Diffrences of life insurance policies

Submitted by hugstech on Thu, 07/31/2008 - 17:06

Hi,

can any one tell me what are the basic diffrence of the LIC, ICICI and other life insurance policies.

Posted: 31 Jul 2008 11:35 Post Subject:

not sure what those acronyms mean...could you clarify what you mean and where you got that info?

InsTeacher 8)

Posted: 01 Aug 2008 05:13 Post Subject:

Well, I guess the OP is from India.

I've stayed in India for couple of years and hence know a little bit about the market there. LIC stands for Life Insurance Corporation of India, and it's the oldest provider of life insurances in the country. it is government supported.

Posted: 01 Aug 2008 05:23 Post Subject:

Right, LIC receives supports from the Government. It is government backed.

ICICI on the contrary is a bank and is providing life insurances in collaboration with the Prudential Insurance company of UK. It's completely private owned.

Thanks,

Posted: 05 Aug 2008 12:17 Post Subject:

An LIC is a TLA while an ICICI is a FLA not to be confused with an ILIT. Further an IUL isn't WL but ROPT is somewhat useful similar to ELIC.

A FPADB policy is good if properly funded but when designed as a MPLI it almost always becomes problematic.

Now a MEC is taxed LIFO which violates FIFO of NMECs yet SPWL is popular amoungst certain healthy SCs who pay more in CG tax than their SSB.

If you become DOA before the medical exam is completed the conditions of the CR have not been met while a NM issued GLIC would have proved best in that circumstance.

TYVM for YUA. :wink:

Posted: 05 Aug 2008 09:41 Post Subject:

:D Thanks OB!

Posted: 05 Aug 2008 03:41 Post Subject:

can any one tell me what are the basic diffrence of the LIC, ICICI and other life insurance policies



I guess they are different insurance companies. The basic difference is the one is own by the government and the other one is privately owned.

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