the 'easy instalment'
facility built into the scheme. (Premium payment for insurance is either
monthly, quarterly, half yearly or yearly).
Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of
any policy that has acquired loan value. Besides, a life insurance policy is
also generally accepted as security, even
V V S P Chandra for a commercial loan
Mohan
 V V S P Chandra
Tolani Institute Mohan Studies
of Management
 Sum assured is payable only in the event of death during the term.

 In case of survival, the contract comes to an end at the end of term.

 Term Life Insurance can be for period as long as 40 years and as short
as 1 year.

 No refund of premium

 Non-participating policies

 Low premium as only death risk is

covered.

V V S P Chandra Mohan
Increasing Term Insurance
Life insurance cover under this plan goes on
increasing periodically over the term in
a predetermined rate. (Riders)

Decreasing Term Insurance

The sum assured decreases with the term of the
policy. Normally decreasing term assurance plan
is taken out for mortgaged protection, under
which outstanding loan amount decreases
as time passes as also the sum assured.

V V S P Chandra Mohan
Convertible term assurance policy
 Under this plan a policyholder is entitled to
exchange the term policy for an endowment
insurance or a whole life policy.

 Conversion can be done at any time during the

term except last 2 years.
• Level Term Life Insurance
 The sum assured throughout the term of the
policy does not change.
V V S P Chandra Mohan
Renewable Term Life Insurance
With renewable term insurance, the insurance company
automatically allows you to renew your coverage
after the term of the policy is over (generally 5 to 20
years)

V V S P Chandra Mohan
 Endowment insurance plans is an investment oriented plan which not
only pays in the event of death but also in the event of survival at the end
of the term.

 Is a contract underwritten by a life insurance company to pay a Fixed term

plus Accumulated profits that are declared annually.

 Premium includes 2 elements

-mortality element & investment element

 Minimum age at entry : 12years

 Maximum age at entry: 65years
 Maximum age at maturity : 75years

V V S P Chandra Mohan
Joint Life Endowment Plan:

 Under this plan, two can be insured under one

lives
contract.
 The sum assured is payable at the end of the endowment

term or death of either of the two.

Money Back Endowment Plan:

 Inthis plan, there is an additional advantage of receiving a

certain amount of money at periodic intervals during the
policy term.
V V S P Chandra Mohan
Marriage Endowment Plan:

This plan has the specific condition that the sum assured is
payable only after the expiry of the term even if death of the
life assured takes place earlier.

Educational Endowment Plan:

These plans are specially designed to meet educational

expense of children at a future date. If the insured parent
dies before the date of maturity the installment is paid in
lump sum with immediate effect which helps to meet the
educational expenses.

V V S P Chandra Mohan
V V S P Chandra Mohan
 The Life Insurance Corporaton of India

• It is the largest life insurance company in India and also

the
country's largest investor.

• It is fully owned by the Government of India. It also funds

close to 24.6% of the Indian Government's expenses.

• It has assets estimated of 5 Trillion Rupees.

V V S P Chandra Mohan
 OPERATIONS IN INDIA

V V S P Chandra Mohan
• LIC had 5 zonal offices, 33 divisional offices and
212 branch offices, and the corporate office in the
year 1956.

• Today LIC functons with 2048 fully computerized

offices, 100 divisional offices, 7 zonal
offices and the Corporate office

V V S P Chandra Mohan
PRODUCTS AND SERVICES OF
LIC
• INSURANCE PLANS
• PENSION PLANS
• UNIT LINKED
PLANS
• SPECIAL PLANS

V V S P Chandra Mohan
 INSURANCE PLANS:
• Children plans
(Jeevan Kishore,Jeevan Chhaya etc)

• Plan for handicapped dependents (Jeevan

Aadhar , Jeevan Vishwas)

• Endowment assurance plans

(Jeevan Mitra Jeevan Janraksha,Jivan Amrit etc)

V V S P Chandra Mohan
 CONTD..
• Money back plans (Jeevan Varsha, Jeevan
Surabhi 15 ,20 ,25 years bima bachat etc.)

• Whole life plan (Jeevan Anand , Jeevan Tarang

etc.)

• Term assurance plan (Anmol Jeevan-1,

Amulya Jeevan-1)
V V S P Chandra Mohan
 PENSION PLANS:

•Jeevan Nidhi
•Jeevan Akshay
•New Jeevan Dhara
•New Jeevan Suraksha

V V S P Chandra Mohan
 UNIT LINKED PLANS

• Market Plus
• Profit plus
• Fortune plus
• Money Plus

V V S P Chandra Mohan
 SPECIAL PLANS
 Health plan
 Health protection plus
 Health plus.
 Special plan

 Bima nivesh 2005

 Jeevan saral
 Jeevan madhur

V V S P Chandra Mohan
COMPETITORS OF LIC

V V S P Chandra Mohan
• THANKING YOU

• V V S P CHANDRA MOHAN
• The Specialist

V V S P Chandra Mohan