All About Life Insurance Corporation of India
Updated On Sep 15, 2023
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The choice of a good and robust life insurance plan is an important one. You want to secure the best benefits for yourself as well as your family, all the while making a judicious investment of your hard-earned money.
There are a lot of life insurance companies available in the market currently. They all have their benefits, but if you are looking for the best one, you are at the right stop! We are evaluating one of the most popular life insurance companies in this article - Life Insurance Company (LIC) of India.
Also Read:- Life Insurance Terminologies Every Insured Must Know
What is Life Insurance Corporation (LIC) of India?
The Life Insurance Corporation of India is a state-owned life insurance investment company. It is also the largest life insurance company. The company operates through a huge network comprising agents and branch offices across several major as well as minor cities in India.
It is one of the oldest and most trusted life insurance companies in India. There are a variety of plans and pros that are associated with this company. The claim settlement ratio for Life Insurance Corporation (LIC) of India was 96.69% for the financial year of 2019-2020. This is quite high which makes this company a reliable choice.
Advantages of Choosing Life Insurance Corporation of India (LIC)
There are several advantages for choosing the life insurance corporation of India, which makes it a popular choice and secures its status as the best life insurance company in India. Find out the advantages below.
1. Variety of Plans
LIC has a vast number of life insurance plans and options available for all its customers. It houses the largest number of types of policies available for life insurance schemes. Whether you are making a corporate or a personal purchase, LIC caters to all.
2. Innovation
This point goes hand in hand with our last point to make LIC the best life insurance company in India. LIC regularly rolls out new schemes and plans for their customers. They all have their own advantages and benefits that make them a good choice.
3. Pan India Presence
No matter which city of India you are in, you can easily avail of LIC’s services. They have thousands of offices as well as agents across the country. Furthermore, they also have a well-established and safe online system that is convenient and keeps you away from paperwork. What’s more, they have even expanded to international branches.
Popular Plans from Life Insurance Corporation of India
The following are some of the most popular plans from LIC, across various categories:
|
Plan Name |
Category |
Basic Amount Assured |
|
LIC’s New Jeevan Rakshak |
LIC Endowment Plan |
Rs.75,000 (per life) |
|
New Bima Bachat Plan |
LIC Money Back Plan |
Rs. 1 Lakh |
|
LIC's Anmol Jeevan II |
LIC Term Assurance Plan |
Rs. 24 Lakhs |
|
New Jeevan Nidhi Plan |
LIC Pension Plan |
From Rs. 1 Lakh to Rs. 50 Lakhs |
|
LIC's New Jeevan Mangal Plan |
LIC Micro Insurance Plan |
Rs. 50,000 |
You May Also Like to Read:- Why Not To Buy Cheap Life Insurance Plans With Low Premium?
Most Popular Types of Life Insurance Policies In India
Endnotes
As seen above, LIC is an innovative, robust and benefit-filled life insurance company. All these features and more, help make it the best life insurance company. Therefore, do not hesitate to purchase a life insurance plan from LIC.
