LIC (International) extends good wishes to all the Indian nationals on the occasion of the 71st Republic Day of India.
India was declared a republic on January 26 1950.
Subsequently, in 1956, the LIC of India, a fully Government of India-owned company, was formed.
As the country and citizens prospered together,the company also grew to a $440 billion company with 290 million customers.
LIC (International) was established in 1989 by the parent company in collaboration with Intercol of Bahrain with ownership of 98.9 per cent and 1.1pc, respectively.
In 30 years, LIC (International) has grown to a $2 billion company with more than a 100,000 customers spread across five countries in the Gulf.
According to the company, insurance provides the benefit of return on your hard-earned money and immediate capital in case of any eventuality even if the investment is less.
LIC (International) products take care of such requirements.
Jeevan Anand is one such product which provides life cover as well as ensures reasonable return on the premium paid.
The product provides a pre-decided amount with a bonus at the end of the stipulated policy term or in case of any eventuality, as a value addition.
The policyholder’s risk cover continues even after the policy term until the occurrence of an unfortunate event.
Other products include Immediate and Deferred Pension Plan with guaranteed return lifelong, Professional Education Plan for children, Healthee to cover health-related diseases, in addition to short-term products with fixed and attractive returns.
How much insurance is needed in life depends on the concept of the economic worth of a human life – the Human Life concept.
This quantifies the amount of insurance coverage the breadwinner of the family should have.
The capital should be sufficient to earn a return from the market to sustain the needs of the family members who depend totally on the breadwinner.
Human Life Value is calculated as about 20 to 25 times the individual annual income.
There is no other investment instruments which can provide their unavoidable needs of immediate capital other than LIC insurance.
The only immediate substitute for Individuals’ income flow is the life insurance product.
A financial plan would not be complete without the key element of life insurance.
For further details, call the LIC (International) branch office on 17210610 or 39936618.