Renowned to be the only public sector life insurance provider in the country, the Life Insurance Corporation (LIC) of India was founded in the year 1956, with a merger of over 245 insurance companies. Headquartered in Mumbai, LIC today operates all across the country, through 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, and 1381 satellite offices.
The company, said to be the largest life insurance company in the world, has over 23 crore customers subscribed to its LIC life insurance plans. In India, LIC is almost synonymous with life insurance, as the company is known to offer some of the most reasonable premiums and coverage options.
LIC is a state-owned insurer and investment company that offers a variety of insurance products to its customers. Life insurance by LIC is of various kinds, such as endowment plans, money back plans, term assurance plans, ULIP plans, pension plans, and several other special plans and group schemes as well.
Here are some its most popular life term insurances –
Plan Name : New Jeevan Anand Plan
About the plan
This is a participating non-linked plan that offers an attractive combination between savings and protection, providing a lifelong financial coverage against death. This endowment policy also has a provision of payment of a lump sum to the policy holder at the end of the selected policy term in case they survive.
Plan Name : New Bima Bachat Plan
About the plan
This is a participating non-linked plan that offers savings along with protection, where the premium is paid in lump sum at the start of the policy tenure. This is a money-back policy, which along with providing financial protection against death, offers payment as survival benefits at specified durations during the term of the policy.
Plan Name : LIC's Anmol Jeevan
About the plan
This is a newly revised protection plan, and also a very popular one, by LIC that offers fiscal protection to the family of the insured, helping in case of his/her unfortunate demise. The policy is suitable for those who have dependents at home.
LIC has a well-defined claim settlement process, wherein claims can be raised and settled without hassles. With an impressive claim settlement ratio, one of the highest in the insurance sector, the company settles almost all genuine claims, except those under their exclusions lists, such as suicide by the policy holder and situations including acts of self-injury, criminal and unlawful acts, and undertaking abnormal risks, etc.
· In case of endowment policies, the amount payable by the company is released at the end of the policy period or on the date when the policy lapses.
The policy amount is payable in case of death claims, when the death occurs within the days of grace or when the premiums are paid up-to-date.
LIC has a remarkable presence across the country in urban as well as rural areas. According to a Brand Equity Survey by the Economic Times, Life Insurance Corporation of India is the sixth most trusted service brand in India. It has also been winning the Reader’s Digest Trusted brand award consecutively, since 2006. When it comes to the company’s stock market positioning, LIC’s stocks have been one of the most stable in the BSE. Valued for its affordability, the term plans by LIC assure sizable advantages in case of demise of the policy holder. You can easily buy an LIC life insurance online at Insurance Inbox to ensure financial assistance for you and your family in case of unforeseen circumstances in life. Here, you can also compare LIC life insurance with other life insurance products available in the market and choose the right one wisely.