LIC of India
Buy LIC Policy, Call: 9886568000
The Life Insurance Corporation of India (LIC) was established on September 1, 1956, following the passage of the Life Insurance of India Act by the Indian Parliament. This act nationalized the insurance industry in India, consolidating 245 private life insurance companies and other entities into a single entity—LIC. The primary goal was to spread the message of life insurance and reach out to rural areas to provide financial protection to a larger segment of the population.
Since its inception, LIC of India has grown significantly, adapting to changes in the economic environment and regulatory landscape. It has introduced numerous policies tailored to the diverse needs of its customers, from traditional endowment plans to modern unit-linked insurance plans (ULIPs). LIC’s ability to innovate and remain relevant has cemented its position as a leader in the Indian insurance sector.
LIC of India International Ranking
LIC is not only a dominant player in the Indian insurance market but also holds a significant position internationally. It is recognized for its vast customer base, substantial asset management, and robust financial health. As of recent reports, LIC is one of the largest insurance companies globally in terms of the number of policies issued and the amount of life insurance in force. It ranks highly in terms of total assets and premium collections among life insurers worldwide.
LIC of India Customer Base
LIC’s customer base is one of the largest in the world, reflecting its widespread acceptance and trust among the Indian populace. As of 2024, LIC serves over 250 million policyholders, a testament to its extensive reach and penetration in the market. The corporation has leveraged its vast network of agents and branches to ensure that its products are accessible to people in both urban and rural areas. This extensive customer base underscores the success of LIC’s mission to provide life insurance to every segment of society.
LIC of India Plan Details
LIC of India offers a diverse portfolio of insurance plans to cater to the varying needs of its customers. Here are some of the key plans:
- Endowment Plans:
- LIC New Endowment Plan: LIC Jeevan Labh, LIC Jeevan Umang, LIC Jeevan Anand, and LIC Jeevan lakshya, are some of the popular plans. Most of the endowment plans give guaranteed returns with tax benefits. It is recommended for people who don’t want to take risk and are looking for tax savings.
- Term Insurance Plans:
- LIC Jeevan Amar: A pure protection plan offering significant life cover at affordable premiums, with flexible premium payment options.
- LIC Tech Term: An online term insurance plan providing comprehensive cover at affordable rates, available for purchase online.
- Money-Back Plans:
- LIC New Money Back Plan – 20 Years: Provides periodic payments during the term of the policy and a lump sum payment on maturity, along with bonus benefits.
- LIC Bima Shree: A limited premium payment money back plan with high sum assured, offering survival benefits and a maturity benefit along with bonuses.
- Pension Plans:
- LIC Jeevan Shanti: A flexible annuity plan offering both immediate and deferred annuity options, providing guaranteed lifetime income.
- LIC Jeevan Akshay VII: A single premium immediate annuity plan offering multiple annuity options to cater to different financial needs.
- Child Plans:
- LIC New Children’s Money Back Plan: Provides financial protection during the policy term with periodic payments to meet the educational and other needs of growing children.
- LIC Jeevan Tarun: Aimed at securing a child’s future, this plan offers survival benefits during key educational years along with maturity benefits.
LIC Agent Force
LIC’s success is significantly attributed to its vast and dedicated agent network. The corporation boasts a robust agent force of over 1.2 million agents as of 2024. These agents are the backbone of LIC, playing a crucial role in reaching out to potential policyholders, providing them with information, and helping them choose suitable insurance products. LIC agents are well-trained and equipped to handle various customer queries and assist with policy servicing, ensuring a seamless experience for policyholders.
LIC Claim Settlement
One of the critical metrics of an insurance company’s reliability is its claim settlement ratio. LIC has consistently maintained an impressive claim settlement ratio, reflecting its commitment to honoring claims promptly and fairly. For the financial year 2022-2023, LIC’s claim settlement ratio was approximately 98%, one of the highest in the industry. This high settlement ratio underscores LIC’s reliability and trustworthiness, reassuring policyholders that their claims will be handled efficiently.
LIC of India Sovereign Guarantee
One of the unique features that sets LIC apart from other insurance companies is the sovereign guarantee provided by the Government of India. According to Section 37 of the LIC Act, 1956, all policies issued by LIC are backed by a sovereign guarantee. This means that the policyholders’ interests are protected, and there is an additional layer of security and trust, knowing that the government stands behind LIC’s commitments. This sovereign guarantee has played a pivotal role in establishing and maintaining the trust of millions of policyholders over the decades.
LIC’s storied history, robust international ranking, extensive customer base, diverse range of plans, powerful agent force, excellent claim settlement record, and unique sovereign guarantee collectively make it a formidable entity in the insurance sector. Since its establishment in 1956, LIC has continuously evolved, adapting to changing times while staying true to its mission of providing financial security to every segment of Indian society. As LIC continues to innovate and expand, it remains committed to its core values of trust, reliability, and customer-centricity, ensuring that it will continue to be a pillar of financial stability for millions of Indians in the years to come.