Lic Policy-for Different Ages

The life insurance also called as life assurance is a contract between insurance policy as well as insurance agent

. There are several LIC policies for each age like childrens, whole life plans, money back plans, Plans for handicapped persons and many other plans.

There are two types of plans of pension plan from LIC

-Contribution plan as well as Benefit plan

Contribution plan is the registered plan of the employee contributing by employee as well as the employer on a certain percentage of the employee income. When the employee retires at a certain age a large sum is invested to provide a pension plan.

The Benefit plan has percentage of contribution x monthly income requirement x years of service = monthly retirement benefit. It has two known factors. One is known factor and other is unknown factor. The formula used may provide for several variations, based on the amount of the pension

Best five years of earnings.

Best five years of earnings in the last ten years

The Pension plus policy is a unit linked plan from LIC. This plan provides the policy holders with a minimum guarantee on the gross premiums paid. The premium of this policy are paid annually, monthly, quarterly. A grace period of will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums. The minimum age of this age for this plan is 18 years and maximum age of this plan is 75 years. In this plan the single premium is Rs 30,000. as well as regular premium is Rs 1, 00,000.

Jana Shree Bima Yojna is a lic policy plan from lic. A person who is between 18 yrs and 59 yrs. Shiksha Sahayog Yojana is a for the benefit of children of members of Janashree Bima Yojana. The scheme will be administered through Pension and Group Schemes from LIC. In this no premium is charged for the scholarship.

by: asish

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