What is the full form of LIC? Know some special things related to it

Full-Form of LIC: Almost all of us are familiar with the word “Insurance”. Various insurance companies nowadays provide different types of insurance facilities to customers. In the insurance industry of India, some insurance companies are in the life insurance business, while some are in the non-life insurance business. And LIC is a well-known name among these insurance companies. Which are the largest life insurance and investor company in India.

In this article, What is LIC? What type of company is this? What kind of services do they provide to the customers? and detailed information about LIC full from etc. is given.

So please read the complete article carefully to get complete information about LIC!

What is Life Insurance?

Life insurance is a secure financial safeguard to protect you and your family. Simply put, life insurance is a contract between the policyholder and the insurance company. In which the insurance company gives financial protection to the policyholder (insured person) in return for a specified amount of premium.

In this arrangement, on the death of the policyholder (insured) or, if the policy matures after a specified period, the insurance company (insurance provider) pays a specific amount to that policyholder or his family.

What is the full form of LIC in the Insurance Sector?

LIC full form is “Life Insurance Corporation“. It is called “भारतीय जीवन बीमा निगम” ” in Hindi.

LIC is a life insurance company, which is to be known as Life Insurance of India, LIC is such a company, under which insurance is provided to a person for his life security.

 What is LIC?

LIC full form is Life Insurance Corporation of India. Which is the most reliable and popular insurance company in India.

Life Insurance Corporation (LIC) is a public sector company in India. Its slogan is “Yogkshemam Vahamyham” which means “Your welfare is our responsibility”. LIC mainly deals with life insurance products and investment plans. It is the largest life insurance and investor company in India.

Read More: What is the full form of WHO? Know what is its main function and purpose

Its headquarter is in Mumbai, in today’s time all the work of LIC is done from fully computerized branch offices. Recently LICOnlineServicePortal (LIC Online Service Portal) has been started with the objective of providing other facilities including online premium payment.

Where is the HEAD OFFICE of LIC located?

Let us know, the head office of LIC is located in the Mumbai district of Maharashtra. At present, LIC’s branches are spread in more than 15 countries, you would know that LIC has many term plans, and these term plans keep changing from time to time.

History of LIC

Life Insurance Corporation of India was established with the objective of providing adequate financial assistance to every citizen of India at reasonable rates. It was established on 1 September 1956. When the Parliament of India passed the Life Insurance Corporation Act on 19 June 1956.

 Competitors of LIC

Given below are the top 3 competitors of India’s largest life insurance company LIC:

1) SBI Life Insurance

2) Sahara Life Insurance

3) HDFC Standard Life

 What are the products of LIC?

Today LIC has a wide range of products for its customers. Such as insurance plans, health plans, pension plans, special plans, unit plans,s, and micro-insurance plans, etc. Each plan offers different features/benefits under different categories. The customer can choose any product as per his requirement.

Visit the official website of Life Insurance Corporation of India www.licindia.in for the latest policy updates, policy terms, and conditions, claims, etc. Some of the best insurance policies offered by LIC are given below.

  • LIC’s New Jeevan Shanti –
  • LIC’s Jeevan Akshay VII –
  • LIC’s Saral Jeevan Bima –
  • LIC’s Bima Jyoti –
  • LIC’s Cancer Cover –
  • LIC’s Micro Bachat Plan –

FAQ (Frequently Asked Questions) related to LIC full from

1 . Who is the owner of LIC?

Ministry of Finance, Government of India.

2. Is LIC a government company?

LIC is not a company registered under the Companies Act. It is a statutory body owned by the Government of India.

Conclusion

LIC full form of Life Insurance Corporation of India. The journey started five decades ago, but even today they are scaling new heights every day by winning the trust of the customers. Today 22 crore customers are associated with this organization and new customers are being added every day.

Read More :

⇒  What is IPS ( How to become an IPS officer?)

UPSC Full Form | How many Exams be conducted by UPSC

Hope you have liked the full form of LIC and some special things related to it. If you liked this article, then do share this article with everyone.

 

1 thought on “What is the full form of LIC? Know some special things related to it”

Leave a Reply