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.