Life Insurance Corporation of India (LIC) is the largest and most trusted insurance company in India. Established in 1956, LIC has been providing various life insurance products and services to millions of individuals and families across the country. With its extensive network of branches and agents, LIC has become synonymous with reliability and financial security.
LIC has a network of over 4,000 branches, 1.3 million agents, and 29 crore policies in force. LIC offers a variety of products and plans to suit the needs and preferences of different customers, such as term insurance, endowment plans, money-back plans, pension plans, health insurance, group insurance, micro insurance, and more.
LIC also invests the funds collected from the policyholders in various sectors of the economy, such as infrastructure, agriculture, industry, and social welfare. LIC has a total asset value of ₹45.7 trillion (US$570 billion) as of March 2023
LIC’s term insurance policy provides high coverage at an affordable premium rate. The policy provides a rebate on the premium amount for non-smokers. The policyholder has the flexibility to choose the sum assured amount of the policy. LIC offers a wide range of insurance plans to cater to the diverse needs of its customers.
These plans can be broadly categorized into the following Types
1. Term Plans: Term plans offer pure life insurance coverage for a specific period, usually ranging from 5 to 30 years. In case of the policyholder’s unfortunate demise during the term, the sum assured is paid to the nominee. These plans are affordable and provide financial protection to the policyholder’s family in the event of their untimely demise.
2. Whole Life Plans: Whole life plans offer coverage for the entire lifetime of the policyholder. The sum assured is paid to the nominee upon the demise of the policyholder. These plans also provide the option to avail of policy loans against the accumulated surrender value.
3. Endowment Plans: Endowment plans provide a combination of insurance coverage and savings. Under these plans, a policyholder pays regular premiums for a specified period, and at the end of the policy term, they receive a lump sum amount, which includes the sum assured and the accumulated bonuses.
4. Money Back Plans: Money back plans provide periodic payouts to the policyholder during the policy term. A certain percentage of the sum assured is paid at regular intervals, providing the policyholder with liquidity at various stages of life. In case of survival till the end of the policy term, the balance sum assured is paid as a lump sum.
5. Pension Plans: Pension plans, also known as retirement plans, help individuals build a corpus for their post-retirement years. These plans offer regular income in the form of annuities after the policyholder reaches a certain age or upon retirement. They provide financial stability during the golden years of life.
Apart from these basic plans, LIC also offers specialized plans such as child plans, health plans, and group insurance plans. These plans are designed to meet specific needs and provide comprehensive coverage against various risks.
LIC’s main objective is to provide financial security and protection to its customers and their families in case of any unforeseen events or risks. LIC also aims to promote savings and investment among the people and contribute to the economic development and social welfare of the country.
LIC follows the principles of trust, transparency, customer satisfaction, innovation, and corporate governance in its operations. LIC has won several awards and recognitions for its performance, service quality, customer loyalty, and social responsibility.
LIC has a strong presence in rural areas as well, with initiatives like the Micro Insurance Plans and the Janashree Bima Yojana. These schemes aim to provide insurance coverage to the economically weaker sections of society and offer financial security to their families.
LIC’s claim settlement process is known for its efficiency and customer-centric approach. The company strives to settle claims within the shortest possible time, providing relief to the nominee during difficult times.
With its wide network of branches and dedicated customer service, LIC ensures that policyholders can easily access their services and get assistance when needed.
LIC is a trusted and reliable name in the insurance industry that has been serving the people of India for over six decades. LIC is committed to providing quality products and services that cater to the diverse needs and expectations of its customers.
As we all know, LIC, through the Digital Seva Portal and CSC registration services, revolutionizes insurance accessibility. This dynamic integration not only simplifies policy acquisition but also epitomizes a commitment to inclusivity.
Leveraging the Digital Seva platform, LIC ensures a streamlined process, fostering financial security for individuals across diverse demographics, in line with the transformative vision of a digitally connected society. LIC is also dedicated to fulfilling its social obligations and making a positive impact on society and the environment. LIC is not just an insurance company; it is a symbol of life and hope for millions of Indians.