B Com Exam > B Com Notes > Principles of Insurance > LIC products - Insurance Products - Principles of Insurance, B com
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List of Plans from Life Insurance Corporation of India
Term Insurance Plans
- LIC E Term
- LIC Anmol Jeevan II
- LIC Amulya Jeevan II
Money Back Plans
- LIC Jeevan Shiromani
- LIC Bima Diamond
- LIC Jeevan Shagun
- LIC New Bima Bachat Plan
- LIC New Money Back Plan - 25 Years
- LIC New Money Back Plan - 20 Years
Unit Linked Insurance Plan - ULIP
- LIC New Endowment Plus Plan
Whole Life Plan
- LIC Jeevan Umang Plan
Endowment Plans
- LIC Jeevan Utkarsh Plan
- LIC Aadhaar Stambh
- LIC Aadhaar Shila Plan
- LIC Jeevan Pragati Plan
- LIC Jeevan Shikhar Plan
- LIC Jeevan Labh Plan
- LIC Jeevan Lakshya Plan
- LIC Limited Premium Endowment Plan
- LIC Jeevan Sangam
- LIC Jeevan Rakshak
- LIC New Jeevan Anand Plan
- LIC New Endowment Plan
- LIC Single Premium Endowment Plan
Child Insurance Plans
- LIC Jeevan Tarun Plan
- LIC New Children’s Money Back Plan
Pension Plans
- Pradhan Mantri Vaya Vandana Yojana (PMVVY)
- LIC Varishtha Pension Bima Yojana
- LIC Jeevan Akshay Plan
- LIC New Jeevan Nidhi Plan
Health Plans
- LIC Cancer Cover Plan
- LIC Jeevan Arogya Plan
Life Insurance Corporation (LIC) of India is the only public sector Life Insurance Company in India. The company was formed in September 1956.
LIC was formed in 1956 with the merger of more than 200 insurance companies and provident societies. Since then they have been among the most trusted brands in India providing insurance solutions to even the remotest corners of India through their huge network of agents and distributors. It was only in 2001 that the private sector was allowed into the insurance sector in India. LIC has maintained its dominant leadership status even with the presence of 22 other life insurance companies.
LIC is the largest life insurance company in India with a huge presence in both urban and rural markets. Its distribution is unmatched and has a strong agent force which reaches out to every small town in India ensuring that their products are being offered to one and all in the country. The insurance products of LIC are often the most simple and consumer friendly and it is displayed by the enormous response it gets to the launch of any new product. LIC has an insurance product for almost any need - from protection, savings and investments, micro-insurance plans to special plans for women and even for handicapped individuals. The insurance agents of LIC have been the backbone of the company for long and their agent network keeps getting bigger by the day.
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FAQs on LIC products - Insurance Products - Principles of Insurance, B com - Principles of Insurance
| 1. What are LIC products? |  |
Ans. LIC products refer to the various insurance products offered by the Life Insurance Corporation of India. These products include life insurance policies, pension plans, health insurance plans, and investment-linked insurance plans.
| 2. What are the principles of insurance? | |
Ans. The principles of insurance are the fundamental concepts that govern the insurance industry. These principles include the principle of utmost good faith, principle of insurable interest, principle of indemnity, principle of subrogation, principle of contribution, and principle of proximate cause.
| 3. What is the significance of B com in the insurance industry? | |
Ans. B Com (Bachelor of Commerce) is a degree program that provides a strong foundation in commerce and business-related subjects. In the insurance industry, a B Com degree can be significant as it equips individuals with knowledge in accounting, finance, business law, and economics, which are essential for understanding insurance products, risk management, and financial planning.
| 4. What are some popular LIC insurance products? | |
Ans. LIC offers a range of popular insurance products such as LIC Jeevan Anand, LIC Jeevan Labh, LIC Jeevan Umang, LIC New Endowment Plan, and LIC Jeevan Shanti. These products provide a combination of life insurance coverage, investment opportunities, and regular income options.
| 5. What are the key benefits of LIC insurance products? | |
Ans. LIC insurance products offer several benefits, including financial protection for the policyholder and their family in case of unfortunate events, tax benefits on premiums paid and maturity proceeds, flexibility in choosing the policy term and premium payment options, and the opportunity to accumulate savings or generate regular income through investment-linked plans.
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