LIC of India-the Best Insurance Company & Best Insurance Plans
Life Insurance Corporation of India (LIC of India) is the best life insurance company in India headquartered in Mumbai. LIC is the largest life insurance company with an total asset value of more than 2,529,390 crores.
LIC of India was established on 1st September 1956 when the Indian government has passed the Insurance of India Act, nationalisation of the private insurance industry in India.
Its quit interesting that before 1947 ,there ware more than 245 insurance companies and provident societies in India
LIC insurance caters all segments of age group as well as insurance need of Indian.
LIC plans including a range of Retirement plans, ULIPs ,child plans, term insurance ,endowment Plans and many more.
Life Insurance of India is well established in urban areas and rural areas both in India and is well abiding by its motto- “Yogakshemam Vahamyaham” (योगक्षेमं वहाम्यहम्),
Its meaning “your welfare is our responsibility” This word is taken from Bhagwat Geeta (22nd Verse of 9th Chapter).
LIC of India has a Sales network of
Individual Agents 1,537,064 in INDIA
Corporate Agents 342
Referral Agents 109
Brokers 114 and
42 Banks.
As per as infrastructure concern LIC has
Computerised branch offices 2048,
Satellite offices 381
Divisional offices1131,
zonal offices 8
And a head office located in Mumbai.
Brand Value OF LIC of India
LIC has earned as the No. 6th position from the Most Trusted Service Brand of India by the Economic Times Brand Equity Survey 2012 from the year 2006,
LIC of India has been regularly winning the ‘Readers Digest Award’.
Also, as per the Brand Trust Report, for 4 continuous years,
LIC of India was reported to be India’s most trusted brand in the BFSI category.
If LIC was a country then it would be the 5th largest country in the world by population ,It means the total number of LIC policy holders are in the world like a country ,which would be 5th in position by population.
The main Brand value of this organisation is ,when people says
“Mujhse sirf pata hain ki mere paas koi LIC hai” – Such a common man’s conviction about insurance means LIC.
Mission of the Life Insurance Corporation of India:
The mission of the Life Insurance Corporation of India is to enhance the quality of living of the Indian by providing financial securities along with good saving returns.
Objective of the Company
Being one of the oldest and largest government-owned life insurance companies, LIC of India remains a key life insurer in the liberalized scenario of Indian insurance sector.
For more than years now, the company is crossing its previous record every financial years.
Some of the objectives of Life Insurance Corporation of India are as follows:
Primary purpose of LIC in India is to spread the importance of life insurance in rural areas and people of socially and economically backward sections.Company works with such approach to provide financial cover against death on reasonable cost to such persons.
The company works hard to meet the various life insurance needs of the community on the basis of changing social and economic environment.
The main focus of Life Insurance Corporation of India is to protect the interests of life insurers and act as trustees in their individual and collective capacities.
Maximize the savings potential by choosing a diverse range of life insurance products to choose from.
LIC for Nation Building
The Life Insurance Corporation of India has been a national manufacturer since its formation in 1956.
Corporation has given benefit to the policy holders as well as to the our nation, which is in line with nationalization sentiment.
Obligation of national priorities and fair returns to policyholders is the main criterion for our investment.
The investment of the total amount up to March 31, 2018, is 27,36,762 crores for the benefit of the community. The funds of the corporation are governed by Section 27A of the Insurance Act, 1938, through periodical regulations from the Government of India and IRDA issued with subsequent guidelines / instructions.
Every year LIC of India gives ample of amount of rupees to Indian government as a devident .If we see in 5 years Yozna of last 60 years ,we can easily find every year LIC participating huge.
Life Insurance Plans of LIC of India
Endowment asssurance plan
1. LIC new endowment plan (Plan No 814)
Regular premium with profit plan which provide for applicable some sure along with the accused bonuses on maturity or on earlier death of the life assured.
2. New Jeevan Anand plan (Plan No 815)
This is the unique with profit plan which combines the feature of endowment and whole life plan. On death during the policy term aur on survival to the end of policy term the applicable sa is payable along with accrued bonus.
On death after the expiry of the policy term SA is payable.
3. Single premium endowment plan (Plan No 817)
Single premium with profit plan where the sum is zero is payable along with the accurate bonus on the maturity or on earlier death of life ASSURED.
4.LIC Jeevan Rakshak (Plan No 827 )
A regular premium with profit plan which provide for applicable SA along with loyalty addition. On maturity or earlier death of life assured.
The plan is available only for extender healthy life without medical requirement. The sum assured of our life varies from 75000 to 2 lack.
5.Limited premium Endowment (Plan No 830)
Limited premium without profit plan which provide for applicable SA along with accured bonuses on maturity or on earlier death of life assured.
6.Jeevan Lakshya (Plan No 833)
A limited premium with profit plan.
On death during the policy term future premium will be waived and annual income benefit of 10% of sum assured be payable till the end of policy term.
On expiry of the policy term applicable sum assured along with acute bonus of full term shall be payable irrespective of survival of Life assured.
7.Jeevan Labh (Plan no 836)
Limited premium with profit plan which provide for applicable some sure along with acute bonus on maturity or on earlier death of life assured.
8.Jeevan Pragati (plan no 838)
Its with profit plan where is the risk cover automatically increases every after 5 years.The plan provide for applicable SA along with accure bonus on maturity or early death of life assured.
9.Aadhar Stambh Plan no 843
This plan is design for male life.
It is regular premium non linked with profit, endowment plan which provide applicable sum assured along with loyalty addition.
It is available for extender healthy life without medical examination and the total sum assured for life varies from 75000 to Rupees 3 lakh.
10.Aadhar Shila (Plan no 844)
This plan is design for female life.
It is regular premium non linked with profit, endowment plan which provide applicable sum assured along with loyalty addition.
It is available for extender healthy life without medical examination and the total sum assured for life varies from 75000 to Rupees 3 lakh.
11.Jeevan Umang plan No 845
This is a non linked with profit whole life insurance plan.
It also provide annual survival benefit from the end of premium table term till maturity or on the death of policy holder during the policy term.
LIC Term assurance plans
-
Anmol Jeevan 822 (upto 24 lac risk cover)
-
Amulya Jeevan 823 (Above 24 lac risk cover)
- LIC e-Term plan 825 (Online term Insurance )
Children plan
1. New children Money back (Plan No 832)
2 lic jeevan Tarun (Plan No 834)
Pension plan
1. Jeevan Akshay VI (Plan No 189)
Its an immediate annuity plan along with different annuity option.
2.New Jeevan Nidhi (Plan No 818)
Its a with profit deferred pension plan add on wasting applicable SA along with acute bonus will be utilised on purchase and meteor on deferred pension plan.
3.Jeevan Shanti (Plan No 850)
Non participating nIT plan where in the policy holder has an option to choose immediate annuity or deferred annuity. The Entity rate are guaranteed at the Inception of the policy for both immediate and deferred annuity.
The plan can be purchased offline as well as online.
Health insurance plan
1. Jeevan Arogya (Plan no 904)
A Health Insurance plan which provide for fixed benefit for hospitalization and various surgical procedure for irrespective of actual cost incurred.
2. Cancer Cover (Plan No 8470
Non link regular premium health insurance plan which provide fixed benefit in case of life acid is diagnosed with early and for Major stage cancer during the policy term. This plan can be purchased online as well as offline.
Other plans
1. New money back plan 820 and 821
Beside providing the life cover of 125% of sum assured during the policy term 25 or 20 years of the policy, survival benefit at specified duration to the sum assured during the term of the policy will be available. On maturity the balance sum assured along with accured bonuses shall be payable.
2.New bima Bachat (Plan no 816)
Single premium with profit money back plan with policy term of 9 12 and 15 years. Besides providing life cover during the term of policy survival benefit at specified duration linked with sum assured during the term of the policy will be available.
On maturity, the single premium paid along with the loyalty addition if any shall be payable.
3.Jeevan Shiromani plan 847
A non market link with profit ,Limited premium payment money back plan with guarantee addition especially designed for high net-worth individual with minimum basic semester of 1 crore.
Besides providing death cover of hundred and 125% of SA, survival benefit at specified duration link to the sum assured during the policy term is payable the plan also has inbuilt critical illness benefit which covers of 15 critical illness.
4.LIC Bima Shree (Plan no 848)
Almost same plan as Shiromani plan but the basic sum assured is here is 10 lac only .
5.Unit linked plan. Plan number 835
Unit link endowment plan which offer investment come insurance during the term of policy.
LIC e-services or LIC Customer Servicing at Branch
After Taking LIC Policy there are so many post -purchase requirements are waiting for Policy holder, Like
Surrender Of LIC Policy:After 3 yrs of LIC payment ,one can surrender their Policy.
Duplicate LiC Policy Bond: If Original Policy document has misplaced, One can take duplicate lic Document.
LOAN from LIC Policy: It is always god to take LOAN against LIC Policy rathe than Personal Loan from any Bank.
Name Change : It is very common that before marriage and after marriage ,there is name changed in Females. So they can do correction in Bond Paper.
Address Change: After one year one can change their address.
Nomination Change:Any time one change their Nominee in LIC record.
Mode Change :After one year one can change their Mode of Payment.
There are Below Documents Required for such type of LIC E-servicing or branch servicing
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