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LIC Agent Mumbai, Life Insurance India: We are Life Insurance Corporation of India's authorised insurance agents. If you are looking for Lic Investment plan, Life Insurance, Lic Term policy, Lic ...

LIC Agent Mumbai, Life Insurance India: We are Life Insurance Corporation of India's authorised insurance agents. If you are looking for Lic Investment plan, Life Insurance, Lic Term policy, Lic endownment plan, Lic pension plan, Lic fixed deposit, Lic jeevan saral you can contact us and we will be more than happy to assit you in your financial planning

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Lic of india, lic agent india, lic consultant india, lic agent mumbai, lic plan india, lic Document Transcript

  • 1. LIC Agent Mumbai, Life Insurance India: We are Life Insurance Corporation of Indias authorisedinsurance agents. If you are looking for Lic Investment plan, Life Insurance, Lic Term policy, Licendownment plan, Lic pension plan, Lic fixed deposit, Lic jeevan saral you can contact us and we will bemore than happy to assit you in your financial planningBest WishesNaresh GandhiLIC AgentContact : +91 98218 05803nareshgandhi26@yahoo.co.inhttp://www.bestlicofindia.blogspot.com/LIC OF INDIAThe Life Insurance Corporation of India (LIC) is the largest life insurance company founded in 1956 inIndia exclusively owned by the Government of India. Based in Mumbai, which is considered the financialcapital of India, LIC has currently 7 zonal offices and 100 divisional offices across the country. In additionto an even distribution of 2048 branches located in different cities and cities of India, LIC has also anetwork of about a million of life insurance agents who recruit to the public.History of LIC of IndiaThe first 150 years of British rule in India were marked by turbulent economic conditions. The first warof independence in 1857, the world wars 1 and 2 (1914-1918 and 1939-45) and India’s national strugglefor freedom in between had an adverse effect on the economy. In addition, the period of major globaleconomic crisis between the two world wars named as the period of great depression led to the highrate of bankruptcies and winding-up of the most life insurance companies in India that existed duringthat time. These events led to loss of confidence in the insurance of the people in India.
  • 2. The Life Insurance Companies Act and Provident Fund Act passed in 1912 provides both to theregulatory mechanisms of life insurance industry in India for the first time. After undergoing severalother such reforms in the following decades and almost a decade after India achieved independence,the Parliament of India passed the life insurance of India Act on 19th June 1956 after which the lifeinsurance Corporation of India (LIC) 1 September of the same year. The company started its activitieswith 5 zonal offices, 33 divisional offices and 212 branch offices.Current Status of LIC of IndiaExisting as a towering insurance company for more than 50 years, has acquired almost monopoly powerin the LIC application and the sale of life insurance in India. In addition to the summary with regard tothe current stature provided at the beginning, has expanded its operations in 12 countries other thanLIC India with the objective of catering to the insurance needs of non-resident Indians.The enforcement of the new economic reforms in 1991 in conjunction with the formation of insuranceregulatory and Development Authority (IRDA) Act of 2000 (which began with the issuance of permits toprivate life insurers) has diluted the monopolistic attitude under the command of LIC. The onlyinsurance company belonging to the public sector now has to compete with several other legal personsof its kind which often heavyweight Indian life insurance in itself, as well as multinational brands.The other subsidiaries in accordance with LIC are:* Life Insurance Corporation (LIC) of India International-a joint venture offshore company promoted byLIC which started its activities in July 1989 with the aim of offering policy denominated in US $ for theNRIs residing in the Gulf.* LIC Nepal-formed in 2001 in joint venture with Vishal group of Industries, Nepal.* LIC Lanka-founded in 2003 in joint venture with the Bartleet group of companies, Sri Lanka* LIC housing finance-founded in the 19th June 1989 in Dubai with the objective of providing long-termfinancing for the construction of houses or apartments.* LIC Housing Finance Limited care home-a wholly owned subsidiary of LIC Housing Finance that“Assisted Living Community centers” for seniors builds.
  • 3. With its ever-expanding activities has a role model for other companies in the LIC Government of Indiato follow.Best WishesNaresh GandhiLIC AgentContact : +91 98218 05803nareshgandhi26@yahoo.co.inhttp://www.bestlicofindia.blogspot.com/LIC Jeevan AnuragFeature of plan: Jeevan Anurag is a with profit plan specifically designed to take care of the educationalneeds of children. The plan can be taken by a parent on his or her own life benefits under the plan arepayable at pre-specified duration irrespective on whether the life assured survives to the end of thepolicy tremor dies during the term of the policy. In addition, this plan also provides for an immediatepayment of basic S.A amount on the life assured during the term of the policy. This plan is not allowedwhen occupation extra chargeable and to pregnant ladies.15 – days cooling-of period: if you are not satisfied with the “term and conditions of the policy you mayreturn the policy to us within 15 days.Paid up value: if at least three full year’s premiums have been paid in respect of this policy, anysubsequent premium be not duly paid, this policy shall not be wholly void, but the S.A. by it shall be
  • 4. reduced to such a sum, called the paid-up value, as shall bear the same ration to the full S.A. as thenumber of premium actually paid shall bear to the total number of premium originally stipulated in thepolicy. The policy so reduced shall thereafter be free from all liabilities for payment of the withinmentioned premium, but shall not entitled to the future bonuses.Guaranteed surrender value: this policy can be surrender for cash after the policy is kept in force bypayment of premiums for at least three years. The guaranteed surrender value allowable under this planfor all modes, except the premium mode will be equal to30% of the premium paid excluding the premiums paid for the first year and all extra premiums and thepremiums paid for optional / rider benefits. In case of single premium mode, the guaranteed surrendervalue will be 90% of the premiums paid excluding all extra premiums and the premiums paid foroptional/ rider benefits.Critical illness rider benefit: critical illness rider benefit will be available for an amount not excluding theS.A. under the basic plan subject to overall cover of 5lakh under all polices of the life assured with thecorporation taken together.If premium waiver benefit is opted for then in case of diagnosis by any of the critical illnesses conditioncovered under the policy, the total future premiums in respect of the policy will be waived S.A undersuch polices will not exceed Rs.5lakh.Plan parametersAge at entry: Min.20 yrs (NBD) Max.60yrs (NBD)Maturity age: Max.70 yrs. (NBD)Term: Min.5 yrs for S.P & 10 yrs for regular Max. 25 yrsSum assured: Min.50,000 Max. No LimitS.A in multiples: 5000Premium paying: policy term orTerm (PPT): policy term-3Mode of payment: YLY/ HLY/QLY/SSS/MLY and single premium
  • 5. Accident benefit: Allowed (with extra premium)Policy loan: yes @ 10.5%Housing loan: yesAssignment: yesRevival: yeaSurrender of policy: yesTerm rider: yesCIR: yesUnderwriting conditionForm no: 300Age proof: std/ NSAP-1 (WR 5Lac)Female lives category: I/II/IIINon-medical (Gen): AllowedNon-medical (Prof): AllowedNon-medical (special): AllowedActual sum assured: 1.5 times of S.ADating back @ 8%: AllowedBENEFITMaturity benefit: payment of the basic S.A at the start of every year during last 3 policy years beforematurity. At maturity 40% of the along with reversionary bonus declared from time to the full term andthe terminal bonus if any shall be payableDeath benefit: payment of an amount equal to S.A. under the basic plan immediately on the life assuredis paid to the nominee. No. Premiums are payable thereafter. An amount equal to 20% of the basic S.A.
  • 6. at the start of every year during last 3 policy years is paid to the nominee. In addition he will also get40% of the basic S.A + Accured Reversionary bonus for the full term & terminal bonus, is any is also paid.Accident benefit : accident death and disability benefit will be available for an amount not exceeding theS.A under the basic plan subject to overall cover of 50 lac under all policy of the life assured with thecorporation taken together.Example: Mr. Ramesh Kapoor aged 35 years opted for jeevan anuurag plan, S.A 2 Lac, for a term of 15years. He pays an annual premium of Rs.15,323/- if the policy is in full force, Mr. Ramesh Kapoor Will get20% of S.A i.e. Rs.40,000/- at the start of 31th, 14th & 15th policy year and the balance 40% of S.A i.e.Rs.80,000 will be given at the end of 15th year along with reversionary bonuses declared from time totime for the full term, plus terminal bonus, if any shall be payable. in case Mr. Ramesh Kapoor diesduring 10th year his nominee will receive Rs.2 lac.No premiums are payable thereafter Moreover the nominee will get Rs.40,000/- at the start of 31th,14th & 15th policy year and on maturity Rs.80,000 + Reversionary Bonus + terminal bonus, if any.Best WishesNaresh GandhiLIC AgentContact : +91 98218 05803nareshgandhi26@yahoo.co.inhttp://www.bestlicofindia.blogspot.com/