Life Insurance Corporation of India (LIC) holds several
unique features and distinctions, contributing to its prominence and
significance in the Indian insurance sector. Some of the key aspects that make
LIC unique are:
- Oldest
and Largest Insurer: LIC is the oldest and largest life insurance company
in India. It was established in 1956 by the Government of India and has
since been a dominant player in the life insurance market, providing
insurance coverage to millions of individuals.
- Government
Backing: LIC is wholly owned by the Government of India. This gives it a
unique status and creates a sense of trust and security among
policyholders.
- Social
Responsibility: LIC has a dual objective of providing financial protection
to individuals and contributing to the socio-economic development of the
country. It invests a significant portion of its funds in government
projects and initiatives, promoting the growth of critical sectors.
- Extensive
Reach: LIC has an extensive network of branches and agents spread across
the length and breadth of India, reaching even the most remote areas. This
extensive reach makes it accessible to a diverse population and helps in
spreading awareness about insurance.
- Diverse
Product Portfolio: LIC offers a wide range of insurance products to cater
to different needs of customers. It provides traditional endowment plans,
term insurance, ULIPs (Unit Linked Insurance Plans), pension plans, and
more.
- High
Claim Settlement Ratio: LIC has a reputation for its high claim settlement
ratio, indicating its commitment to honoring legitimate claims promptly.
- Customer
Trust: Over the years, LIC has earned the trust of millions of
policyholders due to its financial stability, reliability, and
long-standing presence in the market.
- Financial
Strength: LIC is known for its robust financial position, making it a
secure option for individuals seeking life insurance coverage.
- Specialized
Plans: LIC offers unique plans such as the "Jeevan Akshay"
immediate annuity plan, which provides a guaranteed income stream for
life, making it attractive for retirees.
- Emphasis
on Social Schemes: LIC participates actively in various social security
schemes launched by the Government of India, such as the Pradhan Mantri
Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana
(PMSBY).
It's important to note that while LIC is a significant
player in the Indian insurance market, there are several private insurance
companies as well, offering a range of innovative products and services. As a
consumer, it's advisable to compare various insurance options and choose a
policy that best suits your individual needs and requirements.
[Note: This is not lic orginal website.This is the only thing to shear information about lic]
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