Various Plans of LIC

Life Insurance is the only assurance that people have to guard them and their loved ones against the unforeseen and the unknown. LIC (Life Insurance Corporation) is essentially a pact or an agreement between the insurer and the insured. The insured or the buyer pays a certain amount of money to an insurance company at fixed time intervals as a premium, and in place of this the insurer pays a sum assured in the case of death or on maturity of the LIC policy. This corporation provides the various plans according to the requirements of the individuals.

The products of LIC India are as follows:

LIC Pension Plans: Pension plans provide persons with the source of regular income during their old age. The pension is also known as retirement plans are mainly for persons who are willing to make their old age financially safe or protected. LIC of India offers various pension plans to individuals to help them in selecting the most appropriate or suitable plan depending on their present financial conditions. These policies not only provide financial security to persons but also to their loved ones and families.

The main purpose behind LIC of India to start pension plans is to offer standard income to people after their retirement from the job. Pension plans are different from insurance plans and cover the risk during unfortunate occasions. Pension Plus, Jeevan Nidhi, Jeevan Akshay, New Jeevan Dhara and New Jeevan Suraksha are five main LIC Pension Plans.

LIC Insurance Plans:  LIC provides the various insurance plans according to the basic needs of individuals. Term insurance, whole life and universal life plan are the main insurance plans. Under Section 80C these all plans provide benefits to the people according to their needs.

LIC Investment Plans: Investment Planning provides coverage for the entire range of financial planning those persons that would have to do in their life like Child's education Planning, Child's Marriage Planning, and Retirement Planning.

LIC Unit Plans: Wealth Plan comes under Unit Linked Insurance Plan. There are various choices for investing in Unit plan i.e. balance, income, bond and growth options. However, the growth options have the tendency to produce more returns than other options.

NAV is the Net Asset Value of the scheme. The net asset value of the LIC unit plan varies each trading day, and the person can check the latest or up to date this value from the Website of Life Insurance Corporation of India.

LIC provides the various different plans that are beneficial for the individuals. LIC (Life Insurance Corporation) offers pension plans, investment plans, insurance plans, ULIP (Unit Linked Insurance Plan), Child Plans. People should have to select the best plan according to their budget and financial need in the future.