The oldest participant within the insurance sector, LIC has been catering to the insurance needs of the whole country from a long time. Being the best participant, LIC grabbed most of the market shares and continue to be the biggest participant in the market. The Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.
Today LIC functions with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices and the Corporate office. LIC's Wide Area Network covers 113 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities.
LIC is said to be the most important life insurance company. In India, LIC is synonymous with life insurance with some of the maxima fairly premium and enough insurance options. Here is why one has to choose LIC as a life insurance company:
Technologically: LIC has been the leader as an insurance issuer for its efforts to live in advance of the game by using being at par if no longer in phrases of its community with regards to imparting superior services . The company uses great technology, which includes WAN, IVRS, LAN, IVRS & even EDMS which allows humans to go paperless when handling coverage documentation.
Not Alone: The organization does no longer work alone, however, companions with coverage and financial tycoons such as NSE, LIC Mutual Fund, NCDEX, and National Insurance Company among many comparable groups. Subsequently, it's operating through convergence as properly
Going international: It has its branches in Nepal, Sri Lanka, Saudi Arabia and Bahrain. LIC has also been bold enough to commencing workplaces in Australia, Canada, and the United States.
For those who want to use an endowment non-participating non-linked plan which is composed a nicely shared combination of financial savings and protection, would possibly find this plan useful. This plan except for the death and maturity benefits comes with a mortgage facility in opposition to the policy.
The go back from this coverage is either a slightly more than the sum assured or two times of all the charges.
This plan is a non-linked but an income plan presenting cover for risk inside the course of policy years. Loans are available for liquidity desires in opposition to this policy. It additionally has accident bonus along the basic sum assured payout .
The age for this plan is 30 years, however, the policy time period is only 25 years, considering the basic sum assured is Rs. 1 lakh and the annualized charges are as little as Rs. 4366. This plan gives mortgage facility together with amazing maturity benefits and is non-linked collaborating endowment plans for those who want safety and savings at the same time.
The money back plan comes with the most effective death benefit and maturity benefits, just like different life insurance plans, but it additionally has the predominant gain of survival advantages as well as non-compulsory benefits.
This plan could be very similar to New money back Plan except the difference in time period and the years, the benefits are paid out. This plan additionally has a survival gain along with the normal death and maturity benefit.
This plan has a cash returned advantage for its users. Additionally, this product requires only a huge lump sum one-time premium, which is likewise a terrific one-time-investment plan in case you are searching out a long-term funding.
This plan is in particular designed to satisfy the academic and other wishes of growing kids via annual survival benefit payments for 20 to 24 years and maturity benefit at the age of 25 years.
It is a new plan with money lower back payouts. The primary sum assured could be paid out in sure specified time durations as per the time period was chosen via the policyholder, which tiers between 9 to 20 years.
This unique plan is made to serve the needs of the growing child.
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