LIC is a state-owned insurance group and the largest Insurance Company in the country. LIC’s tagline is ‘Zindagi Ke Saath Bhi Zindagi Ke Baad Bhi’. Read the article fully to understand LIC full form and to get all other information about the Insurance Corporation.
LIC Full Form is Life Insurance Corporation of India. It is a public limited insurance company, and it offers various insurance and investment schemes. LIC was founded in 1956, and it is the country’s oldest and largest Insurance Company The Life Insurance of India Act was passed by the Parliament in 1956, which resulted in the nationalisation of private insurance companies. The head office of LIC is in Mumbai.
Besides various insurance and investment plans, LIC is also offering housing finance that helps individuals to fulfil their dream of owning a house. The slogan of LIC is ‘Yogakshemam Vahamyaham’, which means ‘Your welfare is our responsibility’. True to its slogan LIC has, over the years, designed various insurance and investment schemes keeping in mind the welfare of its customers.
There are various insurance and investment products of LIC. The details are given below.
The Subsidiaries of LIC are:
There are 114498 employees in LIC as per the statistics of 2020. The organisational structure of LIC is given below
Chairman-Mr Kumar M R
Managing Director-Smt Ipe Mini, Mr Mukesh Gupta, Mr Siddharth Mohanty and Mr Rajkumar
Class I officers: 32433
Class 2 officers: 24388
Class 3 and 4 officers: 51677
The different Life Insurance Products of LIC are:
The various schemes under the Endowment Plan are
There is only one scheme under the Whole Life Plan, and that is LIC's Jeevan Umang.
The various schemes under the Money-Back Plan are
The various schemes under Term Assurance Plan are
The following are the Riders, i.e., additional coverage and protection against risks for an additional cost. These terms are effected along with your basic policy.
The products under LIC Health Insurance are
LIC Mutual Fund
The following are the various LIC Mutual Fund Plans:
You can buy a LIC Policy through LIC Agents who are spread over the country. If you do not want the hassle of finding an agent to get a policy, you can do it online with a few clicks.
To make the purchase of LIC policy convenient, LIC has provided an online portal through which you can purchase the LIC policy with a few clicks. You will have to register yourself for e-Services on the Customer Portal. After registration, you will have to fill up a simple form, make the payment online through net banking, and your request for the purchase of a policy will be complete.
An online policy will be more economical than an offline policy, as you will be eligible for various rebates. The policies on which you can get an online discount are LIC Jeevan Akshay VI, LIC Navjeevan, LIC Jeevan Shanti, LIC Cancer Cover and LIC E-Term. The policy for which the online discount is not applicable is Pradhana Mantri Vaya Vandana Yojana.
Follow the simple steps for online investment in LIC Mutual Fund.
This article has provided you with an insight into the LIC Full Form and elaborate details of the various products of LIC. Procedure for purchase of LIC policy and investment in Mutual Plan have also been dealt with. Now with the available information, you will be easily able to buy a Life Insurance Policy and invest in LIC Mutual Fund online. You can now avoid the hassle of finding a LIC Agent to buy an Insurance Policy. Also, you can avail of the benefit of discounts by purchasing the LIC Life Insurance Policies online.
Yes. LIC has other products like Health Insurance, Mutual Fund and Investment Management besides Life Insurance Policy.
Buying a Life Insurance Policy Online is beneficial because you will be eligible for rebates. The LIC policy purchased online is more economical than the one purchased offline.
The amount the policyholder gets if he intends to terminate the policy before the actual maturity is the surrender value.
LIC Jeevan Arogya is a non-linked insurance policy, i.e., it is a traditional policy that provides financial protection to the family but also covers the medical expenses of individuals. The entire family can avail of the benefit under this policy. This policy also provides health insurance cover for specified health risks.