LIC – Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) is a Government of India enterprise and is said to be the largest life insurance company and also the largest investor in the country. It was founded in the year 1956 and has been serving people ever since. The main objective of this corporation was to spread awareness about life insurance among financially backward people as well as urbanites. it gave you a way to save and buy affordable packages which would eventually be beneficial for you.

LIC of India has made its mark in the country for years. The main headquarters of LIC is in Mumbai with approximately eight zonal units and over 2048 branches established across the country. It has subsidiary groups in more than twelve other countries with the same objective in mind. It has helped millions of lives in the past 55 years.

The basic plan is that where the payment of a specified amount of money to the insured person is made, at the plan’s maturity, or to the family in the event of the insured person’s death. Often you don’t realize the importance of your life, LIC has made its prime objective to make sure people know the importance of their life and keep their future safe by investing in different policies of LIC as per their requirements. The insecurity of people is fully taken care of by the LIC.

Most of the policies do not care about the future of the individual. But LIC takes care of the whole endowment policy by providing a bonus that is accumulated with the policy. LIC offers various plans for its policyholders such as; Endowment plans, children plans, special plans for handicaps, money back plans, whole life plans, pension plans, group plans, health insurance plans. All these plans are specially designed for the welfare of the people.

Due to the formulated plans and objectives of the LIC Corporation, it has hit the mark where most insurance companies never reached. They have stayed as the biggest competitor and therefore have been termed as one of the biggest Life Insurance in the republic.

Important Dates:

• LIC was founded on September 1, 1956, hence Every year LIC celebrates 1st September as LIC day and
• The first week of September is Insurance Week.