Page 36 - IC23 life insurance application

benefit in tact. There are Money Back Plans Table nos.75, 93, 106,107,

123,124,125,126 and 128.

There is also another variation of the endowment plan where the money is paid only

at a specific date, even though death takes place earlier. On death, the burden of

premium payment stops, but the sum assured is paid on the specific date. These

plans are designed to finance educational expenses of the children or marriage

expenses. These are time specific and comparatively cheaper also. These are Table

no.90 marriage/or Educational Endowment and Table 135 Balvidya and Table

no.103 Jeevan Chhaya. There are persons who believe in the saying - Insure term,

invest the rest. They would not like to combine insurance with savings. For insurance

they would like to take term assurance plans which only cover risk and on the expiry

of the term, if death does not take place in the meantime, the contract expires. This

is like a motor car insurance. But the period can be longer. Two years Term

Assurance (Plan no.43) is one such. Convertible Term Assurance Plan no.58 is one

such plan which can be converted into an endowment plan if desired. Otherwise it is

a term assurance plan only. Bima Sandesh (Plan 94) and Bima Kiran (Plan 111) are

also similar plans with the added benefit of the return of the premium on the expiry of

the term.

LIC also offers health plans, where, a substantial percentage of the sum assured is

available when the insured is inflicted with certain dreaded diseases. These are

Ashadeep I & II and Jeevan Asha I & II. However if the life assured lives a healthy

life through out, these plans are treated like any other endowment plan.

Children are great assets and they have the advantage of being young and

therefore can take very long term policies, which means a small premium for a big

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