LIC Life Insurance

LIC Life Insurance Benefits, Importance & Types.

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LIC Life Insurance

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LIC Health Life Insurance

  • LIC also known as life insurance corporations of India, is the largest government life insurance company in India. LIC is the largest investment company in the country.
  • LIC company completely under the Government of India. LIC company was established in the year 1956.
  • The headquarters of LIC company is in Mumbai, the financial capital of India.
  • LIC has 8 zonal offices and 101 divisional offices located it in the different parts of India. LIC has a total of 2048 offices located in various cities in the country and more than 1 million agents are spread across India.
  • The Indian parliament passed the life insurance bill on 19 June 1956. under this Bill, the Life insurance corporation of India came into existence on 1st September 1956. nationalization of the life insurance business of the India was the result of the industrial policy resolutions of 1956.
  • LIC (Life Insurance Corporation of India) provides financial assistance during life and even after death.
  • Under LIC a single premium plan requires one-time payment at the time of purchasing the policy. this is participating traditional Life insurance plan in which we get a sum of money periodically. The policy term can be 9, 12 or 15 years and there is a no limit on the maximum sum assured.
The ways in which you can buy LIC insurance or given below: –
  1. You can buy LIC insurance online. you can buy your LIC Policy online from the comfort of your home. this is the easiest method. to buy LIC online, you first have to visit official website. then after selecting your plan and knowing further information, you have to buy the policy may following the process.
  2. You can also buy LIC through LIC agent in offline mode. Tell the LIC agent about your requirement and then he will help you in buying LIC by telling you and the correct plan.

Pre independent insurance company: –

  1. India insurance company – 1896
  2. United company – 1906
  3. National Indian – 1906
  4. Cooperative insurance – 1906
  5. Hindustan operative – 1907
  6. Indian mercantile
  7. General insurance
  8. Swadeshi life

LIC (Health Life Insurance) Benefits

LIC (Life insurance) of India is government life insurance company which has left deep mark in the field of insurance and investment in India. we are going to know further how LIC is beneficial. the benefit of LIC Insurance is given below: –

  • Life insurance: – this plan is made to the life of a person secure. LIC provide financial help to the person during his lifetime and to the family after his death through insurance.
  • Saving plan: – LIC saving plan provides assistance system in a saving along with life in this feature security is achieved to saving
  • Vikas Yojna: – LIC Vikas Yojana provide you the facility of economic development through investment. under the scheme the amount grows, and you also get divided on the investment.
  • Pension scheme: – LIC pension scheme provide financial security to the old age. in this regular pension is received which full filled the need even after life.

LIC Life Insurance

  • Life insurance is a type of insurance which is done between a person and insurance provider. in this agreement the insurance provider promises to pay pre – agreed amount in a case of that or any accident of the insurance person.
  • Insurance regulatory and development authority has been organized in India to protect the interest of policy buyers and to regulate and promote the insurance industry and to deal with related an accidental matter.

Importance of LIC Life Insurance

  1. Protection from ultimately death
  2. Saving for old age
  3. Boosting saving
  4. Investment initiative
  5. Credit loan as available again security of life insurance policy
  6. Social security, Risk Transfer, Dependent Spouse.

Types of LIC Life Insurance

  1. Double accident insurance policy
  2. With the profit and without profit life insurance policies
  3. Group life insurance policy
  4. Joint insurance policy
  5. Health insurance plan
  6. Endowment Life insurance policy
  7. One free premium whole life insurance policy
  8. Limited payment whole life insurance policy
  9. General whole life insurance policy
  10. Whole life insurance policy
  11. Term insurance policy

LIC (Life Insurance Company List of India)

  1. Bajaj Allianz Life insurance
  2. Birla SunLife Life insurance
  3. HDFC standard life insurance
  4. ICICI prudential Life insurance
  5. Exide Life insurance company limited
  6. Life insurance corporation of India
  7. Max Life insurance company limited
  8. MetLife India insurance company limited
  9. Kotak Mahindra old mutual life insurance limited
  10. SBI Life insurance company limited
  11. Tata AIG Life insurance company limited
  12. Reliance life insurance company limited
  13. Aviva Life insurance company India private limited
  14. Sahara India Life insurance
  15. Bharti AXA life insurance
  16. Future general Life insurance
  17. IDBI fortis Life insurance.

Insurance is a type of insurance in which the risk of loss is transferred other party by paying some amount called premium. the party whose risk is a transferred to the insurer is called the “Insured”. insurance is the type of contract. an agreement between two or more person with can be legally enforce is called a contract.

Specialty of LIC Life Insurance: –

  1. Protection from risk: – insurance is the powerful solution it takes risk and accident. It takes of present and future risks. The risks can be related to health, rights and financial resources or property.
  2. Insurance is the process: – insurance is a process which is conducted in predetermine manner. first the insurance transfer his risk to the insurance buyer through the insurance and makes a fix payment in a case of loss.
  3. Financial security: – one of the most important benefits of insurance is the financial security. insurance provides financial protection again unforeseen even such as accident, diseases and natural calamities. an insurance policy helps an individual and his family to avoid the financial burden of unforeseen events.
  4. Insurance law is mandatory: – in the modern era the field of insurance is wide. along with this it is becoming the duty of government to make a regulatory act related to insurance. in India also acts have been made for life insurance, marine insurance, general insurance.
  5. Payment basis: – Life insurance has an investment element and fix amount is a paid to the insurance of the death and end a party or on the maturity of the term. but in other insurance only the actual loss will be paid.
  6. How to spread the risk
  7. Insurance is a contract
  8. Insurance cooperative approach
  9. Determine the risk of loss
  10. Risk assessment and determination
  11. Wide area
  12. Institutional framework

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Types of Insurance Contracts: –

  1. Fire insurance
  2. Life insurance
  3. Accidenta insurance
  4. Car insurance
  5. Health insurance
  6. Home insurance

Limits of Insurance

  1. Not every risk is insured.
  2. High premium rates
  3. Moral crisis
  4. Insurance is not a profitable investment.
  5. High insurance operating costs.
  6. The extent of risk to an individual is not comprehensive
  7. Some insurance beneficiaries depend only on government assistance.
  8. Insurance is a limited to financial value only

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