Friday, November 5, 2010

Life Insurance Policies and Provider in India

People's Money for People's Welfare.

The Life Insurance Corporation of India has been a nation builder since its formation n 1956. True to the objective of nationalization, the LIC has mobilized the funds invested by the people in the life insurance for the benefit of the community at large.

LIC has deployed the funds to the best advantage of the policy holders as well as the community as the whole, true to the spirit of nationalization. National priorities and obligation of reasonable returns to the policyholders are the main criteria of their investments.

The total funds, so invested for the benefit of the community at large accumulated to Rs. 815484 crore as on 31st March 2009. The Investment of the LIC's funds is governed by Section 27A of the Insurance Act, 1938 subsequent guidelines/instructions issued thereunder by the Government of India from time to time and the IRDA by way of regulations.

As per the prescribed investment pattern approved by IRDA, the controlled funds are invested as follows: Not less than 50% is invested in Government securities or other approved investments.

LIC Other Plans: a) Money Back Plans (Table Nos. 75 & 93): Besides providing life cover during the term (20 & 25 years) of the policy, survival benefits linked to the sum assured during the term of the policy will be available.

b) Jeevan Mitra (Table Nos. 88 & 133): An Endowment Assurance Plan providing for twice or thrice the sum assured payable on death of the life assured during the policy term.

c) Jeevan Saathi (Table No. 89): A With-Profits Joint Life Endowment Assurance plan for both husband and wife.

d) Fixed Term (Marriage) Endowment/Educational Annuity (Table No. 90): An ideal plan for making provision for education/star-in-life or marriage of children. Claim/Annuity is payable after expiry of policy term.

LIC is the nation's insurance builder.


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