What Is Life Insurance?

As individuals, we are bound to be different. Each person has different insurance needs and requirements than the others. The Insurance Plans from LIC are policies that talk to you as an individual and give you the best choices for your needs.

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, in which the insurer promises to pay a designated beneficiary a certain amount of money if the insured person dies (often the policyholder). Depending on the contract, you may also have to pay if you get a terminal illness or a critical illness. Most of the time, the policyholder pays a premium, either regularly or all at once. The benefits could cover other costs, like funeral costs.

Life insurance policies are legal contracts, and the limits of the insured events are spelled out in the terms of each contract. Often, the insurer’s responsibility is limited by clauses in the contract that say they won’t pay for things like suicide, fraud, war, riots, and other kinds of civil unrest. Problems can happen if an event isn’t clearly defined, like if the insured knew they were taking a risk by agreeing to an experimental medical procedure or taking a drug that caused them to get hurt or die.

Modern life insurance is similar to the industry of managing assets, and life insurers have added products like annuities to their lineups to help people save for retirement.

Most life-based contracts fall into two main groups:

Protection policies are made to pay out a benefit, usually in the form of a lump sum, if a certain thing happens. Term insurance is a type of protection policy that is often used.
The main goal of investment policies is to help capital grow through regular or one-time premium payments. Whole life, universal life, and variable life policies are common types in the United States.

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About Life Insurance

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A life insurance policy is an agreement between an insurance company and a policyholder. In exchange for a premium, the insurance company promises to pay the policyholder a fixed amount of money after a certain amount of time or when the policyholder dies.

There are only two basic kinds of life insurance:

1. Pure Protection plan i.e., Term Insurance Plan

2. Savings Plan

Pure Protection plans are made to protect your family’s future by giving them a lump sum payment in the event that you die. A savings plan, on the other hand, is a financial product that helps you plan for long-term goals like buying a house, paying for your kids’ college, and more, while also giving you life insurance.


Our Motive

By purchasing life insurance, you can shield your spouse and kids from the potentially catastrophic financial losses that could arise in the event of your passing. It offers financial stability, aids in debt repayment, assists in covering living expenditures, and aids in covering any last or medical costs.

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Why should you buy online

Online services save you time and make it easy to buy a health plan. With the old way of buying a plan, you had to explain all your needs to the insurance agents and go through a long process. All you have to do is fill out a quote form and choose the best health insurance policy from the ones that show up on your screen.

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Services We Provide

Types Of Insurance We Have


Car Insurance

Car insurance, also called auto insurance or motor insurance, is a type of vehicle insurance policy that protects you and your car from risks and damages caused by accidents, thefts, or natural disasters.

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Health Insurance

Health insurance is an insurance product that pays for a person’s medical and surgical costs. It pays back the costs that were incurred because of illness or injury, or it pays the care provider directly.

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Retirement Plan

In old age, when people don’t have a regular source of income, pension plans give them financial security and stability. A retirement plan makes sure that people can live with pride and keep up their standard of living as they get older.

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Family Plans

The term “Family Plan” refers to a plan that covers the member, his or her eligible spouse, and/or his or her eligible dependent children.

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Term Plan

Term insurance is a type of life insurance that covers you for a set number of years, or a term. This kind of life insurance pays out money to the nominee if the insured dies during the policy term.

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General Insurance

General insurance, also called “non-life insurance,” covers things like cars and homes. It pays out based on how much money was lost because of a certain event.

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Child Plan

A child plan is a combination of an investment and insurance that helps plan for a child’s future financial needs.

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Travel Insurance

When you plan your trip in the best way possible, it’s easier and less stressful. This is because something unexpected could happen at any time during the trip and change all your plans. If the truth be known, these bad things may affect travellers not only emotionally and physically, but also financially.

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Life Insurance

A person and an insurance company sign a contract when they buy life insurance. In exchange for regular premium payments, the insurance company agrees to pay a lump sum, called a death benefit, to the policyholder’s beneficiaries after the policyholder dies.

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