Dummy’s Guide to Getting Policies from Life Insurance Corporation of India

Life Insurance Corporation of India is a prominent insurance company in India. It began its operations back in 1956 and hasn’t looked back ever since. They offer two types of insurance policies such as health insurance and life insurance.

It is necessary to have a life insurance these days because:

  • Wealth protection – You work every day to increase your economic value. If you meet with a serious accident or suffer from a serious illness, all your hard earned money will be swept away.
  • Debt – Your family doesn’t have to deal with the financial liabilities at the time of a crisis.
  • Business planning – If you own a business, your partner won’t be liable to face the heavy financial burden on his/her own.
  • Peace of mind – No amount of money can replace a person, but you can ensure that your family is financially stable during the various uncertainties in life.

Why Is Life Insurance Corporation so Popular in India?

The Life Insurance Corporation of India is one of the most trusted brands in the country because:

  1. a) It is one of the largest insurance companies in the world with a customer base of over 23 crore individuals.
  2. b) Life Insurance Corporation of India has over 1.08 million agents in the country which is much higher than all private insurance companies put together.
  3. c) The organization has a market share of 71.07% as of April 2017.
  4. d) The total first-year premium value was Rs.1,24,396.27 crore in the financial year of 2017. This value is much higher than any of the private insurance companies.
  5. e) They have a variety of policies to suit each individual’s needs.
  6. f) All the 2,048+ branches and 1,381+ satellite offices are computerized and networked throughout the country to provide the best customer service.
  7. g) The convenient claims and settlement process are popular among nominees of the insurance policies.
  8. h) There are a variety of methods by which a person can renew their insurance through LIC. These include branch offices, ECS, online portals, selected agents, SMS, and selected government websites.
  9. i) It is a government entity and citizens of the country trust this brand.
  10. j) Since its inception over 62 years, the Life Insurance Corporation of India has achieved many accolades such as:

Image result for insurance

  • India’s No.1 Brand award in 2016
  • Indian insurance awards in 2016
  • Hindustan awards in 2017
  • Golden Peacock award in 2017
  • Best employer award in 2017

Top Categories of Policies Offered by Lic

As mentioned earlier, the Life Insurance Corporation of India provides various insurance policies to suit the needs of every individual. The most popular insurance plans offered by LIC are:

1) Life Insurance

LIC Jeevan Akshay is one of the most popular life insurance policies offered by Life Insurance Corporation of India. In the Jeevan Akshay plan, you can pay a single premium and receive payments at regular intervals based on your preferences. The benefits of the plan are:

  • A medical test is not required.
  • There is no upper limit for the purchase price or annuity under the plan.
  • The annuity percentage will be higher for plans purchased online.
  • Annuity payments are monthly, quarterly, half yearly, or yearly based on your preference.
  • The insurance premium for this plan is exempt from income tax.

2) Health Insurance

Jeevan Arogya is the popular health insurance plan offered by LIC. It offers the following benefits:

  • Covers hospitalization expenses of up to 30 days in the first insured year.
  • Expenses for close to 140 major surgeries are included in the policy.
  • Day-care procedure costs are covered three times in a year.
  • Ambulance benefits included

3) ULIP

ULIP stands for Unit Linked Investment Plans. It can give you the double benefit of investment and insurance. The best ULIP offered by LIC is Endowment plus plan. The benefits of this plan are:

  • LIC’s Accidental Death Benefit Rider plan can be availed under this scheme.
  • The fund value can be withdrawn as a lump sum or in fixed instalments after maturity.
  • Partial withdrawals are allowed in this scheme.
  • Switching from one fund to another is possible in this plan.

Parting Thoughts

As a trusted Indian brand, LIC has been providing the best insurance policies keeping the needs of the different individuals in mind. To renew your Life Insurance Corporation of India insurance policy or to purchase a new policy in simple steps, visit Coverfox.com.

About the author /


Joseph Hollinger

News in Pictures

Wonderful Indonesia

Travel

5-Travel-Tips-for-Staying-Healthy-300x300

25 Home improvement ideas