lic endowment plans

lic plans

1. ST. XAVIER’S COLLEGE, RANCHI ENDOWMENT PLAN OF LIC INDIA Submitted by- Submitted to Waquar khan Mr R.K.DIXIT

2. acknowledgement I Waquar khan student of ST XAVIER’s College Ranchi PPI 2nd sem have made a sincere effort to complete this project. I would like to extend my thanks to my HOD Proff.Gautam Rudra for the completion of this project. I express my sincere gratitude to my project guide R.K. Dixit sir and at last I would like to thanks my friends.

3. INTRODUCTION TO LIC Founded in 1 st september 1956 Head quarter in mumbai LIC is an india state owned insurance group and investement company It has crossed the milestone of issuing 1,01,32,955 new policies in current

4. Organisational chart CEO S.K Roy DIRECTOR Hasmukh Adhia DIRECTOR Manjari Kackar DIRECTOR Ashwani Kumar DIRECTOR A.K Roy MANAGING DIRECTOR Usha Sangwan MANAGING DIRECTOR N.K Gupta

5. Introduction to Endowment plan Exactly opposite of term insurance plan Sum assured paid if insurer survive the specified period Combination of term plan and pure endowment sell them as endowment assurance plan A certain amount of premium get allocated towards mortality Balance premium is invested to generate returns Returns are paid to policy holder in the form of bonus

6. OBJECTIVE OF STUDY To examine the company profile and its establishment To evalute the benefit of endowment plan To ascertain different types of endowment plans To examine the customer perception To access the need of endowment plan

7. CHART

8. PRODUCT PROFILE Endowment plan of lic of India Table 814: LIC’s new endowment plan Launch date: 03/01/2014 Table 815: LIC’s new jeewan anand plan Launch date: 08/01/2014 Table 817: LIC’s single premium endowment plan Launch date: 01/01/2012 Table 830: LIC’s limited premium endowment plan Launch date: 06/01/2012

9. BENEFITS Death I n case of death during the policy term provided all due premium have been paid. Maturity B asic sum assured along with vested simple reversionary bonuses and final additional bonus , if any shall be payable in lump sum on survival to the end of the policy term provided all over premium have paid,

10. Why do we need an Endowment plan? In addition to the basic benefits discussed above, an insurance company also provides addition benefits like double endowment and education/marriage endowment plans. An endowment plan allows the policyholder to add riders for critical illnesses, major surgical assistanc, etc .

11. FINDINGS LIC has a good brand name among the customer. Majority of the people got like insurance plans and product from LIC life linsurance company. Less number of people is aware about the life insurance. Customer are not satisfied with the private sector insurance companies. Some of the customer of LIC complaint that the company do not responds to its customers. Some of the customers complaint that LIC is always crowded due to which they difficulties in there work.

12. CONCLUSION Best endowment plan in comparision with other companies. This provides death, maturity & income tax benefits. This also provide rider benefits to the insured. This provide greatest sum assured to the insured .

13. THANK YOU!