Life Insurance Corporation of India (LIC) was founded in the year 1956 with a clear vision of the robust customer service and financial cover against the risk of uncertain monetary setbacks. The Company is regarded as one of the leading insurance, Investment and pension Companies of India. This Mumbai-based company was started due to the merging of at least 243 insurance companies and provident societies.
As such there are number of plans and schemes offered by several companies but LIC non term plan is above all. Non term plans offered by the LIC includes retirement and investment plans. Jeevan Nidhi, Jeevan Akshay – VI, New Jeevan Dhara, New Jeevan Suraksha – I, Endowment Plus, Bima Nivesh 2005, Jeevan Saral, Jeevan Madhur, Jeevan Mangal, Flexi Plusare some of the plans that provide the customers with different sets of pension options to make them feel independent when they are not in a condition to earn for themselves.
LIC Jeevan Anand: Combination of Endowment Assurance and Whole Life plans
LIC Jeevan Anand provides financial security against death throughout the lifetime as well as assures you with the condition of payment of a lump sum at the end of the selected term in case the policyholder survives. Premium can be paid monthly, yearly or quarterly as being opted by the policyholder at the time of policy taken. Additional bonus may be provided depending on policy’s minimum period.
LIC Jeevan Saral: Endowment Assurance plan (Pension Plan)
This plan helps with financial security against death during the term plan. Death benefit is directly associated to the premium paid. Maturity sum assured depends on entry level age. This is payable if you survive till the end of the policy term. This plan offers flexibility of term and liquidity. Premiums are paid quarterly, half-yearly, monthly or yearly as being opted by you. This plan also provides you additional loyalty may be from the 10th year that too depends on experience of corporation.
Jeevan Nidhi
This is a pension plan that gives the customers an assured amount as pension if the policy holder survives after the term of the policy. The insurance policy gives guaranteed additions, bonuses, benefits on vesting and annuity options.
Jeevan Akshay – VI
This is an immediate annuity plan that allows different modes of payment for the stated amount till the entire life time of the annuitant. It can also be purchased through a lump-sum amount.
New Jeevan Dhara
It is a deferred annuity plan which allows the policyholder to pay the premiums either yearly or half-yearly or quarterly or monthly or by regular deductions from salary throughout the period of policy.
New Jeevan Suraksha – I
New Jeevan Suraksha-I is a unique plan that gives the policyholder pension right from a chosen retirement date. Premiums can be paid either quarterly, half-yearly, yearly, monthly or through Salary deduction. One time lump-sum amount is also a medium of premium payment.
