Everything You Need To Know About LIC

Everything You Need To Know About LIC

What’s the first thing that comes to your mind when you hear the word ‘Insurance’? LIC, right? Well, for most us Indians, insurance is synonymous with LIC. Here’s everything you need to know.


A Brief History

Did you know that LIC was established in 1956? Well, it’s a fact! It was on the 19th of June, 1956, that the Indian Parliament passed the Life Insurance Corporation Act. And finally, on the 1st of September, 1956, LIC was established with the sole objective of spreading Life Insurance across the country at a reasonable cost.

After having started with just 5 zonal offices, around 212 branches, and 33 divisional offices, today LIC has 8 zonal offices, 113 divisional offices and about 2, 048 branches (fully computerised). It is the largest insurance provider in the country.

What is LIC?

Life Insurance Corporation of India, commonly known as LIC, is basically a state-owned insurance and investment company. LIC offers insurance plans, pension plans, unit plans, special plans and group schemes.


Salaried, self-employed individuals, professionals and business owners who are above the age of 18 and below the age of 60 can apply for an LIC insurance policy. The maximum policy term is 35 years.

How To Apply For An LIC Policy

You can either buy an LIC policy through an agent or directly from any LIC branch. LIC also has four of their products available online. These are LIC’s e-Term policy, LIC’s Jeevan Akshay VI policy, LIC’s Cancer Cover and the Pradhan Mantri Vaya Vandana Yojana.

If you’re comfortable purchasing an LIC policy online, you can visit LIC’s official website, click on the ‘Buy Policies Online’ option, choose one of the four plans and click on the ‘Buy Online’ button.

You’ll have to key in a few details before the purchase is completed….Read More>>>>




Source:- bankbazaar


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