Life Insurance Corporation of India Overview

Life Insurance Corporation of India Overview

The Life Insurance Corporation of India, or LIC, as it is commonly known, is the largest life insurance company in the country. It is also among the oldest and the most trusted life insurance provider. LIC continues to play a very important role in the Indian insurance industry with its many roles and functions. Look at this article to know more about LIC and how it contributes to the growth of the insurance sector in India.

Role and functions of LIC

Let us begin by talking about the all-important roles and functions of the Life Insurance Corporation of India:

  • Provide quality life insurance to millions: LIC is the biggest life insurance provider in India. Majority of Indians have LIC policies. Over 30 crore LIC policies are in force currently in India. This is the biggest and the most significant role of LIC in this country.
  • Provide a map for others to follow: When it comes to life insurance, LIC is the path-maker. LIC is considered to be the leader who shows the way to the rest of the industry. It is therefore neither uncommon nor surprising to see LIC launch new life insurance products and other insurance providers follow suit with some similar plans.
  • Lender to the Indian government: LIC is one of the largest loan providers to the government of India. One of the chief functions of LIC includes providing loans to the government for their infra projects.
  • Micro insurance: A majority of the government micro insurance schemes are run by the Life Insurance Corporation of India.
  • Employment provider: LIC is one of the largest employers in the country. Between its direct and indirect employees, the insurer has more than 1.5 lakh employees. It recruits close to 10,000 people each year.

It is very clear why LIC is an industry leader. It plays a very important role, not only in the Indian insurance sector, but also in the economy of the country.

Why choose LIC?

Like mentioned above, more than 30 crore LIC policies are in force presently. There is a good reason for this too. With so much credibility and such a strong reputation, it is but obvious that more and more people trust the company with their insurance requirements.

LIC is the only Indian life insurance provider who has a claim settlement ratio of over 99%. In other words, LIC processes almost every single claim that is made. The ultimate goal of life insurance lies in its claim. If you buy and maintain a policy properly and still your beneficiaries don’t get the claim after your demise, the entire purpose of buying life insurance stands defeated. Therefore you need to consider the insurer’s claim settlement ratio before making a purchase. And since LIC has such a high ratio, it is very advisable to choose a life insurance plans from LIC.

LIC is a six-decade old institution, yet it is as modern as any other new-age insurance company. LIC has evolved over time and has a strong digital presence these days. So, you can buy and access your policies online in an easy and quick manner. This is another reason why many people choose the LIC life plans.

Last but not the least, LIC has an excellent customer support team. You can reach the insurer whenever you have a query and get your doubts cleared. You will get all the required assistance for your claim issues, renewal issues or any other kind of doubts that you need to be cleared.

In conclusion

The Life Insurance Corporation of India is an unparalleled name in the Indian insurance industry. Very few can match up to the magnanimity of LIC. It is a true leader and a fitting insurer for millions of Indians. If you are looking to buy a life insurance cover, do consider the plans from LIC. You can choose from the various forms of life insurance such as term insurance, endowment insurance, money back policy, child plan, pension plan, etc. Choose the type of life insurance that is most appropriate for you. LIC has all kinds of life insurance plans and you won’t return empty handed when you knock on LIC’s door.

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