Life Insurance Corporation of India, commonly known as LIC, is one the most well known public sector insurance companies in India. To an extent, the company is synonymous with the sector of life insurance in India.
Founded in 1956 with the motto ‘yogakshemam vahamyaham’, which is derived from the Bhagavad Gita and means "Your welfare is our responsibility", LIC stands tall today, presiding over the operations of over 245 small insurance companies along with provident societies that were merged in the fifties to form the company.
An extremely popular public insurance company, LIC crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005 making it one of the few insurers to offer more than 1 crore policies in a year. Over the years, LIC has been the recipient of a number of prestigious awards that are testimony to its standing and service rendered.
Some of the well known awards and accolades that have been awarded to LIC include the likes of The Economic Times Brand Equity Survey 2012 award, which rated LIC as the No. 6 Most Trusted Service Brand of India. LIC has also been Voted India's Most Trusted brand in the BFSI category according to the Brand Trust Report for four continuous years from 2011 to 2014.
Today, LIC has 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices, and a corporate office headquartered in Mumbai. The insurer has foreign operations in Singapore, Mauritius, Fiji and London, and has joint ventures operating in Sri Lanka, Nepal, Bahrain and Saudi Arabia.
LIC offers a wide bouquet of insurance plans including endowment plans, term insurance plans, and other special plans that the insurer introduces from time to time. The active LIC products as of July 2017 are listed below.
Ans. Any Indian resident above 18 years of age can purchase an insurance policy. Policies can also be bought for minors by their parents and guardians depending on the terms and conditions as specified in the policy document.
Ans.LIC has agreements with the authorized banks and service providers wherein LIC pays a mutually agreed charge per transaction. As a policyholder, you will not be charged anything extra above your due premium amount while paying online.
Ans.Ans. Online payment of insurance premium can be done using credit card, debit card, or net banking options.
Ans. Yes, LIC offers an insurance selector tool and a premium calculator. The tool can be accessed by