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Insurance Companies
Insurance Companies
1. increasing overlap and blurred distinctions between insurance and financial investment
companies.
2. Add in the insurance and banking meltdown of 2008/2009, which broke up, merged and
destroyed several companies
PRODUCTS
LIC has a variety of insurance plans to choose from. These plans cater to all categories of people and
to their diverse needs. The plans are simply unmatched in reliability, benefits and in providing
happiness and security.
Objectives of LIC:
1. Spread of Life Insurance widely an in particular to the rural areas an to the socially an
economically backward classes with a view to reaching all insurable persons in the country and
providing them adequate financial cover against death at reasonable cost.
2. Maximise mobilisation of people’s savings by making insurance-linked savings adequately
attractive.
3. Conduct business with utmost economy and with the full realisation that the money’s belong to
the policy holders.
4. Act as trustee’s of the insured public in their individual as well as collective capacities.
5. Meet the various Life Insurance needs of the community that would arise in the changing social
and economics environment.
6. Involve all people working in the corporation to the best of their capability in furthering the
interest of the insured public by providing efficient service with courtesy.
7. Bear in mind, in the investment of funds, the primary obligation to its policy holders, whose
money it holds in trust, without losing sight of the interest of the community as a whole; the funds
to be deployed to the best of advantage of the investors as well as the community as a whole,
keeping in view the national priorities and obligations of attractive returns.
8. Promote amongst all employees and agents of the corporation, pride and job satisfaction through
discharge of their duties with dedication
INSURANCE PLANS
1. Children Plans
2. Plans for Handicapped Dependents:
3. Endowment Assurance Plan:
4. Plans for High Worth Individuals:
5. Money Back Plans:
PENSION PLAN
• Jeevan Nidhi
• Future Plus (closed for sale)
• Jeevan Akshay-III (closed for sale)
• Jeevan Akshay-IV (closed for sale)
• Jeevan Akshay-V
• New Jeevan Dhara-I
• New Jeevan Suraksha-I
INSURANCE PLANS
As individuals it is inherent to differ. Each individual’s insurance needs and requirements are
different from that of the others. LIC’s Insurance Plans are policies that talk to customers
individually and give customers the most suitable options that can fit customer’s requirement.
1. Children Plans:
As the name suggest Children Plans are made spicily for Children. It gives secured future to the
parents and their children by different schemes mentioned below:
• Jeevan Anurag
• Komal Jeevan
• Marriage Endowment Or
• Educational Annuity Plan
• Jeevan Kishore
• Jeevan Chhaya
• Child Career Plan
• Child Future Plan
2. Plans for Handicapped Dependents:
LIC also provides support and make more able to build the status in the society by making them
INDEPENDENT.
• Jeevan Aadhar
• Jeevan Vishwas
3. Endowment Assurance Plan:
This policy not only makes provisions for the family of the Life Assured in event of his early
death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide
an annuity during the remainder of his life or in any other way considered suitable at that time.
• The Endowment Assurance Policy
• The Endowment Assurance Policy-Limited Payment
• Jeevan Mitra(Double Cover Endowment Plan)
• Jeevan Mitra(Triple Cover Endowment Plan)
• Jeevan Anand
4. Plans for High Worth Individuals:
This is an Endowment Assurance plan offering the choice of many convenient premium paying
terms. It provides financial protection against death throughout the term of plan with the
payment of maturity amount on survival to the end of the policy term.
• Jeevan Shree-I
• Jeevan Pramukh
5. Money Back Plans:
This type of policies is that in the event of death at any time within the policy term, the death
claim comprises full sum assured without deducting any of the survival benefit amounts, which
have already been paid. Similarly, the bonus is also calculated on the full sum assured.
• The Money Back Policy-20 Years
• The Money Back Policy-25 Years
• Jeevan Surabhi-15 Years
• Jeevan Surabhi-20 Years
• Jeevan Surabhi-25 Years
• Jeevan Rekha (closed for sale)
6. Term Assurance Plan:
The Term Assurance plan caters to the individuals who specifically require insurance cover
against risk for specific period, for instance persons who are required to go on tours for instance
for a year or so.
• Two Year Temporary Assurance Policy
• The Convertible Term Assurance Policy
• Anmol Jeevan-I
• Amulya Jeevan
PENSION PLAN
Pension Plans are Individual Plans that looks into your future and foresee financial stability
during your old age. These policies are most suited for senior citizens and those planning a
secure future, so that you never give up on the best things in life.
Following are the Pension Plan which LIC offers:
• Jeevan Nidhi
• Future Plus (closed for sale)
• Jeevan Akshay-III (closed for sale)
• Jeevan Akshay-IV (closed for sale)
• Jeevan Akshay-V
• New Jeevan Dhara-I
• New Jeevan Suraksha-I
UNIT PLAN
Unit 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.
• Jeevan Plus (closed for sale)
• Future Plus (closed for sale)
• Bima Plus (closed for sale)
• Market Plus
• Money Plus
SPECIAL PLANS
LIC’s Special Plans are not plans but opportunities that knock on your door once in a lifetime.
These plans are a perfect blend of insurance, investment and a lifetime of happiness!
2. Special Plan:
INTRODUCTION OF UTIMF
UTI Mutual Fund is managed by UTI Asset Management Company Private Limited (Estb: Jan 14,
2003) who has been appointed by the UTI Trustee Company Private Limited for managing the
schemes of UTI Mutual Fund and the schemes transferred / migrated from UTI Mutual Fund.
UTI Mutual Fund has come into existence with effect from 1st February 2003. UTI Asset
Management Company presently manages a corpus of over Rs. 34500 Crore.
UTI Mutual Fund has a track record of managing a variety of schemes catering to the needs of
every class of citizenry. It has a nationwide network consisting 70 UTI Financial Centers (UFCs)
and UTI International offices in London, Dubai and Bahrain.
6. UTI - ULIP
An open-ended balanced fund with an objective of investing not more than 40% of the funds in
equity and equity related instruments and balance in debt and money market instruments with
low to medium risk profile. Investment by an individual in the scheme is eligible for exemption
under section 88 of the IT Act 1961. In addition the scheme also offers Life Insurance and
Accident Insurance cover.
CONCLUSION
Growth of Indian Economy is not a consumption driven but it is an investment driven growth,
and opens a wide variety of investment avenues. We, in the project, focused on two best
avenues from the top two companies. LIC (Life insurance corporation of India) and UTI (Unit
trust of India) helps us to gain the knowledge of products and services offered by them. As one
provides insurance cover for securing a life and another organisation plays a role of collecting
money from their customers and invest in a proper manner in different avenues. If one would
read the project can easily understand that what LIC and UTI catering their products to their
customers and help their customers to achieve a better standard for near future life.