Customized Products
Customized Products is the central part of all of our welfare endeavors for people of India. We do Provide ‘Customized Products’ across all age groups from 0 year to 80 years of age. Earlier when only Bank FDs/RDs, Post Offices’ FDs/RDs were famous avenues of investment, our products were there in synchronous to those products along with the component of Insurance at nominal cost. But now with the public awareness about the Term Insurance, Mediclaim, Equity & Debt Investing we molded ourselves to provide need based ‘Customized Products’ to our customers.
In debt instruments there is security of principal amount & it provides conservative return. The benefit of a debt instrument is that it provides hedge against volatility in Economy & Stock Market. In synchronous of debt instrument, we provide Pension plans which will provide at a fixed rate along with the option of return of purchased price. This category of product is suitable for the people in the age group of 60+ because this age group is less risk appetite group.
For GenZ we have market based ‘Customized Products’ with Focus on ‘Equity Investment’ which gives you the opportunity to earn you market based return. These instruments are best to beat the inflation in long term. Actually these products suits to the youth whose risk appetite is more. Since they are young that means they have a more years to work, means they have significant time duration to stay in the market. In these products we rationalized the charges along with almost free Insurance & Liquidity Components, where you are free to make partial withdrawal of corpus in case of contingency. The Only thing required to reap great market returns(CAGR) is ‘To Stay Longer’ in the market.
We Have covered a more prominent age group of children where we cover a child of age 90 days. There Are ‘Customized Plans’ for children, designed as Birthday Gift Plans, in which when child get major i’e at the 18th Birthday onward, LIC will pay Tax free amount for lifetime to that child 8%(Jeevan Umang) or 10%(Jeevan Utsav) of Sum Assured along with the whole life coverage(Till the age of 100 Years). Since a child’s longevity is more so it will provide a lifetime financial security to children without any problem. Prudent parents/grand parents often gift these policies to their child as token of love on his/her Birthday.
In Short, here is a Synopsys of ‘Customized Products’ across all age group –
- Children ( 0 yr–12 yr) => Jeevan Umang, Jeevan Utsav, Index Plus, Amrit Baal, Jeevan Tarun, Jeevan Lakshya etc.
- ZenZ (18 yr–45 yr) => Yuva Term Plan, SIIP, INDEX Plus, Jeevan Anand, Jeevan Umang, NIVESH Plus, Pension Plus etc.
- Conservative People (45 yr –59 yr) => Jeevan Labh, Money Back, Nivesh Plus, Jeevan Anand etc.
- Senior Citizens ( 60+ yr) => Annuity Plans like Jeevan Shanti, Jeevan Akshay, Saral Pension etc.
While LIC not only offer fully customizable policies, but we also provide several options to tailor your coverage to your specific needs:
1. Riders:
- Additional Coverage: Riders are optional add-ons that enhance your base policy. They cover specific risks like accidental death, critical illness, disability, etc.
- Customization: You can choose which riders to add and the level of coverage for each, allowing you to customize your protection.
2. Premium Payment Terms:
- Flexibility: LIC offers various premium payment terms, including yearly, half-yearly, quarterly, and monthly.
- Customization: You can select the payment frequency that best suits your financial situation.
3. Policy Term:
- Duration: You can choose the policy term, ranging from short-term to long-term, based on your financial goals and risk tolerance.
4. Sum Assured:
- Coverage Amount: You can select the sum assured, which is the amount paid to your beneficiaries in case of unfortunate events.
5. Investment Options (for ULIPs):
- Fund Selection: Some LIC policies, like ULIPs, allow you to choose from various investment funds based on your risk appetite and investment goals.
6. Policy Variants:
- Multiple Choices: LIC offers different variants of many policies, each with specific features and benefits. You can choose the variant that aligns with your needs.
Remember:
- Consult an Agent: It’s advisable to consult with an LIC agent to understand your options and get personalized advice.
- Policy Terms and Conditions: Always carefully read the policy document to understand the terms, conditions, and exclusions.
By combining these options, you can create a policy that aligns with your specific needs and provides adequate financial protection for you and your family.
For More Detailed Information about plan features, Kindly visit the Product Page.
