Lic of India
Life Insurance is among the key components of our financial portfolio.
Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of INR1560482 crore (US$240 billion). As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year.
Life insurance is a contract that pledges payment of an amount
to the person assured (or his nominee) on the happening of the event insured against.
LIC of India came into existence in 1956 with the nationalization of the life insurance sector. LIC of India had monopoly until the late 90s when the Insurance sector was reopened towards the private sector. Life Insurance Corporation providing financial security in order to people from all walks of life at every stage in life. LIC has been able to maintain a significant share in Life Insurance market regardless of intense competition and broadened market base. LIC as the largest insurer in Life insurance coverage market.
The range of insurance coverage products that LIC of India has in its stable is truly unmatched. They have a range of pension plans, which can help you intend your retirement through systematic investments. New Jeevan Suraksha 1, New Jeevan Dhara 1 as well as LIC Jeevan Akshay VI would be the prominent ones among them. There are also a variety of child insurance plans to plan for key events in your child’s life for example higher education or marriage. LIC Komal Jeevan, LIC Child Future Strategy, LIC Jeevan Anurag, LIC Jeevan Chhaya, LIC Jeevan Kishore and LIC Child Career Plan are the important child insurance plans.
Whether it is to pay for your family financially after your death, or to cover your expenses after retirements, you should definitely have sufficient insurance cover. Insurance can also help to plan the milestones that you experienced such as your child’s advanced schooling or your daughter’s relationship or educational needs. The term insurance that you should consider should be based on the amount your family will have to sustain based on your present life style. Moreover you should also determine how much money they would need to meet expenses like education or even marriage. Endowment policies can provide lifelong protection for any fixed, level premium. Additionally, it combines death benefit with cash value build up. However, the initial cost is greater than for a comparable amount of term life.
Life Insurance Corporation has been around the forefront to make the India population aware about the importance of insurance coverage planning. The reach and trust they enjoy in the Indian native market is amazing. With a strong system of over 2000 branches and an even stronger network of brokers, the company and its products are easily accessible to both rural and urban sections of Indian population. With its commitment to achieve the breadth of Indian population with innovative insurance products and also the enviable trust that this enjoys, makes LIC of India one from the formidable players in the Indian Life insurance coverage Industry.
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