How can I get LIC E-policy or Online LIC Policy ?

Posted on by avinash

LIC (Life Insurance Corporation of India) is a state-owned insurance company that offers a variety of insurance products, including life insurance policies. If you are interested in purchasing an insurance policy from LIC, there are a few options available to you:

Visit the LIC website (www.licindia.in) and explore the different insurance products that are available. You can also use the website to see premiums, download policy documents, and more.

Contact a local LIC branch or agent. You can find the contact information for your nearest branch or agent by visiting the LIC website and using the “Branch Locator” tool.

Note : All LIC plans are not available for online sale yet. 

You can also purchase an LIC policy online, through the LIC website or through a licensed insurance broker or intermediary. Some policies can be purchased and activated entirely online, while others may require you to complete additional steps, such as submitting physical documents or undergoing a medical examination.

I hope this information is helpful! Let me know if you have any other questions. my email address is aivinash777singh@gmail.com ! 

Here are few more details about purchasing an insurance policy from LIC.

Before purchasing a policy, it is important to carefully consider your insurance needs and choose a policy that is suitable for you. You may want to consider factors such as your age, health, financial situation, and the type and amount of coverage that you need.

When purchasing a policy, you will need to provide personal and financial information, such as your name, address, date of birth, and income. You may also be required to undergo a medical examination, depending on the type of policy you are purchasing and your age.

Once you have selected a policy, you will need to pay the premiums in order to maintain your coverage. Premiums can typically be paid on a monthly, quarterly, or annual basis, and can be paid online or at a local branch.

It is important to keep your policy documents safe and easily accessible. You may need to refer to them in the event of a claim or to make changes to your policy. You can also check the status of your policy online, through the LIC website or mobile app.

I hope this additional information is helpful! Let me know if you have any other questions. 

Note :Having an LIC agent will be more helpful rather go for Online .

Self-Declaration Form

Posted on by avinash

Coronavirus Self Declaration Form

A coronavirus self-declaration form is used by individuals infected with COVID-19 to report their medical status. 
Whether you’re an employer or manage HR for a company, this free Coronavirus Self-Declaration Form allows members of your staff to confirm if they have coronavirus, so they can proceed to seek medical treatment and prevent further contamination in your workplace.
Employees can provide their 
  • contact details, 
  • describe their recent travel history, 
  • list people they have come into contact with, 
  • check off any symptoms they may be experiencing, and 
  • request to work from home if applicable.
To keep your employees’ sensitive medical information as safe as possible.
With our free Coronavirus Self-Declaration Form, you’ll be able to take the proper precautions and keep you and your employees safe during this pandemic.
 

Self Declaration Form for LIC Policy

There are two types of age proofs in LIC ,One is Standard age proof and another is Non standard .
Self Age Declaration is Non-standard age proof.Just give an application and mention your age ,it will be consider as Age proof document for certain level of Sum Assured of Insurance Policy.

LOAN CALCULATION OF LIC JEEVAN SHANTI PLAN

Posted on by avinash

Loan facility of JEEVAN SHANTI POLICY will be available after completion of one policy year and will be available under the following
annuity options only:

a) Immediate Annuity:

i. Option F – Immediate Annuity with return of Purchase Price
ii. Option J – Joint Life Annuity with 100% Annuity to last survivor and return of Purchase price.

b) Deferred annuity–

i. Option 1: Deferred annuity for Single life.
ii. Option 2: Deferred annuity for Joint life.

Under Deferred Annuity during Deferment period:

 Maximum amount of loan available will be such that the annual interest amount payable on loan shall not
increase 50% of the annual annuity amount payable under the policy after deferment period and shall be
subject to maximum 80% of Surrender Value.

 Loan interest during deferment period shall be paid on compounding half yearly basis.

 In case loan is not repaid during the deferment period and if there is no default in interest payment as at
end of deferment period, then interest on loan shall be recovered from the annuity amount payable after the deferment period.

 In case loan is not repaid during the deferment period and there is a default in interest payment as at end
of deferment period, the difference of surrender value and loan outstanding along with interest shall be
payable to Primary / Secondary annuitant and policy shall be terminated.

 During the deferment period, if interest is not paid on due dates and when the outstanding loan amount
along with interest exceeds the surrender value, the policy shall be forfeited and difference of surrender
value and loan outstanding along interest shall be payable to Primary / Secondary annuitant and policy
shall be terminated.

Example:
Age at Entry: 45 years,

Purchase Price – 10,00,000, Deferment Period – 20 years.

Annual Annuity Payable – 2,27,200, Loan Interest rate – 9.50%
Calculate Loan amount during 4th Year of policy:

 50% of Annuity – 2,27,200 / 2 = 1,13,600
 Loan Amount = 50% of annuity x 100 / Loan interest rate
= 1,13,600 x 100 / 9.50
= 11,95,789
 Surrender Value During 4th year of Policy: 5,49,807
 Loan Amount will be restricted to 80% of SV i.e. 80% of 5,49,807 = 4,39,846.

Under Immediate Annuity and Deferred Annuity after Deferment Period:

 Maximum amount of loan available will be such that the annual interest amount payable on loan shall not
increase 50% of the annual annuity amount payable under the policy and shall be subject to maximum
80% of Surrender Value.

 Loan interest will be recovered from the annuity amount payable under the policy.

 Loan interest will accrue as per frequency of the annuity payment under the policy and will be due on the due date of annuity.

 Outstanding loan amount will be recovered from the claim proceeds at the time of exit.

Example:
Age at Entry Single/Primary annuitant: 45 years, Secondary Annuitant – 35 years.
Purchase Price – 10,00,000, Deferment Period – 20 years, Loan Interest rate – 9.50%
Calculate Loan amount during 4th Year of policy under:

a) Under Option F of Immediate Annuity and
b) Option 2 of Deferred Annuity
a) Under Option F of Immediate Annuity:
 Annuity Payable Per Annum = 65,400
 50% of Annuity – 65,400 / 2 = 32,700
 Loan Amount = 50% of annuity x 100 / Loan interest rate
= 32,700 x 100 /9.5
= 3,44,210
 Surrender Value During 4th year of Policy: 7,48,488
 80% of SV = 0.80 x 7,48,488 = 5,98,790
 Maximum Available Loan will be = 3,44,210.
b) Under option 2 of Deferred Annuity:
 Annuity Payable Per Annum = 2,27,200
 50% of Annuity – 2,27,200 / 2 = 1,13,600
 Loan Amount = 50% of annuity x 100 / Loan interest rate
= 1,13,600 x 100 /9.5
= 11,95,789
 Surrender Value During 4th
year after Vesting: 22,52,448
 80% of SV = 0.80 x 22,52,448 = 18,01,958
 Maximum Available Loan will be = 11,95,789.

LIC Initial public offer (IPO)

Posted on by avinash

Let us do a fact check on the resent history of IPOs of Government companies (PSUs) in India. LIC IPO Plan is the highest burning issue in the country.

There are only 4 country in the world whose population are more than the total number of LIC policies holder. So it has become national issues.
As well as Private companies are making it as marketing tool (LIC is going to privatise).

Basicaly, LIC IPO (Initial Public Offer) Plan is a Government Plan to produce finance directly from market. Presently LIC total asset is around 31 lakh crore when if IPO comes, its total asset would be arround 51 Lakh crores. 
Name IPO year Current status

  • SBI 1993 PSU
  • PNB 2002 PSU
  • BOB 1996 PSU
  • ONGC 2004 PSU
  • GIC 2017 PSU
  • New India 2017 PSU
  • IRCTC 2019

You can see that Post-liberalisation Govt has come out with IPOs of many Govt companies and they all are still Govt owned companies.
LIC Of India plans to offer a 5% discount to LIC policyholders on LIC IPOs. Employees of the Indian company and policyholders will receive an additional discount on the LIC IPO share price.

Policyholders of the state insurer will also have a reserved stake in the largest public offering in the country along with LIC employees.

LICs DRHP does not provide details on when the
nation’s largest public issuance will go to Dalal Street, the price of the issuance, the discounts that policyholders and
employees will receive, the valuation and the total size of the issuance.

Proceeds from the sale of LIC shares will go to the Government of India and LIC will not receive any funds from the all-OFS IPO as there will be no new share issues.

The IPO is a 100% offer to sell (OFS) from the government, not a new share issue
from insurance giant LIC.

When LIC IPO is going to launch in Market? 

The government has submitted to the stock market regulator a draft prospectus for the sale of 5% of its shares in the Indian Life Insurance Corporation (LIC), its shares in the Indian Life Insurance Corporation (LIC), Life Insurance Corporation (LIC). This was stated on Sunday evening by Secretary of State for the Department of Investment and Public Resources
Management (DIPAM) Tuhin Kanta Pandey.

The State Life Insurance Corporation of India (LIC) today, February 13/2022, has filed a
Draft Prospectus (DRHP) of LIC for its Mega Initial Public Offering (IPO) in SEBI.

The Life Insurance Corporation of India (LIC) has submitted a draft of its sales prospectus to capital market regulator SEBI, paving the way for India’s largest initial public offering (IPO). 

After LIC’s board of directors approved the IPO on Sunday,(Feb 2022) LIC is ready to submit a draft red herring prospectus (DRHP) for its initial public offering (IPO) to market regulator Sebi in a couple of days.

Paving the way for the country’s largest public offering ever made, the Life Insurance Corporation on Sunday submitted draft documents to capital market regulator SEBI for the government’s sale of 5% of the capital for an estimated Rs 63,000 crore.

LIC plans to sell 316.25 million shares, about 5% of its total share capital base, according to a draft prospectus for the sale of shares by capital market regulator
SEBI.

The country’s insurance company plans to submit a draft IPO prospectus in the last week of January 2022 that will list the embedded value and number of shares for sale, according to people familiar with the matter.

LIC is the largest life insurer in government with a market share of 64.1 percent in terms of premiums, a market share of
66.2 percent in terms of new business premiums, a market share of 74.6 percent in terms of number of individual policies.

Although the draft prospectus of red herrings does not disclose the market value of LIC, by industry standards it would be about 3 times the embedded value of LIC or about Rs 16 million. However, the government did not disclose in the draft prospectus the insurance giant LIC’s market valuation or the discount that would be given to policyholders or LIC employees in the public offering. 

Actuarial firm Milliman Advisors LLP India  handled the embedded value of state-owned insurance company Life Insurance Corporation, and Deloitte and SBI Caps were appointed as advisors on the pre-IPO deal. LIC insurers are likely to be able to take a stake in India’s largest IPO at reduced rates.

Conclusion:

So it’s fair to conclude that a small stake sale of LIC is not privatisation. It’s on record that Govt (both BJP and Congress) has not sold more than 50% in any of above PSU.

LIC New Plans: New changes in LIC OF INDIA from 1.2.2020

Posted on by avinash

New changes in LIC OF INDIA from 01.02.2020

There are New changes all the LIC policies in LIC OF INDIA from 1st Feb 2020 . All previous policies have been withdrawn. If you have purchased old plans then it will not affect you. But if want to have New Insurance Plans from LIC of India then you have to buy new one.

 

LIC policies with updated features:

1)Settlement option on Claim and Maturity 

 

  • For Death Claims:-need to confirm at the proposal stage
  • For Maturity:-exercise before 90days for request, available for 5,10,15 years…modes available monthly, quaterly, half yearly, yearly.

2).Loan is given at 80% of SV:

On surrender of LIC Policies you may get upto 80% of LOAN

3).GSV – 30% less charges.GSV is Guranted Surrender Value.

4).Grace period restrict to 30days from the first unpaid premium of customer.Important to note that  at first 3 years risk ceases on closing of Grace period.

5).Minor life Age 8 cover start from day one earlier it starts after 2completion of 2 years of child policies.

6).Accident coverage ceases once you attain age 70 irrespective of basic coverage continue.

7).Accident coverage for minor to major allowed for policy whose PPT is 5 and more years only. If it is less than five not allowed for Accident death.

8).Term rider minimum 1 lakh Maximum -25 lakhs Including existing term rider in all policies.

9).CIR (Critical illness Rider) once claimed no rider premium will be charged there after in whole LIC policies term.

10).PWB (Premium Waiver Benefit) is allowed to minor life upto age 25 previously it was upto PPT and age of LP should not exceed 70.

11).Total 16 PLANS launch all the plans are having ACCIDENT DEATH AND DISABILITY COVERAGE except SHILA + TERM PLAN12).Some MAJOR CHANGE:

  • BIMA BACHAT and Single Premium 917 we can give TERM RIDER COVERAGE subject to health and financial support.
  • 4 Type of Riders Available Like PWB, CIR, ADDB, TERM RIDER

14).Claim concession

First 3 years only upto grace period no claim concession if customer doesn’t pay during grace period and died single penny not payable to family.

  • After 3 years – 6 months subject to recovery of full premium
  • After 5 years – one full year subject to same.
  • During claim concession period 
  • No rider benefit is payable

15).Suicide clause :

  • Within one year refund of premium @ 80% less charges
  • After one year – full one year.

16).Please Note Now Proposer 

  • Use New Proposal forms
  • Mother name is mandate
  • Nominee I’d proof is mandate
  • Suitability form is mandate
  • Benefit illustration with new form.

Mobikwik login and Details

Posted on by avinash

Introduction about Mobikwik

MobiKwik is one of the India based e-commerce payment systems which was founded in 2009, by Bipin Preet Singh and his wife – Upasana Taku. The company was started with an initial seed capital of $250 thousand. It provides mobile phone-based payment system and acts as a digital wallet. Users can add money to an online wallet which can be used for making online payments. It launched an e-wallet system in the year 2012 which helped its customers to deposit money online which could be used for bill payments and other features.

MobiKwik app is available on both iOS and Android-based devices.  The Reserve Bank of India authorized the company’s use of MobiKwik wallet in 2013 and beginning from May 2016, the digital wallet started providing small loans to consumers as a part of its services.The company started its MobiKwik Lite mobile app during November 2016 which is designed for users of older 2G mobile networks and for those users who stay at a place which has poor internet connectivity. As on November 2016, the firm reported that close to 1.5 million merchants are using their services, with the user base touching close to 55 million customers.

During the initial stages after inception, the service was provided through a website with a closed wallet facility but over the last few years, the firm has successfully extended its services to mobile apps as well. In the beginning, MobiKwik partnered with online merchants and made their wallet available as a payment option on e-commerce sites. MobiKwik is backed by several investment groups which include American Express, MediaTek, Sequoia Capital, Tree Line Asia, Cisco Investments, GMO Payment Gateway, Bajaj Finance and Net1.

How to Download MobiKwik?

If the user is using an Android-based phone then follow the below-mentioned steps to download MobiKwik. 

First, go to the Google Play Store Search for MobiKwik app Download the app Install it 

Note: If the users have an Apple phone, then download the MobiKwik app from the Apple app store.

How to Use the MobiKwik App?

First Download the app in your mobile phone from the Google Play/ Apple app store and launch it Now open the app and enter your registered mobile number Click on ‘Send OTP’ option after this. You will receive an OTP. Now enter the received OTP for verification purpose Finally, the user gets successfully registered on MobiKwik app. 

How to Pay Grocery Bills using MobiKwik Wallet?

  • Step 1: First, log in to the MobiKwik App 
  • Step 2: Inform the store operator that you are paying using the MobiKwik Wallet 
  • Step 3: Share your mobile number with the store operator 
  • Step 4: You will receive an OTP on your registered mobile number, share the same with store operator 

How to Transfer Money using MobiKwik?

 

First login to the MobiKwik app Now go to the home screen and click on ‘Transfer Money’ Proceed further and click on ‘Wallet to Bank Transfer’ Key in the bank details of the beneficiary or payee, verify the details once again and click on ‘Send Money’ option You will receive an OTP on your registered mobile number Now verify the OTP and submit the same The money will be sent to the respective account .

Procedure for Prepaid Currency Recharge using MobiKwik

  • Step 1: First open the MobiKwik app 
  • Step 2: Click on the ‘Prepaid’ option and enter your mobile amount 
  • Step 3: Now enter the recharge amount which you prefer to recharge for
  • Step 4: Proceed to click on ‘Recharge’ option.

How to Add Money to MobiKwik Payment App?

First login to the MobiKwik app Now click on the ‘Add Money’ option Enter the amount you prefer to add and click on the ‘continue’ option The user will be redirected to the payment page, wherein one can add money through any of the three payment options be it – Debit or credit card, cash deposit or pick up or a debit or credit card. Choose an appropriate option as per your convenience. Enter the payment details and click on ‘Pay Now’ option. (enter the promo code, if you receive any) Make payments by entering either OTP or password. Now, the newly added amount will soon reflect in your MobiKwik wallet

Personal Loans on MobiKwik

MobiKwik users can avail instant personal loans online as the payment wallet offers instant personal loan, the first of its kind in India. The unique feature of it is, the loan can be availed without pledging any security. All that the user has to provide only a few basic details to secure the instant personal loan online. Benefits of Instant Personal Loan with MobiKwik Quick, simple process Collateral is not required Minimal documentation Bank transfer option available 

How to Apply for MobiKwik Loan?

First login to the MobiKwik app Select the wallet Click on the ‘Balance Details’ Proceed further and click on the ‘Boost’ option Now click on ‘Let’s Start’ on the corresponding screen Enter your PAN and Aadhaar number respectively Proceed further and Agree to the terms and conditions and click on ‘View Loan Details’ Thereafter, the user has to follow the instructions mentioned in the corresponding screens Once the loan is approved, the said amount will be credited into the MobiKwik Wallet.

MobiKwik Online Insurance

With a first of its kind, the e-wallet firm MobiKwik is offering MobiKwik Online Insurance cover to its users starting at just Rs 20. 

The user can purchase the life insurance, cyber fraud insurance, personal accidental insurance instantly with a minimum cost and at maximum transparency. 

The accidental insurance comes in with a cover of Rs 1,00,000 a year at a premium amount of Rs 20 per month.

Premium Amount Customers can pick from any of the premium amounts which assures a specific sum Sum assured of Rs 1 lakh for a premium amount of Rs 20 per month Sum assured of Rs 1.5 lakh for a premium amount of Rs 30 per month Sum assured of Rs 2 lakh for a premium amount of Rs 40 per month In 2019, MobiKwik partnered with Max Bupa to offer bite-sized health insurance products. They are aimed mainly towards those people who find it difficult to buy an insurance cover for medical emergencies owing to high premium costs.

UAN Login Passbook:What is the amount deposited in EPF account

Posted on by avinash
https://passbook.epfindia.gov.in/MemberPassBook/Login

As an Employee and Provident Fund (PF) member, you do not need to wait for the PF statement to be released at the end of the year to know the balance.You can check your PF balance from your home or office, anywhere in minutes.

Let us tell you how you can check your PF balance from app, SMS, missed call or EPFO website.

1.EPFO   website

Instead of the Unified Portal, users can now view the passbook of PF on a separate website as well.However, Unified Portal can still be used for services like transfer. To view the PF passbook on the portal, it is necessary that your PF account is tagged with the Universal Account Number (UAN or UAN).

 

  • First step: The member’s passbook is available on the website www.epfindia.gov.in.
  • Step two: On the PF website, click on the For Employee button in our Services column.
  • Step Three: Click on the Member Passbook in the Services tab.

After this the page will open.Or you can also go directly to this page: https://passbook.epfindia.gov.in/MemberPassBook/Login.jsp

 

To see the EPF pass book, it is necessary that your employer has activated your UAN. If your UAN is active, then log in with the passbook. After this, you can check the balance of the passbook.

 

The PF passbook of the members of institutions which are exempted under the EPF Scheme, 1952 cannot be seen here.

 

If you try to log in anyway, you will get this message: This member’s pass book is not available because his institute is exempt from it. Please contact your employer.

 

2. Checking PF balance through SMS

If your UAN is registered with EPFO, then your latest contribution and PF balance information can be obtained from a message. For this, you have to send it by writing to 7738299899.

 

EPFOHO UAN ENG. The last three letters are for the language. If you want information in Hindi, then you can send it by writing EPFOHO UAN HIN. The service is available in English, Punjabi, Marathi, Hindi, Kannada, Telugu, Tamil, Malayalam and Bengali.

 

The EPFO   only sends the information of the members present with you. In this context, it is important that your UAN is linked to the bank account, PAN and Aadhar (AADHAR). If it is not, ask your employer to link it.

3. Through missed call

If you are registered on UAN portal, then you give a missed call on 011-22901406 from your registered mobile number.

 

After this, you will get a message from EPFO   in which you will get the details of your PF account. Here too, however, it is important that the bank account, PAN and Aadhaar (AADHAR) are linked to the UAN.

 

4. Through EPFO  App

You can download EPFO’s M-Seva app from Google’s Play Store. Once the app is downloaded, you can go to the Balance / Passbook section by clicking on the member. After this, you will have to enter UAN and registered mobile number.

Thanks

LIC Claim Vs Private insurance Claim

Posted on by avinash

WHY LIC is the BEST insurance organisation or others one in India? How can one find it? Its always suggestible to see CLAIM settlement ratio of that insurance company which is available on IRDAI website.Here we will see the Claim Ratio of Pvt or LIC of India.

IRDA’s Annual Report on DEATH CLAIM Settlement has been published in their WEBSITE. According to that Report, LIC has settled 99.57% of DEATH CLAIMS booked totalling 12,872 Crores which is the HIGHEST in not only INDIA but inthe entire WORLD. Individual Number of Claims settled by LIC is 7,34,328.

The IRDA Report shows this fact Very Clearly. Almost all the Private Life Insurance Companies settle SMALLER SUM ASSURED and rejects HIGHER SUM ASSURED cases. See the following:

AVERAGE SA REPUDIATION:

👉 HDFC: 49.25 Lacs

👉 ICICI: 40.62 Lacs

👉 TATA AIG: 24 Lacs

👉 BIRLA SUN LIFE: 16.66 Lacs

👉 PNB LIFE: 15.28 Lacs

👉 MAX NEWYORK: 13.9 Lacs

LIC is LIC; ALWAYS THE BEST in anything & everything (including CLAIM SETTLEMENT). Send this Poster to all your Clients and ask them to take Policy with LIC only for PEACE OF MIND.

LIC offers Life insurance protection under Group Insurance Policies

Posted on by avinash
LIC offers life insurance protection under group insurance policies to various groups such as employer-employees, professionals, co-operatives, weaker sections of society, etc. LIC provides insurance coverage to people at subsidized rates under Social Security Group Schemes. Besides Providing insurance coverage, life insurance corporation of India also offers group schemes to employees, which provide funding of gratuity, pension liabilities and leave encashment liabilities of the employers.
1.Group Term Insurance Schemes:
Employer-Employees groups is offered group life insurance schemes providing either uniform or graded cover. Group Insurance Schemes providing uniform cover will be granted to associations of professionals, members of cooperative banks, welfare funds, credit societies and weaker sections of society.
2.Group Insurance Scheme in lieu of EDLI:
The employees’ Deposit Linked Insurance Scheme is application to all establishment and undertaking contributing to Employees Provident Fund under EPF and MP Act, 1952 with effect from 01.08.1976, unless exempted under section 17 (2A), of the act. The schemes provides for an insurance cover to an employees, which is linked to his balance in the PF Account, subjected to a maximum of Rs 60000. Under LIC’s scheme, which is granted in lieu of the EDLI, the insurance cover starts from Rs 5000 and depends on the service put in by the employees and the current monthly salary on each annual renewal date. The cover provided will be at least Rs 2000 more than the cover given under the EDLI scheme. Few advantages of the LIC’s scheme are higher cover, lower premium (depending on average age), cover not linked to balance in PF account, simple administrative procedures, easy claims settlement process etc.
3. Group Gratuity Schemes:
Gratuity is a statutory liability of the employers. This is an incremental liability which accrues to an employee for every year of service put in by him. In the group gratuity scheme granted by LIC, in the event of premature death of the member, the dependent can get an amount which will be equal to the gratuity payable on the normal retirement of the member, had he survived up to the date of superannuation.
Apart from the above the advantage of LIC’s group gratuity schemes are free valuation of the liability, guidance in drafting Trust deed and rules of the scheme, security for the fund, attractive return, lower premium for the insurance, optional critical illness rider benefit against major diseases, periodical information about the status of fund, simple administrative and claim settlement procedures, tax concessions, etc.
4.Group Superannuation Scheme:

The Group Superannuation scheme is designed to provide pension to the employees/beneficiaries on the exit of the member from the service. A decreasing group insurance cover in conjunction with the superannuation benefit can also be provided to supplement the lower accumulation in the event of premature death of the member. The scheme is of two types: a) Money Purchase Scheme and b) Benefits Purchase scheme. Pension which is linked to the Dearness Allowance will also be granted. The LIC’s Group Superannuation Scheme out are easy to install and provides best service, free valuation of the liability, attractive returns, safety of funds, simple administrative procedures, periodical statement on the fund position, tax, concession, etc. LIC offers a wide range of benefits options to cater to the needs of the different beneficiaries.
5.Group Savings Linked insurance Scheme (GSLI):

The scheme offers insurance cover with an element of thrift. This scheme is granted to Employer-Employee groups. Under the scheme out of the contribution received in respect of each member of scheme a portion is utilized towards the insurance cover; the balance is accumulated till the exit. In the event of premature death of the member, the amount held in his account together with accumulated interest and insured amount is payable. The scheme provides an attractive rate of interest on the savings and lower premium for insurance granted, tax concessions, etc.
6. Group Annuity Scheme:

Employers who have a privately administered superannuation fund, where money are invested by the trusties as per income tax rules can purchase pension for employees as and when it is due under group annuity policies from LIC. LIC offers wide range of benefits options combined with good rate of return on the investment.
7. Group Leave Encashment Scheme (GLES):
According 5to the accounting standard (AS15) of January, 1995 and amended section 209 (3) of the companies act 1956. It has become necessary for employers to provide for the liberty of the leave encashment facility available to employees in the annual book of accounts. The group leave encashment scheme (GLES) is designed to fund such liberties of the employers. The scheme offers free valuation of the liberty, attractive returns and best service combined with insurance cover which may either be uniform or graded.
8. Group critical Illness Rider benefits:
This offer to employers-employees groups as an accelerated benefits granted together with group insurance scheme. This benefits provides coverage against 8 major diseases with maximum of hundred person acceleration. The maximum cover granted is Rs. 20,00,000. The benefit is payable at its first instance, mere diagnosis of the illness is sufficient to get the benefits.
9. Group Mortgage Redemption Assurance Schemes:
This scheme covers the borrowers of housing vehicle loans from financial institutions where the loan are recovered in EMI. Insurance covered allowed to borrowers up to the out standing loan excluding the EMI interest, subject to the conditions applicable to scheme. single premium is payable for the entire term of loan at one go.
10.Group insurance scheme for deposit holders of banks:
This scheme covers account deposit holders of a bank. The cover allows is Rs 1 lac per member with / without double accident benefit.
11. Unit Linked Gratuity Plus:
With effect from June, 2006, LIC has brought out a Unit Linked group gratuity plan, called gratuity plus for management of Gratuity fund. It is a market linked plan, which offers great flexibility and transparency.
12. Group Superannuation Plus Plan:
Group Superannuation plus plan is introduced by LIC in May, 2009. This is a unit linked defined contribution plan for management of superannuation funds. The policy holder has the choice of investing the member vise allocated contribution in any one of the four fund types i.e. Bond Fund, Income Fund, Balanced Fund and Growth Fund. Returns under this plan are market linked and flexibility of contributions, Top-up additional contributions, low fund management charges and expenses are the salient features of this plan.
All info you may also get from LIC insurance Advisor in your nearest branch.