Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of ₹2,529,390 crore. The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation.
LIC of India has more than 12 lac agents, and according to their performance, LIC rewards them in different forms. One is Club membership. According to the business procured by agents in the last 4 years LIC awards club membership to agents. These Clubs are Corporate Club, Galaxy Club, Chairman Club, Zonal Manager Club, Divisional … Read more
After getting the huge response to its earlier launched Special Revival Campaign from 01/09/2015 to 31/10/2015 which was later extended up to 30/11/2015, LIC of India the state owned insurer again launched it’s Revival campaign from 01/01/2016 to 29/02/2016. In this revival campaign Life Insurance Corporation of India provided some concession in late fee and … Read more
Revival in very important process by which one can restart the risk cover in his/her lapsed policy by paying all the arrears of premium up to the date. But some times people are unable to revive their policy because, they are away from their servicing branch. This problem is mainly faced by service class people … Read more
Settlement Option! have you wondered what is this? Lump sum amount in LIC of India is payable when policy exit by way of maturity claim or death claim (or as per the policy conditions). But, if claimant (Policy holder/nominee) want this amount to be payable in installment over a period of time, then this amount … Read more
LIC of India have declared Bonus rate for all its with profit policies. Evert year Actuarial department of LIC do valuation and declares the bonus rates. These bonus rate are applicable for policy year entered upon during the inter valuation period i.e. 01/04/2014 to 31/03/2015 and in force for full sum assured as on 31/03/2015. It would apply to … Read more