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Buy a term plan and secure your family
LIC is an India-based insurance company that has established its subsidiary company with the name of LIC International in the UAE. It offers a huge range of plans that suit the basic needs of individuals such as- provision for their kid’s marriage or education, retirement, or the planning for their family or their future.
LIC International offers different kinds of life insurance plans in the UAE that offers financial security to the policyholders and their family. The customers can enjoy the facilities of life insurance as well as investment. The life covers offer benefits such as-
And more depending upon the type of plan that the applicants have selected.
The following table shows an overview of the benefits offered by different life insurance plans by LIC International.
Benefits |
Renewable Term Assurance |
Participating Whole Life Plan |
Pure Term Assurance |
Double Cover Joint Life Policy |
---|---|---|---|---|
Accidental Benefit |
Yes |
Yes |
Yes |
Yes |
Portability |
No |
Yes |
No |
Yes |
Loan Facility |
No |
Yes |
No |
Yes |
Flexible Premium Option |
No |
Yes |
No |
Yes |
Policy Renewal Options |
Yes |
No |
No |
No |
Listed below are the different types of LIC plans and their features and benefits.
Such a category of insurance is a pure risk plan that is suitable for those people who want to offer huge amounts as protection for their loved ones at an affordable insurance premium amount. All the males as well as females having an earned income qualify for this policy.
Features and Benefits of Renewable LIC Term Assurance Policy
Here are the main features & benefits of this policy.
This insurance plan guarantees the policyholders with coverage throughout their lifetime. The insurance premium is lower than most of the other policies and is to be paid only for a certain period of time. The bonuses are added to the amount of sum assured each year even post the end of the premium-paying term.
Features and Benefits of Participating LIC Life Insurance Plan
Here are the main features & benefits of this policy.
Such a term plan is no-profit term insurance with high coverage and regular payments of premium. It offers financial protection from death throughout the tenure of the policy.
Features and Benefits of Pure LIC Life Policy
Here are the main features & benefits of this policy.
Marriage is not only a contract but a sacred bond between two people that unites them and both of them responsible for their children as well as their mutual welfare.
Traditionally, it has always been considered as the responsibility of the man to secure the life of this wife and children. However, the change in time, the present economic constraints, and the need to maintain an improved living standard have motivated both husbands as well as wives to earn a living for the family. Therefore, in a lot of families these days, both the partners play the part of breadwinners in the family,
The demise of any one of the partners may not only affect the family mentally but also financially, disturbing their living standard too. To come out of such loss financially at least, LIC international life insurance in UAE includes a joint plan called Double Cover Joint Policy. This plan covers both- the husband and the wife in one plan.
These days, it is possible to do almost everything online, and the payment of the insurance premiums is no different. In fact, making online payments is way easier and faster than the offline modes. The policyholders can use the following steps for making online LIC premium payment.
Generally, the servicing cost of an insurance company for the LIC online payment of premium is lower as compared to the premium paid offline. Moreover, the company also saves funds on commissions, which are usually paid to the agents when it comes to policies that are sold physically.
Hence, depending from one company to another, the LIC premium rebate may have already been offered before the rates of online payment of premium are quoted. As a result, the rates of premium quoted would include the rebate already; otherwise the rebates offered could be more than what is offered on making physical payment.
Here is a rundown of the LIC schemes offered.
This policy is designed for helping the policyholders to offer the security to their family. By simply tendering their first premium, the policyholders can develop an irrevocable Estate. In case they wish to make their funds available for a specific purpose at a particular age, this LIC endowment plan is an affordable method for achieving this goal.
Everybody likes to plan for ensuring that they have funds available for meeting the period needs of their dependents. However, people come across unforeseen events in life needing financial support as even with the best intentions; they might fail to plan effectively. For helping them in succeeding in financial planning, LIC International Dubai offers cash back policies. This life insurance is designed for helping policyholders to plan their funds availability at periodic intervals for meeting planned or unplanned expenses with the aid of regular savings. There are 3 options under this policy-
This policy is substantially different as compared to a conventional endowment plan. It offers a new dimension to the insurance security concept. Under this policy, if the insured life survives the tenure, then the sum assured with the bonuses is paid to the dependents. In case of the death of the insured person within the plan tenure, the basic amount of sum assured is doubled and payable with the accrued bonuses on the basic amount.
Planning for future in advance and making the correct investments are necessary in helping people cope up with any events in their lives. This LIC endowment plan is a combination of investment return and profit at the term end and insurance cover for their entire life. Under this policy, the LIC premiums are limited to the tenure selected and benefits are paid on the maturity date. However, the insurance coverage continues till the death of the policyholder.
This plan by Life Insurance Corporation International gives regular and guaranteed returns every fifth year with security that lasts lifelong. The plan is a combination of money back plan and whole life plan. The policy provides money back at regular periods of 5 years throughout your life along with an insurance coverage till the end of the life. The policy offers survival benefit by 10% return of sum assured after the duration of every five years from the commencement date of the plan during the policyholders’ life time. If the insured dies during the policy term, the entire sum assured along with the bonuses and the additional (if any) will be paid, no matter the survival benefits are already paid.
LIC International UAE offers a unique insurance cum investment plan to its customers. This plan is designed based on the suggestions from the cross section of the Indian expats for helping them in facing the challenges that come up due to the uncertainties of this constantly changing world.
Every person requires holding a comprehensive financial policy that provides a retired life without any hassles. With the LIC pension plan the policyholders can earn a regular income for themselves and their dependents in their old age. The policy is available in two options that are with and without the life cover.
This LIC policy is a participating single premium endowment assurance. Under this plan, upon maturity the insured life gets the sum assured along with the accrued bonus on the maturity date. In the case of the demise of the insured before the maturity date, the sum assured amount along with the accrued bonus will be paid to the dependents.
This LIC child plan is offered to the concerned and caring parents for making sure that fulfilment of their dreams to make their kid the best professional.
LIC offers various types of life insurance plans that include an extensive range of benefits for the policyholders and their family. Here are some of the benefits of having a LIC policy.
A policy calculator makes the life of the policy seekers easy by calculating the value of the policy and making a well-informed decision
LIC offers a premium calculator, which along with the maturity amount allows people to calculate the premium amount, which is to be paid against their plan. The calculator also allows a person to know the amount, which he or she will receive on the maturity of the plan. This lets them think and select the policy after being clear about the premium amount they will have to pay and the returns that they can expect. This helps in avoiding confusion and hence, the policyholders are able to take informed decisions.
The amount of premium to be paid towards the life insurance plan is based on the policy that has been selected. It is also based on the personal information of the applicants. A healthy person who is around 30 years old will be charged lower amount of premium as opposed to the one who is more than 50 years old. In the same way, a non-smoker will receive preferential amount of premium over a person who smokes. There are many other parameters for deciding this amount of premium that the policyholders have to bear.
This pension plan calculator is an online tool that helps the applicants in finding out the amount of annuity they can get at a particular age and is also put in use for calculating the premium on the plan for both immediate as well as deferred annuity policies. The calculator shows the premium amount to be payable for the pension policy after filling in the required important details.
Therefore, LIC pension plan calculator helps the customers not just to plan their retirement, but also for calculating the income that they will get after their retirement and it allows them to calculate the amount of premiums on the pension policy easily. Therefore, they can take an informed and better decision & plan their corpus as per their income. So at the time of purchasing a LIC pension plan, the applicants can use the calculator for calculating their premiums they have to pay for creating a sufficient retirement amount and the rates of annuity that they can expect.
Q 1: What is the purpose of life insurance?
Ans: Virtually, each working expatriate in the UAE has one or more members of their family who are dependent on their income, and such dependents usually need the safety, which an insurance plan can offer.
Q 2: How soon would a claim amount be paid?
Ans: Any claim amount paid by the LIC (International), no matter which kind, will get immediately paid on completing the documentation satisfactorily that the insurance provider requires. The claim payment will be done either from the United Arab Emirates or from Bahrain. The payment can be made anywhere throughout the world in any major currency.
Q 3: Where do I make the LIC policy premium payment?
Ans: You can make the payment for the insurance premium at any of the branches of LIC (International), any of the branches of the National Bank of Dubai, or Kingstar Insurance Agencies. Additionally, the premium payment can be done via the LIC chief agents in the 5 other GCC countries, or through TT (Telegraphic Transfer) or bank draft no matter where you are in the world.
Q 4: What is the LIC customer care number?
Ans: The customers can contact the Dubai office at (+971) 43354858 or send them a mail at mail@licinternationaluae(.)com. And, the customers In Abu Dhabi can contact (+971) 26399133 or send them a mail at licabudhabi@kingstarinsurance(.)com.
Q 5: How to calculate LIC maturity amount?
Ans: The maturity benefits are equal to the amount of sum assured and the bonus that are received across the term of the policy and other additional bonus (if any). Whenever the policyholders pass away (even after the term of the policy) the dependents will get the amount in the form of death benefit.
Q6: How to claim matured LIC policy?
Ans: The policyholders can submit their documents for maturity claim online or at the branch of the LIC international. They just have to fill the LIC maturity claim form and submit it along with the documents. The company will verify their application and the documents and get back to them with the claim settlement.