LIC - In Short...
• In LIC every Employee Services 3000 Policies!
• LIC functions through 8 Zonal Offices, 113 Divisional Offices and About 3500 Servicing Offices including 54 Zones & 25 Metro Area Service Hubs
• 13,37,064 Agents, 242 Corporate Agents, 79 Referral Agents, 94 Brokers & 42 Banks works for LIC
• LIC grows @ 30.24% CAGR for the past 11 years! ( Compound Annual Growth Rate Of First Premium Income from April 2000.
• LIC's New Heights.....! Nearly Rs.15 Lac Crore Life Fund, More Than Rs.18 Lac Crore Assets.. Still Growing....
• Mission : " Explore and enhance the quality of life of people through financial security by providing products & services of aspired attributes wiht competitive returns and by rendering resources for economic developement"
• Vision : " A Trans-nationally competitive financial congolmerate of significance to societies and pride of India."
• Synonymous with Insurance in India
• As a Govt of India owned Company , LIC is 57 + years old in the field of life insurance and money management.
• Any LIC policyholder or the nominee will vouch for the best claims settlement from LIC. Perhaps, this is the only institution where you as a policyholder are virtually chased till such time your claim cheque is handed over to you !
• LIC adjudged No.1 Trusted Service Brand for the 4th successive year by ET Brand Equity Survey.
• LIC has been adjudged Superbrand India for 2004-06 and Reader's Digest `Trusted Brand' Asia.
• This is one of the very few institutions that pays ex-gratia interest on pending maturity claims!
• During its long existence, LIC has kept on updating its portfolio by bringing in new plans depending on public requirement. More than 50 of them are most popular and can be customized to meet any of your requirements. LIC ULIPs have become extremely popular due to the returns they offer. Money Plus- latest LIC Unit Linked Plan is a case in point.
• All LIC Plans come with Sovereign Guarantee i.e., Govt of India Guarantee regarding repayment. Infact, as of now, only LIC plans enjoy this Govt Guarantee. Beneficiary for this Sovereign Guarantee is you and you alone as the policyholder/ would-be policyholder.
• All LIC plans are characterized by low premium, high life insurance coverage and a vast package of benefits offered by them. Add to this package, section 80C benefit and section 10(10D) benefit on the maturity proceeds, you will find investment on LIC plans one of the most coveted investment options available to you.
• Premium paid under Key-Man Insurance plan is a recognized business expense under section 37(I) of the Income-Tax Act. For companies making profits, this is a very good incentive indeed.
• Through Employer-Employee Insurance scheme, you can recognize the worth of your most valuable employees whose absence you can ill afford to loose.
• Entire contribution to LIC Group Gratuity Scheme is a recognized business expense in the hands of the employer. In addition, through this scheme, the employer can transfer his gratuity liability to the corporation and fund the same under cash accumulation scheme. The most popular among all the companies.
• LIC is declaring quite an impressive bonus (profits) on all its with-profits policies every year. Extra attraction under LIC Bonus is (a) it is calculated every year on the insured amount and not on the premium paid and(b) entire bonus received along with insured amount either by you on maturity of your policy(ies) or by your nominee in your absence during the currency of your policy(ies) is free from income-tax under section 10(10D) of the Income-tax Act.
• On most of the LIC plans, you can borrow to take care of your immediate monetary requirements. None of the policy benefits get affected as a result of borrowal. Infact, policy loans offer one of the most attractive investment opportunities.
• Most of the LIC plans come with Riders to take care of Total and Permanent Disablement due to Accident and some of the most dread diseases that may result in loss of income.
• LIC pension plans that guarantee you life pension are extremely popular. You can park your hard earned money safely with the corporation and enjoy pension as long as you are alive.
Due to these reasons and lot more, LIC should be your obvious choice for all your life insurance requirements
