Life Insurance Corporation Of India-(LIC)

LIC stands for Life Insurance Corporation of India. After the confirmation of the Life Insurance of India Act by India’s Parliament in June 1956, LIC started its operations as a corporate firm in September 1956  . The LIC Act happened from July 1956 which lead to the nationalization of the private insurance industry in India. LIC of India was shaped by combining 154 life insurance companies, 16 foreign companies and 75 judicious companies. It is one of the largest monetary institutions in India. It has an asset worth of 2,529,390 crores. The headquarters  of Life Insurance Corporation Of India are situated in Mumbai, Maharashtra

The primary slogan of LIC is-“Yogakshemam Vahamyaham” signifying “Your welfare is our responsibility”. It is in Sanskrit and is gotten from the 22nd verse of the Bhagavad Gita’s ninth section. The administrator of Life Insurance of India is Mr. M.R Kumar.

LIC Investment Plans

Life insurance is most certainly worth adding to your investment portfolio. It is essential to carrying on with a blissful and secure life. Nobody can overstate the significance of having life insurance. It offers the expected monetary security to your family or friends and family on account of your demise. In India, numerous individuals could consider it just another expense. Be that as it may, they should ask themselves two questions: What will their families and friends and family do in case of their demise? How might they deal with their lives on the off chance that there is a single provider in the family?

On the off chance that you are getting confused, the answer is a life insurance policy. In addition, in India, with regards to life insurance, the first organization that comes to mind is, as a matter of fact, the Life Insurance Corporation of India (LIC) with the slogan “Zindagi ke saath bhi, zindagi ke baad bhi” (meaning LIC is always with you ‘in life’ and ‘after life’ as well). The most trusted brand deals in a more extensive scope of life insurance products. Among every one of the accessible options, it becomes very difficult to pick the best one. For better decision making here’s some details of various life insurance plans available in India on the basis of measure of policy term, premium payable and so on.

Benefits Of Star Union Dai-ichi Investment Plans

Star Union Dai-ichi Life Insurance is a joint-adventure between Dai-ichi Life Holdings, a Japanese insurance organization, and two chief nationalized banks in India, Bank of India, and Union Bank of India. This consolidated element is perhaps the latest contestant into the insurance sector in India Star Union Dai-ichi Life Insurance offers an incredible scope of insurance products to suit the singular needs of its clients. The policies incorporate security plans, savings plans, kid plans, retirement plans, abundance plans, and family plans etc

Star Union Dai-ichi Life Insurance offers a scope of benefits to its customers, some of which are as follows:

1. Scope of Products to Suit Every Customer Demand: Star Union Dai-ichi Life Insurance has a presence in almost every state in India because its joining forces institutions have one of the largest financial networks across the country. The customer’s demands continue changing, contingent upon their geological presence. Star Union Dai-ichi Life Insurance has specific tailor-made products to take care of these diverse customers.

2. Superb Claim Settlement Ratio: Generally, the genuine worth of the insurance organization depends on the manner in which it handles the insurance claims. Star Union Dai-ichi Life Insurance is amongst the most famous insurance companies in India because of its magnificent case settlement proportion of 96.96% in 2019-20.

3. Customer-Friendly Policy Servicing Process: Star Union Dai-ichi Life Insurance protects the customer’s interest at each stage of the policy servicing. The customer gets a free-turn period stretching out upward to 15 days from the receipt of the policy. The customer can return the policy and guarantee a discount of the premium paid during this period. The customer services stretch out straight up to the claims technique, one of the most user-accommodating processes in the insurance industry.

4. Complete Transparency: Star Union Dai-ichi Life Insurance offers outrageous clearness in its services to its customers. The customer has the office to apply for the life insurance policy and pay the premiums on the web. The restoration strategy is automated with the organization illuminating the customer much ahead of time to get the policy recharged on time.

5. Adaptable Payment Options: Star Union Dai-ichi Life Insurance offers a scope of adaptable installment options where policyholders can pick to pay on the web, as well. One can pick single amount payments or in regularly scheduled payments, contingent upon their preferences.

Different Varities of Investment Plans offered by Star Union Dai-ichi

  • LIC Jeevan Pragati: The LIC’s Jeevan Pragati Plan is a non-linked, savings-cum-protection with-profits endowment plan. Under this LIC Jeevan Pragati plan, the total sum assured on death increases once in a five years.

Eligibility Conditions for LIC’s Jeevan Pragati Plan:

  • Minimum entry age: 12years
  • Maximum entry age: 45years
  • Maximum age at maturity: 65 years

Key features:

  • Plan Type: Non-linked, savings, Profit endowment plan
  • Plan basis: Individual
  • Premium Payable: Yearly, Quarterly, Monthly, half-yearly
  • Minimum year of policy term- 12years
  • Maximum year of policy term- 20years
  • Sum Assured (Minimum): Rs.1.5 lakhs
  • Sum Assured (Maximum): No limit
  • LIC Jeevan Labh: It is a simple endowment plan. You need to pay premiums for a certain period of time and in the end of your policy term. You will also get the maturity benefits.  If the policy holder or the policy owner dies, the nominee of the policy will get all the death benefits.

Eligibility Conditions for LIC’s Jeevan Laabh Plan:

  • Minimum entry age: 8years
  • Maximum entry age: 59years
  • Maximum age at maturity: 75 years

Key features:

  • Plan Type: Non-linked endowment plan with limited premium paying term
  • Plan basis: Individual
  • Premium Payable: Yearly, Quarterly, Monthly, half-yearly
  • Minimum year of policy term- 16years
  • Maximum year of policy term- 25years
  • Sum Assured (Minimum): Rs.2 lakhs
  • Sum Assured (Maximum): No limit
  • LIC Single Premium Endowment Plan: LIC Single Premium Endowment Plan stands out as one of the few plans that have an extraordinary number of features that benefit the policyholder. 

Eligibility Conditions for LIC Single Premium Endowment Plan:

  • Minimum entry age: 90days
  • Maximum entry age: 65years
  • Maximum age at maturity: 75 years

Key features:

  • Plan Type: Participating, non-linked, savings cum protection plan.
  • Plan basis: Individual
  • Premium Payable: Single Premium / Lump Sum Premium at the outset of the policy.
  • Minimum year of policy term- 10years
  • Maximum year of policy term- 25years
  • Sum Assured (Minimum): Rs. 50 thousand
  • Sum Assured (Maximum): No limit
  • LIC New Endowment Plan:  The endowment plans offered by LIC offers some additional benefits too. For example, some plans participate in company profits while other generates savings through investments in the equity markets.

Eligibility Conditions for LIC New Endowment Plan:

  • Minimum entry age: 8years
  • Maximum entry age: 55years

Key features:

  • Minimum year of policy term- 12years
  • Maximum year of policy term- 35years
  • Sum Assured (Minimum): Rs. 1lakh
  • Sum Assured (Maximum): No limit
  • Premium Payable: Yearly, Quarterly, Monthly, half-yearly

New Jeevan Anand

Eligibility Conditions for LIC New Jeevan Anand Plan:

  • Minimum entry age: 18-50years
  • Maximum entry age: 75years

Key features:

  • Minimum year of policy term- 15years
  • Maximum year of policy term- 35years
  • Sum Assured (Maximum): No limit
  • Premium Payable: Yearly, Quarterly, Monthly, half-yearly
  • This New Jeevan Anand Plan is also applicable for Accidental Death and Disability rider.

Jeevan Rakshak

  • The LIC Jeevan Rakshak policy allows the users with no limits on the maximum sum assured.
  • Along with, it provides the users with Reversionary and Final Additional bonuses that are paid after the policy matures.
  • This policy is also applicable for accidental death and disability and term assurance riders.
  • The policy assures the users that the death benefit provided will never be less than the value of 105% of the premiums paid.
  • If you pay the premiums every year using the annual mode then the policy will offer you 2% discount on all over the premium paid.

Limited Premium Endowment Plan

Key features:

  • Plan Type: Participating, non-linked, savings cum protection plan.
  • Plan basis: Individual
  • Premium Payable: Yearly, Quarterly, Monthly, half-yearly
  • Minimum year of policy term- 12years
  • Maximum year of policy term- 21years
  • Sum Assured (Minimum): Rs. 3lakhs
  • Sum Assured (Maximum): No limit
  • The plan also includes death and maturity benefits.

Jeevan Lakshay

Some of the features of this policy are:

Sum Assured (Minimum): Rs. 1lakh

Sum Assured (Maximum): No limit

The tenure of the policy ranges from 13 years to 25 years.

Premium Payable: Yearly, Quarterly, Monthly, half-yearly

If you pay the premiums annually or half-yearly then you will be provided with discounts of 2% and 1% respectively. The discounts will be calculated on the total amount of premium paid.

Why choose LIC Investment Plans? Why you need a Star Union Dai-ichi Savings and Investment Plan?

REASONS TO CHOOSE LIC INVESTMENT PLANS:

  • Technologically superior Network

  • Not Alone in the Game

  • Going International

  • Product Variety

  • Innovation in the Industry

  • Performance in The Stock Market

Reasons Why You Need A Star Union Dai-ichi Savings And Investment Plan

  • Option to choose future income

  • Assured Benefits

  • Death Benefits

  • Life Cover

  • Income Tax Benefits

  • Monitor and Control Investment

  • Top-up Option

Applying for a Traditional / Investment Plan from the company!

Traditional insurance plans give benefits like risk cover, fixed pay return, wellbeing and tax break. These are the most established kind of plans that take care of the people who have generally safe craving. Traditional insurance plans are being selected as it is a steady choice. This is a risk free venture. The significant pieces of the investible assets are in the debt instruments. Demise benefit offered is total guaranteed alongside ensured and vested reward. This helps you in asset creation for a long period of time. The premiums are fixed. Withdrawals will not be permitted before the maturity of the policy.  Non-traditional products like unit-linked insurance plans are there in the market which serves as both an investment and insurance.

How to Apply for LIC Investment Plans?

There are many ways through which you can apply for LIC Investments Plans but the most genuine way to apply is through their official website. You will get every detail and choose accordingly. Later, you can also pay the premium through their official website.

Also, you can apply for LIC Investment Plans through LIC Agents!

FAQs on LIC Investment Plans

1. Why choose Star Union Dai-ichi Investment Plans?

a. Premium Payment: Defaulting in payment of premiums would result in reduced sum assured to be paid on maturity or death.

b. Tenure: The traditional plans are long-term plans and there are no provisions for partial withdrawals.

c. Bonus: Available only for participating plans.

d. Categories: There are two types of traditional plans namely; endowment plans and money back plans.
 

2. Which is the best investment plan of Star Union Dai-ichi Investment Plans?

Star Union Da-ichi’s Guaranteed Money Back Plan. It gives regular pay-outs after every five years. So, fulfill the desire for that car, an exotic holiday, or a better education for your child.

3. How to pay premium? What are the modes of payment available?

Taking into account the enormous financial wellbeing and genuine serenity that a Life Insurance  can give, each individual and family should invest in any one of the life insurances available according to their preference. When confronted with the unexpected, a dependable life insurance can help you to cover for your whole family’s current and future requirements for quite a long time into the future.

a. Regular Premium Payment
b. Single Premium Payment
c. Limited Premium Payment

4. How can I check the policy status for Star Union Dai-ichi Traditional Plans?

i. Through the website
ii. Through customer service channels
iii. Through a branch office
 

5. What is the policy renewal process for Star Union Dai-ichi’s traditional plan?

Visit Their website – https://licindia.in/

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