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Life Insurance for Indian people in UK ...

LIC, LIFE INSURANCE CORPORATION INDIA Caring for specific needs of Indian families accross the UK.

posted 27 Nov 2010

India is a country of diversity with many colorful festivals like Holi, Diwali, Dusshera, apart from the world wide festivals like Christmas, Ramadan and so on. There is no dearth for celebration; the basic fervour that binds all the people together is the underlying sense of togetherness.

This is even reflected in the family system where there is a deep traditional attachment to the members of the family like spouse, brothers, sisters and grand parents. This kind of traditional attachment is strengthened further when the head of the family takes care of his dependents in all aspects, including financial concerns. That is, it is an understood and accepted fact that the family head is responsible for maintaining and taking care of his dependents, not only throughout his life, but even after his demise whether natural or accidental. Thus, life insurance products are highly welcomed as their value is well known and realized in India.

Life Insurance Corporation of India (or LIC of India) is one of the leading insurance companies that are fully owned by the government of India. There are numerous insurance policies that cater for the needs of people from all walks of life. Namely for handicapped dependents, money back plans for all, separate plans for women, whole life plans and joint life plans. There are numerous other plans too, such as decreasing term assurance to cover home loan repayment and group life insurance plans and so on.

For instance, Jeevan Bharti is a plan that is exclusively designed for the safety and security of women and it has many special features like encashment of survival benefits, auto cover, premiums can be paid in advance which attracts a rebate of five percent, guaranteed surrender value and special surrender value. To get a hassle free and relaxed retired life, there are pension plans too.

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Life Cover for Indian Families.

The highlights of the LIC of India plans are numerous, such as risk cover, tax benefits, accidental risk cover, insurance for senior citizens, regular income and guaranteed returns, fixed deposit with risk cover and loan facility. All of the benefits mentioned above offer peace of mind for the insured and for the rest of the family members. LIC India offer insurance plans that are not only for individuals but offer group insurance polices too. These products cover various groups, such as employer-employees, professionals, cooperatives and other weaker sections of the society.

Though the privatisation of the insurance sector introduced in 2000 posed a challenge to LIC of India, it has overcome with flying colors and the fact is it now holds an awesome seventy percent of the market share. This is largely due to the faith and confidence people have placed in LIC India and its products. Every year newer plans are introduced and millions of Rupees of premium are collected. The innovative Unit Linked Health insurance plan, which provides insurance against health risks, has a very good reception amongst customers.

Insurance must be aimed at providing security during life and peace of mind after retirement. It also should protect the dependents in case of sudden demise of the bread winner which is the motivating force that drives many of us with a clear and satisfied mentality. LIC offers just this satisfaction and we know that we are in the safe hands of LIC in India as indicated by its logo.

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Peace of mind with UK insurance providers

 

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