Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India was incorporated on the year 1st September 1956, after nationalising 154 Indian Insurance companies, 16 non-indian insurance companies, and 75 provinces. The idea behind the nationalisation was to spread life insurance widely to the rural areas with a view to reach all insurable persons in the country.
Today, LIC has grown and leaps since its inception and has more than 2048 branches, 113 divisional offices, 8 zonal offices, 1381 satellite offices and numerous distributors through various channels. LIC has also tied up with various banks and service providers to pay a premium for their policies. Aside from setting up many online kiosks and IVRS, many info centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, and New Delhi.
The AUM of LIC doubled to 36.7 trillion INR in FY21 and the claim settlement ratio was 98.62% as of 2021. LIC controls 62.42 per cent market share in the life insurance sector.
Vision
LIC aspires to be the competitive financial conglomerate extending across nations to be the pride of India.
Mission
LIC aspires to improve the quality of life of people by distributing products that provide competitive returns and ensure sustainable living.
LIC in its long journey has received numerous awards, accreditations, and recognition for their peerless service in the Indian Life Insurance industry. Listed below are the latest awards secured by in FY 2021-22
- ACEF Award
- Ashirwad Award
- Economic Times BFSI Best Brand
- India’s most trusted insurance brand award by Insurance Alertss
- Insurance Company of the Year by World BFSI Congress
- Technology Initiative of the year by World BFSI Congress
LIC Insurance Plans
LIC understands every customer has their own requirement when it comes to insurance. With that in mind, they have an array of insurance products cutting across different categories. Having the backing of the central government according to act 37 of the LIC Act, 1956, all the policies are guaranteed which gives the customers a sense of security.
Aside from numerous plans across various categories, LIC also offers a number of rider options which can give you extra protection at an affordable cost.
LIC Endowment Plans
Endowment Plans is a life insurance policy which combines insurance and savings. It helps you save regularly over a period of time so that the policyholder gets the maturity benefits if they survive the policy term.
LIC offers numerous Endowment Plans,