The Life Insurance Corporation of India (LIC) is a state-possessed insurance group and investment organization. It is the biggest insurance agency in India. Set up in 1956, The Life Insurance Corporation of India offers an assortment of protection items to its clients, for example, group schemes, Unit Linked plans, pension plans, insurance plans, special plans and also online child insurance plans.
The non-linked with profits endowment plan LIC Jeevan Labh is a restricted premium paying plan which extends a combo of protection and savings. This plan as well takes care of liquidity wants via its loan facility. Of late LIC has introduced LIC Jeevan Umang which provides a combo of income plus protection to your family that is it provides income until 100 years of age or a lump sum on death.
#1 Why pick LIC Life Insurance Plans
In India, LIC is synonymous with life insurance with probably the most sensibly evaluated premiums and adequate coverage alternatives, paying little respect to which walk of life an individual is from. Here is the reason one ought to decide on LIC as a life insurance provider:
#2 Technologically advanced Network
LIC has been the pioneer as an insurance provider for its endeavors to remain in the game by being at par if worse as far as its network with regards to furnishing progressed and productive services with more than 2000 branch offices in addition to 156 satellite branches. The organization utilizes innovation, for example, WAN, IVRS, LAN, IVRS and even EDMS which enables individuals to run paperless when managing insurance documentation.
#3 Not unaided in the game
The organization does not work alone but rather combines together with insurance and money related magnates including NSE, NCDEX, LIC Mutual Fund, Stock, Insurance establishment of India, Holding Corporation of India and National protection Academy among numerous comparable associations. Consequently, it is working through merging too.
#4 Going global
It has completely practical offices in nations, for example, Nepal, Sri Lanka, Saudi Arabia and Bahrain. LIC has likewise been sufficiently aggressive to plan opening offices in Australia, Canada, and the USA.
#5 Product diversity
It has the biggest portfolios with regards to life coverage group plans to be one of their features. They have a large clientele of corporate for group insurance.
#6 Novelty in the Industry
The Company dispatches new items every other quarter and they are for the most part to serve the general public than to make benefits in spite of the fact that they are doing really well as an insurance agency, monetarily. They were the first to dispatch smaller scale protection items so individuals living below the poverty line in India could bear the cost of protection for a specific amount of discount.
#7 Stock market performance
With regards to securities exchange positioning, LIC stocks are a standout amongst the most stable stocks accessible in the BSE. A portion of the well-performing stock records quite often includes this organization particularly with regards to insurance suppliers.