Life Insurance

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Life Insurance

You will do anything for the ones you love. Thinking about why you need life insurance can be an emotional and stressful task. However, life insurance is one of the most responsible decisions you can make to help ensure that your spouse, children or other loved ones can continue to enjoy the quality of the life they deserve. Life is unpredictable.

So it is important to ensure that your family and loved ones are taken care of financially in case something should happen to you. This is where life insurance comes in.It can provide some financial peace of mind if the worst were to happen.

What is Life Insurance?

LIC Plans

Types of Life Insurance


Jeevan Shanti is a Single Premium Payment plan with guaranteed pension for lifetime.

It has multiple options of taking pension from joint life pension for lifetime or increasing pension every year.

The pension can be commenced immediately, or it can also be deferred.

Guaranteed Bonus which will be added every month to the policy.

The loan is available after the completion of 1 Year.

The NPS subscribers can also opt for this pension plan.

Death benefit can be availed in lumpsum or in installments.

The policy holder will get the tax benefit u/s 80C.


This is a popular insurance plan which not only provides insurance cover for the family in the event of premature death but also ensures a lump sum payment after the prefixed term along with bonus & final additional bonus.

This is useful for any individual who wishes to plan for a future event in his life like the marriage of his children or for their higher studies or for any other contingency.

Here the individual pays for a certain period and gets the returns at the end of the determined period. In case of a unit linked plan he can withdraw the money anytime during the duration of his policy also.


This plan provides protection against the risk of living too long. Under this plan the individual pays the premium upto a certain period of time and gets the maturity benefits on the completion of the term. After getting the maturity benefits the life of the insured is covered upto the age of 70 to 99 varying from company to company.

This policy is beneficial for an individual who wants to protect himself in his older days and also wants to leave some asset behind for his spouse or his children on his demise.


A money back policy is also known as an anticipated endowment policy. The salient feature of a money back policy is that it provides for a cover for a limited period which normally extends to a maximum of 25 years. The insurance company pays back a certain percentage of the sum assured every 5 years (or 4 also in case of certain companies) depending on the duration of the coverage period. In addition to this on the maturity of the policy the sum assured and bonus is payable.

A money back plan is very suitable for an individual who is just beginning his career or his family as it provides for the periodical availability of money to the individual.


Child insurance policies are the most prevalent form of insurance covers taken by the parents to provide for the secured future of their children.

Child insurance policy coverage can be taken in any of the following forms:

Where The Parents, paying The Premium

In such a case the insured person is the child and the parents pay the premium. In some cases the parents choose a waiver of premium benefit rider on their life in which case on the death of the paying parent the insurance company pays the premium for the remaining period, thus ensuring continuation of the desired benefits to the insured.

This policy is specifically very beneficial for children when they are insured for a long duration with a limited paying period as the policy acquires a high value over a long period of time & serves as an asset for the child’s future.

Where The Child Is The Beneficiary

In this case the life insured is that of the parent and the child is the beneficiary. In this case the child gives the claim money in the unfortunate death of the parent.

This policy is useful for parents who want to provide for their child’s future to protect him against any eventuality.

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