subject: Looking For Life Insurance? Lic Of India Is The Answer [print this page] Life Insurance is one of the key components of your financial portfolio. Whether it is to cover your family financially after your death, or to cover your expenses after retirements, you should definitely have sufficient insurance cover. Insurance can also be used to plan the milestones in your life such as your childs higher education or your daughters marriage.
There is a generally tendency to under insure yourself. The term insurance that you should take should be based on the amount your family would need to sustain based on your current lifestyle. Moreover you should also determine how much money they would need to meet expenses like education or marriage. Endowment policies can provide lifelong protection for a fixed, level premium. Additionally, it combines death benefit with cash value accumulation. However, the initial cost is higher than for a comparable amount of term life insurance.
Life Insurance Corporation has been in the forefront to make the India population aware about the importance of insurance planning. The reach and trust that they enjoy in the Indian market is amazing. With a strong network of over 2000 branches and an even stronger network of agents, the company and its products are easily accessible to both rural and urban sections of Indian population.
LIC of India has been the torch bearer in the life insurance sector in the country. LIC of India came into existence in 1956 with the nationalization of the life Insurance sector. LIC absorbed 154 Indian, 16 non-Indian insurers and 75 provident societies 245 Indian and foreign insurers in all to form the corporation. LIC of India had monopoly till the late 90s when the Insurance sector was reopened to the private sector. Life Insurance Corporation has been providing financial security to people from all walks of life at every stage in life. LIC has been able to maintain a significant share in Life Insurance market in spite of intense competition and expanded market base. LIC as the largest insurer in Life Insurance Market maintained 58.06% share in premium and 70.52% in Individual policies in the financial year ending March 2011. While in Group Insurance the share of LIC was 71.95% and in Policies 85.24% by the end of March 2011.
The range of insurance products that LIC of India has in its stable is truly unmatched. They have a range of pension plans, which can help you plan your retirement through systematic investments. New Jeevan Suraksha 1, New Jeevan Dhara 1 and LIC Jeevan Akshay VI are the prominent ones among them. There are also a range of child insurance plans to plan for key events in your childs life such as higher education or marriage. LIC Komal Jeevan, LIC Child Future Plan, LIC Jeevan Anurag, LIC Jeevan Chhaya, LIC Jeevan Kishore and LIC Child Career Plan are the important child insurance plans.
Jeevan Vriddhi is a non-ULIP plan which is the latest insurance policy introduced by LIC. With its commitment to reach the breadth of Indian population with innovative insurance products and the enviable trust that it enjoys, makes LIC of India one of the formidable players in the Indian Life Insurance Industry.
by: Sobha Uma
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