“Life Insurance Corporation of India (LIC): A Deep Dive into Legacy, Services, and Financial Guardianship”

Title: “Life Insurance Corporation of India (LIC): A Deep Dive into Legacy, Services, and Financial Guardianship”

Life Insurance
Life Insurance

Introduction: Securing Lives, Ensuring Legacies – The Legacy of LIC

The Life Insurance Corporation of India (LIC) stands as a formidable pillar in the financial landscape, offering a range of insurance and investment solutions.

In this extensive exploration, we delve into the rich legacy, diverse services, and financial guardianship provided by LIC.

Chapter 1: Origins and Evolution – Tracing the Roots of LIC

Chapter 1 navigates through history, uncovering the origins of LIC. From its establishment to pivotal milestones, we explore how LIC evolved into the mammoth institution it is today, shaping the landscape of life insurance in India.

Chapter 2: Diverse Offerings – A Panorama of Insurance and Investment Products

This chapter focuses on the array of insurance and investment products offered by LIC. From traditional life insurance policies to innovative investment plans, we dissect the diverse offerings that cater to the financial needs of individuals and families.

Chapter 3: Financial Inclusion – LIC’s Role in Empowering Every Indian

Chapter 3 explores LIC’s commitment to financial inclusion. We examine how the institution has played a pivotal role in providing insurance coverage to diverse segments of society, fostering economic security and stability.

Chapter 4: Customer-Centric Approach – Nurturing Relationships Beyond Policies

This section delves into LIC’s customer-centric philosophy. From seamless policy issuance to robust customer support, we explore how LIC goes beyond being a service provider, becoming a trusted financial partner for millions.

Chapter 5: Technology Integration – Adapting for the Digital Age

Chapter 5 addresses LIC’s embrace of technology. We explore the digital transformation initiatives undertaken by LIC, enhancing accessibility, convenience, and efficiency in its services.

Chapter 6: Investments and Market Presence – Navigating Financial Frontiers

This chapter delves into LIC’s role as a significant player in the financial markets. From strategic investments to market influence, we examine how LIC’s financial prowess extends beyond insurance.

Chapter 7: Regulatory Compliance and Governance – Upholding Integrity and Trust

Chapter 7 sheds light on LIC’s commitment to regulatory compliance and governance. We explore the mechanisms in place to ensure transparency, accountability, and the highest standards of integrity.

Life Insurance
Life Insurance

Chapter 8: Social Initiatives – Beyond Profit, Towards Social Responsibility

This section discusses LIC’s social initiatives. From community development projects to philanthropic endeavors, we explore how LIC contributes to the social fabric beyond its core business.

Chapter 9: Challenges and Adaptations – Navigating the Dynamic Landscape

Chapter 9 addresses the challenges faced by LIC in a dynamic economic environment. We discuss how the institution has adapted to changing times, ensuring resilience and continued service excellence.

Chapter 10: Future Trajectory – Innovations, Expansion, and Continuation of Legacy

The concluding chapter peers into the future, discussing LIC’s trajectory. From innovations in products and services to global expansion, we contemplate how LIC continues to shape the future of life insurance and financial well-being.

This comprehensive exploration aims to provide readers with a nuanced understanding of the Life Insurance Corporation of India, covering its history, services, social contributions, and its pivotal role in securing lives and legacies across the nation.

LIC of India

LIC, or Life Insurance Corporation of India, is a Mumbai-based leading life insurance provider that offers various insurance products to its customers. The most popular offerings of the company are insurance plans, pension plans, ULIP (unit linked plans), corporate plans and child insurance plans.

LIC is the largest life insurance scheme in the country with millions of customers. With LIC policies, you can easily achieve long-term goals and provide support to your loved ones in case of any unfortunate tragedy.

The company offers a wide range of insurance products to its large customer base while increasing the savings responsibility of the policyholder.

All the plans available are designed to protect the interests of the policyholder and act as a trustee in their individual and joint capacities.

Life Insurance
Life Insurance

Key Highlights Of The Company

Here are the key highlights of the Life Insurance Corporation of India:

Solvency Ratio 1.55
Gross Written Premium Rs. 3,79,389.60 Cr. (2020-21)
Email Id co_cc@licindia.com
Contact No. +91-022 6827 6827
Address Life Insurance Corporation Of India

Central Office

‘Yogakshema’

Jeevan Bima Marg

Nariman Point

Mumbai 400021

SMS SMS LICHELP to 56767877

Types of Life Insurance Plans Offered by LIC

Here are the types of life insurance plans offered by LIC. Let’s discuss them in detail!

Name of the Plan Age (in years) Min. & Max. Sum Assured
LIC’s Bima Jyoti Min.- 90 days

Max.- 60 years

Min- Rs. 1,00,000

Max.- No Limit

LIC’s Bachat Plus Min- 90 days

Max- 65 years

Min- Rs. 1,00,000

Max- No Limit

LIC’s New Endowment Plan Min- 8 years

Max- 55 years

Min- Rs. 1,00,000

Max- No Limit

LIC’s New Jeevan Anand Min- 18 years

Max- 50 years

Min- Rs. 1,000,000

Max- No Limit

LIC’s Single Premium Endowment Plan Min- 90 days

Max- 65 years

Min- Rs. 50,000

Max- No Limit

LIC’s Jeevan Lakshya Min- 18 days

Max- 50 years

Min- Rs. 100,000

Max- No Limit

LIC’s Jeevan Labh Min- 8 years

Max- 59 years

Min- Rs. 2,00,000

Max- No Limit

LIC’s Aadhaar Stambh Min Age- 8 years

Max. Age- 55 years

Min.- Rs. 75,000

Max.- Rs. 300,000

LIC’s Aadhaar Shila Min Age- 8 years

Max. Age- 55 years

Min.- Rs. 75,000

Max.- Rs. 300,000

 

Bhimajyoti of LIC

Are you looking for a plan that will protect and keep you safe? If yes then select other than LIC Bhimajyothi. This plan gives you maximum protection in case of your death during the policy period. The biggest advantage is that it provides the user with a guaranteed lump sum on maturity.

It offers an attractive combination of protection and savings as well as meeting cash requirements through credit facility.

LIC’s Savings Plus

LIC’s Savings Plus is a popular scheme of LIC that provides comprehensive support to your family in case of your death. If the policyholder is alive, they will be paid the lump sum.

It is very flexible and you have the option to pay the premium in lump sum or over a period of 5 years depending on your preference.

If the age of the life assured at the time of enrollment is less than 8 years, the risk under the policy shall commence 2 years from the date of commencement of the policy or 2 years from the anniversary of the policy or upon completion of life. 8 years of warranty is over. , comes first.

Life Insurance
Life Insurance

lic New Endowment Scheme

If you are looking for a plan that will save and protect you, then choose none other than LIC New Endowment Plan. LIC will provide financial assistance to the family of the policyholder who dies at any time before the maturity of the new endowment scheme.

This unlinked, partnership scheme offers better liquidity due to its credit facility. Depending on the company’s financial performance, you may get a share of its profits. The biggest advantage is that if you survive till the end of the policy term, you are entitled to the maturity benefit.

New life for Anand LIC

LIC’s new Jeevan Anand plan offers better protection and savings to the policyholder during the policy term. If the buyer is alive, they get the lump sum. Additionally, it also offers credit facilities, so you don’t have to worry about its liquidity requirements.

In case of death within the term of the life insurance policy, the basic amount, sum assured on death, final supplementary bonus, vested simple reversionary bonus and so on. Also, you are likely to get good dividends under this policy.

LIC’s Single Premium Endowment Scheme

LIC Single Premium Endowment Plan is a savings and protection plan that provides financial protection against death during the policy term. If the policyholder survives, the consumer gets the lump sum at the end of the policy term.

Through this scheme you will get dividend based on the financial performance of the company. Also, if you survive till the end of the policy term, you will get the maturity benefit.

Life goals

LIC’s Life Target combines security with targeted savings and provides annual income benefits to meet the life needs most important to a child’s success. Regardless of the policyholder’s survival or untimely death, a lump sum is paid to the consumer without any hassle. The scheme ensures liquidity with its credit facility.

You will get an annual income benefit equal to 10% of the basic amount under the death benefit. Also, you can get full coverage up to 110 percent of the minimum sum assured. This policy pays off at maturity. This policy is payable on the anniversary date.

Jeevan Lab of LIC

LIC’s Jeevan Lab Endowment Scheme is a regulated premium paying, non-linked, with profit endowment scheme offering integrated protection and savings. In case of untimely death of the policyholder before maturity, the policy provides financial assistance to the family of the policyholder. If the policyholder survives, they will be paid the lump sum.

As per the policy, when the awards are announced at the end of the year, you are liable to get a share of the profits of the company. This insurance policy comes with cash flow option and thus provides reliable credit facility.

Aadhaar is the pillar of LIC

LIC’s Aadhaar Dhun, specially designed for men’s lives, offers protection and savings. This unlinked, life insurance plan provides maximum financial protection to the policyholder in case of death. The full amount is paid to the consumer after the policy matures.

It provides good financial support to his/her family in case of any mishap with the insured. If the policyholder dies after 5 years, the loyalty addition and promised payout will be paid before the policy expires.

Name of the Plan Age (in years) Min. & Max. Sum Assured
LICs Jeevan Umang Min- 90 days (completed)

Max.- 55 years

Min- Rs. 2,00,000

Max. – No Limit

(The Basic Sum Assured shall be in multiples of Rs. 25,000/-

 

 LIC’s Money-Back Plans

Following are the money-back plans offered by LIC. Let’s take a brief look at them.

Name of the Plan Age (in years) Min. & Max. Sum Assured
LIC’s Dhan Rekha
  • 8 years (Completed) for Policy Term 20 years
  • 3 years (Completed) for Policy Term 30 years
  • 90 days (Completed) for Policy Term 40 years
Min- Rs. 2,00,000

Max.- No limit

LIC’s New Bima Bachat Min- 15 years

Max- 50 years

Min– ` 35,000 for term 9 years

` 50,000 for term 12 years

` 70,000 for term 15 years

Max- No limit

Sum Assured will be in multiples of ` 5,000 /- only.

LIC’s New Money Back Plan – 20 Years Min- 13 years

Max- 50 years

Min- Rs. 100,000

Max- No Limit

LIC’s New Money Back Plan – 25 Years Min- 13 years

Max- 45 years

Min- Rs. 100,000

Max- No Limit

LIC’s New Children’s Money Back Plan Min- 0 years

Max.- 12 years

Min- Rs. 100,000

Max- No Limit

LIC’s Jeevan Tarun Min- 90 years

Max.- 12 years

Min- Rs. 75,000

Max- No Limit

LIC’s Jeevan Shiromani Min- 18 years

Max.- 55 years

Min- Rs. 1,00,00,000

Max- No Limit

LIC’s Bima Shree Min- 8 years

Max.- 55 years

Min- Rs. 10, 00,000

Max- No Limit

 

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