All type of LIC insurance plans
1) Let's explore all types of insurance plans 2) pension plan of other banks and LIC 3) Calculation of Pension Plans LIC Insurance Plans Term Insurance Plans Overview Term insurance provides pure life coverage for a specific term or period. If the policyholder passes away during this term, the nominee receives the sum assured. Unlike endowment or whole life policies, term plans do not provide maturity benefits or bonuses; they are primarily focused on providing financial protection. Example: LIC Tech Term Plan 1. Sum Assured: ₹50 lakhs 2. Policy Term: 30 years 3. Annual Premium: ₹10,000 (approximate, varies based on age, health, and other factors) Breakdown of the Policy: 1. Total Premium Paid: ₹10,000 per year for 30 years = ₹3,00,000 (Total premium paid) 2. Death Benefit: If the policyholder passes away anytime during the 30 years, the nominee receives ₹50 lakhs (sum assured). Benefits of Term Insurance Plans: 1. High Coverage at Low Premiums: Term plans generally of...