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Hello friends, nowadays everything is being insured. And in many countries including India, insurance has become a compulsion. So do you know what exactly is insurance and why is insurance being given so much importance?

If you are looking for a better understanding of Insurance then you have come to the right place. we this article “What is Bima? What is Insurance? and Types of Insurance” I have brought all the information related to insurance by presenting it for you. You will be able to know Bima Kya Hai and how many types of insurance are there in this article, so read the article till the end.

What is Insurance?(Bima Kya hai) What is Insurance in Hindi

Insurance is an agreement between the policyholder and the company that gives the assurance of a certain financial assistance in case of an accident that may happen. To take insurance, you have to pay that insurance company regularly in monthly or yearly or half-yearly period till you suffer an accident or the term of insurance is over.

Types of Insurance in India

There are two types of insurance in India

  1. General Insurance
  2. Life Insurance Policy / Life Insurance

What is General Insurance or General Insurance? What is General Insurance

General Insurance What is insurance?  What is General Bima?

General insurance is any type of insurance that is not life insurance. General insurance covers the following types of accidental accidents:

  1. Health Insurance Health Insurance
  2. Automobile Insurance Automobile Insurance
  3. Home Insurance Home Insurance
  4. Fire Insurance Fire Insurance
  5. Travel Insurance Travel Insurance

1. What is health insurance?/What is Health Insurance?

In case of any health problem except the death of the policy holder, the policy holder bears certain medical expenses. Such medical expenses are reimbursed or paid directly by the insurance company.

Health insurance covers the following types of expenses:

  1. admitted to hospital
  2. Treatment
  3. Medical bills after hospitalization
  4. Normal day care expenses during the period of hospitalization

types of health insurance

  • Individual Health Insurance: Individual health insurance only protects the policyholder and not his dependents or family members.
  • Family Floater Insurance: Family floater insurance covers all the family members of the policy holder. Generally family members mean husband wife and children.
  • Critical Illness Cover: This type of health insurance provides for some specific health problems like cancer, brain stroke, kidney failure etc.
  • Health Insurance of Employees: It is also called group health insurance. This type of health insurance is provided by the employer for the benefit of its employees.
  • Accident Insurance: This type of insurance covers expenses arising out of fatal accidents.

2. What is Automobile Insurance?

Motor insurance is helpful in insuring the expenses arising out of a motor vehicle accident.

Types of Motor Insurance:

The different types of motor insurance are as follows-

  1. car insurance
  2. bike insurance
  3. commercial vehicle insurance
  • Car Insurance: Car insurance is helpful for car accident expenses. Car insurance covers only four wheelers and neither more nor less. There are two types of car insurance. One is third party insurance and the other is comprehensive cover policy.
  • Bike Insurance: The bike is insured for the expenses arising out of bike accidents. The only condition for this insurance is that the bike should be owned by only one person.
  • Commercial Vehicle Insurance: This type of insurance is done for business purposes. Business organizations often use vehicles to transport raw materials and finished goods and accidents are a common occurrence for them. This type of insurance is helpful to cover such problems.

3. What is Home Insurance?/Home Insurance What is it

Home insurance is done to protect the house from natural calamities such as fire or earthquake and flood. Some companies also provide protection against man-made threats like robbery.

  • Types of Home Insurance: There are following types of home insurance:
  • Home Structure Insurance: This insurance is claimed when the house is destroyed due to any agreed reason.
  • Public Liability Coverage: This type of insurance is helpful to cover damages caused to third parties who were inside the building at the time of construction.

Standard Fire and Special Paris Policy:-

This type of insurance helps to cover the loss caused due to any natural calamity. Examples of some such problems are jade land slides, fires and earthquakes.

  • Hazard Insurance: This insurance covers loss due to dacoity or theft.
  • Contents Insurance: This insurance covers damages caused to the property inside the house like furniture, television, computer, fridge etc.

4. What is fire insurance?/What is fire insurance

Fire insurance helps to cover the loss due to accidental fire. Generally the premium for such insurance is high. The cover is also bigger as compared to the premium paid. Usually this type of insurance is carried by large corporations.

There are different types of fire insurance. Some of them are as follows:

  1. valued policy
  2. specific policy
  3. floating policy
  4. conclusive policy
  5. replacement policy
  6. Comprehensive Fire Insurance Policy

5. Travel Insurance What is Travel Insurance?

Travel insurance helps to cover losses due to accidental accidents while traveling within or outside India. Such policies cover lost luggage, flight cancellations, lost passports, and personal and emergency medical conditions.

There are different types of travel insurance.

  • Domestic Travel Insurance: This type of insurance covers the loss incurred while traveling within the country.
  • International Travel Insurance: This type of insurance is applicable only if a person meets with an accident while traveling outside India.
  • Personal Travel Insurance: This type of travel insurance only covers accidents on a solo trip.
  • Student Travel Insurance: This insurance is applicable only if a student meets with an accident while traveling for study purposes.
  • Senior Citizen Travel Insurance: This insurance is applicable in case of accidents with senior citizens. Senior citizens means people in the age group of 60 to 70 years.
  • Family Travel Insurance: This type of insurance covers damages caused when the family is involved in an accident during a holiday trip.

life insurance policy or life insurance What is? (JIban Bima/Life Insurance)

Life Insurance Policy- Life Insurance

Life insurance is the insurance that on the death of the policyholder, his family is provided with a pre-determined amount. There are many types of life insurance, some of which are important insurance plans.

To know more about life insurance What is a Life Insurance Policy? Read the post

Types Of Life Insurance

There are following types of life insurance

  1. Term Life Insurance
  2. Whole Life Insurance
  3. Endowment Life Insurance
  4. Unit-Linked Insurance Plan
  5. Child Plan
  6. Pension Plan

What is term life insurance?/What is Term Life Insurance

There is no maturity benefit in term life insurance. Under this policy, the policyholder is compensated for the damages only when he dies on time. Term insurance is cheap and at the same time gives more cover at work premium.

Whole Life Insurance

Whole life insurance is the insurance on which protection is given to the policyholder for a long time. Under this policy, the policyholder gets a cover of up to 100 years. The specialty of this plan is that extended insurance is available on it, which means that you just have to pay premium for 10 or 15 years but you will not stop getting the death benefit. If you live to 100 years, then the premium money is returned to you as per the endowment cover.

Endowment Life Insurance/Endowment Plans

In endowment plans, you are given maturity benefits after maturity. If the policyholder dies prematurely, then they get the death benefit. Endowment policy is better for those who do not know how to invest money in the right place and they have to invest along with insurance. Endowment plan gives you the facility of both.

Unit Linked Insurance Plan

This plan is also somewhat similar to endowment. In this plan also you can take insurance along with investment. But in this plan you get more flexibility to invest. Here you can choose for yourself where you will invest.

Child Plan

This plan has been made for those who have to add some money for the future of their children. If something happens to you, then your children get this money, as well as your children keep moving forward in life, children also get some rewards. The special thing about this plan is that you can also pick up money whenever you want.

Pension Plan

This plan is only one type of investment. In this, to protect your old age, you keep investing regularly in 1 fund, which gives a big return due to the longer stay. Provident funds are also included under this, where both the employer and the policyholder make small investments. It is called insurance because sometimes in this type of death benefit is also available.

Conclusion

Hope after reading this article you must have understood why insurance is so important. Have you got yourself insured? If yes then you are a sensible person and if not then get insurance as soon as possible because life is an unpredictable thing. Do you know what will happen when…

you this article “What is Bima? What is Insurance? and Types of Insurance” How did you like it, do share your opinion with us and don’t forget to share the new article Thanks.

Nowadays, there is a plethora of term insurance products readily available in the market with different terms and conditions. When it comes to making an informed choice, customers are expected to devote enough energy and time to make the right selection of the product. In addition, the product may not be of use to us due to insurance money. So for this we have brought this post for you, so that you do not have any problem in choosing it.

Hello friends, the name LIC is known to everyone from children to old people of India. Almost every Indian citizen is insured by LIC. LIC offers almost every type of insurance and one of them is LIC Saral Life Insurance. If you are interested to know about LIC Saral Life Insurance then you have come to the right place.

you in this article “What is Saral Life Insurance Plan? LIC Saral Jeevan Bima Yojana 2021 and Benefits of Insurance Scheme? If you can get information like etc., then definitely read this article till the end.

What is Saral Life Insurance Plan? Saral Jeevan Bima Yojana in Hindi

Saral Jeevan Bima Yojana is a term life insurance plan. This insurance plan is 1 non linked and non participating insurance plan. If anyone wants to take this plan, then they can go to the offline office or take it online.

What is a term insurance plan?

What is Saral Life Insurance Plan

This insurance plan offers the highest insurance cover at a very affordable premium. There is no death maturity on this plan. This plan is very cheap, which many insurance companies sell. LIC’s Saral Jeevan Policy is also one such plan.

Death benefit is available in 2 ways. Those who use a single premium policy are given 125% of the premium amount along with an assured death benefit. Those who pay regular premiums get the benefit of Assured Benefit along with the maximum premium of the last 10 premiums as Death Benefit.

What is LIC Saral Life Insurance Plan? Basic Information of LIC Saral Life Insurance Plan – LIC Saral Jeevan Bima Yojana 2021

The following basic information should be known before buying LIC Saral Life Insurance

  • People below 18 years cannot buy this plan.
  • People cannot buy this plan after 65 years of age.
  • The term of this plan ranges from 5 to 40 years.
  • Its premium can be paid in 1 year, in 6 months, in 1 month or in 1 month and all the premiums can also be paid.
  • Riders cannot take this plan.
  • There is no extra benefit of maturity.
  • This plan does not cover suicide.
  • In this policy, no loan can be taken by pledging the policy.
  • The waiting time of this plan is up to 45 days after the risk.
  • The waiting time is not valid after the policy is revived.
  • This plan also covers accidental death.
  • This plan also gets deduction in income tax under the premium section 80C.

Benefits of simple life insurance

  • death benefit
  • maturity benefit
  • large sum insured discount
  • Premium payment options
  • premium payment mode

Benefits of LIC Saral Life Insurance

The government has not put any restriction on the death benefit of LIC Saral Jeevan Bima. But LIC has fixed the rasi of 25 lakhs. One can avail death benefit up to 50 lakhs on offline term plans of LIC but the online term plan also known as Saral Bima policy is providing cover up to 25 lakhs only. If someone wants the assured benefit up to 25 lakhs, this plan will be very beneficial for him.

Process to apply offline for Saral Life Insurance

  • Visit the office of any insurance company nearby.
  • Request for Saral Bima K Application Form.
  • Along with completing the application form, attach the required documents.
  • Submit the application form to the officer in charge of the insurance company.
  • After all the verification is done, you will be informed about it.

online application process for simple life insurance

  • Visit the website of the insurance company of your choice.
  • Search for Life Insurance Plans on the homepage.
  • Click on Saral Bima Yojana under Life Insurance Plans.
  • Fill all the requested information and upload some documents which have been asked in digital format.
  • After filling the complete form click on submit.
  • After verification, you will get the notification.

What are the documents required to avail Saral Jeevan Bima?

  • Signed Proposal Form
  • KYC Documents (Aadhaar, Voter Card, Pan Card, etc.)
  • salary slip
  • passport size photograph
  • medical examination report

  • What if you have Mutual Funds? If you want to know then definitely read this post
  • If you want to know what is Health Insurance then definitely read this post.
  • What if you have Bima Kya Hai Health Insurance? then read this post

FAQ

What are the general features of Saral Jeevan Bima Yojana?

This insurance plan is accessible to policyholders between the age of 16 to 65 years. Under this insurance, the plan automatically terminates when the buyer reaches the age of 70 years. The policy has a minimum term of 5 years and a maximum term of 40 years and in this insurance plan the minimum amount is 5 lakhs and the maximum amount is up to 25 lakhs.

Can Saral Life Insurance Plans Be Purchased Online?

Yes, you can buy this insurance online as well. If you buy the plan online, a discount of 20% will be given in the premium. In addition, people will be able to evaluate various policies, prices and benefits from the convenience of their homes.

Does Saral Life Insurance Plan offer tax benefits?

When you buy simple life insurance, you will get both life cover and tax benefits. Simple life insurance premiums paid under Section 80C of the Income Tax Act of 1961 will be tax-deductible and in addition, the death benefits paid to the beneficiary are tax-free under Section 10(10D) of the Act.

Conclusion

Buying simple life insurance is as easy as buying any general insurance. I hope this article “What is Saral Life Insurance Plan? LIC Saral Jeevan Bima Yojana 2021 and Benefits of Insurance Scheme? You must have got specific information about Saral Jeevan Bima Yojana.

If you liked this article, then do tell by commenting and share the article thank you.

What What is you Life Insurance or LIC of India? And know which is the new policy of Life Insurance Corporation of India 2021? If not, then today we will introduce you to this information for you.

Hello friends, everyone will remember one thing about LIC “LIC Jeevan Saath Bhi Jeevan Ke Baat Bhi”. LIC is one of the most respected reputed institutions in India. LIC has been serving various insurance since last six decades and today is the most reputed insurance company in India.

What is Life Insurance or LIC of India? And which is the new policy 2021 of Life Insurance Corporation of India and which is the major policy. So do read the article till the end.

What is Life Insurance or Life Insurance Corporation of India (LIC)?

New Policy of Life Insurance Corporation of India 2021

Life Insurance Corporation of India (LIC) is the most well known and biggest name in the life insurance industry of India. LIC was born on 1st September 1956. Before the advent of LIC, the life insurance industry in India was very unorganized. LIC was formed by merging many small and big insurance companies by the decision of the Government of India. LIC plays an important role in the life insurance industry.

New Policy of Life Insurance Corporation of India 2021

Following are some of the major policy names and their details of Life Insurance Corporation of India New Policy 2021 LIC:

1. LIC Child Plan

In the child plan, it is ensured that along with saving for the children, insurance is also taken. Under this plan, death benefit is given to the child by the death of the parent. This lump sum amount can also be used for children’s education, marriage and other big expenses. LIC’s child plan comes with a money back system. In which for the convenience of the children, they can be registered from their birth itself.

Child plan is eligible from birth till 12 years of age, after 12 years no one can register in this plan. The maturity period of the child plan is 25 years. Till maturity, if the parents of the children are safe, then the amount assured is given along with some bonus.

2. LIC Bima Jyoti Plan

Bima Jyoti is 1 endowment plan. This plan was brought on February 2021. After some time, by keeping this policy collateral, you can also take a loan. If the policyholder dies before the risk period then all the premiums paid will be returned to them and if the policyholder dies after the risk period then they will be given the sum assured. The sum assured is 7 times the annual premium or 125% of the basic assured. Whichever bigger amount is being made from these two, the same will be provided to the policyholder as death benefit.

3. LIC Bachat Plus Plan

With the Bachat Plus plan, you can take savings as well as life protection. The death benefit given to you depends on which premium payment option you choose. There are 2 options to pay premium, first single premium and second limited period premium.

Two types of premiums can be paid under single premium. This premium will depend on your taking the death benefit. If you want death benefit 10 times of Basic Sum Assured then you have to pay premium called Option-A and if you are happy with 1.25 times of Basic Sum Assured then you have to go with Option-B.

Along with this, you get the second and 1 option, under which you keep paying the premium every few days for 1 long period and under this also you are given 2 options. Depending on the option chosen by you, you can either get a cover of 10 times the basic amount and then up to 7 times.

4.LIC New Endowment Plan

Under the new endowment plan, the death benefit will be provided to you either at least as promised and then 10 times the amount of premium paid throughout the year. If the policyholder till the time of maturity If he does not die, he will be given the assured amount as well as the bonus. The policyholder can also take a loan under this plan. The policy term cannot exceed 35 years and premium is mandatory to be paid till the policy term. You can also take this plan from 8 years to 55 years old people.

5. LIC Jeevan Stambh Plan

Through LIC Jeevan Stambh plan, you can take cover from Rs 75,000 to Rs 3,00,000. The beneficiary of this plan can be only male. Only 1 Aadhar card is required to buy Jeevan Stambh plan. The policy term can be from 10 to 20 years. The freedom to choose the policy term is given to the policyholder.

Its death benefits are also like other LIC plans in which you will be provided either 10 times the premium for the year or whatever is the amount of Basic Assurance, the larger amount of both of these. If the policyholder dies within 5 years of taking the policy, they will be given a separate bonus called Loyalty Bonus.

6.LIC Tech Term Plan

As the name suggests, this is a 1 term plan. The age of entry in this plan is 18 years and people up to maximum 65 years can take advantage of this plan. The policy term can be kept up to 40 years in which the minimum sum assured is 50,00,000. You get the death benefit on 2 options. The name of the first option is Level Sum Assured. With the Level Sum Assured option, you get the amount you are promised and pay your premium accordingly.

But the second option is called Increase Sum Assured. The special feature of this option is that after 5 years, every year 10% of the basic Rasi keeps on increasing the intelligence. Increase in Rasi will be done till the basic Rasi is doubled.

7. LIC’s New Jeevan Anand Policy

The special feature of this plan is that 1 part of the bonus you get under this plan is also taken from the profit of the company. The death benefit of this plan is also more than the basic sum assured or 10 times the premium of the year. If the policy holder does not die within the term, they are paid the sum assured as well as the bonus.

  • If you want to know what is Health Insurance then definitely read this post.
  • What if you have Bima Kya Hai Health Insurance? then read this post

FAQ’s

  1. Who is the chairman of LIC?

    Mr. M. R. Kumar is the chairman of LIC. He joined LIC in 1983 as a direct recruit. He has worked for more than LIC mai 3 decades. During his tenure, he has headed 3 zones of India. They think that by giving freedom to the people to work according to them, they are able to work better and at the same time they also collectively develop the organization.

  2. How to contact LIC? LIC Customer Care Number

    LIC Customer Care Number – +91 9222492224

  3. LIC center office address –

    Life Insurance Corporation Of India, Central Office ‘Yogakshema’
    Jeevan Bima Marg, Nariman Point, Mumbai 400021

  4. LIC full form hindi

    Life Insurance Corporation of India

Conclusion

We hope that you like this article “What is Life Insurance or LIC of India? And you must have got all the information through Life Insurance Corporation of India’s New Policy 2021 Kya Kya Hai. If you have any question or suggestion, then you can tell us through comment.
And do not forget to share this information with your friends and relatives.