Life Insurance Corporation of India Overview

by Andrew Williams | March 7, 2018 8:08 am

The Life Insurance Corporation of India[1], 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:

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[2] 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[3]. 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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Endnotes:
  1. Life Insurance Corporation of India: https://www.coverfox.com/life-insurance/
  2. life insurance plans: https://www.coverfox.com/life-insurance/
  3. excellent customer support team: https://www.helpscout.net/helpu/customer-service-tips/

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