The Life Insurance Corporation of India
LIC - the country's largest investor - is wholly owned by Government of India and was established under LIC Act 1956 according to which Govt of India will be giving sovereign guarantee for the Sum assured and Bonus promised, for the policies sold by LIC.
This means that if you buy a LIC policy, there is 100% assurance that you will get whatever minimum benefits guaranteed, even if LIC goes bankrupt.
It also funds close to 24.6% of the Indian Government's expenses.
This means that if you buy a LIC policy, there is 100% assurance that you will get whatever minimum benefits guaranteed, even if LIC goes bankrupt.
It also funds close to 24.6% of the Indian Government's expenses.
| Any LIC policyholder or the nominee will vouch for the best claims settlement from LIC. Perhaps, this is the only institution where you as a policyholder are virtually chased till such time your claim cheque is handed over to you ! This is the only corporation that is catering to more than 190 million satisfied policyholders in India and abroad. This is one of the very few institutions that pays ex-gratia interest on pending maturity claims ! More than 2050 LIC branches all over India are connected together to serve you. You can pay your premium anywhere in the country. During its long existence, LIC has kept on updating its portfolio by bringing in new plans depending on public requirement. LIC is declaring quite an impressive bonus (profits) on all its with-profits policies every year. Extra attraction under LIC Bonus is (a) it is calculated every year on the insured amount and not on the premium paid and (b) entire bonus received along with insured amount either by you on maturity of your policy(ies) or by your nominee in your absence during the currency of your policy(ies) is free from income-tax under section 10(10D) of the Income-tax Act. On most of the LIC plans, you can borrow to take care of your immediate monetary requirements. None of the policy benefits get affected as a result of borrowal. Infact, policy loans offer one of the most attractive investment opportunities. You can pay your premium 3 years in advance at 5% discount. Chief attractions of this advance payment of premium are (a) there is no possibility of your overlooking your premium payment and getting your policy(ies) lapsed wherever you are in the world and (b) you will be earning 5% tax-free interest on the unutilized portion of the amount left with LIC after apportioning the regular installment. Most of the LIC plans come with Riders to take care of Total and Permanent Disablement due to Accident and some of the most dread diseases that may result in loss of income. LIC pension plans that guarantee you life pension are extremely popular. You can park your hard earned money safely with the corporation and enjoy pension as long as you are alive. Due to these reasons and lot more, LIC should be your obvious choice for all your life insurance requirements. LIC is India' s most trusted brand ,INSURING LIVES AND ENSURING SMILES from more than 50 Years. LIC is the largest life insurer of India Asset value of around 11,50,000 crores (INR). Offers over 45 plans to cover your life at various stages LIC has over 32 Crore customers 2,048 branch offices (all computerized) of which 2019 are networked Call 1251 for info centre / IVRS regarding details of products and services. Log onto LIC for more details LIC settles over 34,531 claims amounting to approx. Rs.629.1 million every working day i.e. 1.48 claims per second. The main and important thing is LIC keeps money in India only and helps in nation building. As a policy holder you are helping India to become stronger. Every rupee of your premium is invested in government infrastructure projects and used for the upliftment of the society. |
