Life Insurance Corporation of India (LIC) Policy

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The Life Insurance Corporation of India (LIC) is the largest life insurance coverage organization in India and also the country’s largest investor.; it is totally owned by the Government of India. It also funds close to 24.6% of your Indian Government’s expenses. It was founded in 1956.

Headquartered in Mumbai, which is considered the financial capital of India, the Life Insurance Company of India currently has 8 zonal Workplaces and 101 divisional workplaces positioned in various parts of India, at least 2048 branches located in various cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around one million and 200 thousand agents for soliciting existence insurance plan enterprise from the public,

LIC had 5 zonal offices, 33 divisional places of work and 212 branch offices, apart from its corporate workplace inside 12 months 1956. Since lifestyle insurance coverage contracts are lengthy term contracts and during the currency from the policy it requires a variety of services.  The  need was felt inside at one time to expand the operations and location a department office at every district headquarter. re-organization of LIC took place and large numbers of new department offices were opened. As a result of re-organisation servicing functions have been transferred to your branches, and branches have been made accounting units. It worked wonders with the performance from the corporation. It may perhaps be seen that from about 200.00 crores of New Company in 1957 the company crossed 1000.00 crores only from the 12 months 1969-70, and it took another 10 a long time for LIC to cross 2000.00 crore mark of new business. But with re-organisation happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore focusing on new policies.

Today Life Insurance Corporation of India functions with 2048 fully computerized branch offices, 100 divisional places of work, 7 zonal places of work along with the Corporate workplace. LIC’s Wide Area Network covers 100 divisional workplaces and connects all the branches by way of a Metro Area Network. LIC has tied up with some Banks and Service providers to provide on-line premium collection facility in selected cities. LIC’s ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and several other cities. With a vision of providing uncomplicated access to its policyholders, LIC has launched its SATELLITE SAMPARK places of work. The satellite offices are smaller, leaner and geared more towards the client. The digitalized records in the satellite workplaces will facilitate faste and more accurate LIC Policy.

Life Insurance Corporation of India offers insurance coverage against four main critical ailments- cancer(malignant), paralytic stroke resulting in permanent disability, renal failure of both kidneys or coronary artery diseases where by-pass surgery has been carried out.

Age:
Between 18 – 65 many years. Maximum age at entry is 50 years. Price: LIC Policy Premium ranging from Rs 70.95 to 99 Rs per Rs of your sum assured depending on the age in the claimant and also the policy term (15, 20 or 25 a long time)!

Quantity:
Insurance coverage may be taken for a sum ranging from Rs 50,000 to Rs 300,000. Immediate payment of 50 per cent of sum assured and payment of an quantity equal to 10 per cent of the sum assured every 12 months from the establishment of affliction on the date of maturity or death, whichever is earlier.

 

LIC was formed in 1956 with the merger of more than 200 insurance companies and provident societies. Since then they have been among the most trusted brands in India providing insurance solutions to even the remotest corners of India through their huge network of agents and distributors. It was only in 2001 that the private sector was allowed into the insurance sector in India. LIC has maintained its dominant leadership status even with the presence of 22 other life insurance companies.

LIC is the largest life insurance company in India with a huge presence in both urban and rural markets. Its distribution is unmatched and has a strong agent force which reaches out to every small town in India ensuring that their products are being offered to one and all in the country. The insurance products of LIC are often the most simple and consumer friendly and it is displayed by the enormous response it gets to the launch of any new product. LIC has an insurance product for almost any need – from protection, savings and investments, micro-insurance plans to special plans for women and even for handicapped individuals. The insurance agents of LIC have been the backbone of the company for long and their agent network keeps getting bigger by the day.

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One comment to Life Insurance Corporation of India (LIC) Policy

  • high value home insurance  says:

    As above, i claimed on my existing car insurance policy about 2 years a go now. When getting new quotes they ask if i’ve had any claims in the past 3 years (which i have). But just wondering how would my new insurance company know either way if i put ‘no claims’. Surely if they were all on one database they wouldnt be asking me in the first place?! Would they check for any reason? And what would happen if i was found out? Thanks..

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