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'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

Terminology that every LIC club member agent must know

02/02/202423/02/2016 by Dipti R Barik

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

LIC relaunched its special revival campaign

23/10/202230/12/2015 by Dipti R Barik

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

Anywhere revival of your lapsed LIC policy

23/10/202213/12/2015 by Dipti R Barik

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

What is claim settlement option in LIC of India

23/10/202201/12/2015 by Dipti R Barik

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