LIC (Life Insurance Corporation Of India)
Functions of LIC:
- Collect people’s savings in exchange for an insurance policy and promote savings in the country.
- Protect the capital of the people by investing funds into government securities.
- Issue insurance policies at affordable rates
- Provide various loans like direct loans to industries, housing loans, loans to various national projects at reasonable interest rates.
Objectives of LIC:
- LIC aims to spread awareness about the importance of life insurance among people living in rural areas and people who are a part of socially and economically backward classes.
- It aims to meet several life insurance needs of the community people who are subjected to change with the changing social and economic environment.
- It aims to conduct business economically while taking into consideration that the money belongs to the policyholders.
- It aims to maximize the mobility of people’s savings through attractive insurance-linked savings.
- It aims in providing utmost job satisfaction to all the agents and employees of the corporation and promotes building a co-operative work environment to deliver efficient service with courtesy to its insured public.
- It aims to deploy the funds to the best advantage of the investors and the community as well.
Benefits of Life Insurance Corporation of India:
Life Insurance Corporation offers the following benefits to its customers:
- Variety of Products:Life Insurance Corporation provides a wide range of Term Insurance, Endowment, Money Back and Whole Life Plans. The plans offered by Life Insurance Corporation can be chosen according to your requirements and budget. LIC is the most trusted insurance provider and it strives to fulfil every insurance need of a person at an affordable amount.
- High Claim Settlement Ratio:Life Insurance Corporation has featured a claim settlement ratio of 96.69% in the FY 2019-20. High Claim Settlement Ratio reflects the credibility of insurance companies. The Claim Settlement Ratio depicts the number of claims that were paid successfully in a year. When you choose an insurance provider with a high claim settlement ratio, you can rely on the insurance provider to approve the claim fairly in desperate times.
- Award-Winning Services:Life Insurance Corporation has received many awards. LIC has been rated as ‘Most Trusted Service Brand of India’ by The Economic Times Brand Equity Service in 2012. LIC has continuously been receiving the ‘Reader’s Digest Trusted Brand’ award since 2006. Life Insurance Corporation has been voted ‘India’s Most Trusted Brand’ for four continuous years from 2011-2014. LIC is a trusted life insurance provider in India.
- Excellent Customer Support:Life Insurance Corporation is one of the largest and oldest life insurance providers of affordable policies and plans the company values its customers and provides excellent customer services. Their customer care toll-free number is accessible 24×7. This helps the customer to stay connected with the insurance provider at all times.
- Simplified Purchasing Process:Purchasing and applying for a LIC life insurance plan is very easy. You can visit the LIC branch office for a consultation or purchasing a life insurance plan. You can also get information about the life insurance plan you want to purchase via SMS. Online customer services are simplified to make it easier for existing and potential customers.