LIC

LIC
LIC started on 1st september 1956,With a capital of meare 56.86 lakhs. Today LIC is the Worlds largest Life Insurance company. Largest financial institution in india on asset basis of 552447 crore, LIC is a single largest investor in India.It clears 2 claims /second

Why do I need an LIC Policy?
LIC means many thing. It means Security, It means Love , It means care...Everyone has different goals and circumstances. As life changes, so may our life insurance needs. The cash value of a permanent life insurance policy is a valuable asset that can be used in a number of ways. Following are some of key uses:
Protect against major debt.
Secured Saving.
Be a security for you loans, esp. Home loans.
Build cash value for college funding/Marriage.
Build Pension to be available during your retirement.
Provide financial support for your family and enable your loved ones to maintain their standard of living in the case of an terminal eventuality.
Life Stages
Your insurance need will change as your life does, from starting to work to enjoying your golden years and all the stages in between. Each one of these stages may pose a different insurance need/cover for you. In this section, we have drawn up the basic life stages and help you analyze various insurance needs accordingly.

STAGE 1: Young and Single
An important stage where one lays down the foundation of a successful life ahead. Take advantage of the time and power of compounding to ensure that you build up your dreams. Start saving early.
Your needs:
Save for a home and wedding
Tax Planning
Save for Golden years

STAGE 2: Just Married
Marriage brings about a significant change. New dreams and new opportunities also bring in additional responsibilities. While both of you look forward to a happy and secure life , it is equally important to ensure that eventualities don’t come in the way of shaping your dreams.
Your needs:
Planning for home / securing your home loan liability
Save for vacation
Save for your first child

STAGE 3: Proud Parents
Once you have children, your need for life insurance is even more. You need to protect your family from an untoward incident. Ensure your protection umbrella takes into account the future cost of securing your child’s dream. You will want life to go on for your loved ones, and having enough life insurance is a way to help ensure that.
Your needs:
Provide for children’s education
Safeguarding family against loan liabilities
Savings for post-retirement

STAGE 4: Planning for Retirement
While you are busy climbing the ladder of success today, it is important for you to take time and plan for your life after retirement. Having an early start for retirement planning can make a significant difference to your savings.Think about your golden years even before you have reached them. The key is to think ahead and plan well using your time and money.
Your needs
Provide for regular income post retirement
Immediate Tax benefits
Lead a secure, independent and comfortable life style in retirement years