Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Children Plans from L.I.C. provide safeguard and planned savings for the future of your children with respect to funding their upbringing, education, career, marriage, etc. Numbers of options are available to satisfy and match your goals for your children.
Endowment plan is term insurance policy with maturity benefits. In case of demise of policyholder, the Sum Assured along with accrued bonuses (if any) is paid to the beneficiary. On survival of policyholder, the same is paid on the maturity date.
Pure Protection Plans are specially designed to offer only Life Cover at a very low premium. There are short term plans, long term plans and convertible plans in this category.
Health plans from LIC give you the financial security to meet health related contingencies.
Ulip plans are investment plans for those who realise the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have consistent income.