The Life Insurance Corporation of India or LIC, as popularly known, is India’s largest investor and the largest body of its kind that is owned by the state. With a huge asset value vested in it, the LIC of India has come to be a world famous insurance body. Here is a sneak peek into the history of the body and its various policies that have made it a company of international renown.
Structure and schemes
Its foundation and organisation
Dating back to 1956, the LIC of India has its headquarters in Mumbai today.
It has eight offices in every zone and more than 100 divisional offices in various parts across the country. Moreover, there are above 2000 branches for this corporation. Over a million agents solicit and market the insurance businesses. The insurance plans Investments in various insurance policies are one of the few trends that have been in vogue since the earliest times. The corporation has a number of plans that suit the various budgets and requirements of individuals. Right from unit plans to LIC pension plans, children plans and special plans, the company has a plethora of options available. There are various money-back plans, health policies as well as endowment plans available with the LIC of India.
Payments and premiums
How much to pay?
In case, one is interested to invest in any of the numerous insurance plans, then one needs to get in touch with the nearest agent or the LIC office.
The schemes require investments in the form of premiums payable on anything from a monthly to a yearly basis. Depending on how much premium is being paid, the returns are calculated. There are also separate terms for each policy. Online LIC The better news is that the LIC of India has also gone online. Customers can browse through their official website and gain a clear idea about all the plans on offer. LIC online payment has made it possible to deposit your premium, no matter where you are. Such facilities have only added to the worth of the insurance company. With LIC, your money is in safe hands. Conclusion Investing in LIC leads to tax relief as well, as per the government of India taxation policies. Moreover, insurance is a much needed investment area that leads to great returns on the hard-earned money you pump in.