Project on Lic Agent

8/13/2019 Project on Lic Agent

1/400


2/400

(AFFILIATEDTO GURU

GOBINDSINGH INDR

APRASTHAUNIVERSITY,

DELHI)


3/400

CONTENTSCERTIFICATE

OFCOMPANY

... i


4/400

CERTIFICATE

OF

INSTITUTE

.. iiACKNOWLEDGEMENT


5/400

...iii1.EXEC

UTIVE

SUMMERY2INTRODUCTIO

N3. RESEARCHOBJECTIVE &

METHODOLOGY4. INTRODUC


6/400

TION OF

THE COMPANY

5. PRODUCT OF

LIC6.GROWTH OF

PVT. LIFEINSURANCE

COMPANIESIN THE LAST


7/400

5YEARS7.

CURRENT

STANDING OF

PVT. LIFEINSURANCE

COMPANIESINURBAN

SECTOR 8.ROLE


8/400

OF FOREIGN

COMPANIES IN

INDIA9.

FINDINGS10.IMPORTANCE

OF JOINTVENTURE11.

CONCLUSION12. RECOMMEN


9/400

DATIONS13.

BIBLIOGRAPH

Y


10/400

CERTIFI

CATE

This is to

certify thatproject

entitled


11/400

Comparative

Study of LifeInsurance

Corporation

of India


12/400

submitted by

Mr.VIPUL

BENIWAL(Enrolment

no. -0221471708


13/400

) hasbeendone

under my

guidance andsupervision

in fulfillment


14/400

oftherequireme

nt for the

award ofBachelor of

BusinessAd


15/400

ministration (General).The

work and

analysismentioned in

this project


16/400

reporthave been

undertaken

by thecandidate

himself and


17/400


18/400

d in thetextof the

report.


19/400

ACKNOWLEDGEME

NTCo-operationand building

up of moral are


20/400

the essence ofsuccess.

Theseare twofactors that go

a long way inachieving it. It

is a Herculean


21/400

task,whichlacks these two

determinantsof success.

Summertraining was

anexposure to


22/400

corporate environment. It wa

s an opportunity and great pl

easure for meto be in such

an


23/400

environmentand having

interactionwithconcerned

people.I amhighly obliged

to


24/400

Mr. RahulDutt Mudgal(Developmentofficer,LIC

Karol Baghbranch) who

provided me


25/400

the opportunityfor doing

mysummertraining at LIC,

and would liketo thank him

for their


26/400


27/400

lly.Finally, Iwould like to

thankDr.

N.K.Kakkar(Director),

MaharajaAgras


28/400

en Institute ofManagement

Studies andMrs. AmitGupta


29/400

, my project guide at the inst

itute,for their enlightening and m

eticulousguida


30/400

nce for theconsummation

and evaluatingof this project.I

also wish topay my sincere

regards to all


31/400

my respectedteachers

whohelped mebuild a

concreteplatform

before sending


32/400

me for trainingsothat I can

land out firmlyin all respects.


33/400

EXECUT

IVESUMMA

RY


34/400

Someone has greatly sai

d that practi

cal knowledge is far bet

ter thanclass


35/400

roomteaching.

During this

project Ifully

realized this


36/400

and cometoknow

about the

present realworld of


37/400

Insurance

sector

. It includesall

theactivities

involved in


38/400

providinginsurance

products to

the finalcustomers.I

am pleased


39/400

to know about the cons

umerswan

ts and competitorsactivit

ies in the


40/400

real world ofInsurance.T

he subject

of my studyis to analyze

the present


41/400

insurancesector

and product

s offered byLIC by

applying


42/400

various toolslike cold

calling

andthroughdirect

interaction


43/400

withcustomers.

I have also

doneresearch

onthe


44/400

growth ofprivate life

insurance

companiesin the last

five years.


45/400

The reportcontains

first of all

brief

introduction


46/400

aboutthecompany

. Then it

contains the

current


47/400

status ofprivateinsur

ance

companies

and foreign


48/400

insurancecompanies

inIndia.


49/400

INTROD

UCTION

I n s u r a n c e

i s a s o c i a ld e v i c e

w h e r e


50/400

u n c e r t a i nr i s k s o f

i n d i v i d u a l sm a y b e

c o m b i n e di n a g r o u p

a n d t h u s


51/400

m a d e m o r ec e r t a i n -

s m a l l p e r i od i c

c o n t r i b u t i on s b y t h e

i n d i v i d u a l s


52/400

p r o v i d e af o u n d

o u t o f w h i ch t h o s e

w h o s u f f e rl o s s e s m a y

b e


53/400

r e i m b u r s e d. I n

a d d i t i o nt o b e i n g a

m e a n st o p r o t e c t

o n e s e l f ,


54/400

t h ei n s u r a n c e

I n d u s t r yi s a n e f f i c i e

n t c o n d u i tf o r t h e

s a v i n g o f


55/400

p e o p l e t ob e

c h a n n e l e dt o w a r d s e c o

n o m i cg r o w t h . I n

I n d i a , t h e


56/400

I n s u r a n c eI n d u s t r y 7

i s m o r et h a n 1 5 0

y e a r s o l d .T o d a y , i t

i s


57/400

m o n o p o l i z ed b y t w o

P S U ' s i nt h e i r r e s p e

c t i v e f i e l d so f l i f e

a n d G e n e r a


58/400

lI n s u r a n c e .

H o w e v e r ,w i t h

t h e s u c c e s s f u l p a s s a g e

I R D A B i l l


59/400

t h r o u g hb o t h

h o u s e s o fp a r l i a m e n t

i n D e c e m b er 1 9 9 9 t h e

s e c t o r h a s


60/400

b e e no p e n e d u p

t o p r i v a t ep l a y e r s . T h i

s w i l lp r o v i d e d

m u c h .


61/400

N e e d e di m p e t u s t o

t h eI n d u s t r y

a n dw i l l i m p r o v

e t h e


62/400

q u a l i t y o fs e r v i c e a n d

p r o d u c t sa n d w i l l

a l s oi n c r e a s e e m

p l o y m e n t


63/400

o p p o r t u n i t ie s . T h e r e

a r e s t i l ls o m e

i s s u e s t h e i rn e e d t o b e

s o r t e d o u t ,


64/400

p a r t i c u l a r ly w i t h

r e g a r d t ot h e s t a t u s

o f i n t e r m ed i a r i e s a s

e n v i s a g e d


65/400

b yt h e I n s u r a n

c eR e g u l a t o r y

A u t h o r i t y .


66/400

RESEAR

CH

OBJECT

IVE.


67/400

T h e r e p o r tg i v e s t h e

b r i e f

b a c k g r o u n do f t h e

s e c t o r a n d


68/400

p r o c e e d st o h i g h l i g h t

t h e s h o r t

c o m i n gs o ft h e

e x i s t i n g


69/400

s e t u p a n dp l a y e r s .

T h e b e n e f i t

s o fl i b e r a l i z e d

s e c t o r a r e


70/400

e n u m e r a t e d. T h e

r e p o r t

a l s o t r i e s t oi d e n t i f y

t h e m a r k e t


71/400

p o t e n t i a lf o r

i n s u r a n c e

p r o d u c t sa n d

t h e s t r a t e g y


72/400

t h a t c a n w ee m p l o y e d

t o

e x p l o i t t h es a m e . T h e

s t r e s s


73/400

i s a l s og i v e n o n

k n o w i n g

t h ea w a r e n e s s

l e v e l o f


74/400

g e n e r a lp u b l i c .


75/400

RESEA

RCH

METHO


76/400

DOLOG

YTo conduct themarket

research firstof all it is


77/400

necessary tocreate a

researchdesign.A

researchdesign is

basically a


78/400

blue print ofhow a research

is to beconducted, it

mayinclude;1 .C h o o s in g t

h e a p p r o a c


79/400

h2.Determining the types

of data needed.3.Locat

ing thesource of

data .4 .Choo


80/400

s ing a method of data .


81/400

RESEAR

CHDESIGNBasically there

are 3 types of


82/400

approachesused during

the anyresearch:1 . E

x p l o r a t o r y 2 . D e s c r i

p t i v e 3 . E x


83/400

p e r i m e n t a l. During this

researchDescriptiveandExploratory


84/400

approach istaken

intoconsideration because of

the availabilityof relevant

information to


85/400

describetherelationship

s between themarketing

problem andthe available

information.


86/400


87/400

TYPES

OFDATA

USED:


88/400

Both primaryand secondary

data is used inthe research.DataCollection

Methods


89/400

To conduct themarket

research thedata is

collected bytwo sources.


90/400

SECONDARY DATASecondarydata is one

which alreadyexists and is

collected from


91/400

thepublishedsour

ces.Thesources from

whichsecondary data


92/400


93/400

InsuranceTimes,

andInsurancePost.Internet


94/400

PRIMARYDATAThe primarysources of data

refer to thefirst handi


95/400

nformationPrimary data

iscollectedduring the

survey withthe help of


96/400

Questionnaires.


97/400

INTROD

UCTIONOF THE

COMPA

NY


98/400

LIFEINSURAN

CE

CORPOR

ATION


99/400

OF INDIA(LIC)Life Insurance

Corporation ofIndia (LIC)

was formed in


100/400

September,1956, by an

ActofParliament,

viz., LifeInsurance

Corporation


101/400

Act, 1956,with capital

contributionfrom the

Governmentof India. The

then Finance


102/400

Minister, ShriC.D.

Deshmukh,while piloting the

bill, outlinedthe objectives

of LIC thus to


103/400

conduct thebusinesswith

the utmosteconomy, and

a spirit oftrusteeship; to

charge


104/400

premium nohigher than

warranted bystrict actuarial

considerations; to invest the

funds for


105/400

obtainingmaximum yield for

the' policyholders

consistent withsafety of the

capital; to


106/400

render promptand efficient

service topolicy holders,

therebymaking

insurance


107/400

widely popular. Since

nationalization, LIC has built

up a vastnetwork of

2,048


108/400

branches,100divisions

and 7 zonaloffices spread

over thecountry. The

Life Insurance


109/400

CorporationofIndia also'

transactsbusiness

abroad and hasoffices in Fiji,

Mauritius and


110/400

UnitedKingdom. LIC is

associatedwith joint

venturesabroad in the

field of


111/400

insurance,namely, Ken-India

,AssuranceCompany

Limited,Nairobi;

United


112/400

OrientalAssuranceCo

mpanyLimited,

Kuala Lumpurand Life

Insurance


113/400

Corporation(International)

E.C.Bahrain.The

Corporationhas registered


114/400

a joint venturecompany in 26thDecember,200

0 inKatmandu,

Nepal by the


115/400

name of LifeInsurance

Corporation(Nepal)

Limitedincollaboration

with Vishal


116/400

GroupLimited, a

local industrialGroup. An off-

shorecompanyL.I.C.

(Mauritius)


117/400

Off-shoreLimited has

also been setup in 2001 to

tap the Africaninsurance

market.


118/400


119/400

General

Insurance:Generalinsurance

business in the


120/400

country wasnationalized

with effectfrom

1stJanuary,1973 by the

General


121/400

InsuranceBusiness

(Nationalization) Act, 1972.

Morethan 100non-life

insurance


122/400

companiesincluding

branches offoreign

companiesoperating within

viz., the


123/400

NationalInsurance

Company Ltd.,The New

IndiaAssurance Company

Ltd., The


124/400


125/400


126/400

GeneralInsurance

Corporation(GIC) which

was theholdingcompa

ny of the four


127/400

public sectorgeneral

insurancecompanies has

sincebeendelinked

from the later


128/400

and has beenapproved as

the "IndianReinsurer"

since 3rd


129/400

November2000. The

share capitalof GIC and

that of the fourcompanies are

held bythe


130/400

Governmentof India. All

the fiveentities are

Governmentcompanies

registeredunde


131/400

r theCompanies

Act, 1956. Thegeneral

insurancebusiness has

grown in


132/400

spreadandvolume after

nationalization. The four

companieshave 2699

branch offices,


133/400

1360divisionaloffices and 92

regionaloffices spread

all over thecountry. GIC

and


134/400

itssubsidiarieshave

representationeither directly

throughbranches or

agencies in


135/400

16countriesand through

associatelocally

incorporatedsubsidiary

companies in


136/400

14other countries

. A wholly-owned subsidi

ary companyof GIC, i.e.

Indian


137/400

International Pvt.Ltd. is

operating inSingapore and

there is a jointventure

company, viz.


138/400

Ken-IndiaAssuranc

e Ltd. inKenya. A new

wholly ownedsubsidiary

called New


139/400

IndiaInternational Ltd., UK

has also beenregistered


140/400

PRODUCTS OF

LICWhole Lifewith Profits

Plan002


141/400

Features:

This plan is

mainlydevised to

create anestate for the

heirs of the


142/400

policyholderas the plan

basicallyprovides for

payment ofsum assured

plus bonuses


143/400

on the death ofthe policyhold

er. However,considering

the increasedlongevity of

the Indian


144/400

population,theCorporation

has amendedthe above

provision,thereby

proving for


145/400

paymentof sum assured

plus bonusesin the form of

maturity claimon completion

of age 80


146/400

yearsor onexpiry of term

of 40 yearsfrom date of

commencement of the

policy


147/400

whichever islater.The

premiumsunder the

policy arepayable up to

age 80 years


148/400

of thepolicyholder

or for a termof 35 years

whichever islater. If the

payment of


149/400

premiumceases after

3years, a paid-up policy for

such reducedsum assured

will be


150/400

automaticallysecured provid

ed the reducedsum assured

exclusive ofany attached

bonus is not


151/400

lessthanRs.250/-.

Such reducedpaid-up policy

is not entitledto participate

in the


152/400

bonusdeclaredthereafter but

the bonusesalready

declared onthe policy will

remain


153/400

attach, provided the policy is

converted in toa paid-up

policy afterthe premiums


154/400

are paid for 5years.Suitable For:This policy issuitable for

people of all

ages who wish


155/400

to protect theirfamilies

fromfinancialcrises that may

occur owing tothe

policyholder's


156/400

prematuredeath.


157/400

BENEFITSSURVIVAL

BENEFIT:

Sum assured

plus accrued


158/400

bonuses andthe terminal

bonuses, ifany; on

the policyholder attaining

age 80 years


159/400

or on expiry ofterm of 40

years from thedate

of commencement of the

policy


160/400


161/400

the terminalbonuses, if

any, on thedeath of the

policyholderare paid to

his/her


162/400

nominees/heirs.LIMITEDPAYMENT

WHOLELIFE - PLAN


163/400

005 (WITHPROFITS)Features:This is the bestform of life

assurance forfamily


164/400

provisionsince it

enables theLifeAssured to

pay all thepremiums

during the


165/400

ordinarilyvigorous and

mostproductiveyear

s of life. Heneed not pay

any premium


166/400

in the laterstages of life if

and whenhisconditions

might becomeadverse.With

Profits


167/400

LimitedPayments

Policies do notcease to

participate inprofits

after completi


168/400

on of thepremium

paying periodbut continue to

share in theperiodicalBon

us Distribution


169/400

until the deathof the Life

Assured.TheWithout-Profit

option isavailable

under Table


170/400

no. 3. If thepolicyholder

pays atleast 3years'

premiums andthen

discontinues


171/400

paying anymore

premiums, areduced paid-

up assurancepolicy comes

into force.


172/400

Such areduced paid-

up Policy willnot beentitled

to participatein the profits

declared.


173/400

Thereafter, butsuch Bonus as

hasalreadybeen declared

on the Policywill remain

attached


174/400

thereto. Thepremium

paying termunder this plan

is five yearsminimum and


175/400

55 yearsmaximum.


176/400

BENEFITSSurvival

benefitsIf the LifeAssured

survives the


177/400

premiumpaying period

and the policycontinues

infull force,provided all

premiums


178/400

have beenpaid, but no

furtherpremiums

arerequired tobe paid.


179/400

DeathBenefits:Sum Assured

plus Bonusesaccrued and

vested in the


180/400

policy.PlanParameters:

M i n im u m

M a x im u m E

n t r y a


181/400

g e 1 2 (n e a r e r

b i r t h da y ) 6 0 S

u m a ss u r e d

( R s . ) 5


182/400

0 0 0 0 NO L I M

I T T e r m ( y e

a r s ) 55 5 ( M

a x . P


183/400

r e m oc e a s i

n g age is70)Mode of Pa

yment Maximum premium p

aying period P


184/400

olicy loanavailableYearly,

h a l f y e a r ly 8 0 y r s . o

f a g e o r 40 y r s . o f y

e s ,quarterly,


185/400

monthly premium paying ter

m from the, salary saving

date of commencemen

t


186/400

whicheverScheme is late

r.


187/400


188/400

ENDOWMENT

WITH

PROFITPLAN - 014FEATURES:


189/400

ModeratePremiumsHigh bonusHigh liquidity

Savings

orientedThis


190/400

policy not onlymakes

provisions forthe family of

the LifeAssured in

event of his


191/400

early death butalso assures a

lump sum at adesired age.

The lump sumcan

bereinvested to


192/400

provide anannuity during

the remainderof his life or in

any otherwayconsidered

suitable at that


193/400

time.Premiumsare usually

payable for theselected term of

years or untildeath if it


194/400

occursduringthe term period.Suitable For:

Being an

endowmentassurance

policy, this plan


195/400

is apt for peopleof all ages

andsocialgroups who

wish to protecttheir families

from a financial


196/400

setback thatmayoccur

owing to theirdemise.The

amount assuredif not paid by

reason of his


197/400

death earlierwill payable at

the endof theendowment

term where itcan be invested

in an annuity


198/400

provision forthe rest of the

policyholder'slife or in any

other way hemay think most


199/400

suitable at thattime.


200/400

BENEFITSDisabilityBenefit:In case policyholder becomestotally and

permanently


201/400

disabled due toan

accident beforereaching the

age of 70 andthe policy is in

full force, he


202/400

will not berequired to pay

furtherpremiums, (the

DisabilityBenefit is

available in


203/400

respect of thefirstRs.20000

sum assured onanyone life) and

the policy willcontinue to be

in force.


204/400

Accident

Benefit:By paying asmall extra

premium of Rs.l per Rs. 1000/-

sum assured per


205/400

year he or hisfamily are

entitled to thefollowing

benefits ondeath or

permanent


206/400

disabilitycausedby accident.

Even studentsabove the age

of 18 years canavail of this

benefit.


207/400

Premium

Stoppage:If payment ofpremiums

ceases after atleast THREE

years'


208/400

premiums havebeen paid , a

free paid-uppolicy for a

reduced sumassured will be

automatically


209/400

secured provided the reduced

sum assured,exclusive of

any attachedbonus, is not


210/400

less thanRs.250/-.The reduced

sum assuredwill become

payable on theevent as


211/400

stipulated inthepolicy.Bonus:

Is there

anything extrapayable besides

the sum assured


212/400

at the time ofclaimsettlement

? Yes, but onlyif it is a 'with

profits' policy.Every year the

Life


213/400

InsuranceCorporation

distributes itssurplus among

policyholder to'with profits'

polices in


214/400

theform ofbonuses.

Substantialbonuses have

been declaredin the past after

eachvaluation


215/400

of policyliabilities.


216/400

BENEFITSSurvivalbenefits:Payment of fullSum' Assured +Vested Bonus +

Final


217/400

Additionalbonus, if any.Death Benefits:

Payment of full

sum assured +Vested Bonus.


218/400


219/400

ANMOL

JEEVAN -

I (WITHOUTPROFITS)BEN

EFITS

On Death

during the Termof the Policy:


220/400

SumAssuredO

n M at u r i

t y : N i l


221/400

RESTRICTIO

NS( A ) M i n i mu m a g e a t

e n t r y : 1 8 ye a r s ( c o m p

l e t e d )


222/400

( B ) M a x im u m a g e

a t e n t r y : 55 y e a r s ( n

earerbirthda

y)(C)


223/400

M a x i m u ma g e a t m a t

u r i t y : 6 5 y

e a r s ( D )M i n i m u

m T e r m: 5 y e a r


224/400

s ( E ) Ma x i m u m

T e r m :2 5 y e a r

s ( F ) M i n im u m S u m

A s s u r e d : R


225/400

s . F i v e L ak h (G) Maxi

mum Sum Assured: Rs. Th

ree Crore (Inclusive of all


226/400

term Assuranceplans)Note: Thepolicy would

be issued inmultiples of

Rs. one lakh forSum


227/400

Assured above

Rs. f ive lakh.(H)Mode ofPremium

Payment:Yearly, Half-

Yearly and


228/400

Singlepremium.(G)Rebates:

Sum Assured

Rebate:


229/400

NIL in case ofregular

premiumpolicies and Re.

lSum Assuredfor policies of

Rs.25 lakh and


230/400

above in case ofsingle premium

policies.

Mode Rebate:

1% of Annualpremium for

yearly mode


231/400

and nil forHalf-Yearly

mode.

19


232/400

UNDERWRITING, AGE

PROOFAND MEDICA

LREQUIREME

NTS:


233/400

The plan isavailable to

Standard andSub-standard

lives (uptoClass VI EMR).

This plan is


234/400

also available tofemale lives

(category I andII lives only)

and tophysicallyhandi

capped persons


235/400

subject tocertain

conditions.Standard age

proof will haveto besubmitted


236/400

along with theProposal Form.PAID-UP ANDSURRENDER

VALUE:


237/400

The policy willnot acquire any

paid-up value.

No Surrender

Value will beavailable under

this plan.


238/400

GRACE

PERIOD

FOR NON-FORFEITURE

PROVISIONS:

A grace period

of 15 days willbe allowed for


239/400

payment ofyearly or half-

yearly premiums. If death

occurs withinthis period and

before the


240/400

payment of thepremiumthen

due, the policywill still be

valid and theSum Assured

paid after


241/400

deduction ofthesaid

premium asalso unpaid

premiumsfalling due

before the next


242/400

policyanniversaryof

the Policy. Ifthe premium is

not paid beforethe expiry of

the days of


243/400

grace, thePolicygets lapsed


244/400

REVIVALIf the Policy

has lapsed, itmay be revived

during the lifetime of the Life

Assured,


245/400

but before thedate of expiry

of policy term,on submission

of proof ofcontinuedinsura

bility to the


246/400

satisfaction ofthe Corporation

and thepayment of all

the arrearsof premium

together with


247/400

interest at suchrate as may be

prevailing at thetime of

the payment.The corporation

reserves the


248/400

right to acceptor decline the

revivalof discontinued

policy. Therevival of the

discontinued


249/400

policy shalltake effect only

after the sameis approved by

the Corporationand is

specifically


250/400

communicatedto the

LifeAssured.The cost of the

Medicalreports,

including


251/400

SpecialReports, if any,

requiredfor thepurposes of

revival of thepolicy, should


252/400

be borne by theLife Assured.PAYMENT OFCLAIMSNo Claimsconcession will


253/400

be applicable tothis Policy.BACK-DATING

INTERESTThe policy canbe back dated


254/400

within thefinancial year.

No dating backinterest shall be

charged.BENEFITSSurvival benefits:


255/400

If one or boththe lives

survive to thematurity date,

the sumassured, along

with


256/400

theaccumulatedbonus, is

payable.


257/400

Death Benefits:In case either of

the couple diesduring the

policy's term,two things

happen. One,


258/400


259/400

life of thesurviving

partner withouthim/her having

to pay anyfurther

premiums,i.e.


260/400

the life coveron the survivor

continues freeof cost.The sum

assured is againbe payable on

the death of the


261/400

other partner incase both

thehusband andwife were to die

during the termof the policy.

Vested bonus


262/400

would also bepaid along with

the sum assuredon the second

death.NEWINSURANCE


263/400

SCHEMESUni

versal Health

InsuranceSchemeThe UniversalHealth

Insurance


264/400

policy isavailable to

groups of 100or more

families.Thepolicy provides

for


265/400

reimbursementof medical

expenses uptoRs.30000/-

towardshospitalization floated

amongst the


266/400

members of thefamily, death

cover due toanaccident for

Rs.25000 to theearning head of

the family and


267/400

compensationdue to lossof

earning head ofthe family @

Rs.50/- per dayupto a

maximum of 15


268/400

days, afterawaiting period

of three days,when the

earning head ofthe family is

hospitalized.


269/400

The premiumunder the policy

is Rs.1! - Perday (Le.

Rs.365/-perannum) for

anindividual,


270/400

Rs. 1.50 perday for a family

of five limitedto spouse and

children(i.e.Rs.548 per

annum), and


271/400

Rs.2/- per day(i.e. Rs. 730 per

annum) forcoveringdepend

ent parentswithin the

overall family


272/400


273/400

also providedunder the

Scheme.


274/400

For purpose ofthis policy

HOSPITALmeans:Any

Hospital/Nursing home


275/400

registered withthe local

authorities andunder

thesupervisionof a registered

and qualified


276/400

Medicalpractitioner.Hospital,

Nursing Home

runs byGovernment.


277/400

Enlistedhospitals run by

NGOs/ Trusts/selected private

hospitals withfixedschedule

of charges.


278/400

Hospitalizationshould be for a

minimumperiod of 24

hours.However,this time limit

is not applied to


279/400

some specifictreatments and

also wheredueto

technologicaladvancement

hospitalization


280/400

for 24 hoursmay not be

required.

Main

Exclusions:All pre-existing

diseases.


281/400

Corrective,cosmetic or

aesthetic dentalsurgery or

treatment.Cost of

spectacles,


282/400

contact lens andhearing aid.Primarilydiagnostic

expenses notrelated to

sickness/injury.


283/400

Treatment forPregnancy,

Childbirth,Miscarriage,

abortions etc.AgeLimitations:


284/400


285/400

The benefit offamily' will

operate onfloater basis i.e.

the totalreimbursement

of Rs.30,000/-


286/400

can be availedof individually

or collectivelyby members of

the family.


287/400

Insurance plans:As individuals it

is inherent todiffer. Each

individualsinsurance needs

andrequirementsare different


288/400

from that of the

others. LICs

Insurance Plans

are a policythat

talk to you

individually and

gives the most

suitable options


289/400

that can fit

onesrequirement

.Jeevan

AnuragKomal

JeevanCDA

Endowment Vesting

At 21Marriage

Endowment
http://www.licindia.com/children_need_001_benefits.htmhttp://www.licindia.com/children_need_001_benefits.htmhttp://www.licindia.com/children_need_002_features.htmhttp://www.licindia.com/children_need_002_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_002_features.htmhttp://www.licindia.com/children_need_002_features.htmhttp://www.licindia.com/children_need_001_benefits.htmhttp://www.licindia.com/children_need_001_benefits.htm


290/400

Or Educational

Annuity PlanCDA

Endowment Vesting

At 18Jeevan

KishoreJeevan

ChhayaChild Career

PlanChild Future

PlanJeevan
http://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_003_features.htmhttp://www.licindia.com/children_need_003_features.htmhttp://www.licindia.com/children_need_004_features.htmhttp://www.licindia.com/children_need_004_features.htmhttp://www.licindia.com/children_need_007_features.htmhttp://www.licindia.com/children_need_007_features.htmhttp://www.licindia.com/children_need_008_features.htmhttp://www.licindia.com/children_need_008_features.htmhttp://www.licindia.com/handicapped_001_features.htmhttp://www.licindia.com/handicapped_001_features.htmhttp://www.licindia.com/children_need_008_features.htmhttp://www.licindia.com/children_need_008_features.htmhttp://www.licindia.com/children_need_007_features.htmhttp://www.licindia.com/children_need_007_features.htmhttp://www.licindia.com/children_need_004_features.htmhttp://www.licindia.com/children_need_004_features.htmhttp://www.licindia.com/children_need_003_features.htmhttp://www.licindia.com/children_need_003_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htm


291/400

Aadhar Jeevan

VishwasThe

Endowment

Assurance

PolicyThe

Endowment

Assurance Policy-

Limited
http://www.licindia.com/handicapped_001_features.htmhttp://www.licindia.com/handicapped_002_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/handicapped_002_features.htmhttp://www.licindia.com/handicapped_002_features.htmhttp://www.licindia.com/handicapped_001_features.htmhttp://www.licindia.com/handicapped_001_features.htm


292/400

PaymentJeevan

Mitra(Double

Cover

Endowment Plan)Je

evan Mitra(Triple

Cover Endowment

Plan)Jeevan

Anand New
http://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_005_features.htmhttp://www.licindia.com/endowment_005_features.htmhttp://www.licindia.com/endowment_005_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htm


293/400

Janaraksha

PlanJeevan

AmritJeevan Shree-

IJeevan Pramukh24
http://www.licindia.com/endowment_006_features.htmhttp://www.licindia.com/endowment_006_features.htmhttp://www.licindia.com/endowment_007_features.htmhttp://www.licindia.com/endowment_007_features.htmhttp://www.licindia.com/high_worth_001_features.htmhttp://www.licindia.com/high_worth_001_features.htmhttp://www.licindia.com/high_worth_002_benefits.htmhttp://www.licindia.com/high_worth_002_benefits.htmhttp://www.licindia.com/high_worth_001_features.htmhttp://www.licindia.com/high_worth_001_features.htmhttp://www.licindia.com/endowment_007_features.htmhttp://www.licindia.com/endowment_007_features.htmhttp://www.licindia.com/endowment_006_features.htmhttp://www.licindia.com/endowment_006_features.htm


294/400


295/400

http://htm


296/400

Unit plans:Unit plans are

investment plans

for those who

realize the worth

of hard-

earnedmoney.

These plans help


297/400

you see your

savings yield

rich benefits and

help you savetax

even if you dont

have consistent

income.Jeevan plus


298/400

Future plusBima plusMarket plusMoney plusProfit plusFortune plus


299/400

Fortune

plus:It is a unit linkedassurance planwhere premium

payment term


300/400

(PPT) is 5 years

andthe premium

payable in the

first year will be

50% of total

premium payable

under the policy.

The level of


301/400

cover will

depend on the

level of premium

you agree to

pay.Four types of

investment funds

are offered.

Premiums paid


302/400

after allocation

charge

will purchase

units of the Fund

type chosen. The

Unit Fund is

subject to

various


303/400

chargesand value

of the units may

increase or

decrease,

depending on the

Net Asset

Value(NAV).

The plan


304/400

therefore serves

the purpose of

insurance-cum-

investment.1. Payment of

Premiums:You may pay

premiums


305/400

regularly at

yearly, half-

yearly,quarterly

or monthly

(ECS) intervals

for 5 years. The

minimum First

year


306/400

premiumwill be

Rs.20,000/- and

you may pay any

amount

exceeding it.

From second

year onwards

each years


307/400

premium will be

25% of the first

year premium.Other Features:i)

Partial Withdra

wals:You may encash

the units partially


308/400

after the third

policyanniversar

y subject to the

following:i) In

case of minors,

partial

withdrawals shall

be allowed from


309/400

the policy

anniversarycoinc

iding with or

next following

the date on

which the life

assured attains

majority(i.e. on


310/400

or after18th

birthday).ii)

Partial

withdrawals may

be in the form of

fixed amount or

in the form of

fixednumber of


311/400

units.iii) For 2

years period

from the date of

withdrawal, the

Sum Assured

under the

Basic plan shall

be reduced to the


312/400

extent of the

amount of partial

withdrawals

made.iv) Under

policies where

less than 3 years

premiums have

been paid and


313/400

further premium

s are not paid,

the partial

withdrawals shall

not be allowed.v)

Under policies

where atleast 3

years premiums


314/400

have been paid,

partial

withdrawalwill

be allowed

subject to

Policyholders

Fund Value


315/400

being atleast Rs.

10,000/-.ii) Switching:You can switch

between any

fund types for

the entire Fund

Value26


316/400

during the policy

term subject to

switching

charges, if any.iii)

Discontinuance

of premiums:


317/400

If premiums are

payable either

yearly, half-

yearly,quarterly

or monthly

(ECS) and the

same have not

been duly paid


318/400

within the days

of grace under

the Policy, the

Policy will lapse.

A lapsed policy

can be revived

duringthe period

of two years


319/400

from the due date

of first unpaid

premium.I)

Where atleast 3

years premiums

have been paid,

the Life Cover

and


320/400

AccidentBenefit

rider, if any,

shall continue

during the

revival

period.During

this period, the

charges for


321/400

Mortality and

Accident Benefit

cover, if any,

shall be taken, in

addition to other

charges, by

canceling an

appropriate


322/400

number of units

outof the

Policyholders

Fund Value

every month.

This will

continue to

provide


323/400

relevantrisk

covers for:i. two

years from the

due date of first

unpaid premium,

or ii. Till the date

of maturity,

or iii. Till such


324/400

period that the

Policyholders

Fund Value

reduces to Rs.

5,000/-

,whichever is

earlier.The

benefits payable


325/400

under the policy

in different

contingencies

during this

periodshall be as

under:A.


326/400

In case of Death:

Higher of Sum

assured under the

Basic Plan or the

PolicyholdersFu

nd Value. The

Sum Assured

shall be subject


327/400

to provisions of

Partial

Withdrawalsmad

e, if any.B.In case of Death

due to accident:

Accident Benefit


328/400

Sum Assured in

addition to

theamount under

A above, if

Accident Benefit

is opted for.C.


329/400

On Maturity:

The

Policyholders

Fund Value.D.In case of

Surrender

(including


330/400

Compulsory

Surrender): The

Policyholders

FundValue. The

Surrender value,

however, shall be

paid only after


331/400

the completion

of 3 policy years.E.In case of Partial

Withdrawals: For

2 years period

from the date of

withdrawal,


332/400

thesum assured

under the basic

plan shall be

reduced to the

extent of the

amount

of partial


333/400

withdrawals

made.II)Where the policy

lapses without

payment of at

least 3 years

premiums, the


334/400

LifeCover and

Accident Benefit

rider cover, if

any, shall cease

and no charges

for these benefits

shall be

deducted.


335/400

However,

deduction of all

the other charges

shall

continue.The

benefits under

such a lapsed

policy shall be


336/400

payable as

under:27F.In case of Death:

The

Policyholders

Fund Value.


337/400

G.In case of death

due to accident:

Only, the amount

as under F

above.H.


338/400

In case of

Surrender

(including

Compulsory

Surrender):

Policyholders

FundValue /

monetary value


339/400

as the case may

be, shall be

payable after the

completion

of the third

policy

anniversary. No

amount shall be


340/400

payable within 3

years from the

dateof

commencement

of policy.I.In case of Partial

withdrawal:


341/400

Partial

Withdrawals

shall not be

allowed under

such a policy

even after

completion of 3

years period.


342/400

iv)Revival: If due

premium is not

paid within the

days of grace,

the policy lapses.

Alapsed policy

can be revived


343/400

during the period

of two years

from the due date

of firstunpaid

premium or

before maturity,

whichever is

earlier. The


344/400


345/400

premiums have

not been paid for

at least 3 full

years, the policy

may be

revivedwithin

two years from

the due date of


346/400

first unpaid

premium. The

revival shall be

madeon

submission of

proof of

continued

insurability to


347/400

the satisfaction

of the

Corporationand

the payment of

all the arrears of

premium without

interest.If at least

3 full years


348/400

premiums have

been paid and

subsequent

premiums are

not paid, the

policy may be

revived within

two years from


349/400

the due date of

first

unpaid premium

but before the

date of maturity.

No proof of

continued

insurability shall


350/400

berequired but

all arrears of

premium without

interest shall be

required to be

paid.The

Corporation

reserves the right


351/400

to accept the

revival at its own

terms or decline

therevival of a

lapsed policy.

The revival of a

lapsed policy

shall take effect


352/400

only after the

same is approved

by the

Corporation and

is specifically

communicated in

writingto the

Proposer / Life


353/400

Assured.Irrespect

ive of what is

stated above, if

less than 3 years

premiums have

been paid andthe

Policyholders

Fund Value is


354/400

not sufficient to

recover the

charges, the

policy shall be

terminated and

thereafter revival

will not be

entertained. If 3


355/400

years or more

than 3years

premiums have

been paid and the

Policyholders

Fund Value

reduces to

Rs.5000/-, the


356/400

policy shall

terminate and

Policyholders

Fund Value as on

such date

shall be refunded

to the Life

Assured and


357/400

thereafter revival

will not be

allowed.v)Settlement

Option: When

the policy comes

for maturity, you


358/400

may

exerciseSettlem

ent Option and

may receive the

policy money in

instalments

spread over

a period of not


359/400

more than five

years from the

date of maturity.

There shall not

be anylife cover

during this

period. The value

of installment


360/400

payable on the

date

specifiedshall be

subject to

investment risk

i.e. the NAV

may go up or

down depending


361/400

uponthe

performance of

the fund.


362/400

Risks borne

by the

Policyholder:i) LICs Fortune

Plus is a Unit

Linked Life

Insurance

product which is


363/400

different fromthe

traditional

insurance

products and are

subject to the

risk factors.ii)

The premium

paid in Unit


364/400

Linked Life

Insurance

policies are

subject to

investmentrisks

associated with

capital markets

and the NAVs of


365/400

the units may go

up or

down based on

the performance

of fund and

factors

influencing the

capital market


366/400

and theinsured is

responsible for

his/her

decisions.iii)

Life Insurance

Corporation of

India is only the

name of the


367/400

Insurance

Companyand

LICs Fortune

Plus is only the

name of the unit

linked life

insurance

contract anddoes


368/400

not in any way

indicate the

quality of the

contract, its

future prospects

or returns.iv)

Please know the

associated risks


369/400

and the

applicable

charges, from

your

Insuranceagent

or the

Intermediary or

policy document


370/400

of the insurer.v)

The various

funds offered

under this

contract are the

names of the

funds and do

notin any way


371/400

indicate the

quality of these

plans, their

future prospects

and returns.vi)

All benefits

under the policy

are also subject


372/400

to the Tax Laws

and other

financialenactme

nts as they exist

from time to

time.Cooling off

period:


373/400

If you are not

satisfied with the

Terms and

Conditions of

the policy, you

may returnthe

policy to us

within 15 days.


374/400

Loan:No loan will be

available under

this plan.Assignment:Assignment will

be allowed under

this plan.


375/400

Exclusions:any amount

exceeding it.

From second

year onwards

each

yearspremium

will be 25% of


376/400

the first year

premium.In case

the Life Assured

commits suicide

at any time

within one year,

the

Corporationwill


377/400

not entertain any

claim by virtue

of the policy

except to the

extent of

thePolicyholder

s Fund Value on

death.


378/400

MARKET

PLUSIN THIS

POLICY, THE

INVESTMENT

RISK IN


379/400

INVESTMENT

PORTFOLIO

ISBORNE BY

THE

POLICYHOLDE

R"LICs MARKET

PLUS:


380/400

This is a unit

linked deferred

pension plan.

You can take the

plan with or

without

risk cover. You

can also choose


381/400

the level of cover

within the limits,

which will

depend

onwhether the

policy is a Single

premium or

Regular premium


382/400

contract and on

the levelof

premium you

agree to pay.The

allocated

premiums will be

applied to

purchase units as


383/400

per the Fund type

chosen.Your

Unit Account

will be subject to

deduction of

charges as

specified in the

PolicyConditions


384/400

. The value of the

units in the Unit

Fund may

increase or

decrease,dependi

ng on the

investment return

of the assets


385/400

representing the

chosen Fund.i.Payment of

Premiums:You may pay

premiums

regularly at

yearly, half-


386/400

yearly or

quarterly

intervals over the

term of the

policy. The

minimum

annual premium

will be Rs.5,


387/400

000/- increasing

thereafter in

multiples of

Rs.1, 000/-

.Alternatively, a

Single premium

can be paid

subject to a


388/400

minimum

of Rs.10,000 and

thereafter in

multiples of

Rs.1, 000.ii.Benefits:


389/400

A) Death

Benefit:If the Life cover

is opted for, the

Sum Assured

under the Basic

Plan

together with the


390/400

Fund Value of

units either as a

lump sum or as

pension. In case

the policy is

taken without

life cover, then

the Fund Value


391/400

of the units held

in

thePolicyholder

s Unit Account

shall be payable

either as a lump

sum or as

a pension.The


392/400

amount of

pension will

depend on the

then prevailing

immediate

annuityrates

under the annuity

option chosen.


393/400

B) Benefit on

Vesting:30

On yoursurviving to the

date of vesting,


394/400

the Fund Value

of the units held

inyour Unit

Account will

compulsorily be

utilized to

provide a

pension based


395/400

onthe then

prevailing

immediate

annuity rates

under the

relevant annuity

option.However,

you may opt to


396/400

commute up to

one-third of the

Benefit to be

paid asa lump

sum. Further,

you may choose

to purchase

pension from


397/400

LIC or other life

insurance

company.Accident Benefit

Option:If you have opted

for life cover,

you may opt


398/400

for Accident

Benefit equal to

life cover subject

to minimum Rs.

25,000

andmaximum

Rs. 50 lakh

(taken all


399/400

policies with LIC

of India and

other insurers).In

case of death by

Accident, an

additional sum

equal to


400/400

Accident benefit

will be payable.

Project on Lic Agent

Documents

Transcript of Project on Lic Agent