The oldest participant within the insurance sector, LIC has been catering to the insurance needs of the whole country for 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 reaching 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.
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LIC is said to be the most important life insurance company. In India, LIC is synonymous with life insurance with some of the fairly premium and enough insurance options. Here is why one has to choose LIC as a life insurance company:
Technologically Sound
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.
Partner Companies
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 for commencing workplaces in Australia, Canada, and the United States.
This is a unit linked deferred pension plan. You can take the plan with or without life cover. You can also choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Regular premium contract and on the level of premium you agree to pay.
Four types of investment funds are offered. Premiums paid after allocation charge will purchase units of the fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV). You may pay premiums regularly at yearly, half-yearly or quarterly or monthly (through ECS mode only) intervals over the term of the policy. Alternatively, a Single premium can be paid.
Features
Top-up (Additional Premium): You can pay an additional premium in multiples of Rs.1,000 without any limit at any time during the term of the policy. In case of yearly, half-yearly, quarterly or monthly (ECS) mode of premium payment such Top-up can be paid only if all premiums have been paid under the policy.
Switching: You can switch between any fund types during the policy term subject to switching charges if any.
Increase / Decrease of risk covers: No increase of covers will be allowed under the plan. You can, however, decrease any or all of the risk covers within the specified limit once in a year during the Policy term, provided all due premiums under the Policy have been paid. Further, once the reduction in risk cover is allowed, the same cannot be subsequently increased/ restored.
Partial Withdrawal: No partial withdrawal of units will be allowed under this plan.
Discontinuance of premiums and revival: If premiums are payable either yearly, half-yearly, quarterly or monthly (through ECS) and the same have not been paid within the days of grace, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.
You'll need to fill in a claim form and call the financial adviser from whom to procure the policy. You must submit the relevant files to help your claim. If the claim application is accepted, you may get a cheque within 7 working days. If the claim is rejected, then you'll be receiving a letter explaining the reason for rejection.
Yes, you will get maturity as described in your plan. Refer the policy document to know more.
