Any LIC policy holder or the nominee will vouch for the best claims settlement from LIC of India. Perhaps, this is the only institution where you as a policyholder are virtually chased till such time your claim cheque is handed over to you !
Life Insurance Corporation of India ( LIC of India ) is fully owned by Government India. Life Insurance Corporation of India is the largest life insurance Company in India which was started in the year 1956. LIC of India with head quarters in Mumbai is having 8 Zonal Offices, 113 Divisional Offices, 2048 Branch Offices with 1346 Satellite Offices and 1242 Mini Offices across the country besides 7 subsidiary companies and overseas operations in 13 countries, and is manned by more than 1.25 lakh Employees. In Indian Insurance Sector LIC of India is the only to have Government’s Sovereign Guarantee which means all policies* sold are guaranteed by Government of India.
Life Insurance Corporation of India declares the best bonus (profits) on all its with-profits policies every year. The main advantage of LIC of India is the Bonus payed is calculated every year on the insured amount which called as sum assured and not on the premium paid. Sum Assured along with entire bonus would be paid on maturity of the policy or to the nominee in absence of the policy holder.