Insurance

Insurance is the subject matter of solicitation, is a popular phrase that people come across quite often. The objective of insurance is to pay some nominal amount of money to provide a broader coverage in case of an unexpected loss. The loss may be to a product or property or life. The nominal amount is known as insurance premium which may be paid monthly or quarterly or yearly premium amount. In case of medical or health or term insurance the premium amount is not returned to the consumer in case of no loss or complications. Whereas for life insurance policies such as endowment or moneyback policy, the money is returned with bonus after certain period called the term of the policy. People are keen to invest their money in life insurance policy to provide a protection to their family members in case of any untoward demise of the bread winner. Now to have a better return the insurance companies have come out with various unit linked plans such as LIC's Moneyplus policy. Moneyplus policy sales has crossed one crore mark shortly after its launch in India. Moneyplus NAV is likely to hit the rooftop after some months. Money plus NAV is indicated in the LIC website licindia.com. NAV is the acronym for Net Asset Value. The previous unit linked policy was Marketplus and Future Plus. NAV of Future plus and NAV of Market plus are also available on the lic's portal. It is believed that Money plus policy will be withdrawn with effect from 14th july, 2007. So as unit linked insurance policies are better one can easily choose these plans and lead a prosperous life. Internet has enabled the policy holders to pay their premiums online which avoids a possible lapse due to non payment of premiums in time.