Life Insurance Corporation of India (LIC of India)

Life Insurance Corporation of India (LIC of India)

Life Insurance Corporation of India, shortly known as LIC, is an Indian company that offers various types of policies for individuals, employees, and families. It is one of the largest public sector organizations in India that serves customers in rural areas. Today, most people in India are well aware of the company due to its excellent services and other things. 

Facts about LIC India

• The company has 14 branches in other countries that cater to the needs of policyholders with attractive features. 
• At present, it has 71% of the Indian life insurance industry that makes the company sell more policies every year. 
• LIC is the most significant institutional investor in India that has a total share value of more than 5 trillion
• It is a profitable company that invests money in government and corporate bonds that generate high revenue.
• The company has a reputable claim settlement ratio of about 96.69% (IRDAI Annual Data 2019-20).

Why opt for LIC insurance plans?

• Reputation: 
• LIC is one of the most reputed organizations in India and international countries that aim to cater to customers’ needs. 
• High insurance coverage: 
• High insurance coverage policies are available for customers at affordable premiums 
• Flexibility: 
• Customers have the flexibility to choose their sum assured amount based on their income and requirements 
• Rider: 
• Policyholders can even choose a rider to boost coverage with multiple sum assured options
• Plan conversion: 
• A policyholder can convert their policy depending on the needs and other things

Types of Insurance products offered by LIC

• Insurance Plans: LIC offers an array of insurance plans catering to different needs of individuals. The various insurance plans include Term Insurance plans, Whole Life plans, Money-Back plans, and Endowment plans.
• Pension Plans: LIC Pension plans are ideal for senior citizens who want to enjoy a financially secured life in their old age without compromising on anything.
• ULIP Plans: Unit Linked Insurance helps your savings to grow and is ideal for those who understand the worth of their hard-earned money.

Types of LIC term insurance plans

• LIC Tech-Term Plan: The plan aims at providing complete protection to a policyholder’s family in case of their demise. It is a risk-free policy that offers more security during unexpected events. It provides coverage for both smokers and non-smokers. The minimum sum assured by the plan is Rs 50,00,00, and there is no maximum limit fixed by the company. Customers can buy this plan online at the best prices.
• LIC Jeevan Amar: The minimum policy term under this plan is ten years, and the maximum term is 40 years. Customers can pay the premium amounts based on their preferences. On the other hand, there is a single premium available under this policy. It has a free-look period of 15 days allowing policyholders to withdraw the amount quickly.

If you want to know more about LIC Term Life Insurance plans, visit iiflinsurance.com.