Full Form Of LIC

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full form of lic

LIC – Life Insurance Corporation of India

LIC stands to indicate Life Insurance Corporation of India. It is a government-owned company that primarily deals in life insurance products and investment strategies. Its motto is Yogshemam Vahamyaham, which literally means “Your welfare is our responsibility.”

It was created in 1956 by the Life Insurance of India Act, which was passed by Parliament of India. The act combined and nationalized 245 private insurance companies, provident societies, to create the state-owned Life Insurance Corporation.

LIC is India’s largest life insurance company. Its headquarters are in Mumbai, India. It has 8 zonal offices, more than 2000 branches and 113 divisional office. To promote the country’s insurance business, it has over 14 lakh LIC agents.

According to the 2012 Economic Times Brand Equity Survey, the LIC ranked sixth on the list of most trusted brands in India. It has received numerous awards, including the MEIF Institution Excellence Award 2012 and Golden Peacock Innovative Products/Services Award 2011.

Some of their products

How To Get Duplicate LIC Policy Bond - PolicyX.Com
lic full form in hindi

There are many products available, including savings and investment products as well as life insurance policies. Below are some of the most popular LIC plans and products that were launched in 2016-2017.

  • LIC Jeevan Pragati
  • LIC Bima Diamond Plan
  • LIC Jeevan Shikhar Plan
  • LIC Jeevan Labh Plan

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Here are some more facts about the LIC

These facts will help you get to know the LIC better:

  1. It was established after the 1956 Life Insurance of India Act was passed by the Parliament of India.
  2. Mumbai, India is the headquarters of LIC.
  3. There are 8 zonal office, 113 divisional offices and more than 2000 branch offices.
  4. LIC is currently the largest Indian life insurance company.
  5. After merging and nationalizing 245 private insurance companies, provident societies and other organizations to create, the state-owned Life Insurance Corporation was formed.
  6. Over 14 lakh LIC agents work for the promotion of its insurance business in India.
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Why should you trust LIC?

These are the reasons why people trust the Life Insurance Corporation of India:

  1. The services and products of LIC are very promising.
  2. They have not been implicated in any scandals or cases involving fraud and forgery.
  3. You can expect great returns from your investments and policies.
  4. LIC agents can also be trusted and are knowledgeable.
  5. The company’s reliability and reputation will be revealed to you.
  6. You can find out more information about their services by registering your details.

What is the Work Requirement to Be a LIC Agent

The meaning of lic is first must be understood by interested candidates. Next, they will need to prepare for the entrance exam at LIC. After passing the exam, you will have to appear for an interview. You will then be a certified LIC agent.

Conclusion

Investing in LIC policies would be a smart move. It won’t be difficult to put your faith in them once you have mastered the whole lic. For many reasons, they are India’s most trusted insurance company. These questions will clarify some of your doubts.

Learn about your life insurance

India’s first life insurance was established over 100 years ago. This article will attempt to familiarize readers with the basics of life insurance with a special focus on LIC.

However, it is important to understand that the following information does not include a complete description of the terms and benefits of LIC policies or their privileges or benefits.

Contact our divisional or branch office for more information. Any LIC Agent is happy to assist you in choosing the right life insurance plan for your needs. They also provide policy servicing.

 

What is Life Insurance?

Life insurance is a contract which promises payment to the insured (or his nominee) upon the occurrence of the insured event.

The contract is valid during the following:
>> The date of maturity or
>> Specified dates at periodic intervals or
>> Unfortunate death, if it occurs earlier.

The contract provides, among other things for the regular payment of premiums to the Corporation by policyholders. The institution of life insurance is widely recognized as one that eliminates risk, provides certainty and aids the family in the unfortunate case of the breadwinner’s death.

Life insurance is, in general speaking, a partial solution for civilisation’s problems caused by the death of a person. Two hazards are faced by every person in their life.

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1. The act of dying early, leaving a dependent family to care for itself.
2. The ability to live until old age without any support.

Life Insurance vs. Other Savings

Contract Of Insurance
Contract of insurance is one that is made in good faith. Technically, it’s called uberrima fides. This important principle applies to all types of insurance and includes the doctrine of disclosing all relevant facts.

The policyholder must ensure that all questions on the proposal form are answered correctly when taking out a policy. The insurance contract would be null if there was any misrepresentation, nondisclosure, or fraud that led to the acceptance and payment of the risk.

Protection
Life insurance provides complete protection against the risk of death for those who have saved. Life insurance also guarantees payment of the full amount insured (with bonuses where applicable), whereas other savings plans only pay interest.

Aid To Thrift:
Life insurance encourages thrift. The scheme allows for long-term savings because payments are easy to make thanks to the ‘easy installment’ option. Insurance premiums can be paid monthly, quarterly or half-yearly.
Example: The Salary Saving Scheme, also known as SSS, is a convenient way to pay premiums each month. It’s done by deducting from your salary.
The employer pays the deducted premium directly to LIC. Salary Savings Scheme is ideal for any institution, subject to certain terms and conditions.
Liquidity:
It is possible to obtain loans in the insurance industry if you have an insured policy. A life insurance policy can also be used as security for commercial loans.

Tax relief:
Life insurance is the best way for you to get tax deductions on your income tax and your wealth tax. This applies to premiums paid for life insurance that are subject to the current income tax rates.
The law also provides tax relief for assesses. The assured pays a lower premium if they are deemed eligible.

You Only Need Money:
You can use a policy with a suitable insurance plan, or a combination thereof, to meet specific monetary needs.
These policies can make it easier to provide for children’s education, marriage provision, or periodic cash needs over a period of time.
Alternately, policy money can also be made available to one at retirement. It can be used for any purpose such as buying a house or other investments. Policyholders can also be granted loans to build a house or to purchase flats, but only under certain conditions.

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Who can buy a policy?

Anyone who reaches majority age and is eligible for a contract can insure themselves and others in whom they have an insurable interest.

You can also take policies on the lives of your spouse and children, but only under certain conditions. The Corporation will consider certain factors, such as the status of the policyholder and the income of the proposal holder, when underwriting proposals.

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Insurance for Women

Before 1956’s nationalization, many private insurance companies offered insurance to women with a premium or under restrictive conditions. The terms under which females can get life insurance have been updated since the nationalization of life insurance.

Women who earn an income and work are currently treated the same as men. A restrictive clause can be imposed in other situations if the female is under 30 years old and she doesn’t have income that attracts Income Tax.

Both medical and non-medical insurance plans

After a thorough medical exam, life insurance is usually offered. To facilitate insurance coverage and to prevent inconvenience, LIC has extended insurance cover without a medical exam, subject to certain conditions.

Both with Profit and Without Profit Plans

 

A policy of insurance can either be ‘with or without profit. If the former is true, any bonuses, if any are disclosed after periodic valuations have been done and are paid along with the contract amount.

The contracted amount is paid in full for a ‘without’ profit plan. A ‘with’-profit policy will have a premium rate that is higher than a policy with ‘without’ profits.

Keyman Insurance

A business company may purchase Keyman insurance to cover the Keyman’s life and to protect against any financial losses that could result from his premature death.

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lic full form in hindi

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