Page 38 - IC23 life insurance application

While LIC has taken care to offer plans for each specific purpose, there are also

plans to take care of several needs through one plan. For example Jeevan Griha

(Plans 104 & 105) not only provide insurance benefit for taking loan for house

purchase purposes it also provides cheap insurance with a double or triple death

benefit.

An agent must analyse the needs of a prospect and can suggest two or more plans

to cater to the several needs of the family. These plans either singly or in packages

can be taken at one time or intermittently in a phased manner. As it is expected that

income shall gradually increase, premium paying capacity shall also increase.

Special purpose plans :

(a) Handicapped children can be provided through specific plans e.g. Jeevan

Adhar (Plan no.114) or Jeevan Vishwas (Plan no.136).

(b) Permanent disability of the breadwinner due to disease is a hazard which means

total misery for the family. LIC has come out with a plan no.137 (Nav Prabhat) which

takes care of such an eventuality. However, in case of a normal life, this becomes an

endowment plan with option for pension payment.

A wide knowledge of the plans available with the insurance company and other

savings and investment instruments available in the market shall establish the

credibility of the insurance agent. LIC has established itself as a financial

supermarket and therefore even has plans like ‘Bima Nivesh’ to cater to the

investment need of the prospect.

However, the need of the prospect being of supreme importance, if any of the

specific needs of the prospect, cannot be adequately met by the plans offered by the

Copyright Dr Rakesh Agarwal Sashi Publications Private Limited

Sashi Publications Pvt Ltd Call 8443808873/ 8232083010