What is LIC and What are the plans of it?

What is LIC?

LIC stands for Life Insurance Corporation of India, which is an Indian state-owned life insurance company. Its main office is in Mumbai, where it was established in 1956. LIC offers a range of insurance products including life insurance, health insurance, and pension plans.

What is LIC and what are the plans of it
What is LIC and what are the plans of it

How LIC Works?

LIC works by selling insurance policies to individuals and collecting premium payments from policyholders. The premiums collected are then invested in various financial instruments such as bonds, stocks, and real estate.

The returns from these investments are used to pay death benefits to policy beneficiaries and to cover the costs of running the company. When a policyholder dies, their beneficiaries are eligible to receive the death benefit, which is typically a lump sum payment. D9J38FD4

The amount of the death benefit is determined by the terms of the policy and the amount of premium paid by the policyholder. In this way, LIC provides financial protection to policyholders and their families in the event of death.

India’s largest Insurance Company

The largest insurance provider in India is Life Insurance Corporation of India (LIC). It was founded in 1956 and is a state-owned corporation with its corporate office in Mumbai. LIC has a sizable customer base across the nation and offers a broad range of insurance products, such as life insurance, health insurance, and pension plans.

Plans of LIC

Life Insurance Corporation of India (LIC) offers a variety of insurance plans to meet the diverse needs of its customers. Some of the popular plans offered by LIC include:

Life Insurance Plans:

  • Term Insurance Plan
  • Endowment Plan
  • Whole Life Plan
  • Money Back Plan
  • Children’s Plan

Health Insurance Plans:

  • Critical Illness Plan
  • Health Insurance Plan
  • Personal Accident Plan

Pension Plans:

  • Immediate Annuity Plan
  • Deferred Annuity Plan
  • Pension Plan for the Self-Employed

Unit Linked Insurance Plans (ULIPs):

  • Investment-cum-Insurance Plan
  • Unit Linked Pension Plan

Group Insurance Plans:

  • Group Term Insurance Plan
  • Group Gratuity Plan
  • Group Superannuation Plan

These are some of the popular plans offered by LIC. Customers can choose a plan that best suits their individual needs and budget.

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