LIC means or full form is Life Insurance Corporation of India.
LIC is an insurance and investment company of the Government of India.
On 1 September 1956, the Government of India decided to nationalize the insurance industry, and LIC was given the status of a company bypassing the Life Insurance Act from the Indian Parliament.
At that time, there were a lot of small insurance companies, out of which 245 were made LIC.
LIC is a company that promises to keep the future plans of any person bright and cater to their needs according to the terms of the insurance.
The main function of LIC is to provide the right facility to the insurance holder on need or in case of any kind of calamity.
Today, LIC has spread not only in India but also abroad.
LIC has today become the largest investor company in the country due to its service and convenience.
The headquarters of LIC is located in Mumbai.
LIC provides us with many facilities, including LIC Jeevan Amar, Jeevan Pragathi, Jeevan Paitha, and New Jeevan Anand along with many other types of insurance.
Today thousands of plan offers are made to the people through LIC so that people can secure life by purchasing plans and policies according to their situation.
The meaning of LIC, which is clearly placed in the minds of the people, is that “with life even afterlife” which itself speaks many words.
This means that LIC takes full care of you and your family after you leave.
What is life insurance?
It works just like its name.
This means that whoever buys the policy, on the death of that person, their dependents are compensated by the insurance company.
If the head of a family dies prematurely, it becomes very difficult to run a house in such a situation, which causes the family’s financial situation to deteriorate.
In such a situation, getting life insurance is very important.
It may be very important for you to know what is the right time to get life insurance.
So let me tell you that its right time is considered when you have no responsibility of any kind.
Actually, the sooner you take life insurance, the better it is considered.
With the help of this, your family gets financial security, so that you can make your future golden without any worries.
In other words, life insurance means that if a person buys life insurance for himself,
So his life is considered safe according to the terms of insurance, because if something happens to the insurance holder,
So his dependents get the amount already stipulated according to the terms of insurance so that they can easily make their living.
Working of LIC
The main objective of LIC is to secure the future of more and more Indians through insurance.
When a person buys LIC’s insurance, why does LIC invest his money in different businesses?
And benefits from the benefits of insurance to people
LIC sometimes gives bonuses to its customers as per their profits.
The primary objective of LIC is to show the importance of life insurance in rural areas and areas where there are economically backward classes and to make people aware of it.
Apart from India, LIC also has services in countries like Australia, Belgium.
LIC offers people with a variety of plans, which people take according to their own. So that their future can be completely safe.
Various products of LIC
LIC offers a wide variety of products, some of which are also recently launched which are as follows: –
# 1. Lic life progress
#2. LIC Jeevan Benefit Plan
# 3. LIC Insurance Diamond Plan
# 4. LIC Jeevan Shikhar Plan
# 5 LIC Jeevan Anand
LIC is public or private?
This is a topic that can be very important and interesting for everyone to know,
Because even today there are many people who are not aware of whether LIC is a government company or a private company.
So remove your worry and tell you that LIC is a government company,
Which rests on the foundation of trust, because here you are trusted that whatever money you deposit will not be lost.
Whatever money you deposit in it or whatever money is taken from you is taken from the Government of India,
Which is not present in the rest of the insurance company.
For more details about LIC, you can visit the LIC website.
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Ajay Kumar is an Electrical Engineer who has been working in the field of education for more than a decade. His education and technology related website and YouTube channel have been well-liked by the people. He is famous for explaining technical terms in easy language.
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