LIC products - Insurance Products, Principles of Insurance Video Lecture | Principles of Insurance - B Com

Ans. LIC products refer to the various insurance products offered by LIC (Life Insurance Corporation of India). LIC offers a wide range of insurance products such as term insurance, endowment plans, money-back plans, pension plans, ULIPs, and health insurance plans.

Ans. The principles of insurance are as follows: 1. Principle of Utmost Good Faith: Both the insurer and insured must disclose all relevant information truthfully. 2. Principle of Insurable Interest: The insured must have a financial interest in the subject matter of insurance. 3. Principle of Indemnity: The insured is entitled to be compensated for the actual loss suffered, up to the extent of the sum insured. 4. Principle of Contribution: If the same risk is insured with multiple insurers, each insurer will contribute to the loss proportionately. 5. Principle of Subrogation: After compensating the insured, the insurer is entitled to take over the rights and remedies of the insured against any third party responsible for the loss.

Ans. LIC offers various types of insurance products, including: 1. Term Insurance: Provides pure life cover for a specified term. 2. Endowment Plans: Provides both life cover and a savings component. 3. Money-Back Plans: Provide periodic payouts during the policy term along with life cover. 4. Pension Plans: Provide regular income after retirement. 5. ULIPs (Unit Linked Insurance Plans): Combine life insurance with investment options. 6. Health Insurance Plans: Provide coverage for medical expenses and hospitalization.

Ans. LIC insurance products can be purchased through various channels: 1. LIC Branch Offices: Visit the nearest LIC branch office and meet with an LIC agent or representative to purchase the desired insurance product. 2. LIC's Online Portal: Visit LIC's official website and explore the options to buy insurance online. Fill in the necessary details, choose the desired product, and make the payment online. 3. LIC Agents: Contact an LIC agent directly and discuss the available insurance products. The agent will assist you in purchasing the suitable product.

Ans. LIC insurance products offer several benefits, including: 1. Financial Protection: Insurance products provide financial protection to the insured and their family against unforeseen events such as death, disability, or critical illness. 2. Savings and Investment: Many LIC products combine insurance with savings or investment options, allowing policyholders to build a corpus for future needs or goals. 3. Tax Benefits: Premiums paid towards LIC insurance products are eligible for tax deductions under Section 80C of the Income Tax Act. 4. Maturity and Death Benefits: LIC products provide maturity benefits upon survival of the policy term and death benefits to the nominee in case of the insured's demise. 5. Flexibility: LIC offers a variety of insurance products to cater to the diverse needs and preferences of individuals. Policyholders can choose the policy term, sum insured, premium payment frequency, and other features according to their requirements.