Due to Kovid, there has been a huge change in the insurance market and awareness about term insurance and health insurance has increased among the customers . Life Insurance Corporation of India (LIC) has got a big advantage of this. There may be many plans available in the market at low premiums, yet people prefer LIC plans and there are some reasons for this.
LIC vs Private Companies
According to the data of IRDAI ‘s 2019-20 report , all private life insurance companies had passed 1.16 lakh claims, while LIC passed 7.58 lakh claims . Private life insurance companies had paid a total amount of Rs 5,725 crore , while LIC paid Rs 13,694 crore .
LIC has a huge customer base and accordingly achieving a settlement ratio of 96.69% ( based on the number of policies ) is considered a very good performance .
The ratio of LIC on the basis of benefit amount is 93.45 % . In April, LIC’s new business premium increased by 74% compared to the previous April, while private companies had increased by more than 90% .
Sales of term insurance plans increased
Although LIC ‘s plans are related to Insurance , Protection , Wealth Creation , Pension , Unit Linked Plans and Endowment , but the fear of Corona has increased the sale of term plans and health plans . LIC ‘s executive director P. According to Muraleedharan , “ The term insurance portfolio of the company has grown by 100% as compared to last year . Now people are looking for more cover in less premium . Now people are choosing maximum sum assured and check claim settlement ratio .”
People have shown a lot of enthusiasm for these plans of LIC :
|LIC plans||plan type||Policy Term ( Years )||Maturity Age ( Max .)||sum assured|
|LIC Jeevan Amar||Pure Term Insurance Plan||10-40||80 years||Rs.25 Lakh ( Min . )|
|LIC Jeevan Umang||Whole Life Insurance + Endowment||up to 100 years||100 years||Rs.2 Lakh ( Min . )|
|LIC New Jeevan Anand||endowment plan||15-35 years||75 years||Rs.1 Lakh ( Min . )|
LIC Jeevan Amar Plan
This is a pure term insurance plan of LIC which is for the people of the age group of 18-65 years . Under this, the maximum age maturity is 80 years . The policy term under Jeevan Amar will be 10-40 years . You can pay under Single , Regular and Limited Premium . The minimum premium installment will be Rs 3,000 under the regular and limited premium option . Whereas , the minimum premium installment under single premium option is Rs.30,000 .
Example: If you are 30 years of age , you are not a smoker and you want to take Sum Assured of Rs 50 lakh with a term policy of 20 years then the regular annual premium premium will be Rs 5,940.
LIC Jeevan Umang Plan
The biggest feature of this policy is the guarantee of 8% return . If you have paid all the installments till the end of the premium term , then you get money for life with a guarantee. This is a lifetime insurance plan . It also gets the Final Edition bonus . If you live for 100 years then you get very big maturity . If something happens before this, then the nominee gets a big relief in the form of death benefit . Loan facility is also available in this policy .
Example: If you are 43 years old , you take a sum assured of Rs.25 lakh for a term of 15 years, then the annual premium installment will be Rs 20,505 and from the age of 58 you will get Rs 20,000 at 8% per annum will start.
LIC Jeevan Anand Plan
This is one of the best selling policies of LIC . For those who want to get the maturity of their policy , as well as leave something behind , this is the best policy for them .
In this scheme, it is necessary to take a sum assured of Rs 1 lakh and there is no maximum investment limit . The policy term is 15 to 35 years. There is also a bonus in the plan, which is available every year. It also has tax exemption under income tax.
Example: If someone joins this policy at the age of 18 and takes 35 years plan for Sum Assured of Rs 1 lakh, then his annual premium will be around Rs 1,07,600 and he has to deposit this amount in 35 installments. Will be . On maturity of the policy, the policy holder will get around Rs 4.50 lakh .
What do experts say?
Certified Financial Planner Vishal Shah explains that whether to invest in an insurance plan or a term plan or any other investment asset , the customer should decide only after ascertaining his requirement and taking into account the risk – capacity . For decisions related to finance, the opinion of a registered economic advisor should be taken .