LIC stands for Life Insurance Corporation. The main aim of the LIC is to sanction a payment to the family or to the nominee for a particular event (may be an accident, death, etc). Any individual can sign up insurance with the LIC and should pay premium according to the amount he has insured for.
There are many insurance plans from which the families are benefited after the occurrence of event such as accident or death to the insured individual. The nominee should claim the insurance along with the evidences proving the event and then, after the verification, the nominee is given that amount.
The insurance that you have insured for has an expiry date. This means the insurance is valid and can be claimed only during that particular period. The insurance is said to be valid for claiming the amount till the maturity date. The premium amount should be paid at a regular interval of time to the LIC by policy holder. The main benefit of the insurance scheme is to eliminate the risk of surviving without money once the policy holder dies or any major accidents occur to him. This will help his family members to run the family smoothly in his absence with his money.
There are many policy schemes for many purposes. You can take a policy for your child’s education or your daughter’s marriage or housing insurance or car insurance or health insurance or savings insurance. Most of individuals prefer to take policy that will benefit their family after their death. It is important to pay the premium properly during the policy time.
Try to think before you take up the insurance scheme about how this policy will be beneficial to you and your nominee. Select a good plan and take up the insurance to lead a happy life!