The document outlines a study on LIC (Life Insurance Corporation of India) policies and features relevant to obtaining an agent license. It details LIC's offerings, the structure of the insurance market, the roles of various agents, and life insurance products. The study also emphasizes the necessary steps to become an agent and the knowledge gained from the practical experience during the training.

1. A STUDY ON “POLICIES AND FEATURES OF LIC
PLANS"(AGENT LICENCE)
By:-Anil goswami
Reg no:-11008499

2. Objective
To do detail study of the policies of lic of India.
To pass the exam by nseit conducted at Jammu.
To get license issued from irda and start the agent
work.
Earn commission and get practical experience about
selling insurance products.

3. Introduction to LIC
 Life Insurance Corporation of India (LIC) state owned insurance
group was formed in September, 1956, by an Act of Parliament.
 LIC have network of 2048 branches,109 division office and 8
zonal office, 1,337,064 individual agents spread over the country.
 LICis the largest insurance company in India in terms of its asset
value of 1560481.84 Crore.
 LIC headquarter is in Mumbai, India and government of India is
the owner of the company.

4. Products and Subsidiaries..
LIC have various product like Life insurance, health
insurance, investment management, mutual fund.
LIC is having the following subsidiaries
 LIC housing finance.
 LIC pension plan fund ltd.
 LIC international
 LIC card subsidiaries
 LIC nomura mutual fund.

5. Mission & vision
Mission: "Explore and enhance the quality of life of
people through financial security by providing
products and services of aspired attributes with
competitive returns, and by rendering resources for
economic development."
Vision: "A trans-nationally competitive financial
conglomerate of significance to societies and Pride of
India."

6. LIC logo and Recognitions
 LIC's slogan yogakshemam vahamyaha is in Sanskrit language
which translates in English as "Your welfare is our
responsibility”.
 The Economic Times Brand Equity Survey 2012 rated LIC as
the No. 6 Most Trusted Service Brand of India.
 From the year 2006, LIC has been continuously winning the
Readers' Digest Trusted brand award.

9. Meaning of life Insurance
Life insurance is a contract that pledges payment of
an amount to the person assured (or his nominee) on
the happening of the event insured against.

10. Why to have insurance
 Protection
 Liquidity
 Tax Relief
 Money when you need it

11. Constituents of insurance market
Agents: these contribute the major percentage of
insurance sales in India. It’s the agents primary
responsibility to meet the client, understand their
needs and accordingly recommend the suitable
products.
Corporate agents: These include bank and brokers .
Underwriters: these include whether to accept or
reject the insurance proposal. If the proposal to be
accepted then underwriters decides at what price it
should be accepted.

12. Continue..
Actuaries: these calculate the standard price of the
products. The take into account the statistical data and
the past claim experience of the company.
Third party administrators: these do the work of
building hospital networks. They also help in
approvals at the time of the admission to the hospitals
and with setting the bill with insurer on discharge.
Loss adjusters/surveyres: these do the work of
assessing and certifying a loss when a claim is made on
the insurance company.

13. Continue..
IRDA: The regulator has the responsibility of ensuring
the smooth running of the insurance sector .the
insurance regulatory and development authority is the
insurance regulator in India .The IRDA grants the
insurance licenses to insurance companies and makes
sure all the insurance companies compliance at all
times.
Training institutes: these have the responsibility of
supplying trained manpower meet the growing need
of the skilled labor in the insurance industry.

14. Continue..
Institute of India, insurance institute of risk
management and the national insurance Academy
are the premier training institute's in the field of
insurance.
NGO: these play an important role in spreading the
awareness about insurance products and the
protecting the rights of the customers. The role of Ngo
in rural areas where they work with self help groups
(SHGs) and the insurance companies on deeper
penetration of micro-insurance products at grassroots
level.

15. Life insurance products
Basic elements of a life insurance plans
Death cover: this amount to be paid to
nominee/beneficiary in the event of death of the life
insured during the term of the policy.
Maturity benefit: this amount to be paid to the
maturity of the policy if the life insured survives
through the term of the policy.

16. Basic life insurance products
Term insurance plans:
Term insurance plans only offer death cover.
No maturity benefit.
Tenure: normally the term starts from
5,10,15,20,25,30years chosen by the insured and
agreed the insurer.
Minimum and maximum age: most companies
specify the minimum and maximum age at the entry
and exit for the plans.

17. Pure endowment plan
This plan only offer survival benefit in the event of the
life insured surviving the entire tenure of the plan.
There is no death cover.

18. Endowment insurance plans

19. Endowment insurance plans
Combination of term insurance and pure endowment
Maturity benefit: if insured survives the entire term of
the plan insurance company will pay specified amount.
Death cover: if the life insured dies before the maturity
period of the plan insurance company will pay the death
cover to nominee/beneficiary.
Saving Element: along with maturity benefit bonus will
be payed by the insurance company.
Goal based: for child’s marriage and higher education
these plan bought by the insured.

20. Whole life insurance plans
A term insurance plan with an unspecified period is called a
whole life plan.
Death cover: on the death of life insured, the nominee/beneficiary is
paid sum insured along with the bonuses accumulated up until the
point of time.
Emergency withdrawal: individual can make partial withdrawal to
meet emergency requirements.
Saving element: Insurance company declare bonuses for these plans
based on return earn on investment.

21. Convertible insurance plans
Conversion: These insurance plans can be converted
from one type into another. For Instance term
insurance plan can be converted into an endowment
plan or whole life plan or any other plan as allowed by
the insurance company.
At the time of the plan conversion the life insured is
not required to undergo a medical check-up.
At the time of conversion there is no further
underwriting decision to be made.

22. Joint life insurance plans
Jointly insured: Joint life insurance plans offer
coverage of two persons under one policy. This plan
ideal for married couples or partners in a business
firm.
Death cover: sum insured is payable on the death of
the first joint policyholder and then again on the death
of the surviving policyholder along with the
accumulated bonuses up to that date.
Bonus: If both policyholder survived until maturity
then maturity benefit along with bonuses
accumulated until that date is paid.

23. Micro insurance plans
Low income groups: Micro insurance aim to provide
insurance to low income groups.
Insurance range: The irda has specified that the life
cover provided under-micro insurance products
should range from Rs.5,000 to Rs.50,000.
A life insurer may offer life micro-insurance products
as well as general micro-insurance products and vice-versa.

24. Unit linked insurance plans
Higher Risk: unit link carry a higher risky then with-profit
policies and contain fewer guarantees.
Flexible: unit-linked policies suited to people
prepared to undertake some investment risk to obtain
the benefits of flexibility .
Returns: return are subject to movement in the
capital markets where investments such as equities
(shares) are traded.

25. How to become an agent
Submit the required qualifications ,and date of
birth document with fees.
Undergo practical training.
Pass the required examination conducted by IRDA.
Get the license from development officer and start
selling insurance polices to various clients.

26. LIC departments
Branch manager office
Developments officers room
Claims department
Policy service department
Sales departments
Enquiry counter
Cash counter 1
Cash counter2
Agents room

27. Major leanings
Knowledge about different policies of life insurance
corporation of India.
How to fill up proposal form of LIC.
What other document required to be attached with
proposal form of LIC.
How to deal with clients and recommend on the basis of
their needs.
Am able to sell insurance policies and earned commission
to become successful agent for the corporation.

28. Continue..
How to Calculate the premiums of LIC plans
Agents confidential report/Moral hazard Report

29. Role of agent and career

30. Conclusion and findings
During this training I learnt about life insurance
various polices and practical things about life
insurance corporation of India.
I got license so I become agent for the life insurance
corporation of India by this my confidence is
increased by this project I understood the various
clients needs and sell recommended polices
accordingly.

31. THANK YOU