The life insurance company of India (LIC) is owned by the state and has been termed as the biggest life insurance corporation in the republic.
Since its inception in 1956 with the passage of life insurance act bills, it has moved in full swing to serve the great masses of India rural dwellers facing major life challenges.
Besides life policy, it has played many things above board i.e. encouraging citizens to save by providing attractive packages and affordable rates
LIC Company has its headquarters in Mumbai with approximately eight zonal administrative units, 101 offices at the divisions and over 2048 branches established across the land.
The LIC Company has began to assist its citizens find the lost meaning in life by encouraging them to belong to many life insurance policies and striving to satisfy the needs of the people. A part from India, it has subsidiaries in twelve others countries aiming to serve their interests to the maximum.
Serving so many people within and without India is no mean achievement for the LCI India. It requires dedicated staff skilled, experienced and highly motivated to amass these great achievements. Its 112, 184 workforce proves the company’s vigor to serve the people with diligence as it establishes the subsidiaries to render the services.
The subsidiaries are LIC Nepal, LIC Lanka, LIC International, LICHFL Care Homes and LIC Housing Finance all giving satisfactory services to its customers.
Whenever the word life insurance rings in the mind of people, they imagine how delicate fragile their lives are on this earth. The tough terrains and uncertain future is very tormenting especially when the going gets tough. LIC India has purposed to stand in for people who loose their loved ones by helping create awareness for those left behind. The unfortunate peoples are given options to choose the best policy to serve him / or her well.
LIC India offers whole life policy which has no eminent end as much as the policy owner remains alive. Any risk the person faces is covered fully by the company. The uncertainty people face in whole life situations is fully taken care of.
The other befitting policy is the endowment policy which provides an opportunity for people be insured for specific risks hence reducing the economic burden and money they pay as premium. The endowment policy allows the policy owner to receive his money after the lapse of the period plus his accumulated bonuses earned over the period. LIC India has therefore hit where most life insurance companies didn’t touch.