• Dual advantage of protection and savings: LIC policies offer both life cover and savings for the policyholder and their family.

• Financial assistance: LIC term insurance plans provide a death benefit in case of an unfortunate demise of the life assured during the policy term.

• Regular source of income for the rest of the policyholder’s life: LIC pension plans ensure a secure life after retirement by providing annuity payments.

• Tax saving under Sec 80C & 10 (10D): LIC policies are eligible for tax deduction under Section 80C and tax exemption under Section 10 (10D) of the Income Tax Act, 1961 (Apply Current Tax Computation).

• Guaranteed maturity with life cover for securing family’s future: LIC endowment plans offer a guaranteed maturity benefit along with a life cover that can be enhanced with riders3.

• Sovereign guarantee as per Sec 37 of LIC Act: LIC policies are backed by the government of India and its policyholders, which ensures the security and reliability of the company.

• Maximum benefits are ensured to the policyholder and their family by designing innovative plans: LIC offers a variety of products to cater to every individual’s requirement and budget.

• Effortless and simple claim procedure for the policyholder when needed: LIC has a high claim settlement ratio of 96.69% in the FY 2021-22, which reflects its credibility and efficiency in settling claims.

• Excellent customer support service that provides 100% grievance settlement facilities: LIC has a network of over 1.3 million agents and 2048 branches across the country, as well as online services and helplines to assist its customers.

General insurance is a type of insurance that covers the financial loss suffered due to the loss or destruction of the insured asset. It is different from life insurance, which covers the risk of death or disability of the insured person. General insurance covers non-life risks, such as fire, theft, accident, natural calamity, etc. There are various types of general insurance available in India, such as:

• Health insurance: This covers the medical expenses incurred due to any illness or injury. It can be individual, family, or group health insurance. It can also cover specific health needs, such as senior citizen, critical illness, personal accident, etc.

• Motor insurance: This covers the damage or loss of the insured vehicle due to an accident, theft, fire, or natural disaster. It can be for two-wheelers, four-wheelers, or commercial vehicles. It also covers the legal liability arising from third-party damage or injury caused by the insured vehicle.

• Travel insurance: This covers the unforeseen risks and emergencies that may occur during a domestic or international trip. It can include medical expenses, trip cancellation, baggage loss, passport loss, personal liability, etc.

• Property insurance: This covers the damage or loss of the insured property due to fire, earthquake, flood, storm, burglary, etc. It can be for residential or commercial property. It can also cover the contents and valuables inside the property.

• Commercial insurance: This covers the risks and liabilities faced by businesses and organizations. It can include fire, marine, engineering, liability, workmen compensation, group health, etc.

• Asset insurance: This covers the damage or loss of specific assets that have a high value or importance. It can include jewellery, art, antiques, electronics, etc.

• Pet insurance: This covers the veterinary expenses and other costs related to the health and well-being of the insured pet. It can include accidental injury, illness, surgery, vaccination, grooming, boarding, etc.

• Bite-sized insurance: This covers small and specific risks that are usually not covered by traditional insurance policies. It can include mobile screen damage, flight delay, dengue fever, cyber fraud, etc.

General insurance has many benefits for individuals and businesses. Some of them are:

• It provides financial protection and security against unforeseen losses and damages.

• It reduces the burden of paying for repairs or replacements out of pocket.

• It compensates for the loss of income or productivity due to an insured event.

• It offers peace of mind and confidence to face any situation.

• It helps in fulfilling legal obligations and social responsibilities.

Corporate insurance is a type of insurance cover usually used by large organizations to protect their businesses against operational risks such as theft, financial losses, employees’ health, and accidents. It is comprehensive business insurance that benefits past or present employees as well as the company itself.

There are various types of corporate insurance available in the market, such as:

• Property insurance: This covers the loss or damage to the buildings and contents of the organization due to fire, earthquake, flood, riot, etc.

• Professional liability insurance: This covers the legal liability of the organization for any negligence, errors, or omissions in its professional services.

• Workers’ compensation insurance: This covers the medical expenses and compensation of the employees in case of death or disability while working for the organization.

• Group health insurance: This covers the healthcare costs of the employees and their families under a uniform policy.

• Product liability insurance: This covers the legal liability of the organization for any harm caused by its products to consumers.

• Money insurance: This covers the loss of money due to burglary or theft in the office or in transit.

• Fidelity insurance: This covers the financial losses due to fraud or dishonesty by the employees.

• Personal accident insurance: This covers the bodily injuries or deaths of employees due to accidents.

• Public liability insurance: This covers the legal liability of the organization for any damage or injury caused to third parties by its activities.

• Glass breakage insurance: This covers the loss or damage to any fixed glass in the office due to accidents.

• Mediclaim insurance: This covers the medical expenses of the employees for specific illnesses or treatments.

• Professional indemnity insurance: This covers the legal liability of the organization for any professional errors or malpractice.

• Employer's liability insurance: This covers the legal liability of the organization for any injury or disease suffered by its employees due to their work.

• Tenant's legal liability insurance: This covers the legal liability of the organization for any damage to the property rented or leased by it.

Some of the benefits of corporate insurance are:

• It provides financial protection and security against unforeseen losses and damages.

• It reduces the burden of paying for repairs or replacements out of pocket.

• It compensates for the loss of income or productivity due to an insured event.

• It offers peace of mind and confidence to face any situation.

• It helps in fulfilling legal obligations and social responsibilities.

• It enhances the reputation and credibility of the organization.

SB: Basic savings account with 4% interest and Rs. 500 minimum balance.

RD: Monthly deposits for 5 years with 6.2% interest and Rs. 1000 minimum deposit.

TD: Fixed deposits for 1, 2, 3 or 5 years with varying interest rates and Rs. 10000 minimum deposit.

MIS: Monthly income for 5 years with 7.4% interest and Rs. 10000 minimum deposit.

NSC: NSC is a post office saving scheme that offers 7.7% interest and tax benefits, NSC has a fixed tenure of 5 years and a minimum investment of Rs. 10000.

KVP: Kisan Vikas Patra (KVP) is a savings scheme launched by the Indian government in 1988. It is a certificate scheme that doubles your investment in a fixed period of time. Currently, the tenure of the scheme is 115 months (9 years & 7 months) and the interest rate is 7.5% per annum. You can invest a minimum of Rs. 10000 and there is no maximum limit. You can also withdraw your money after 2.5 years, but you will get less interest.

A mutual fund is a type of investment that collects money from many investors and invests it in different securities, such as stocks, bonds, or other assets. Mutual funds are managed by professional fund managers who try to generate returns for the investors. Mutual funds have many benefits, such as diversification, liquidity, convenience, and tax efficiency. But they also have some drawbacks, such as fees, risks, and lack of control.

There are many types of mutual funds in India, such as equity funds, debt funds, hybrid funds, index funds, sector funds, thematic funds, ELSS funds, etc. Each type of fund has its own goal, risk profile, and performance. You can choose a mutual fund that matches your investment goal, risk appetite, and time horizon.

If you want to invest in mutual funds, you need to have a PAN card, an Aadhaar card, a bank account, and a KYC verification. You can invest a lump sum or a systematic investment plan (SIP), which allows you to invest a fixed amount every month.

Before investing in any mutual fund, you should do your own research and analysis. You should read the scheme information document (SID), the key information memorandum (KIM), and the statement of additional information (SAI) of the fund. You should also check the fund's performance, scheme details, AUM, expense ratio, NAV, dividend, portfolio, category, sector, rating, risk, return, etc.