Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during:
* The date of maturity, or
* Specified dates at periodic intervals, or
* Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
Why with LIC only ?
Life Insurance Corporation of India is the biggest government-owned life insurer in India.The company is also the biggest investor in India. The Government of India is the overall owner of the company. The headquarters of LIC India are located in Mumbai.The company offers life insurance plans for both individuals and employee groups.
LIC India finances 24% of the outlays of the Government of India. The insurer carries out its operations with the help of 100 divisional offices, 8 zonal offices, 2,048 branch offices and 10,02,149 agents. The asset value of the company has been evaluated at Rs. 13 Lakh Crores.
You may want to get Insurance cover if you know that you are the only source of income for your family. There could be several reasons for you to get a life Insurance cover. Your loan/ mortgage payments, your wife/ spouse and childrens, your business, etc. These are some reasons why people opt for life insurance. Unless you have a valid reason to insure your life, don't do so. It is important to know that a life insurance policy will simply ensure your family spend their lives in relative comfort. You will have to define your objectives before you go for an Insurance cover. Taking out a policy for insurance involves making crucial decisions such as how much you want to be covered for. Some people take out a insurance cover policy for an amount that they cannot afford to pay for. Always ensure that you take your budget into account before you pay for a life lic policy. Planning without the knowledge of your life value and its importance will not help. We are ready to help you in your children's education, higher education, marriage, Whole life life insurance & Retirement plannings. Always trust the experienced Advisors for your insurance and investments.