| |
Life
insurance in
India made its debut well over 100 years ago.
In
our country, which is one of the most populated in the world, the prominence
of insurance is not as widely understood, as it ought to be. What follows is
an attempt to acquaint readers with some of the concepts of life insurance,
with special reference to LIC.
It
should, however, be clearly understood that the following content is by no
means an exhaustive description of the terms and conditions of an LIC policy
or its benefits or privileges.
For
more details, please contact our branch or divisional office. Any LIC Agent
will be glad to help you choose the life insurance plan to meet your needs
and render policy servicing.
What
Is Life Insurance?
For
more details, please contact our branch or divisional office. Any LIC Agent
will be glad to help you choose the life insurance plan to meet your needs
and render policy servicing.
Life
insurance, in short, is concerned with two hazards that stand across the
life-path of every person:
- That of dying prematurely leaving a dependent family to fend for
itself.
- That of living till old age without visible means of support.
With
Profit And Without Profit Plans
An
insurance policy can be 'with' or 'without' profit. In the former, bonuses
disclosed, if any, after periodical valuations are allotted to the policy
and are payable along with the contracted amount.
In
'without' profit plan the contracted amount is paid without any addition.
The premium rate charged for a 'with' profit policy is therefore higher than
for a 'without' profit policy.
|
|
|
