LIC

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 changed agency MBG criteria for agents

13/09/202323/08/2016 by Dipti R Barik

Ahead of its Diamond Jubilee year Life Insurance Corporation of India has given a good gift to its agents by changing various norm related to MBG criteria and eligibility norms related to recruitment of agent. This step will be beneficial for both agents as well as Development Officer of LIC. Earlier the MBG criteria for … Read more

Types of revival for lapsed LIC policies

23/10/202211/08/2016 by Dipti R Barik

To keep the risk cover in force in your LIC policy a policyholder must pay his/her insurance premium on time or within the grace period. If a policyholder failed to do so then his policy became lapse, and no risk cover is available under that policy. To restart the risk cover in the policy, a … Read more

LIC's New Plan Jeevan Labh (Plan no. 836)

23/10/202217/07/2016 by Dipti R Barik

LIC of India’s Jeevan Labh (Plan No. 836) is a limited premium paying, non-linked, with-profit endowment assurance Plan. Unique identification number (UIN) of Jeevan Labh plan is 512N304V01. This policy is available from a child of 8 years old to a person of age 59. The main feature of this plan is a very limited … Read more

LIC of India's New insurance plan "Jeevan Tarun" (Plan No. 834)

11/07/2016 by Dipti R Barik

The new policy is named as Jeevan Tarun (Plan No. 834), and it’s a non-linked, with profit, limited premium payment policy, specially designed to meet the requirement of growing children. Premium paying term is 5 years less that the policy term. In this plan, proposer can choose any of the four options for survival benefit … Read more

Diferment of escalation clause for LIC of India's Club Member agents

23/10/202207/06/2016 by Dipti R Barik

Escalation Clause for LIC club member agents

In my earlier post “Conditions for Club membership for FY 2015-16 for LIC agents” I mentioned about the escalation clause and commission required to qualify for the particular club for the financial year 2015-16 for new as well as continuing club members. The escalation clause is a yearly increase in commission by 5% compared to last year, and it was effective from 2013-14 for new entrants and 2014-15 for continuing club members. But as per the new circular of ~~LIC Mkt/A/21(R) dated 01/07/2015~~ dated 06/06/2016 escalation clause has been reviewed.

Club Galaxy for LIC agents: All you need to know

23/10/202216/05/2016 by Dipti R Barik

Club membership for agents is one of the ways Life Insurance Corporation of India rewards its agent for higher and consistent performance. Until May 2014 the highest club was the corporate club and after that Chairman Club was there. There is a huge difference between the eligibility criteria of the corporate club and the Chairman … Read more

LIC's rate of interest for various financial transaction for FY 2016-17

07/05/2016 by Dipti R Barik

Life Insurance Corporation of India (LIC) every year declares the rate of interest to charged on the various financial transaction in the coming financial year. These financial transactions include policy loan, revival, backdating of policy and many other transactions. The rate of interest in these financial transactions are declared by the actuarial department of LIC. … Read more