Life Insurance corporation-LIC
The Full form of LIC is Life Insurance Corporation of India is an Indian legislative insurance and Investment Corporation, the headquarters is located in Mumbai, India. LIC was established in Sept 1956. Life Insurance Corporation is under the ownership of the Government of India. LIC is known as India’s largest government-owned life insurance and Investment Corporation.
The basic policies of Life Insurance Corporation of India are term insurance, straight life insurance, cash life insurance, and limited life insurance. The main objective of LIC is to spread awareness among the people living in rural areas with economically backward classes.
Role of LIC:
The important role of the Life Insurance Corporation is to invest in the global financial market and different government securities after gathering and collecting funds from the people through their various life insurance policies. The survey says, about 75% of these collected funds are to be invented in central government and state government security, which is stated as one of the LIC rules and conditions
Types of LIC’s plans:
In LIC there are various policies and plans for the enhancement of the policyholder’s future. In addition, LIC provides numerous schemes to its policyholders. It is the largest insurance policy company in terms of the number of police it has issued. Here we have some of the policies as follows.
- LIC Jeevan Pragati
- LIC Jeevan Lakshya
- LIC Jeevan Tarun
- LIC Jeevan Labh
- LIC Single Premium Endowment Plan.
Conclusion:
Life Insurance Corporation is the first company in India that provides insurance coverage to the Orient Life Insurance company. Their major role is to collect people’s savings in the name of insurance policy and generate savings in the country and later people will receive their money with interest. Meanwhile, issues insurance policies at affordable rates to the Indian people who are financially backward.